<SEC-DOCUMENT>0001213900-24-081302.txt : 20240924
<SEC-HEADER>0001213900-24-081302.hdr.sgml : 20240924
<ACCEPTANCE-DATETIME>20240924115344
ACCESSION NUMBER:		0001213900-24-081302
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20240924
FILED AS OF DATE:		20240924
DATE AS OF CHANGE:		20240924

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Telesat Corp
		CENTRAL INDEX KEY:			0001845840
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMUNICATION SERVICES, NEC [4899]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41083
		FILM NUMBER:		241318455

	BUSINESS ADDRESS:	
		STREET 1:		160 ELGIN ST
		STREET 2:		SUITE 2100
		CITY:			OTTAWA
		STATE:			A6
		ZIP:			K2P 2P7
		BUSINESS PHONE:		(613) 748-8700 X2268

	MAIL ADDRESS:	
		STREET 1:		160 ELGIN ST
		STREET 2:		SUITE 2100
		CITY:			OTTAWA
		STATE:			A6
		ZIP:			K2P 2P7
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ea0215429-6k_telesat.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Report of Foreign Private Issuer Pursuant to
Rule&nbsp;13a-16 or 15d-16<BR>
Under the Securities Exchange&nbsp;Act&nbsp;of&nbsp;1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the&nbsp;Month of September&nbsp;2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File No.:&nbsp;001-41083</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TELESAT CORPORATION<BR>
</B>(Name of Registrant)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>160 Elgin Street, Suite 2100, Ottawa, Ontario,
Canada K2P 2P7<BR>
</B>(Address of Principal Executive Office)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Indicate by check mark whether
the registrant files or will file annual reports under cover of Form 20-F or Form&nbsp;40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form&nbsp;20-F &#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;40-F
&#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBITS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following information is
furnished to the Securities and Exchange Commission as part of this report on Form&nbsp;6-K:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Document</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea021542901ex99-1_telesat.htm">A copy of the registrant&rsquo;s material change report dated September 24, 2024</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2*</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea021542901ex99-2_telesat.htm">Loan Agreement dated September 13, 2024 among Telesat LEO Inc., certain guarantors party thereto, and 16342451 Canada Inc., a subsidiary of Canada Development Investment Corporation</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.3*</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea021542901ex99-3_telesat.htm">Loan Agreement dated September 13, 2024 among Telesat LEO Inc., certain guarantors party thereto, and Investissement Qu&eacute;bec</A></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Portion of this exhibit (indicated by brackets [&nbsp;&nbsp;&nbsp;]) have been
omitted for confidential treatment.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to the requirements
of the Securities Exchange&nbsp;Act&nbsp;of&nbsp;1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TELESAT CORPORATION</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: September 24, 2024</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ CHRISTOPHER S. DIFRANCESCO</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%"></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp; </FONT></TD>
    <TD STYLE="width: 31%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher S. DiFrancesco</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President, General Counsel and Secretary</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">2</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ea021542901ex99-1_telesat.htm
<DESCRIPTION>A COPY OF THE REGISTRANT'S MATERIAL CHANGE REPORT DATED SEPTEMBER 24, 2024
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 51-102F3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MATERIAL CHANGE REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1 &ndash; Name and Address of Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telesat Corporation<BR>
160 Elgin Street, Suite 2100</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ottawa, Ontario K7P 2P7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 2 &ndash; Date of Material Change</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September 13, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 3 &ndash; News Release</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A copy of the news release relating to the material
change (the &ldquo;<B>News Release</B>&rdquo;) was filed on September 13, 2024, on the System for Electronic Document Analysis and Retrieval
at www.sedarplus.ca (&ldquo;<B>SEDAR+</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 4 &ndash; Summary of Material Change</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 13, 2024, Telesat LEO Inc. (&ldquo;<B>Telesat
LEO</B>&rdquo;), an indirect subsidiary of Telesat Corporation (&ldquo;<B>Telesat</B>&rdquo;), entered into funding agreements with the
Government of Canada and the Government of Qu&eacute;bec for its highly advanced Telesat Lightspeed Low Earth Orbit broadband satellite
constellation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5 &ndash; Full Description of Material Change</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Item 5.1 &ndash; Full Description of Material Change</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 13, 2024, Telesat LEO, an indirect
subsidiary of Telesat, entered into loan agreements with the Government of Canada and the Government of Qu&eacute;bec to fund the Telesat
Lightspeed Low Earth Orbit broadband satellite constellation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Government of Canada loan is for $2.14 billion
and will carry a floating interest rate that is 4.75% above the Canadian Overnight Repo Rate Average (&ldquo;<B>CORRA</B>&rdquo;) with
a 15-year maturity. Interest is payable in-kind during the LEO construction period, followed by a 10-year sculpted amortization. The Government
of Canada will also receive warrants for 10% of the common shares of Telesat LEO based upon an equity valuation for Telesat LEO of US$3
billion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Government of Qu&eacute;bec loan is for $400
million and has terms that largely mirror the Government of Canada loan. The Government of Qu&eacute;bec will receive warrants for 1.87%
of the common shares of Telesat LEO, in proportion to the smaller loan amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Item 5.2 &ndash; Disclosure of Restructuring
Transactions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 6 &ndash; Reliance on Section 7.1(2) of National Instrument
51-102<BR>
<BR>
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 7 &ndash; Omitted Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 8 &ndash; Executive Officer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Christopher DiFrancesco</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vice President, General Counsel and Secretary of Telesat Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9 &ndash; Date of Report</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September 24, 2024</P>

<P STYLE="margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ea021542901ex99-2_telesat.htm
<DESCRIPTION>LOAN AGREEMENT DATED SEPTEMBER 13, 2024 AMONG TELESAT LEO INC., CERTAIN GUARANTORS PARTY THERETO, AND 16342451 CANADA INC., A SUBSIDIARY OF CANADA DEVELOPMENT INVESTMENT CORPORATION
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Certain identified information has been excluded
from this exhibit because it is both (i) not material, and (ii) is the type of information that the company treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filing Version</B></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TELESAT LEO INC.,<BR>
as Borrower</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&ndash; and &ndash;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EACH OF THE ENTITIES PARTY HERETO FROM TIME
TO TIME AS GUARANTORS</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&ndash; and &ndash;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>16342451 CANADA INC., a subsidiary of CANADA
DEVELOPMENT INVESTMENT CORPORATION<BR>
as Lender</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">September 13, 2024</P>

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  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Table
of Contents&nbsp;</B></FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-bottom: 1.5pt; text-indent: 0in; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; text-transform: uppercase"><B>P<FONT STYLE="text-transform: lowercase">age</FONT></B>

<P STYLE="text-align: center; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: center; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="text-align: center; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">Article 1 INTERPRETATION</TD>
    <TD STYLE="text-align: center; text-transform: uppercase">1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="text-align: center; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; width: 10%; text-indent: 0in">1.1</TD>
    <TD STYLE="width: 80%; text-indent: 0in">Definitions</TD>
    <TD STYLE="text-align: center; width: 10%">1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">1.2</TD>
    <TD STYLE="text-indent: 0in">Headings</TD>
    <TD STYLE="text-align: center">45</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">1.3</TD>
    <TD STYLE="text-indent: 0in">Rules of Construction</TD>
    <TD STYLE="text-align: center">46</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">1.4</TD>
    <TD STYLE="text-indent: 0in">Accounting Principles</TD>
    <TD STYLE="text-align: center">46</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">1.5</TD>
    <TD STYLE="text-indent: 0in">Currency</TD>
    <TD STYLE="text-align: center">46</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">1.6</TD>
    <TD STYLE="text-indent: 0in">Paramountcy</TD>
    <TD STYLE="text-align: center">46</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">1.7</TD>
    <TD STYLE="text-indent: 0in">Non-Business Days</TD>
    <TD STYLE="text-align: center">47</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">1.8</TD>
    <TD STYLE="text-indent: 0in">Statutory and Material Project Contract References</TD>
    <TD STYLE="text-align: center">47</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">1.9</TD>
    <TD STYLE="text-indent: 0in">Interest Payments and Calculations</TD>
    <TD STYLE="text-align: center">47</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">1.10</TD>
    <TD STYLE="text-indent: 0in">Rates</TD>
    <TD STYLE="text-align: center">48</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">1.11</TD>
    <TD STYLE="text-indent: 0in">Determination by the Borrower; Knowledge</TD>
    <TD STYLE="text-align: center">48</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">1.12</TD>
    <TD STYLE="text-indent: 0in">Rank</TD>
    <TD STYLE="text-align: center">48</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">1.13</TD>
    <TD STYLE="text-indent: 0in">Quebec Interpretation</TD>
    <TD STYLE="text-align: center">49</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">1.14</TD>
    <TD STYLE="text-indent: 0in">Legal Representation</TD>
    <TD STYLE="text-align: center">50</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">1.15</TD>
    <TD STYLE="text-indent: 0in">Schedules</TD>
    <TD STYLE="text-align: center">50</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">Article 2 THE LOAN FACILITY</TD>
    <TD STYLE="text-align: center; text-transform: uppercase">52</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="text-align: center; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">2.1</TD>
    <TD STYLE="text-indent: 0in">Loan Facility</TD>
    <TD STYLE="text-align: center">52</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">2.2</TD>
    <TD STYLE="text-indent: 0in">Purpose of Loan Facility</TD>
    <TD STYLE="text-align: center">52</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">2.3</TD>
    <TD STYLE="text-indent: 0in">Advances</TD>
    <TD STYLE="text-align: center">52</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">Article 3 Closing CONDITIONS</TD>
    <TD STYLE="text-align: center; text-transform: uppercase">52</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="text-align: center; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">3.1</TD>
    <TD STYLE="text-indent: 0in">Conditions Precedent to the Closing Date</TD>
    <TD STYLE="text-align: center">52</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">3.2</TD>
    <TD STYLE="text-indent: 0in">Conditions Precedent to Initial Advance</TD>
    <TD STYLE="text-align: center">56</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">3.3</TD>
    <TD STYLE="text-indent: 0in">Conditions Precedent to All Advances</TD>
    <TD STYLE="text-align: center">58</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">3.4</TD>
    <TD STYLE="text-indent: 0in">Waiver</TD>
    <TD STYLE="text-align: center">60</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">Article 4 PAYMENTS OF INTEREST AND FEES</TD>
    <TD STYLE="text-align: center; text-transform: uppercase">60</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="text-align: center; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">4.1</TD>
    <TD STYLE="text-indent: 0in">Interest on Advances</TD>
    <TD STYLE="text-align: center">60</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">4.2</TD>
    <TD STYLE="text-indent: 0in">Interest Paid in Kind</TD>
    <TD STYLE="text-align: center">60</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">4.3</TD>
    <TD STYLE="text-indent: 0in">Default Interest</TD>
    <TD STYLE="text-align: center">61</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">4.4</TD>
    <TD STYLE="text-indent: 0in">Warrants</TD>
    <TD STYLE="text-align: center">61</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">4.5</TD>
    <TD STYLE="text-indent: 0in">No Set-Off, Deduction etc.</TD>
    <TD STYLE="text-align: center">61</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">4.6</TD>
    <TD STYLE="text-indent: 0in">Account of Record</TD>
    <TD STYLE="text-align: center">61</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">4.7</TD>
    <TD STYLE="text-indent: 0in">Maximum Rate of Interest</TD>
    <TD STYLE="text-align: center">62</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">4.8</TD>
    <TD STYLE="text-indent: 0in">Benchmark Replacement Setting</TD>
    <TD STYLE="text-align: center">62</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">4.9</TD>
    <TD STYLE="text-indent: 0in">Compensation for Losses</TD>
    <TD STYLE="text-align: center">64</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">4.10</TD>
    <TD STYLE="text-indent: 0in">Market Disruption</TD>
    <TD STYLE="text-align: center">64</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Table
of Contents&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt; text-align: center">(continued)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-bottom: 1.5pt; text-indent: 0in; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; text-transform: uppercase"><B>P<FONT STYLE="text-transform: lowercase">age</FONT></B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="text-align: center; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">Article 5 REPAYMENT</TD>
    <TD STYLE="text-align: center; text-transform: uppercase">65</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="text-align: center; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in; width: 10%">5.1</TD>
    <TD STYLE="text-indent: 0in; width: 80%">Mandatory Repayment at Maturity</TD>
    <TD STYLE="text-align: center; width: 10%">65</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">5.2</TD>
    <TD STYLE="text-indent: 0in">Mandatory Prepayments</TD>
    <TD STYLE="text-align: center">65</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">5.3</TD>
    <TD STYLE="text-indent: 0in">Amortization</TD>
    <TD STYLE="text-align: center">67</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">5.4</TD>
    <TD STYLE="text-indent: 0in">Voluntary Prepayments</TD>
    <TD STYLE="text-align: center">67</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">5.5</TD>
    <TD STYLE="text-indent: 0in">Cancellation of Commitment</TD>
    <TD STYLE="text-align: center">68</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">5.6</TD>
    <TD STYLE="text-indent: 0in">Place of Payment of Principal, Interest and Fees</TD>
    <TD STYLE="text-align: center">69</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">Article 6 REPRESENTATIONS AND WARRANTIES</TD>
    <TD STYLE="text-align: center; text-transform: uppercase">69</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="text-align: center; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">6.1</TD>
    <TD STYLE="text-indent: 0in">Representations and Warranties</TD>
    <TD STYLE="text-align: center">69</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">6.2</TD>
    <TD STYLE="text-indent: 0in">Survival and Repetition of Representations and Warranties</TD>
    <TD STYLE="text-align: center">83</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">Article 7 SecurIty</TD>
    <TD STYLE="text-align: center; text-transform: uppercase">84</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="text-align: center; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">7.1</TD>
    <TD STYLE="text-indent: 0in">Security</TD>
    <TD STYLE="text-align: center">84</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">7.2</TD>
    <TD STYLE="text-indent: 0in">Security to be held by Collateral Agent</TD>
    <TD STYLE="text-align: center">85</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">7.3</TD>
    <TD STYLE="text-indent: 0in">Continued Perfection of Security</TD>
    <TD STYLE="text-align: center">85</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">7.4</TD>
    <TD STYLE="text-indent: 0in">Registrations and Renewals</TD>
    <TD STYLE="text-align: center">86</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">7.5</TD>
    <TD STYLE="text-indent: 0in">Extensions, Etc.</TD>
    <TD STYLE="text-align: center">86</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">7.6</TD>
    <TD STYLE="text-indent: 0in">No Merger</TD>
    <TD STYLE="text-align: center">86</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">7.7</TD>
    <TD STYLE="text-indent: 0in">After-Acquired Property</TD>
    <TD STYLE="text-align: center">86</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">7.8</TD>
    <TD STYLE="text-indent: 0in">New Material Subsidiaries</TD>
    <TD STYLE="text-align: center">87</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">7.9</TD>
    <TD STYLE="text-indent: 0in">Collateral Accounts</TD>
    <TD STYLE="text-align: center">87</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">Article 8 Insurance</TD>
    <TD STYLE="text-align: center; text-transform: uppercase">88</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="text-align: center; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">8.1</TD>
    <TD STYLE="text-indent: 0in">General</TD>
    <TD STYLE="text-align: center">88</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">8.2</TD>
    <TD STYLE="text-indent: 0in">Actions of the Collateral Agent</TD>
    <TD STYLE="text-align: center">88</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">8.3</TD>
    <TD STYLE="text-indent: 0in">Insurance Policies</TD>
    <TD STYLE="text-align: center">88</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">8.4</TD>
    <TD STYLE="text-indent: 0in">Evidence of Insurance</TD>
    <TD STYLE="text-align: center">89</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">8.5</TD>
    <TD STYLE="text-indent: 0in">Payment of Premiums</TD>
    <TD STYLE="text-align: center">91</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">8.6</TD>
    <TD STYLE="text-indent: 0in">Assignment</TD>
    <TD STYLE="text-align: center">91</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">8.7</TD>
    <TD STYLE="text-indent: 0in">Lender May Place Insurance</TD>
    <TD STYLE="text-align: center">91</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">8.8</TD>
    <TD STYLE="text-indent: 0in">Pursuing Claims against Insurers</TD>
    <TD STYLE="text-align: center">91</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">8.9</TD>
    <TD STYLE="text-indent: 0in">Use of Insurance Proceeds</TD>
    <TD STYLE="text-align: center">92</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">8.10</TD>
    <TD STYLE="text-indent: 0in">Brokers Letter of Undertaking.</TD>
    <TD STYLE="text-align: center">94</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">8.11</TD>
    <TD STYLE="text-indent: 0in">Required Insurance Reports.</TD>
    <TD STYLE="text-align: center">94</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">8.12</TD>
    <TD STYLE="text-indent: 0in">Right of Recourse</TD>
    <TD STYLE="text-align: center">94</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">Article 9 COVENANTS</TD>
    <TD STYLE="text-align: center; text-transform: uppercase">94</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="text-align: center; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">9.1</TD>
    <TD STYLE="text-indent: 0in">Positive Covenants</TD>
    <TD STYLE="text-align: center">94</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">9.2</TD>
    <TD STYLE="text-indent: 0in">Reporting Requirements</TD>
    <TD STYLE="text-align: center">106</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">9.3</TD>
    <TD STYLE="text-indent: 0in">Financial Covenants</TD>
    <TD STYLE="text-align: center">112</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">9.4</TD>
    <TD STYLE="text-indent: 0in">Negative Covenants</TD>
    <TD STYLE="text-align: center">112</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">9.5</TD>
    <TD STYLE="text-indent: 0in">Lender May Perform Covenants</TD>
    <TD STYLE="text-align: center">118</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Table
of Contents&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt; text-align: center">(continued)</P>


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-bottom: 1.5pt; text-indent: 0in; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; text-transform: uppercase"><B>P<FONT STYLE="text-transform: lowercase">age</FONT></B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="text-align: center; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">Article 10 DEFAULT</TD>
    <TD STYLE="text-align: center; text-transform: uppercase">118</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="text-align: center; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in; width: 10%">10.1</TD>
    <TD STYLE="text-indent: 0in; width: 80%">Events of Default</TD>
    <TD STYLE="text-align: center; width: 10%">118</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">10.2</TD>
    <TD STYLE="text-indent: 0in">Acceleration and Enforcement</TD>
    <TD STYLE="text-align: center">125</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">10.3</TD>
    <TD STYLE="text-indent: 0in">Remedies with respect to Defaults under Covenant Agreement</TD>
    <TD STYLE="text-align: center">126</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">10.4</TD>
    <TD STYLE="text-indent: 0in">Remedies Cumulative and Waivers</TD>
    <TD STYLE="text-align: center">126</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">10.5</TD>
    <TD STYLE="text-indent: 0in">Termination of Lender&rsquo;s Obligations</TD>
    <TD STYLE="text-align: center">126</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">10.6</TD>
    <TD STYLE="text-indent: 0in">Perform Obligations</TD>
    <TD STYLE="text-align: center">126</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">10.7</TD>
    <TD STYLE="text-indent: 0in">Third Parties</TD>
    <TD STYLE="text-align: center">126</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">Article 11 COSTS, EXPENSES AND INDEMNIFICATION</TD>
    <TD STYLE="text-align: center; text-transform: uppercase">127</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="text-align: center; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">11.1</TD>
    <TD STYLE="text-indent: 0in">Costs and Expenses</TD>
    <TD STYLE="text-align: center">127</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">11.2</TD>
    <TD STYLE="text-indent: 0in">Indemnification by the Borrower</TD>
    <TD STYLE="text-align: center">127</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">11.3</TD>
    <TD STYLE="text-indent: 0in">Specific Environmental Indemnification</TD>
    <TD STYLE="text-align: center">128</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">11.4</TD>
    <TD STYLE="text-indent: 0in">Limitation of Liability</TD>
    <TD STYLE="text-align: center">128</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">Article 12 INCREASED COSTS AND TAXES</TD>
    <TD STYLE="text-align: center; text-transform: uppercase">129</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="text-align: center; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">12.1</TD>
    <TD STYLE="text-indent: 0in">Increased Costs</TD>
    <TD STYLE="text-align: center">129</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">12.2</TD>
    <TD STYLE="text-indent: 0in">Taxes</TD>
    <TD STYLE="text-align: center">130</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">Article 13 BOARD OBSERVER RIGHTS</TD>
    <TD STYLE="text-align: center; text-transform: uppercase">132</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="text-align: center; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">13.1</TD>
    <TD STYLE="text-indent: 0in">Observer Rights</TD>
    <TD STYLE="text-align: center">132</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">13.2</TD>
    <TD STYLE="text-indent: 0in">Confidential Information</TD>
    <TD STYLE="text-align: center">133</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">13.3</TD>
    <TD STYLE="text-indent: 0in">Expenses</TD>
    <TD STYLE="text-align: center">135</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">13.4</TD>
    <TD STYLE="text-indent: 0in">Indemnification; Advancement of Expenses</TD>
    <TD STYLE="text-align: center">135</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">13.5</TD>
    <TD STYLE="text-indent: 0in">Assignment of Observer Right</TD>
    <TD STYLE="text-align: center">135</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">Article 14 SUCCESSORS AND ASSIGNS AND ADDITIONAL LENDERS</TD>
    <TD STYLE="text-align: center; text-transform: uppercase">136</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="text-align: center; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">14.1</TD>
    <TD STYLE="text-indent: 0in">Successors and Assigns</TD>
    <TD STYLE="text-align: center">136</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">Article 15 GENERAL</TD>
    <TD STYLE="text-align: center; text-transform: uppercase">137</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="text-align: center; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">15.1</TD>
    <TD STYLE="text-indent: 0in">Exchange and Confidentiality of Information</TD>
    <TD STYLE="text-align: center">137</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">15.2</TD>
    <TD STYLE="text-indent: 0in">Notice</TD>
    <TD STYLE="text-align: center">139</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">15.3</TD>
    <TD STYLE="text-indent: 0in">Governing Law</TD>
    <TD STYLE="text-align: center">139</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">15.4</TD>
    <TD STYLE="text-indent: 0in">Judgment Currency</TD>
    <TD STYLE="text-align: center">139</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">15.5</TD>
    <TD STYLE="text-indent: 0in">Benefit of the Agreement</TD>
    <TD STYLE="text-align: center">140</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">15.6</TD>
    <TD STYLE="text-indent: 0in">Severability</TD>
    <TD STYLE="text-align: center">140</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">15.7</TD>
    <TD STYLE="text-indent: 0in">Whole Agreement</TD>
    <TD STYLE="text-align: center">140</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">15.8</TD>
    <TD STYLE="text-indent: 0in">Further Assurances</TD>
    <TD STYLE="text-align: center">140</TD></TR>
</TABLE>

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<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Table
of Contents&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt; text-align: center">(continued)</P>


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center"><B>P<FONT STYLE="text-transform: lowercase">age</FONT></B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in; width: 10%">15.9</TD>
    <TD STYLE="text-indent: 0in; width: 80%">Waiver of Jury Trial</TD>
    <TD STYLE="text-align: center; width: 10%">141</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">15.10</TD>
    <TD STYLE="text-indent: 0in">Consent to Jurisdiction</TD>
    <TD STYLE="text-align: center">141</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">15.11</TD>
    <TD STYLE="text-indent: 0in">Time of the Essence</TD>
    <TD STYLE="text-align: center">141</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">15.12</TD>
    <TD STYLE="text-indent: 0in">Electronic Execution</TD>
    <TD STYLE="text-align: center">141</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">15.13</TD>
    <TD STYLE="text-indent: 0in">Counterparts</TD>
    <TD STYLE="text-align: center">141</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">15.14</TD>
    <TD STYLE="text-indent: 0in">Delivery by Facsimile or Other Electronic Transmission</TD>
    <TD STYLE="text-align: center">142</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">15.15</TD>
    <TD STYLE="text-indent: 0in">Term of Agreement</TD>
    <TD STYLE="text-align: center">142</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">15.16</TD>
    <TD STYLE="text-indent: 0in">Anti-Money Laundering Legislation</TD>
    <TD STYLE="text-align: center">142</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">15.17</TD>
    <TD STYLE="text-indent: 0in">Public Disclosure</TD>
    <TD STYLE="text-align: center">142</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">15.18</TD>
    <TD STYLE="text-indent: 0in">Independence of Representations, Warranties and Covenants</TD>
    <TD STYLE="text-align: center">142</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">15.19</TD>
    <TD STYLE="text-indent: 0in">No Fiduciary Duty</TD>
    <TD STYLE="text-align: center">143</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">15.20</TD>
    <TD STYLE="text-indent: 0in">Compliance with <I>Lobbying Act</I></TD>
    <TD STYLE="text-align: center">143</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">15.21</TD>
    <TD STYLE="text-indent: 0in">Members of Parliament</TD>
    <TD STYLE="text-align: center">144</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">15.22</TD>
    <TD STYLE="text-indent: 0in">Auditor General Rights</TD>
    <TD STYLE="text-align: center">144</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">15.23</TD>
    <TD STYLE="text-indent: 0in">International Dispute</TD>
    <TD STYLE="text-align: center">144</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">15.24</TD>
    <TD STYLE="text-indent: 0in">Canada</TD>
    <TD STYLE="text-align: center">145</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">15.25</TD>
    <TD STYLE="text-indent: 0in">English Language</TD>
    <TD STYLE="text-align: center">145</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">LOAN AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THIS LOAN AGREEMENT</B> is made as of September
13, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>AMONG:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><B>TELESAT LEO INC.</B>, as Borrower</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&ndash; and &ndash;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><B>EACH OF THE ENTITIES PARTY HERETO
FROM TIME TO TIME AS GUARANTORS</B>, as Guarantors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&ndash; and &ndash;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><B>16342451 CANADA INC.</B>, a subsidiary
of <B>CANADA DEVELOPMENT INVESTMENT CORPORATION</B>, as Lender</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B> the Borrower
has requested that the Lender make available to it a senior secured non-revolving delayed draw term loan facility in the principal amount
of up to the Commitment for the purpose of financing the Project and the Lender has agreed to do so subject to and upon the terms and
conditions set out herein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>AND WHEREAS</B> the Guarantors
have agreed to provide the Guarantees and other Security Documents as credit support for the Obligations in favour of the Collateral Agent;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>NOW THEREFORE THIS AGREEMENT
WITNESSES</B> that in consideration of the covenants and agreements herein contained, the parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;1<BR>
INTERPRETATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.1</TD><TD>Definitions</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In this Agreement, unless
something in the subject matter or context is inconsistent therewith, the following terms have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Aboriginal Peoples of Canada</B>&rdquo;
has the meaning set out in the <I>Constitution Act</I>, 1982 namely the Indian, Inuit and M&eacute;tis peoples of Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Additional Material Project
Contracts</B>&rdquo; means each contract and agreement material to the design, construction, testing, delivery, launch, Operation and/or
maintenance of the Project entered into by the Borrower subsequent to the Closing Date which is not listed in Schedule&nbsp;6.1.16 attached
hereto. For certainty, each Specified Landing Station Agreement shall be an Additional Material Project Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Additional Permit</B>&rdquo;
means any Permit not listed in Schedule&nbsp;6.1.17 as of the Closing Date, that is required to be obtained by any Obligor or the Project
following the Closing Date and is material to the ownership, design, construction, testing, delivery, launch, Operation and/or maintenance
of the Project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Advance</B>&rdquo; means
a borrowing by the Borrower under the Loan Facility and any reference relating to the aggregate amount of Advances means the sum of the
principal amount of all outstanding Advances, and includes any PIK Interest that has been added to the principal of any Advance in accordance
with the terms of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Advance Date</B>&rdquo;
means the date on which an Advance is made to the Borrower pursuant to the provisions hereof and which will be a Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Advance Notice</B>&rdquo;
means a notice requesting an Advance, substantially in the form attached hereto as Schedule&nbsp;A, to be delivered to the Lender by the
Borrower pursuant to Section&nbsp;2.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Advisors</B>&rdquo; means
the Technical Advisor, the ESHS Consultant, the Insurance Consultant, the Regulatory Advisor, the Commercial Advisor, the Financial Advisor
and each of their successors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Affiliate</B>&rdquo; has
the meaning given to it in Section 1.3 of National Instrument 45-106 &ndash; <I>Prospectus Exemptions</I> and for greater certainty, with
respect to the Borrower, includes a Subsidiary of the Borrower, and with respect to the Lender, includes His Majesty the King in Right
of Canada and every other Crown Corporation (as such term is defined in the <I>Financial Administration Act</I> (Canada)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>After-Acquired Property</B>&rdquo;
has the meaning set forth in Section&nbsp;7.7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Agreement</B>&rdquo; means
this loan agreement, the schedules and all amendments made hereto in accordance with the provisions hereof as amended, restated, supplemented,
replaced or otherwise modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Allan Park Facility</B>&rdquo;
means the facility located at the property municipally known as [redacted &ndash; address].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Anti-Corruption Laws</B>&rdquo;
means any Applicable Law applicable to any Obligor relating to bribery or corruption, and any regulation, order, or directive promulgated,
issued or enforced pursuant to such Law, including the <I>Criminal Code</I>, R.S.C., 1985, c. C-46, <I>Act respecting contracting by public
bodies</I> (CQLR. C C-65.1) and the <I>Corruption of Foreign Public Officials Act</I>, S.C. 1998, c. 34, the <I>Foreign Corrupt Practices
Act of 1977</I>, 15 U.S.C. &sect; 78dd-1, et seq., and the Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act of 2001, Public Law 107 56.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Anti-Money Laundering Laws</B>&rdquo;
means, collectively, any Applicable Law relating to terrorism or money laundering, including the Criminal Code (Canada) and the P<I>roceeds
of Crime (Money Laundering) and Terrorist Financing Act</I> (Canada) and United States Executive Order No. 13224 on Terrorist Financing,
effective September 24, 2001, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act of 2001, Public Law 107 56 and, in each case, the regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Applicable Cure Period</B>"
means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">with respect to a default or breach by a party (other than an Obligor) under a Material Project Contract,
the period of time set out in a Material Project Contract within which the Material Project Counterparty has the right to remedy or cure
breaches or defaults of such Material Project Counterparty thereunder, before the applicable Obligor is entitled to enforce its rights
and remedies as a result of such default or breach or terminate such Material Project Contract; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">with respect to a default or breach by an Obligor under a Material Project Contract the period of time
set out in a Material Project Contract within which the applicable Obligor has the right to remedy or cure breaches or defaults of such
Obligor thereunder before another party to such Material Project Contract is entitled to enforce its rights and remedies as a result of
such default or breach or terminate such Material Project Contract, less five (5) Business Days.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Applicable Law</B>&rdquo;
means, in respect of any Person, property, transaction, event or other matter, as applicable, all domestic and foreign laws, rules, statutes,
regulations, treaties, orders, judgments and decrees and, to the extent they have the force of law, all official directives, rules, guidelines,
orders, policies and other requirements of any Governmental Authority (collectively, the &ldquo;<B>Law</B>&rdquo;) and will also include
any interpretation of the Law or any part of the Law by any Person having jurisdiction over it or charged with its administration or interpretation
in each case having the force of law relating or applicable to such Person, property, transaction, event or other matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Applicable Margin</B>&rdquo;
means 4.75% per annum, subject to increase in accordance with Section&nbsp;10.3 of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Arm&rsquo;s Length</B>&rdquo;
has the meaning specified in the definition of &ldquo;<B>Non-Arm&rsquo;s Length</B>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Assignee</B>&rdquo; has
the meaning specified in Section&nbsp;14.1.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Assignment Agreement</B>&rdquo;
has the meaning specified in Section&nbsp;14.1.3(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Assignor</B>&rdquo; has
the meaning specified in Section&nbsp;14.1.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Auditor</B>&rdquo; means
a recognized independent firm or recognized independent firms of reputable chartered or public accountants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Available Funding</B>&rdquo;
means, on any date prior to the Initial Project Completion Date and in each case solely to the extent available to be applied toward the
relevant purpose, the aggregate of: (i) the amount of the undrawn Commitment available under the Loan Facility, (ii) the amount of any
undrawn commitment under the IQ Loan Agreement, (iii) amounts standing to the credit of the Collateral Accounts, to the extent such funds
are available to pay Project Costs in accordance with this Agreement, and (iv) subject to Section 8.9, proceeds of Insurance and any other
amounts, to the extent such funds are received by the Borrower and available to pay Project Costs in accordance with this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Available Tenor</B>&rdquo;
means, as of any date of determination and with respect to any then current Benchmark, as applicable, (a)&nbsp;if such Benchmark is a
term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an Interest Period
pursuant to this Agreement or (b)&nbsp;otherwise, any payment period for interest calculated with reference to such Benchmark (or component
thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark
pursuant to this Agreement, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark
that is then-removed from the definition of &ldquo;Interest Period&rdquo; pursuant to Section&nbsp;4.8.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Availability Period</B>&rdquo;
means the period commencing on the Closing Date and ending on the Initial Project Completion Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Benchmark</B>&rdquo; means,
initially, the Term CORRA Reference Rate; provided that if a Benchmark Transition Event has occurred pursuant to Section&nbsp;4.8.1, then
&ldquo;Benchmark&rdquo; means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior
benchmark rate. Any reference to &ldquo;Benchmark&rdquo; shall include, as applicable, the published component used in the calculation
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Benchmark Replacement</B>&rdquo;
means, with respect to any Benchmark Transition Event,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">where a Benchmark Transition Event has occurred with respect to Term CORRA Reference Rate, Daily Compounded
CORRA; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">where a Benchmark Transition Event has occurred with respect to a Benchmark other than the Term CORRA
Reference Rate, the sum of: (i)&nbsp;the alternate benchmark rate that has been selected by the Lender and the Borrower giving due consideration
to (A)&nbsp;any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant
Governmental Body or (B)&nbsp;any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the
then-current Benchmark for Canadian Dollar syndicated credit facilities and (ii)&nbsp;the related Benchmark Replacement Adjustment.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">If the Benchmark Replacement as determined pursuant to clause&nbsp;(a) or (b) above would be less than
the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Benchmark Replacement Adjustment</B>&rdquo;
means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement, the spread adjustment,
or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected
by the Lender and the Borrower giving due consideration to (i)&nbsp;any selection or recommendation of a spread adjustment, or method
for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark
Replacement by the Relevant Governmental Body or (ii)&nbsp;any evolving or then-prevailing market convention for determining a spread
adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable
Unadjusted Benchmark Replacement for Canadian Dollar syndicated credit facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Benchmark Replacement Date</B>&rdquo;
means, with respect to any Benchmark, the earliest to occur of the following events with respect to the then current Benchmark:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">in the case of clause (a) or (b) of the definition of &ldquo;Benchmark Transition Event,&rdquo; the later
of (i)&nbsp;the date of the public statement or publication of information referenced therein, and (ii)&nbsp;the date on which the administrator
of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available
Tenors of such Benchmark (or such component thereof); or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">in the case of clause&nbsp;(c) of the definition of &ldquo;Benchmark Transition Event,&rdquo; the first
date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory
supervisor for the administrator of such Benchmark (or such component thereof) to be non-representative; provided, that such non-representativeness
will be determined by reference to the most recent statement or publication referenced in such clause&nbsp;(c) and even if any Available
Tenor of such Benchmark (or such component thereof) continues to be provided on such date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">For the avoidance of doubt, the &ldquo;Benchmark Replacement Date&rdquo; will be deemed to have occurred
in the case of clause&nbsp;(a) or (b) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein
with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Benchmark Transition Event</B>&rdquo;
means, with respect to any Benchmark, the occurrence of one or more of the following events with respect to such then-current Benchmark:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">a public statement or publication of information by or on behalf of the administrator of such Benchmark
(or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all
Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement
or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component
thereof);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">a public statement or publication of information by the regulatory supervisor for the administrator of
such Benchmark (or the published component used in the calculation thereof), the Bank of Canada, an insolvency official with jurisdiction
over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such
Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such
Benchmark (or such component), in each case, which states that the administrator of such Benchmark (or such component) has ceased or will
cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the
time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark
(or such component thereof); or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">a public statement or publication of information by the regulatory supervisor for the administrator of
such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or
such component thereof) are not, or as of a specified future date will not be, representative.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">For the avoidance of doubt, a &ldquo;Benchmark Transition Event&rdquo; will be deemed to have occurred
with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current
Available Tenor of such Benchmark (or the published component used in the calculation thereof).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Benchmark Unavailability
Period</B>&rdquo; means, with respect to any then-current Benchmark, the period (if any) (i)&nbsp;beginning at the time that a Benchmark
Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the then current Benchmark for all purposes hereunder
and under any Loan Document in accordance with Section&nbsp;4.8, and (ii)&nbsp;ending at the time that a Benchmark Replacement has replaced
such Benchmark for all purposes hereunder and under any Loan Document in accordance with Section&nbsp;4.8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Benefit Plan</B>&rdquo;
means any employee benefit plan, program, policy or arrangement sponsored, maintained or contributed to by the Borrower or any Subsidiary
(or pursuant to which such Persons have any liability or obligation) including, without limitation, all profit-sharing, equity, savings,
supplemental retirement, retiring allowance, severance, deferred compensation, welfare, bonus, supplementary unemployment benefit plans
or arrangements and all life, health, dental and disability plans and arrangements in which the employees or former employees of the Borrower
or any Subsidiary participate or are eligible to participate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Benefit to Canada Covenants</B>&rdquo;
means the benefit to Canada covenants outlined in Article&nbsp;2 of the Covenant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Benefit to Canada Default
Notice</B>&rdquo; has the meaning given to such term in the Covenant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Benefit to Canada Event
of Default</B>&rdquo; has the meaning given to such term in the Covenant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Blocked Accounts Agreement</B>&rdquo;
means a blocked account agreement or deposit account control agreement, as applicable, dated as of the date hereof among the applicable
Obligor, the applicable financial institution and the Collateral Agent in respect of each Collateral Account in each case, as the same
may be amended, supplemented, modified, varied, restated or replaced from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Board</B>&rdquo; means the
board of directors of the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Board Information</B>&rdquo;
has the meaning given to such term in Section&nbsp;13.2.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Board Materials</B>&rdquo;
has the meaning given to such term in Section&nbsp;13.1.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Borrower</B>&rdquo; means
Telesat LEO Inc., a corporation incorporated under the federal laws of Canada and its successors and permitted assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Borrower&rsquo;s Senior
Management</B>&rdquo; means [redacted &ndash; commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Business Day</B>&rdquo;
means any day, except for (i) a Saturday or a Sunday or (ii) any day on which banks, the Lender, any Government of Canada departments
and agencies and any government of Qu&eacute;bec departments and agencies are required or authorized to close in Ottawa, Ontario, or Montreal,
Qu&eacute;bec.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Canadian Dollars</B>&rdquo;
means the lawful currency of Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Canadian Guarantors</B>&rdquo;
means Telesat LEO Parent, Telesat Technology, Telesat Spectrum Holdings, Telesat Spectrum, and each Material Subsidiary of Telesat LEO
Parent organized or formed under the laws of Canada or any province or territory thereof who becomes a Guarantor in accordance with Section&nbsp;7.8
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Capital Expenditure</B>&rdquo;
means with respect to any period and with respect to any Person, the amount of all expenditures by such Person and its Subsidiaries during
such period that are capital expenditures as determined in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Capitalized Lease</B>&rdquo;
means, with respect to any Person, any lease or other arrangement relating to property or assets which would be required to be accounted
for as a capital lease obligation (or a &ldquo;right to use&rdquo; asset and a corresponding liability) on a balance sheet of such Person
if such balance sheet were prepared in accordance with GAAP; the amount of any Capitalized Lease at any date shall be the amount of the
obligation in respect thereof which would be included within such balance sheet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Cash Equivalents</B>&rdquo;
means (i)&nbsp;short-term obligations of, or fully guaranteed by, the government of the United States of America or Canada, (ii)&nbsp;short-term
obligations of, or fully guaranteed by, the government of a State of the United States of America or of a Province of Canada, in each
case having a rating of &ldquo;A-&rdquo; (or the then equivalent grade) or better by a nationally recognized rating agency, (iii)&nbsp;commercial
paper having a rating of &ldquo;A-&rdquo; (or the then equivalent grade) or better by S&amp;P or Moody&rsquo;s, (iv)&nbsp;demand or current
deposit accounts maintained in the ordinary course of business with any Schedule&nbsp;I Canadian chartered bank or any other commercial
bank or trust company (whether domestic or foreign) having capital and surplus in excess of U.S.$500,000,000 and a senior unsecured rating
of &ldquo;A-&rdquo; or better by S&amp;P or Moody&rsquo;s, (v)&nbsp;certificates of deposit issued by and time deposits with any Schedule&nbsp;I
Canadian chartered bank or any other commercial bank or trust company (whether domestic or foreign) having capital and surplus in excess
of U.S.$500,000,000 and a senior unsecured rating of &ldquo;A-&rdquo; or better by S&amp;P or Moody&rsquo;s, or (vi)&nbsp;money market
funds that invest substantially all of their assets in any of the foregoing; provided in each case that the same has a term not exceeding
(A)&nbsp;one year in the case of (i)&nbsp;and (ii)&nbsp;above, and (B)&nbsp;180 days in the case of (iii)&nbsp;through (v)&nbsp;above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Change in Applicable Laws</B>&rdquo;
means the occurrence, after the date of this Agreement, of any of the following: (a)&nbsp;the adoption or taking effect of any Applicable
Law, (b)&nbsp;any change in any Applicable Law or in the administration, interpretation or application thereof by any Governmental Authority
or (c)&nbsp;the making or issuance of any new Applicable Law by any Governmental Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Change of Control</B>&rdquo;
means [redacted &ndash; commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Change Order</B>&rdquo;
means a change to the specifications or scope of any Material Project Contract which results in a change to the work to be completed or
materials to be supplied thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Claims</B>&rdquo; means
all liabilities, losses, obligations, damages, injuries, penalties, fines, claims (including environmental claims and claims involving
liability in tort, strict or otherwise), demands, actions, suits, judgments, orders, proceedings, costs, expenses and disbursements of
any kind or nature whatsoever, whether founded or unfounded (including reasonable fees and out-of-pocket expenses of counsel and reasonable
costs of investigation).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Closing</B>&rdquo; means
the closing of the transactions contemplated in this Agreement in accordance with the terms hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Closing Date</B>&rdquo;
means the date on which all of the conditions precedent set forth in Section&nbsp;3.1 are satisfied in the discretion of the Lender or
waived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Closing Direct Agreements</B>&rdquo;
means [redacted &ndash; commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Code</B>&rdquo; means the
U.S. Internal Revenue Code of 1986, as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Collateral</B>&rdquo; means
all property from time to time subject to, or intended by the terms of the Security Documents to be subject to, the Encumbrances of the
Security Documents, including, all present and future, real and personal, property of the Obligors, other than Excluded Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Collateral Account</B>&rdquo;
means each deposit account and investment account of the Obligors that are listed and described in Schedule&nbsp;6.1.34 attached hereto
and any other similar account established by any Obligor with any financial institution after the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Collateral Agent</B>&rdquo;
means TSX Trust Company, in its capacity as collateral agent and its successors and permitted assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Commercial Advisor</B>&rdquo;
means [redacted &ndash; commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Commercially Reasonable
Efforts</B>&rdquo; means efforts which are designed to enable a party, directly or indirectly, to satisfy a condition to, or otherwise
assist in the consummation of, the transaction contemplated by this Agreement, and which do not require the performing party to expend
any funds or assume liabilities other than expenditures and liabilities which are reasonable in nature and amount in the context of the
transaction contemplated by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Commitment</B>&rdquo; means
$2,140,000,000.00, as may be reduced in accordance with the terms of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Committees</B>&rdquo; has
the meaning given to such term in Section&nbsp;13.1.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">[redacted &ndash; commercially sensitive
information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Compliance Certificate</B>&rdquo;
means the certificate required pursuant to Section&nbsp;9.2.1(iii), substantially in the form attached hereto as Schedule&nbsp;B and signed
by a Responsible Officer of the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Conforming Changes</B>&rdquo;
means, with respect to any Benchmark Replacement, any technical, administrative or operational changes to this Agreement or any Loan Document
(including changes to the definition of &ldquo;Business Day,&rdquo;, the definition of &ldquo;Interest Period&rdquo; or any similar or
analogous definition (or the addition of a concept of &ldquo;interest period&rdquo;), timing and frequency of determining rates and making
payments of interest, timing of Advance Notices or prepayment notices, the applicability and length of lookback periods, the applicability
of breakage provisions and other technical, administrative or operational matters) that the Lender decides, acting reasonably, may be
appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the use and administration thereof
by the Lender in a manner substantially consistent with market practice (or, if the Lender decides that adoption of any portion of such
market practice is not administratively feasible or if the Lender determines that no market practice for the administration of such Benchmark
Replacement exists, in such other manner of administration as the Lender decides, acting reasonably, is necessary in connection with the
administration of this Agreement and the other Loan Documents).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Contesting in Good Faith</B>&rdquo;,
&ldquo;<B>Contested in Good Faith</B>&rdquo; or &ldquo;<B>Contest in Good Faith</B>&rdquo; means where any Obligor or a Person on its
behalf, as the case may be:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">is contesting in good faith and with due diligence and by proper proceedings the existence, amount or
extent of any obligations, Taxes, assessments, claims or Encumbrances;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">if required by GAAP, has established a reserve in accordance with GAAP, unless there is a reasonable likelihood
that the obligations, Taxes, assessments, claims or Encumbrances subject to such contest will be required to be paid or satisfied, in
which case such Obligor shall establish a reserve for, or deposit with a court of competent jurisdiction or the assessing authority, or
with such other Person as is acceptable to the Lender, acting reasonably, sufficient funds or a surety bond, for the total amount of the
obligations, Taxes, assessments, claims or Encumbrances, where the application of such reserve, deposit, funds or bond would result in
the payment and the discharge of such obligations, Taxes, assessments, claims or Encumbrances and all related interest, costs and expenses;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">has arranged for the postponement or stay of enforcement of the rights of the Person asserting such obligations,
Taxes, assessments, claims or Encumbrances against such Obligor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Contingent Obligation</B>&rdquo;
means, with respect to any Person, calculated without duplication, any direct or indirect liability, contingent or otherwise, of that
Person: (a)&nbsp;with respect to any indebtedness, lease, dividend or other obligation of another Person if the primary purpose or intent
of the Person incurring such liability, or the primary effect thereof, is to provide assurance to the obligee of such liability that such
liability will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders of such liability
will be protected (in whole or in part) against loss with respect thereto; (b)&nbsp;with respect to any letter of credit issued for the
account of that Person or as to which that Person is otherwise liable for reimbursement of drawings; (c)&nbsp;to make take-or-pay or similar
payments if required regardless of non-performance by any other party or parties to an agreement; (d)&nbsp;for the obligations of another
through any agreement to purchase, repurchase or otherwise acquire any obligation of another Person or any property constituting security
therefor, or to provide funds for the payment or discharge of such obligation; (e)&nbsp;to maintain the solvency, financial condition
or any balance sheet item or level of income of another Person; and (f)&nbsp;any other contingent liabilities required to be treated as
a liability on a balance sheet of such Person in accordance with GAAP; but excluding operating leases and trade payables arising in the
ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Control</B>&rdquo; means
the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether
through the ability to exercise voting power, by contract or otherwise. &ldquo;<B>Controlled</B>&rdquo; has the corresponding meaning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Core Material Project Contracts</B>&rdquo;
means [redacted &ndash; commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Core Material Project Contract
Counterparty</B>&rdquo; means a Person (other than an Obligor) that is a party to a Core Material Project Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Core Telesat MSAs</B>&rdquo;
means [redacted &ndash; commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>CORRA</B>&rdquo; means the
Canadian Overnight Repo Rate Average administered and published by the Bank of Canada (or any successor administrator).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Covenant Agreement</B>&rdquo;
means that certain covenant agreement dated as of the date hereof among the Borrower, Telesat Parent and the Minister, as such agreement
may be amended, restated, supplemented, replaced or otherwise modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Daily Compounded CORRA</B>&rdquo;
means, for any day CORRA with interest accruing on a compounded daily basis, with the methodology and conventions for this rate (which
will include compounding in arrears with a lookback) being established by the Lender in accordance with the methodology and conventions
for this rate selected by or recommended by the Relevant Governmental Body for determining compounded CORRA for business loans; provided
that if the Lender decides that any such convention is not administratively feasible for the Lender, then the Lender may establish another
convention in its reasonable discretion; and provided that if the administrator has not provided or published CORRA and a Benchmark Transition
Event with respect to CORRA has not occurred, then, in respect of any day for which CORRA is required, references to CORRA will be deemed
to be references to the last provided or published CORRA; provided further that if Daily Compounded CORRA as so determined shall be less
than the Floor, then Daily Compounded CORRA shall be deemed to be the Floor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Daily Compounded CORRA Advance</B>&rdquo;
means an Advance that bears interest at a rate determined by reference to Daily Compounded CORRA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>DBRS</B>&rdquo; means DBRS
Morningstar, a division of DBRS, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Debt</B>&rdquo; means, with
respect to any Person, without duplication, at the date of determination: (a)&nbsp;all indebtedness of such Person for borrowed money
and any indebtedness assumed by such Person (whether or not the rights and remedies of the holder of such indebtedness in the event of
default may be limited to the foreclosure or sale of specific property), (b)&nbsp;all obligations of such Person for the deferred purchase
price of Property or services except deferred compensation, trade payables and accrued expenses incurred in the ordinary course of business,
(c)&nbsp;all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments, (d)&nbsp;all obligations of
such Person created or arising under any conditional sale or other title retention agreement (other than operating leases) with respect
to property acquired by such Person (whether or not the rights and remedies of the seller or lender under such agreement in the event
of default are limited to repossession or sale of such property), (e)&nbsp;all obligations of such Person as lessee under Capitalized
Leases, (f)&nbsp;all letters of credit, letters of guarantee, performance bonds and similar instruments issued on behalf of such Person,
and all reimbursement obligations with respect thereto, (g)&nbsp;all obligations of such Person to purchase, redeem, retire, defease or
otherwise acquire for value any partnership or shareholder or other equity interests of such Person or in any other Person, (h)&nbsp;all
Contingent Obligations of such Person in respect of any of the foregoing items, (i)&nbsp;all Debt referred to in clauses&nbsp;(a) through
(h) above of another Person, the payment of which such Person has guaranteed or for which such Person is responsible or liable, (j)&nbsp;all
net obligations of such Person in respect of Hedge Agreements (such net obligations to be equal at any time to the termination value of
such Hedge Agreements that would be payable by or to such Person at such time), and (k)&nbsp;any other obligation arising under arrangements
or agreements that, in substance, constitute indebtedness or other obligation of such Person described in any of&nbsp;(a) through&nbsp;(j)
above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Default</B>&rdquo; means
an event which, but for the requirement for the giving of notice, lapse of time, or both, or but for the satisfaction of any other condition
subsequent to such event, would constitute an &ldquo;Event of Default&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&ldquo;Depreciation and Amortization
Expense&rdquo;</B> means, for any period, depreciation, amortization, depletion and other like reductions to income of the Borrower for
such period not involving any outlay of cash, determined, without duplication on a consolidated basis, in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Direct Agreement</B>&rdquo;
means each direct lender agreement or consent and acknowledgement agreement, in a form and substance satisfactory to the Lender, acting
reasonably, entered into by the Collateral Agent, the applicable Obligor and the applicable Core Material Project Contract Counterparty
with respect to the applicable Core Material Project Contract, that provides for, among other things, the acknowledgement of the security
interest granted in favour of the Collateral Agent in respect of the applicable Core Material Project Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Disposition</B>&rdquo; means,
in respect of any Person, any sale, lease, transfer, license or other disposition (or series of related sales, leases, licenses, transfers
or dispositions) of any property, assets or undertakings (including, for certainty, any Intellectual Property or other intangible assets)
(each a &ldquo;<B>disposition</B>&rdquo;) by or on behalf of such Person (including any disposition by means of a merger, amalgamation,
arrangement, consolidation or similar transaction) whereby any of the property, assets and undertaking of such Person becomes the property
of another Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Distributions</B>&rdquo;
means, with respect to any Person, any payment, directly or indirectly, by such Person: (a)&nbsp;of any dividends or distributions on
any Equity Interests, other than dividends or distributions payable in any Equity Interest; (b)&nbsp;on account of, or for the purpose
of setting apart any property for, a sinking or other analogous fund for, the purchase, redemption, retirement or other acquisition of
any Equity Interest of such Person; (c)&nbsp;of any other distribution (other than distributions in any Equity Interest) in respect of
any Equity Interests of such Person; (d)&nbsp;of any management, consulting or similar fee or compensation or any bonus payment or comparable
payment, including pursuant to any deferred share unit plan, restricted share unit plan or any similar stock option plan, or by way of
gift or other gratuity, in each case to the extent such payments are made in cash, to any Affiliate of such Person or to any director,
officer or member of the management of such Person or Affiliate of such Person, or (e)&nbsp;any payments with respect to any Debt that
is subordinated to or junior to the Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>EBITDA</B>&rdquo; means,
for any period, Net Income for such period (A)&nbsp;increased by, to the extent reducing Net Income for such period, the sum of (without
duplication) and on a consolidated basis, (i)&nbsp; Interest Expense for such period; (ii)&nbsp; Income Tax Expense for such period; (iii)&nbsp;
Depreciation and Amortization Expense for such period; (iv)&nbsp;other non-cash items (excluding any such non-cash item to the extent
that it represents an accrual or reserve for potential cash items in any future period or amortization of a prepaid cash item that was
paid for in a prior period) but including, without limitation, non-cash adjustments related to purchase accounting; (v)&nbsp;losses on
disposal of assets, impairment of goodwill and intangible assets and any extraordinary, non-recurring or unusual non-cash items decreasing
Net Income for such period acceptable to the Lender; (vi)&nbsp;any unrealized foreign exchange losses or losses on Permitted Hedge Agreements;
(vii) severance; and (viii) long-term incentive compensation payable in cash; and (B)&nbsp;decreased by, to the extent increasing Net
Income for such period, by the sum of (without duplication) and on a consolidated basis, (i)&nbsp;non-cash items increasing Net Income
(excluding any such non-cash item to the extent that it represents the reversal of any accrual or reserve for potential cash item in any
prior period); (ii)&nbsp;extraordinary or non-recurring gains; (iii)&nbsp;&nbsp;net after tax gains or income from disposed or discontinued
operations; and (iv)&nbsp;any unrealized foreign exchange gains or gains on Permitted Hedge Agreements; all in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Elgin Facility</B>&rdquo;
means the facility located at the property municipally known as [redacted &ndash; address].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Eligible Assignee</B>&rdquo;
means any Person that is a Crown corporation (such term shall have the meaning set out in the <I>Financial Administration Act</I> (Canada)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Encumbrance</B>&rdquo; means,
in respect of any Person, any mortgage, debenture, pledge, hypothec, lien, charge, assignment by way of security, hypothecation, deed
of trust, encumbrance, deemed trust or security interest granted or permitted by such Person or arising by operation of law, in respect
of any of such Person&rsquo;s Property, or any Capitalized Lease of Property by such Person as lessee or any other security agreement,
trust or arrangement having the effect of security for the payment of any debt, liability or obligation, and &ldquo;<B>Encumbrances</B>&rdquo;
and &ldquo;<B>Encumbrancer</B>&rdquo; will have corresponding meanings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Environmental Laws</B>&rdquo;
means all applicable Laws (including Permits and consent decrees as to which the Obligors are a party or otherwise subject, and administrative
orders of any Governmental Authority which may affect the Obligors, provided that in the case of guidelines or other non-binding requirements
they are customarily complied with by Persons prudently operating a similar business as the Obligors) relating to public health and safety,
protection of the environment (including protection of flora and fauna), the presence, handling, storage, disposal, shipment, packing,
sale, transportation, generation, use, treatment or Release of Hazardous Materials, above ground or underground storage tanks and occupational
health and safety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Environmental Liabilities</B>&rdquo;
means, with respect to any Person, all liabilities, obligations, responsibilities, costs (including any response, remedial and removal
costs, investigation and feasibility study costs, capital costs, operation and maintenance costs), losses, damages (including any punitive
damages, property damages, natural resource damages, consequential damages, treble damages) and expenses (including all reasonable fees,
disbursements and expenses of counsel, experts and consultants), fines, penalties, sanctions and interest incurred as a result of or related
to any claim, suit, action, administrative order, investigation order (including judicial and administrative orders), proceeding or demand
by any Person, whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute, regulation,
equity or common law, including any arising under or related to any Environmental Laws, Permits, or in connection with any Release or
threatened Release or presence of a Hazardous Material whether on, at, in, under, from or about or in the vicinity of any real or personal
property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Equity Interests</B>&rdquo;
means, with respect to any Person, any shares, interests, participations, rights in, or other equivalents (however designated and whether
voting and non-voting and whether or not carrying a residual right to participate in the earnings of the Person or in the Person&rsquo;s
assets on liquidation or dissolution) of, such Person&rsquo;s capital, including any interest in a partnership, limited partnership or
other similar Person and any beneficial interest in a trust, and any rights, warrants, options or other rights exchangeable for or convertible
into any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Equivalent Amount</B>&rdquo;
means with respect to any two currencies, the amount obtained in one such currency when an amount in the other currency is converted into
the first currency using the rate of exchange for such conversion as quoted by the Bank of Canada at the close of business on the Business
Day that such conversion is to be made (or, if such conversion is to be made before close of business on such Business Day, then at close
of business on the immediately preceding Business Day).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>ESHS Consultant</B>&rdquo;
means [redacted &ndash; commercially sensitive information] or such other consultant satisfactory to the Lender and the Borrower, each
acting reasonably.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Event of Default</B>&rdquo;
means any of the events described in Section&nbsp;10.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Event of Abandonment</B>&rdquo;
means (a) a written announcement by the Borrower of a decision to abandon or indefinitely defer or the abandonment of, the construction,
completion or operation of a material portion of the Project for any reason, (b) the voluntary suspension or abandonment of all or substantially
all activities in respect of the Project for more than thirty (30) consecutive days or (c) the Borrower, shall make any filing with a
Governmental Authority giving notice of the intent or requesting authority to abandon the construction, completion or operation of the
Project for any reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Event of Loss</B>&rdquo;
means, with respect to any Property, any of the following: (a)&nbsp;any loss, destruction or damage of such Property or (b)&nbsp;any condemnation,
seizure, or taking, by exercise of the power of eminent domain, expropriation or otherwise, of such Property, or confiscation of such
Property or the requisition of the use of such Property (or any deed in lieu thereof).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Excess Cash Flow</B>&rdquo;
means, in respect of any Fiscal Year of the Borrower, an amount equal to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">EBITDA for such period; minus</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">amounts paid in cash in respect of Taxes with respect to such period (excluding Taxes paid in such period
where a certificate contemplated by the following clause (B)&nbsp;was previously delivered) and (B)&nbsp;Taxes that will be paid within
six (6) months after the end of such period and for which reserves have been established; provided that Borrower shall deliver a certificate
to the Lender not later than thirty (30)&nbsp;days after the end of such period certifying that such taxes will be paid within such six
(6) month period; minus</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">cash Interest Expense for such period; plus</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">cash received from interest to the extent that such cash was not included in the calculation of EBITDA;
plus</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">liquidated damages received in cash under any Material Project Contract during such period; minus</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">increases in Working Capital and long-term assets during such period; plus</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">decreases in Working Capital and long-term assets during such period; minus</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">(A) Capital Expenditures paid in cash during such period, and (B)&nbsp;Capital Expenditures paid in cash
after such period but prior to the date of payment of the Excess Cash Flow Prepayment Amount with respect to such period, provided that,
in each case, such Capital Expenditures were not financed with proceeds of Debt or an equity issuance and provided that any amount so
deducted shall not be deducted again in a subsequent applicable period; minus</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Capital Expenditures that the Borrower shall, during such period, become obligated to pay in cash but
that are not made during such period, provided that (A)&nbsp;the Borrower shall deliver a certificate to the Lender not later than ninety
(90) days after the end of such applicable period, signed by an officer of the Borrower and certifying that such Capital Expenditures
were made during the ninety (90) days following the applicable period, (B)&nbsp;any amount so deducted shall not be deducted again in
a subsequent applicable period, and (C)&nbsp;such Capital Expenditures were not financed with proceeds of Debt or an equity issuance;
minus</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT></TD><TD STYLE="text-align: justify">(A) the sum of all scheduled payments of principal under this Agreement, the IQ Loan Agreement and [redacted
&ndash; commercially sensitive information] paid in cash during such period and (B)&nbsp;the sum of all scheduled payments of principal
under this Agreement, the IQ Loan Agreement and [redacted &ndash; commercially sensitive information] paid in cash after such period but
prior to the date of payment of the Excess Cash Flow Prepayment Amount with respect to such period, provided that, in each case, such
payments were not financed with proceeds of Debt or an equity issuance and provided that any amount so deducted shall not be deducted
again in a subsequent applicable period.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Excess Cash Flow Certificate</B>&rdquo;
means an excess cash flow certificate substantially in the form attached hereto as Schedule&nbsp;C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&ldquo;Excess Cash Flow Prepayment
Amount&rdquo; </B>means, for any applicable Fiscal Year, the Excess Cash Flow with respect to such Fiscal Year multiplied by 50% (subject
to the adjustment provided in Section 5.2.5), provided that if the Excess Cash Flow with respect to any applicable Fiscal Year is less
than US$25,000,000 as confirmed by the applicable Excess Cash Flow Certificate, then the Excess Cash Flow Prepayment Amount for such Fiscal
Year shall be $0.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Excluded Property</B>&rdquo;
means [redacted &ndash; commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Excluded Subsidiaries</B>&rdquo;
means, at any time, any Subsidiary of Telesat LEO Parent that is not a Material Subsidiary. For certainty, as at the Closing Date, Telesat
France SAS, an entity formed under the laws of France, and Lightspeed LEO Mexico S.A. de C.V., an entity formed under the laws of Mexico,
are Excluded Subsidiaries in each case until such time as it becomes a Material Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Excluded Taxes</B>&rdquo;
means, with respect to the Lender,(A)&nbsp;any Taxes imposed on or measured by its net income, capital gains or capital, any franchise
Taxes and any branch Tax, branch profits Tax or any similar Tax, in each case, which are imposed or levied by any jurisdiction or any
political subdivision of such jurisdiction solely as a result of the Lender (i)&nbsp;being organized under the laws of such jurisdiction
or any political subdivision of such jurisdiction, (ii)&nbsp;having its principal office or lending office in such jurisdiction, (iii)&nbsp;being
resident in such jurisdiction, (iv)&nbsp;carrying on business in such jurisdiction, or (v)&nbsp;having any other present or former connection
with such jurisdiction (other than a connection arising solely from the Lender having entered into, received payments under or performed
its obligations under this Agreement), (B)&nbsp;any Taxes imposed due to the Lender not dealing at Arm&rsquo;s Length with the Borrower
or the Guarantor, or due to the Lender being, or not dealing at Arm&rsquo;s Length with, a &ldquo;specified shareholder&rdquo; (within
the meaning of subsection&nbsp;18(5) of the Tax Act) of the Borrower, (C)&nbsp;any withholding Taxes imposed on any amount payable to
or for the account of the Lender under FATCA, and (D)&nbsp;any Taxes imposed as a result of the failure of the Lender to comply with the
provisions of Sections 12.2.5 and 12.2.6 of this Agreement. For greater certainty, Excluded Taxes in (a) above shall not include any tax
under Part&nbsp;XIII of the Tax Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>FATCA</B>&rdquo; means section
1471 through 1474 of the Code, 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), any current or future regulations or official interpretations thereof, any agreements
entered into pursuant to section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant
to any intergovernmental agreement, treaty or convention among Governmental Authorities implementing such sections of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Final Project Completion
Date</B>&rdquo; means the date that the Final Telesat LEO Project is completed and [redacted &ndash; commercially sensitive information]
Satellites shall have been Delivered (as defined in the MDA Agreement) and/or launched (recognizing that some Satellites may be held in
reserve as ground spares and not launched) and the constellation shall be Operational.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Final Telesat LEO Project</B>&rdquo;
means the design, construction, testing, delivery, launch, Operation and/or maintenance of the Borrower&rsquo;s low earth orbit satellite
constellation of [redacted &ndash; commercially sensitive information] Satellites and associated infrastructure, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">all earth stations used in connection with the Final Telesat LEO Project, including Landing Stations and
terrestrial network segments;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">all expansions, additions, improvements and modifications thereto made from time to time, whether or not
of a capital nature;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">all present and future tangible property, tangible assets, chattels, interests in lands (including the
Real Property Interests), equipment, machinery, inventory, fixtures, buildings and other tangible goods of every description in each case
owned, held, operated or maintained by the Obligors and related to or used in connection therewith;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">all present and future choses in action, contracts, agreements, books and records, computer tapes and
disks, computer hardware and software, communications and control hardware and software, licences, receivables (including the Collateral
Accounts), Permits, trademarks, technology and know-how, all revenue of any kind or nature generated by the Final Telesat LEO Project,
and other rights and benefits related to or in connection with the Final Telesat LEO Project in each case owned, held, operated or maintained
by the Obligors, including the Project Contracts; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">the proceeds (both immediate and derivative) from any of the foregoing,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify">all as to be designed, constructed, delivered, launched and Operated as contemplated in the Material Project
Contracts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Financial Advisor</B>&rdquo;
means [redacted &ndash; commercially sensitive information] or such other Person appointed by the Lender to act as financial advisor to
the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Financial Assistance</B>&rdquo;
means, without duplication and with respect to any Person, (a)&nbsp;all loans granted by that Person and Contingent Obligations incurred
by that Person for the purpose of or having the effect of providing financial assistance to another Person or Persons, including, without
limitation, letters of guarantee, letters of credit, legally binding comfort letters (of the type that create a Contingent Obligation),
or indemnities issued in connection therewith, endorsements of bills of exchange (other than for collection or deposit in the ordinary
course of business) and obligations to make advances or otherwise provide financial assistance to any other entity, and (b)&nbsp;all acquisitions
of any Equity Interest or any other interest in a Person or investments made by that Person in another Person or Persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Financial Model</B>&rdquo;
means the financial model originally prepared by the Borrower and provided to the Lender, as such financial model has been amended and
updated up to the Closing Date and is attached hereto as Schedule&nbsp;D.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Fiscal Quarter</B>&rdquo;
means each of the four (4) consecutive quarterly periods the last of which ends on December 31.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Fiscal Year</B>&rdquo; means
any period of four (4) consecutive Fiscal Quarters ending on December&nbsp;31.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Floor</B>&rdquo; means a
rate of interest equal to 0% per annum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Force Majeure</B>&rdquo;
means any act of God, strike, walkout or other industrial disturbance, act of public enemies, act or threat of terrorism, war (declared
or undeclared) and warlike events, blockade, insurrection, sabotage, riot, embargo, epidemic, pandemic and quarantine restrictions (except
the coronavirus disease (COVID-19) pandemic), catastrophic weather conditions (including, without limitation, hurricane, tornado and typhoon)
land slide, lightning, earthquake, storm, flood, washout, fire, explosion, mechanical failure, nuclear and radiation activity, inability
to obtain materials, order, restraint, or prohibition by any governmental authority, applicable Laws, orders, injunctions, prohibitions
or directions of any court of competent jurisdiction, and without limitation, any arrest and restraint of rulers and people, civil disturbance,
including environmental protests, explosions, and any other causes (except financial) not within the control of the Borrower, so far as
it is affected by such cause and by the exercise of due diligence, the Borrower was not able to avoid or overcome, or any other circumstance
that constitutes a &ldquo;Force Majeure Event&rdquo; under the MDA Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Funding Agreement</B>&rdquo;
means the funding agreement dated as of September 22, 2020 between His Majesty the King in Right of Canada and the Borrower, as the same
may be amended, restated, supplemented, replaced or otherwise modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Funding Direct Agreements</B>&rdquo;
means the Direct Agreements delivered in respect of [redacted &ndash; commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>GAAP</B>&rdquo; means generally
accepted accounting principles in effect from time to time in Canada, as established or adopted by the Accounting Standards Board (Canada)
or any successor body, including the International Financial Reporting Standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>GoC Integrity Regime</B>&rdquo;
means avoiding the commission of any offence that would make a supplier ineligible to do business with the Government of Canada under
the Government of Canada&rsquo;s Integrity Regime (https:tpsgc-pwgsc.gc.ca/ci-if/ci-if-eng.html).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Governmental Authority</B>&rdquo;
means the government of any nation, province, territory, municipality, state or other political subdivision of any nation, any and any
agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial,
regulatory or administrative functions of or pertaining to government, any quasi-governmental or self-regulatory organization or instrumentality
exercising any regulatory, expropriation or taxing authority under or for the account of any of the foregoing and any corporation or other
entity owned or controlled (through stock or capital ownership or otherwise) by any of the foregoing; provided, however, that the Lender
shall not be considered to be a &ldquo;Governmental Authority&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Ground Segment Agreements</B>&rdquo;
means any agreement to supply terrestrial Project related equipment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Guarantee</B>&rdquo; means
a guarantee of the Obligations of the Borrower granted by each Guarantor in favour of the Collateral Agent, for the benefit of itself,
the Lender and the Pari Passu Secured Parties, in form and substance satisfactory to the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Guarantors</B>&rdquo; means
collectively the Canadian Guarantors and the US Guarantors and &ldquo;<B>Guarantor</B>&rdquo; means any one of them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Hazardous Materials</B>&rdquo;
means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">any oil, flammable substances, explosives, radioactive materials, hazardous waste or substances, toxic
waste or substances or any other waste, contaminants, materials or pollutants defined in or controlled or regulated by Environmental Laws,
including those which may:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">pose a hazard, or are likely to pose a hazard, to the Real Property Interests, the natural environment
(including flora and fauna) or to human health, or to any other property owned or controlled by the Obligors, or to Persons on or about
the Real Property Interests or any other property owned or controlled by the Obligors; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">cause the Real Property Interests, or any other property owned or controlled by the Obligors, to be in
violation of any Law;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">asbestos in any form which is or could become friable, urea formaldehyde foam insulation, transformers
or other equipment which contain dielectric fluid containing levels of polychlorinated biphenyls in excess of limits prescribed by Law,
or radon gas;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">any chemical, material or substance defined in or regulated pursuant to Environmental Law, including those
included in the definition of &ldquo;contaminant&rdquo;, &ldquo;pollutant&rdquo;, &ldquo;dangerous goods&rdquo;, &ldquo;deleterious substance&rdquo;,
&ldquo;hazardous substances&rdquo;, &ldquo;hazardous wastes&rdquo;, &ldquo;hazardous materials&rdquo;, &ldquo;extremely hazardous wastes&rdquo;,
&ldquo;restricted hazardous waste&rdquo;, &ldquo;special waste&rdquo; or &ldquo;toxic substance&rdquo;, &ldquo;waste&rdquo; or similar
definitions under any Law; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">any other chemical, material or substance, exposure to which, or Release of which is prohibited, limited
or regulated by any Governmental Authority or which may or could pose a hazard to the occupants of the Real Property Interests, the natural
environment (including flora and fauna) or human health, or to any other property owned or controlled by the Obligors, or to the owners
or occupants of property adjacent to or surrounding the Real Property Interests, or any other property owned or controlled by the Obligors,
or to any other Person coming upon the Real Property Interests or any other property owned or controlled by the Obligors or adjacent or
surrounding property.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Hedge Agreement</B>&rdquo;
means an agreement, whether in the form of an ISDA Master Agreement, a futures contract, a swap transaction, an option, a cap transaction,
floor transaction, collar transaction, forward sale, put, or otherwise, designed for managing, mitigating or eliminating risks relating
to credit exposure, interest rates, currency or commodities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Hedge Liabilities</B>&rdquo;
means at any time and from time to time all net liabilities of the Borrower which are owing as at such time with respect to hedging transactions
entered into by the Borrower pursuant to any Permitted Hedge Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&ldquo;Income Tax Expense&rdquo;</B>
means, with respect to the Borrower, for any period, the aggregate, without duplication and on a consolidated basis, of all Taxes on the
income of the Borrower for such period, determined in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Indemnified Taxes</B>&rdquo;
means Taxes other than the Excluded Taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Independent Director</B>&rdquo;
means a director that meets the criteria for independence under section 1.4 of National Instrument 52-110 Audit Committees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Independent Entity</B>&rdquo;
means [redacted &ndash; commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Indigenous group</B>&rdquo;
means any Indian or Indian Band (as those terms are defined in the <I>Indian Act </I>(Canada)) or community identifying as Indigenous,
Inuit, M&eacute;tis or Aboriginal or any group asserting or otherwise claiming an Aboriginal or treaty right, including Aboriginal title,
and any Person or group with a legal and valid right to represent the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Information</B>&rdquo; has
the meaning set forth in Section&nbsp;15.1.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Initial Interest Period</B>&rdquo;
means, with respect to each Advance, the period commencing on the Advance Date and ending on the last Business Day of the Fiscal Quarter
in which such Advance occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Initial Outside Date</B>&rdquo;
means [redacted &ndash; commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Initial Project Completion
Date</B>&rdquo; means the date upon which the initial [redacted &ndash; commercially sensitive information] Satellites of the Project
shall have been launched and at least [redacted &ndash; commercially sensitive information] Satellites are Operational and that the FSA2
(Enhanced Global Service) Milestone as defined Schedule G shall have occurred; provided that, such date shall not in any event be later
than the Initial Outside Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>In-Orbit Third-Party Liability
Insurance</B>&rdquo; means the policy of insurance specified in Section 3 of Schedule 8.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Insolvency Event</B>&rdquo;
means, with respect to any Person, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">it has ceased paying its current obligations in the ordinary course of business as they generally become
due, or generally not paying its debts or meeting its liabilities as the same generally become due, or suspending the conduct of its business,
or admitting in writing its inability to pay its debts generally, or declaring any general moratorium on payment of its indebtedness or
interest thereon, or proposing a compromise or arrangement between it and any of its creditors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the aggregate of its Property is not, at a fair valuation, sufficient, or, if disposed of at a fairly
conducted sale under legal process, would not be sufficient to enable payment of all of its obligations, due and accruing due;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">it has made an assignment of all or any part of its Property for the general benefit of its creditors,
whether or not under the Bankruptcy and Insolvency Act (Canada), or institutes any other Insolvency Proceeding;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">it has instituted against it any Insolvency Proceeding, unless: (a) it is at all times vigorously contesting
such Insolvency Proceeding in good faith; and (b) any order or relief granted therein is vacated, discharged, stayed or overturned on
appeal within thirty (30) days from the granting thereof; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">take any action to authorize, approve, consent to, or assist any of the actions described above.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Insolvency Legislation</B>&rdquo;
means legislation in any applicable jurisdiction relating to bankruptcy, insolvency, reorganization, arrangement, compromise or readjustment
of debt, dissolution or winding-up, the enforcement by creditors of Encumbrances, or any similar legislation, and specifically includes,
for greater certainty, the <I>Bankruptcy and Insolvency Act </I>(Canada), the <I>Companies&rsquo; Creditors Arrangement Act</I> (Canada),
the <I>Winding-Up and Restructuring Act</I> (Canada), the <I>Bankruptcy Code </I>(United States), the <I>Canada Business Corporations
Act</I> and its provincial equivalents, and any provincial <I>Personal Property Security Act</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Insolvency Proceeding</B>&rdquo;
with respect to any Person means any proceeding, action, application, case or legal process commenced by or in respect of such Person
under any existing or future Applicable Law of any jurisdiction, domestic or foreign, relating to bankruptcy or insolvency, or otherwise
seeking:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">to adjudicate or declare it to be a bankrupt or insolvent person, or a declaration that an act of bankruptcy
has occurred;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">liquidation, dissolution, winding-up, reorganization, administration, compromise, arrangement of debt,
adjustment, protection, moratorium, relief of debtors, stay of proceedings of creditors generally (or any class of creditors), or composition
of it or its debts under any Applicable Law relating to bankruptcy, insolvency, winding-up, reorganization, administration, plans of arrangement
in respect of debt, proposals, relief with respect to its debts, or protection of debtors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the appointment of a Receiver for it or for all or any substantial part of its Property;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">the enforcement or exercise of any right or remedy under Applicable Law in respect of a security interest
(whether contractual, statutory, or otherwise), hypothecs, mortgages, trusts or deemed trusts (whether contractual, statutory, or otherwise),
liens, executions, levies, charges, or other financial or monetary claims, or creditors&rsquo; rights, whether or not they have attached
or been perfected, registered or filed, against all or any substantial part of its assets; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">the issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial
part of its assets,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify">in each case whether pursuant to any Insolvency Legislation or otherwise.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Insurance</B>&rdquo; means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the Pre-launch and Transit Insurance;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the Launch Insurance;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the In-Orbit Third-Party Liability Insurance;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">property damage insurance for property other than Satellites;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">Launch Liability Insurance; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify">any other insurance cover effected or maintained by the Obligors pursuant to Schedule 8.1.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Insurance Consultant</B>&rdquo;
means [redacted &ndash; commercially sensitive information] such other Person appointed by the Lender to act as insurance consultant to
the Lender and, provided that no Default or Event of Default has occurred and is continuing, approved by the Borrower (such approval not
to be unreasonably withheld). If at any time there is no Insurance Consultant, or the Insurance Consultant is not in the opinion of the
Lender discharging its duties and responsibilities hereunder, the Lender shall appoint a replacement Insurance Consultant with the consent
of the Borrower (provided that, if a Default or an Event of Default has occurred and is continuing, no such consent is required), such
consent not to be unreasonably withheld or delayed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Intellectual Property</B>&rdquo;
means all trade secrets, know-how and other proprietary information; trademarks, trademark applications, internet domain names, URLs,
content of the various websites, all ecommerce and site traffic information, social media accounts and google analytics accounts, service
marks, trade dress, trade names, business names, designs, logos, slogans (and all translations, adaptations, derivations and combinations
of the foregoing) indicia and other source and/or business identifiers, all customer information, all goodwill associated therewith and
all registrations or applications for registrations which have heretofore been or may hereafter be filed throughout the world; all copyrights;
and copyright applications (including copyrights for computer programs) and all tangible and intangible property embodying the copyrights;
unpatented inventions (whether or not patentable); all patents and patent applications which have been or may hereafter be filed throughout
the world; all industrial design applications and registered industrial designs which have been or may hereafter be filed throughout the
world; all renewals, reissues, continuations, continuations in part or extension of any of the foregoing; license agreements related to
any of the foregoing and income therefrom; all books, records, writings, literature, computer tapes or disks, flow diagrams, specification
sheets, blueprints, computer software, processes, source codes, object codes, executable code, data, databases and other physical manifestations,
embodiments or incorporations of any of the foregoing; ; all license fees, royalties, damages, and payments now and hereafter due or payable
under and with respect to the foregoing, including payments under all licenses entered into in connection therewith and damages and payments
for past, present, or future infringements thereof; all other intellectual property; and all common law and other rights throughout the
world in and to all of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Intellectual Property Licenses</B>&rdquo;
means, any licenses or other similar rights in or with respect to Intellectual Property owned or controlled by any Obligor or any other
Person, to which the Obligor is a party, including (x)&nbsp;any software license agreements (other than license agreements for commercially
available off-the-shelf software that is generally available to the public which have been licensed to an Obligor pursuant standard form
to end-user licenses), (y)&nbsp;the license agreements listed on Schedule&nbsp;6.1.23 (as such Schedule may be updated by the Borrower
with written notice to Lender from time to time), and (z)&nbsp;the right to use any of the licenses or other similar rights described
in this definition in connection with the enforcement of the Lender&rsquo;s rights under the Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Intellectual Property Security
Agreements</B>&rdquo; means all intellectual property security agreements, including patent security agreements, copyright security agreements
and trademark security agreements executed and delivered by the Obligors, or any of them, and Lender, in each case, in form and substance
satisfactory to Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Intercreditor Agreement</B>&rdquo;
means the collateral agency and intercreditor agreement dated as of the date hereof among the Collateral Agent, the Obligors, the Lender,
IQ, [redacted &ndash; commercially sensitive information], as such agreement may be amended, restated, supplemented, replaced or otherwise
modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&ldquo;Interest Expense&rdquo;</B>
of the Borrower means, for any period, without duplication and on a consolidated basis, the aggregate amount of interest and other financing
charges paid or payable by the Borrower, on account of such period with respect to Debt including interest, amortization of discount and
financing fees, commissions, discounts, the interest or time value of money component of costs related to factoring or securitizing receivables
or monetizing inventory and other fees and charges payable with respect to letters of credit, letters of guarantee, standby fees, the
interest component of Capitalized Leases, all as determined in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Interest Hedge</B>&rdquo;
means an agreement, whether in the form of an ISDA Master Agreement, a futures contract, a swap transaction, an interest rate option,
a cap transaction, floor transaction, collar transaction or otherwise, designed for managing, mitigating or eliminating risks relating
to interest rate fluctuations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Interest Payment Date</B>&rdquo;
means, in respect of each Advance, the last Business Day of each applicable Initial Interest Period and Interest Period, provided that
the Maturity Date or, if applicable, any earlier date on which the Loan Facility is fully cancelled or permanently reduced in full, shall
be an Interest Payment Date with respect to all Advances then outstanding under the Loan Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Interest Period</B>&rdquo;
means (a) with respect to a Term CORRA Advance (or where a Benchmark Transition Event has occurred with respect to Term CORRA Reference
Rate, a Daily Compounded CORRA Advance), the period of approximately three (3) months commencing on and including the last day of the
Initial Interest Period and ending on and excluding the last day of the immediately following Fiscal Quarter, and thereafter, each successive
period of approximately three (3) months commencing on and including the last day of the prior Interest Period and ending on and excluding
the last day of the immediately following Fiscal Quarter; provided however that (i)&nbsp;if any Interest Period would otherwise expire
on a day that is not 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, and (iii)&nbsp;no Interest Period shall extend beyond the Maturity Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Investment</B>&rdquo; means,
as applied to any Person (the &ldquo;investor&rdquo;), any direct or indirect purchase or other acquisition by the investor of, or a beneficial
interest in, Equity Interests of any other Person, including any exchange of Equity Interests for indebtedness, or any direct or indirect
loan, advance (excluding for certainty any prepayment for goods and/or services on standard market terms in the ordinary course of business)
or capital contribution by the investor to any other Person, or any direct or indirect purchase or other acquisition of bonds, notes,
debentures or other debt securities of, any other Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>IP Reorganization</B>&rdquo;
means that certain corporate reorganization pertaining to the intellectual property rights of the Borrower and Telesat Technology to occur
following the date hereof, the details of which shall be provided by the Borrower to Lender prior to the Borrower proceeding with such
corporate reorganization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>IT Systems</B>&rdquo; means
the computer, information technology, and data processing systems, facilities and services used or controlled by an Obligor in the conduct
of its business, including all software, systems hardware, networks, interfaces, platforms and related systems and services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>IQ</B>&rdquo; means Investissement
Qu&eacute;bec.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>IQ Investment Agreements</B>&rdquo;
means the IQ Warrant Agreement and the IQ Loan Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&ldquo;IQ Loan&rdquo; </B>means
the loan in the principal amount of $400,000,000 made by IQ in favour of the Borrower pursuant to the IQ Loan Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>IQ Loan Agreement</B>&rdquo;
means the loan agreement dated as of the date hereof among, <I>inter alios</I>, IQ and Borrower, as amended, restated, supplemented, replaced
or otherwise modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>IQ Proportionate Repayment
Basis</B>&rdquo; means, at any relevant time, the ratio of (a) the aggregate principal amount of advances disbursed by IQ under the IQ
Agreement, to (b) the aggregate principal amount of advances disbursed by (i) IQ under the IQ Loan Agreement and (ii) the Lender under
this Agreement, in each case, taking into account any voluntary and mandatory repayments made by the Borrower to the Lender or IQ, as
applicable, prior to such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>IQ Term Sheet</B>&rdquo;
means that certain term sheet dated as of July 15<B>, 2024</B> among the Borrower, Telesat Parent and IQ.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>IQ Warrant Agreement</B>&rdquo;
means that certain warrant agreement dated on or before the date of the initial Advance between the Borrower and IQ, as amended, restated,
supplemented, replaced or otherwise modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>IQ Warrants</B>&rdquo; means
warrants to purchase common shares of the Borrower issuable to IQ pursuant to the IQ Warrant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Judgment Conversion Date</B>&rdquo;
has the meaning set forth in Section&nbsp;15.4.1(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Judgment Currency</B>&rdquo;
has the meaning set forth in Section&nbsp;15.4.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Landing Station</B>&rdquo;
means the gateway between the satellite and the ground network consisting of antennas to transmit and receive signals from satellites,
baseband modems, and network routers, and the supporting infrastructure to operate the equipment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Landlord Access Agreement</B>&rdquo;
means a consent agreement from each landlord, bailee or warehousemen of any Leased Real Property (other than Specified Landing Stations)
or other premises that are occupied by any Obligor or at which any of its property is located, substantively in accordance with the form
set out in Schedule E attached hereto or that is otherwise acceptable to the Lender, acting reasonably.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Launch</B>&rdquo; means
launch as defined in the applicable launch services agreement including, without limitation, the Launch Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Launch Agreements</B>&rdquo;
means [redacted &ndash; commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Launch Contractor</B>&rdquo;
means Space Exploration Technologies, Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Launch Insurance</B>&rdquo;
means the policy of insurance specified in Section 1 of Schedule 8.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Launch Liability Insurance</B>&rdquo;
means the policy of insurance specified in Section 4 of Schedule 8.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Leased Real Property</B>&rdquo;
means the lands and premises, including any Landing Stations, leased by any of the Obligors on the Closing Date required for the design,
construction, testing, delivery, launch, Operation or maintenance of the Project or otherwise used by any Obligors or necessary for the
Project and described in Schedule&nbsp;6.1.18 (as updated from time to time in accordance with this Agreement) and includes lands and
premises leased by any of the Obligors after the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Leases</B>&rdquo; means
the lease agreements and all present and future leases, agreements to lease, offers to lease, letters of intent to lease, licences, rights
of use or occupancy, tenancy agreements and other similar agreements and instruments (including any option to renew and any purchase rights
contained therein) entered into by any Obligor, as amended, restated, supplemented, replaced or otherwise modified from time to time,
and each such agreement is a &ldquo;<B>Lease</B>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Lender</B>&rdquo; has the
meaning set forth in the preamble to this Agreement and includes any Persons from time to time designated as a Lender in accordance with
Section&nbsp;14.1, and includes each of their successors and permitted assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Lender Affiliates</B>&rdquo;
means with respect to the Lender, (i) an Affiliate of such Lender, (ii) His Majesty the King in Right of Canada, including public officers
(which includes ministers of the Crown and any person employed in the federal public administration), contractors, representatives, agents
or advisors retained by the federal public administration, or (iii) any Person that is engaged in making, purchasing, holding or otherwise
investing in loans and similar extensions of credit in the ordinary course of its business and is administered or managed by the Lender
or an Affiliate of the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Lender&rsquo;s Counsel</B>&rdquo;
means the firm or firms acting as legal counsel to the Lender from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Liquidity</B>&rdquo; means,
at any time, the aggregate amount of cash and Cash Equivalents of the Borrower on a consolidated basis located in Canada that are located
in Collateral Accounts, are subject to a Blocked Account Agreement and are not subject to any Encumbrance other than Encumbrances in favour
of the Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Loan Documents</B>&rdquo;
means this Agreement, the Blocked Accounts Agreement, the Security Documents, the Securityholder Agreement, the Direct Agreements, the
Intercreditor Agreement, the certificates representing the Warrants, the Warrant Agreement, the Covenant Agreement, [redacted &ndash;
commercially sensitive information] and all present and future agreements delivered by the Obligors to the Lender pursuant to, or in respect
of the agreements referred to in this definition, and &ldquo;<B>Loan Document</B>&rdquo; means any one of the Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Loan Facility</B>&rdquo;
has the meaning set forth in Section&nbsp;2.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Major Counterparty</B>&rdquo;
has the meaning set forth in Section&nbsp;10.1(y).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Material Adverse Effect</B>&rdquo;
means any event or occurrence of whatever nature that would reasonably be expected to result in a material adverse effect on:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the business, assets, condition (financial or otherwise) or operations of the Obligors (taken as a whole)
and/or the Project or, after the Final Project Completion Date, the Final Telesat LEO Project, as applicable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the ability (financial or otherwise) of the Obligors (taken as a whole) to pay or perform or comply with
any of their respective material obligations under the Loan Documents or the Material Project Contracts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the validity, perfection or priority of the Encumbrances on the Collateral in favour of the Collateral
Agent (other than, with respect to priority of the Encumbrances, subject only to Permitted Encumbrances that, pursuant to applicable Law,
are entitled to a higher priority than the Encumbrances of the Collateral Agent);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">the ability of the Lender or the Collateral Agent to enforce their respective material rights and remedies
under any of the Loan Documents;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">the validity or enforceability of any of the Loan Documents; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify">the remedies of the Collateral Agent or the Lender under the Security Documents or any other Loan Documents.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Material Project Contracts</B>&rdquo;
means, collectively, each contract and agreement that is material in any respect to the Project, as determined by the Lender, acting reasonably,
in consultation with the Borrower and the Technical Advisor including, without limitation, the contracts and agreements set forth on Schedule&nbsp;6.1.16
attached hereto, each Additional Material Project Contract and any replacement of any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Material Project Counterparty</B>&rdquo;
means a Person (other than an Obligor) that is a party to a Material Project Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Material Subsidiary</B>&rdquo;
means, at any time, any Subsidiary of the Telesat LEO Parent (i) whose total assets (including its consolidated subsidiaries) have a book
value equal to or exceeding 5% of the Borrower&rsquo;s total assets, (ii) whose gross annual operating income (including its consolidated
subsidiaries) is equal to or exceeds 5% of the Borrower&rsquo;s gross annual consolidated operating income in the year for which the Borrower&rsquo;s
most recent consolidated financial statements were prepared, (iii) who owns any Intellectual Property or any other assets material to
the Project, (iv) who is party to any Material Project Contract, (v) who owns any Owned Real Property, (vi) who leases any Leased Real
Property, or (vii) any Subsidiary designated as a Material Subsidiary by the Borrower for purposes of compliance with the requirements
of Section 9.4.27.2 or otherwise by the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Maturity Date</B>&rdquo;
means the date falling on the fifteenth year anniversary of the date of the initial Advance or, if such date is not a Business Day, then
the immediately preceding Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>MDA</B>&rdquo; means MacDonald,
Dettwiler and Associates Corporation, and its successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>MDA Agreement</B>&rdquo;
means [redacted &ndash; commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>MDA Event of Default</B>&rdquo;
has the meaning [redacted &ndash; commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Measurement Period</B>&rdquo;
means, as of any date of determination, the four consecutive Fiscal Quarters most recently ended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Milestone Certificate</B>&rdquo;
means, in the case of each Advance, a certificate to be provided by the Borrower to the Lender substantially in the form attached hereto
as Schedule&nbsp;F which shall be in form and substance satisfactory to the Lender and approved by the Technical Advisor in accordance
with this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Milestones</B>&rdquo; means
each of the milestones set out on Schedule G attached hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Minister</B>&rdquo; means
the Minister of Industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Monthly Progress Report</B>&rdquo;
has the meaning set forth in Section 9.2.1(v).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Moody&rsquo;s</B>&rdquo;
means Moody&rsquo;s Investors Service, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Net Cash Proceeds</B>&rdquo;
means: (a)&nbsp;in connection with any Disposition, the proceeds thereof in the form of cash and Cash Equivalents (including any such
proceeds actually received from deferred payments of principal pursuant to a note, a receivable or otherwise), net of legal fees, accountants&rsquo;
fees, investment banking fees, and other customary fees and expenses actually incurred in connection therewith and net of taxes paid (after
taking into account any available tax credits or deductions and any tax sharing arrangements); and (b)&nbsp;in connection with any issuance
or sale of Equity Interests or any incurrence of Debt, the cash proceeds received from such issuance or incurrence, net of legal fees,
investment banking fees, accountants&rsquo; fees, underwriting discounts and commissions and other customary fees and expenses actually
incurred in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Net Income</B>&rdquo; means,
for any period, the consolidated net income (or loss) of the Borrower on a consolidated basis for such period, determined in accordance
with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Non-Arm&rsquo;s Length</B>&rdquo;
and similar phrases have the meaning attributed thereto in the <I>Income Tax Act</I> (Canada); and &ldquo;<B>Arm&rsquo;s Length</B>&rdquo;
has the opposite of such meaning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Non-Consolidation Opinions</B>&rdquo;
has the meaning given to such term in Section 3.1.24.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Obligations</B>&rdquo; means
all of the present and future indebtedness, liabilities and obligations of any and every kind, nature or description whatsoever (whether
direct or indirect, joint or several or joint and several, absolute or contingent, matured or unmatured, in any currency and whether as
principal debtor, guarantor, surety or otherwise, including without limitation, any interest that accrues thereon after or would accrue
thereon but for the commencement of any case, proceeding or other action, whether voluntary or involuntary, relating to an Insolvency
Event of any Obligor, whether or not allowed or allowable as a claim in any such case, proceeding or other action), of any Obligor owing
to or in favour of the Lender (or assignee thereof) under, pursuant to, in connection with, relating to or with respect to the Loan Facility,
this Agreement and each of the other Loan Documents and any unpaid balance thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Obligors</B>&rdquo; means
the Borrower and the Guarantors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Observer</B>&rdquo; has
the meaning given to such term in Section&nbsp;13.1.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Officer&rsquo;s Certificate</B>&rdquo;
means a certificate executed by a Responsible Officer in his or her capacity as such.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>On-Orbit Satellite Acceptance</B>&rdquo;
means acceptance of each Satellite as set out in clause 8A of the MDA Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Open Source Software</B>&rdquo;
means any software that is identified as an &ldquo;open source license&rdquo; by the Open Source Initiative (www.opensource.org/licenses)
or any other licenses that substantially conforms to the Open Source Definition (www.opensource.org/osd), including the GNU General Public
License, the GNU Lesser General Public License, the GNU Affero General Public License, the Apache License, the MIT License, and the BSD
license.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Operate</B>&rdquo; where
used in relation to the Project or the Final Telesat LEO Project, as applicable, includes all aspects of operations and maintenance of
the Project or the Final Telesat LEO Project, as applicable, and all other activities associated therewith. &ldquo;<B>Operation</B>&rdquo;,
&ldquo;<B>Operated</B>&rdquo;, &ldquo;<B>Operational</B>&rdquo;, and &ldquo;<B>Operating</B>&rdquo; have correlative meanings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Operating Budget</B>&rdquo;
means a forward looking one year operating, maintenance and capital budget for the Project, in form and substance satisfactory to the
Lender, acting reasonably.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Organizational Documents</B>&rdquo;
means, with respect to any Person, such Person&rsquo;s articles or other charter documents, by-laws, unanimous shareholder agreement,
partnership agreement, joint venture agreement, operating agreement, limited liability company agreement or trust agreement, as applicable,
and any other similar agreements, documents and instruments relative to such Person, setting forth matters relating to the governance
of such Person, including the manner of election or duties of the directors, officers or managing members of such Person or the designation,
amount or relative rights, limitations and preferences of any Equity Interests of such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Other Taxes</B>&rdquo; means
all present or future stamp or documentary taxes or any other similar excise or property taxes, charges or levies arising from any payment
made hereunder or under any other Loan Document or from the execution, delivery or enforcement of this Agreement or any other Loan Document,
but does not include Excluded Taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Outside Date</B>&rdquo;
means April 30, 2034.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Owned Real Property</B>&rdquo;
means the real property, including any Landing Stations, owned by any of the Obligors on the Closing Date required for the design, construction,
testing, delivery, launch, Operation or maintenance of the Project or otherwise used by any Obligor or necessary for the Project and legally
described in Schedule&nbsp;6.1.18 (as updated from time to time in accordance with this Agreement) and includes real property acquired
by any of the Obligors after the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pari Passu Financing Documents</B>&rdquo;
means, collectively, [redacted &ndash; commercially sensitive information] and the IQ Loan Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pari Passu Secured Parties</B>&rdquo;
means, collectively, [redacted &ndash; commercially sensitive information], IQ and [redacted &ndash; commercially sensitive information],
and each of their successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Payment Account</B>&rdquo;
means such accounts as may be notified by the Lender to the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pension Plan</B>&rdquo;
means any plan, program, policy arrangement or understanding that is a pension plan for the purposes of any Applicable Law (whether or
not registered under any such laws) which is maintained, administered or contributed to by the Borrower or any Subsidiary in respect of
any person&rsquo;s employment with the Borrower or any Subsidiary, and all related funding agreements, agreements, arrangements and understandings
in respect of, or related to, any benefits to be provided thereunder or the effect thereof on any other compensation or remuneration of
any employee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Permits</B>&rdquo; any permit,
licence, approval, consent, guideline, order, right, certificate, registration, judgment, writ, injunction, award, determination, direction,
decree, authorization, screening, assessment, franchise, privilege, grant, waiver, exemption and other similar concession made by or under
applicable Law of, by or from any Governmental Authority or otherwise required pursuant to applicable Law including, without limitation,
Environmental Laws (and shall include any required amendment or amendments).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Permitted Debt</B>&rdquo;
means, without duplication:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the Obligations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Subordinated Debt;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Debt owed by an Obligor to another Obligor;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">Purchase Money Security Interests and Capitalized Leases granted by the Obligors in a principal amount
not to exceed $25,000,000 in the aggregate at any time, excluding obligations under leases for Leased Real Property;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">deferred purchase or payment price obligations incurred under [redacted &ndash; commercially sensitive
information];</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">Debt incurred under the IQ Loan so long as such Debt is subject to the Intercreditor Agreement and not
in a principal amount in excess of $400,000,000;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">Debt incurred under [redacted &ndash; commercially sensitive information];</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">Hedge Liabilities under Permitted Hedge Agreements; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Debt incurred by the Borrower after the Project Completion Date for the purpose of Capital Expenditures
required in order to design, develop, construct, install, launch, commercialize, own and Operate the additional Satellites required in
order to achieve the Final Project Completion Date, in an amount and on terms satisfactory to the Lender, acting reasonably.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Permitted Disposition</B>&rdquo;
means any Disposition made by the Obligors (i) which, in the aggregate when combined with any other Disposition made by the Obligors does
not exceed $10,000,000 during the term of the Loan Facility; or (ii) in the ordinary course of business; or (iii) of obsolete assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Permitted Distributions</B>&rdquo;
means each of the following provided that at the time of such Distribution, no Default or Event of Default shall have occurred or will
occur by the making of such Distribution:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Distributions by any Obligor (other than the Borrower) to any other Obligor;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Distributions made to Telesat LEO Parent for the sole purpose of paying administrative expenses of Telesat
LEO Parent, up to $[redacted &ndash; commercially sensitive information] per Fiscal Year;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">payment of executive compensation and bonus payments to any director, officer or member of the management
of an Obligor or an Affiliate of an Obligor not in contravention of the [redacted &ndash; commercially sensitive information];</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">payments made by any Obligor under the Telesat MSAs not to exceed (i) $[redacted &ndash; commercially
sensitive information]in the aggregate for each of the Fiscal Years ended December 31, 2024 and December 31, 2025, (ii) $[redacted &ndash;
commercially sensitive information] in the aggregate for each of the Fiscal Years ended December 31, 2026 through December 31, 2029, and
(iii) $[redacted &ndash; commercially sensitive information] in the aggregate for each Fiscal Year thereafter;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">payment in cash made by the Borrower under the Warrants and the IQ Warrants, in each case in accordance
with the terms thereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">payments of any principal, interest and fees with respect to any Subordinated Debt, to the extent permitted
by, and only if made in strict compliance with, the terms and conditions of the relevant subordination agreement entered into between
the applicable Obligor, the subordinated lender and the Lender in respect thereof; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">Distributions by any Obligor to the Excluded Subsidiaries to fund their operating expenses and liabilities,
up to $1,000,000 in the aggregate per Fiscal Year (inclusive of any amount Invested in the Excluded Subsidiaries by any Obligor pursuant
to Section 9.4.25).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Permitted Encumbrances</B>&rdquo;
means, in respect of any Person at any time, any one or more of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Encumbrances for Taxes, assessments or government charges or levies not at the time due and delinquent
or the validity of which is at the time being Contested in Good Faith;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">security given to a public utility or any other Governmental Authority when required by such utility or
other Governmental Authority in connection with the operations of such Person in the ordinary course of its business and for the purpose
of carrying on the same;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Purchase Money Security Interests and Capitalized Leases (to the extent they constitute Debt permitted
by Section&nbsp;9.4), excluding obligations under leases for Leased Real Property, securing or evidencing unpaid obligations not in excess
of a principal amount of $25,000,000 (or the Equivalent Amount in other currencies) in the aggregate at any time;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">agreements with any municipal, provincial or federal governments or authorities and any public utilities
or private suppliers of services, including (without limitation) subdivision agreements, servicing agreements, development agreements,
site plan control agreements, engineering, grading or landscaping agreements and similar agreements and which do not materially adversely
affect the use or intended use of the property;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">reservations, limitations, appropriations, provisos and conditions in the original grant from the Crown
and statutory exceptions to title;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">inchoate or statutory Encumbrances of contractors, subcontractors, mechanics, workers, suppliers, material
suppliers, carriers and others in respect of the construction, maintenance, repair or operation of the property, provided that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">any such Encumbrance is related to obligations not due or delinquent, such Encumbrance is not registered
against title to the Real Property Interests by any Encumbrance claimant; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">if such Encumbrance is registered against title to the Real Property Interests by any Encumbrance claimant,
the Borrower has advised the Lender in writing that it is acting diligently and in good faith to discharge or vacate any registered Encumbrance
or to have withdrawn or cancelled any notice of Encumbrance, and that it is maintaining adequate holdbacks as required by the applicable
Law in respect of such Encumbrance and further provided that in any event, such registered Encumbrance is discharged or vacated or such
notice is withdrawn or cancelled by the applicable Encumbrance claimant in each case within 30&nbsp;days of the initial registration or
giving of notice, as applicable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">undetermined or inchoate liens, rights of distress and charges incidental to current operations that have
not at such time been filed, registered or exercised and of which the Lender has not been given notice, or that relate to obligations
not due or payable, or if due, the validity of which is being Contested in Good Faith;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">zoning and building bylaws and ordinances, regulations and other restrictions affecting or controlling
the use or development of the property made by public authorities provided that they have been complied with, or if not complied with,
that any non compliance does not materially adversely affect the use or intended use of the property;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify">restrictions, easements, rights of way, servitudes or other similar rights in land or immovable property
granted to a utility, municipality or other utility service provider (including rights of way and servitudes for railways, sewers, drains,
gas and oil pipelines, gas and water mains, electric light and power and telephone or telegraph or cable television conduits, poles, wires
and cables) granted to or reserved by other Persons which in the aggregate do not materially impair the usefulness, in the operation of
the business of such Person, of the property subject to such restrictions, easements, rights of way, servitudes or other similar rights;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify">Encumbrances created pursuant to the Security Documents;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify">title defects or irregularities which are of a nature and in the aggregate do not materially impair the
use or intended use of the Real Property Interests for the Project; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(n)</FONT></TD><TD STYLE="text-align: justify">any other Encumbrances expressly consented to by the Lender.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Permitted Hedge Agreement</B>&rdquo;
means a Hedge Agreement entered into by the Borrower for bona fide purposes of an Interest Hedge or hedging currency risk and not for
speculative purposes that is in form and substance satisfactory to the Lender in its sole and absolute discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Permitted Replacement Contract</B>&rdquo;
means a replacement agreement for any Material Project Contract (or any portion thereof), other than a Launch Agreement or the MDA Agreement,
that is entered into:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">in compliance with Sections 6.1.14, 9.1.21, and 9.1.23;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">with a reputable and qualified Material Project Counterparty;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">upon reasonable and customary terms substantially similar to the Material Project Contract (or portion
thereof) being replaced; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">upon terms that, taken together with all other Material Project Contracts, will not cause the Project
to exceed the Project Budget or the Initial Outside Date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">in the case of (b), (c) and (d), as confirmed by the Technical Advisor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Person</B>&rdquo; is to
be broadly interpreted and includes an individual, a corporation, a limited liability company, an unlimited liability company, a partnership,
a trust, an incorporated organization, a joint venture, a financial institution, the government of a country or any political subdivision
of a country, or an agency or department of any such government, any other Governmental Authority and the executors, administrators or
other legal representatives of an individual in such capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Personal Information</B>&rdquo;
means any information about an identifiable individual.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>PIK Interest</B>&rdquo;
has the meaning set forth in Section&nbsp;4.2.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pre-launch and Transit Insurance</B>&rdquo;
means the policy of insurance specified in Section 2 of Schedule 8.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Prime Rate</B>&rdquo; means,
on any day, the interest rate expressed as a percentage rate per annum calculated on the basis of a 365 or 366 day year, as the case may
be, equal to the greater of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the interest rate announced or established by Bank of Canada on such date as its prime rate, being a reference
rate for commercial loans in Canadian Dollars made in Canada; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Term CORRA for an interest period of one (1) month plus 1.00% per annum,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">in each case adjusted automatically with each announced, displayed, published or quoted change in such
rate without the necessity of notice to the Borrower or any other Person, provided that, if the rate determined above shall ever be less
than the Floor, such rate shall be deemed to be the Floor for purposes of this Agreement. Any change in the Prime Rate due to the change
in &ldquo;prime rate&rdquo; or Term CORRA shall be effective on the effective date of such announcement or such change in Term CORRA,
as applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Prime Rate Advance</B>&rdquo;
means an Advance in Canadian Dollars bearing interest based on the Prime Rate and includes deemed Prime Rate Advances provided for in
Section&nbsp;4.8.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Privacy Law</B>&rdquo; means
any Law that relates to the collection, use, disclosure, transfer or processing of personally identifiable information, including without
limitation, the <I>Personal Information Protection and Electronic Documents Act</I> (Canada), <I>the Act respecting the protection of
personal information in the private sector</I> (Qu&eacute;bec) and any comparable Law of any other jurisdiction in which any Obligor operates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Progress Report</B>&rdquo;
has the meaning given to such term in Section 9.2.1(v).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Prohibited Act</B>&rdquo;
means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">offering, giving or agreeing to give or agrees to give the Lender or any Governmental Authority (or anyone
employed by or acting on their behalf) or any of their respective directors, offices, employees, agents or officials, or to any family
member of such persons, any gift or consideration of any kind as an inducement or reward:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">for doing or not doing, or for having done or not having done, any act in relation to the obtaining or
performance of this Agreement or any other agreement with the Lender or any Governmental Authority in connection with the Project; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">for showing or not showing favour or disfavour to any person in relation to this Agreement or any other
agreement with the Lender or any Governmental Authority in connection with the Project;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">provided that the foregoing shall not apply to the Obligors (or anyone employed by or acting on their
behalf) providing consideration to the Lender or any Governmental Authority in the ordinary course, or as reasonably necessary, to fulfill
or comply with the obligations and liabilities of the Obligors under this Agreement or any other agreement with the Lender or any Governmental
Authority in connection with the Project;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">breaching or committing any offence under Applicable Law in respect of corrupt or fraudulent acts in relation
to this Agreement or any other agreement with the Lender or any Governmental Authority in connection with the Project; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify">defrauding or attempting to defraud or conspiring to defraud any Governmental Authority.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Project</B>&rdquo; means
the design, construction, testing, delivery, launch, Operation and/or maintenance of the Borrower&rsquo;s low earth orbit satellite constellation
of [redacted &ndash; commercially sensitive information] Satellites and associated infrastructure, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">all earth stations used in connection with the Project, including Landing Stations and terrestrial network
segments;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">all expansions, additions, improvements and modifications thereto made from time to time, whether or not
of a capital nature;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">all present and future tangible property, tangible assets, chattels, interests in lands (including the
Real Property Interests), equipment, machinery, inventory, fixtures, buildings and other tangible goods of every description in each case
owned, held, operated or maintained by the Obligors and related to or used in connection therewith;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">all present and future choses in action, contracts, agreements, books and records, computer tapes and
disks, computer hardware and software, communications and control hardware and software, licences, receivables, claims (including the
Collateral Accounts), Permits, trademarks, technology and know-how, all revenue of any kind or nature generated by the Project, and other
rights and benefits related to or in connection with the Project in each case owned, held, operated or maintained by the Obligors, including
the Project Contracts; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">the proceeds (both immediate and derivative) from any of the foregoing,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">all as to be designed, constructed, delivered, launched and Operated as contemplated in the Material Project
Contracts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Project Assets</B>&rdquo;
means the present and future real and personal property whether used in the Project or otherwise comprising the Project or owned by any
of the Obligors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Project Budget</B>&rdquo;
means the final budget for the Project Costs through the Initial Project Completion Date set out in Schedule&nbsp;H attached hereto as
at the Closing Date, which budget shall be adequate to pay all Project Costs estimated at the Closing Date and shall include a contingency
in an amount acceptable to the Lender, acting reasonably, after consulting with the Technical Advisor and the Financial Advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Project Completion</B>&rdquo;
means the fulfillment of all of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">MDA shall have Delivered [redacted &ndash; commercially sensitive information] satellites as per the terms
of the MDA Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the On-Orbit Satellite Acceptance testing for at least [redacted &ndash; commercially sensitive information]
Satellites shall have been completed;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">in the event that one or more Satellites have suffered total constructive loss during launch or failed
On-Orbit Satellite Acceptance, that equivalent replacement Satellites have been Delivered, launched and are Operational;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">on-site acceptance (as described in the relevant Material Project Contract relating to the applicable
earth station) of all earth stations used in connection with the Project including, without limitation, Landing Stations and terrestrial
network segments, shall have occurred (as per the definition of on-site acceptance (or other analogous term) used in the relevant Material
Project Contract relating to the provision of each earth station including, without limitation, Landing Stations and terrestrial network
segments); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">the FSA2 (Enhanced Global Service) Milestone as defined in Schedule G shall have occurred.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Project Completion Date</B>&rdquo;
means the date upon which the Project shall be complete and all criteria necessary for Project Completion have been fulfilled; provided
that, such date shall not in any event be later than the Outside Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Project Contracts</B>&rdquo;
means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the Material Project Contracts; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">all other contracts (other than the Loan Documents and the IQ Investment Agreements) entered into by any
Obligor in connection with the Project.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Project Costs</B>&rdquo;
means all direct and indirect costs, without duplication, of the design, development, construction, installation, launch, commercialization,
ownership and start-up of the Project, including without limitation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the cost of acquiring, developing, designing, engineering, procuring equipment, delivering, constructing,
verification testing, launching, licensing, technical direction (including training personnel), preoperational testing, and start up,
including all necessary contingencies for construction as reviewed by the Technical Advisor;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">all amounts incurred under Project Contracts prior to the Initial Project Completion Date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">all interest costs and fees in respect of the Obligations and Permitted Debt up to the Initial Project
Completion Date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">all interest and financing costs of the Borrower incurred in connection with Purchase Money Security Interests
and Capitalized Leases (to the extent they constitute Debt permitted by Section&nbsp;9.4.3) prior to the Initial Project Completion Date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">all insurance costs and Taxes (but not including Taxes imposed on or measured by the net income or capital)
accruing prior to the Initial Project Completion Date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">feasibility and other study (including environmental impact assessment studies) costs actually incurred
prior to the Initial Project Completion Date; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">all financing costs, including financial, legal (including legal costs incurred in connection with the
negotiation of Project Contracts, the IQ Loan Agreement, this Agreement, the other Loan Documents and any and all other agreements or
transactions pertaining to development, acquisition, procurement, construction and start-up of the Project and the obtaining of necessary
Permits) and consulting fees and expenses (including fees and expenses of the Advisors and the Lender incurred before the Initial Project
Completion Date) and upfront, arrangement and commitment fees, any fees or expenses relating to Permitted Hedge Agreement entered into
by Obligors pursuant hereto, in each case, accruing prior to the Initial Project Completion Date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Project Schedule</B>&rdquo;
means the &ldquo;Project Schedule&rdquo; attached hereto as Schedule&nbsp;I.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Property</B>&rdquo; means,
with respect to any Person, all or any portion of its undertaking, property and assets, both real and personal, tangible and intangible,
including, for greater certainty, any Equity Interest in any other Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Proportionate Basis</B>&rdquo;
means, at any relevant time, the ratio of (a) the Commitment at such time, to (b) the total commitment of IQ under the IQ Loan Agreement
at such time plus the Commitment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Proportionate Repayment
Basis</B>&rdquo; means, at any relevant time, the ratio of (a) the aggregate principal amount of Advances disbursed by the Lender under
this Agreement, to (b) the aggregate principal amount of advances disbursed by (i) IQ under the IQ Loan Agreement and (ii) the Lender
under this Agreement, in each case, taking into account any voluntary and mandatory repayments made by the Borrower to the Lender or IQ,
as applicable, prior to such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Purchase Money Security
Interests</B>&rdquo; means any Encumbrance given (whether or not to the transferor) or arising by operation of Law to provide or secure
or to provide any Obligor with funds to pay the whole or any part of the consideration for the acquisition of personal property where:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the principal amount of such Encumbrance is not in excess of the cost to such Obligor of the personal
property encumbered thereby;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">such Encumbrance was created prior to, at the time of or within 30&nbsp;days after the acquisition of
such personal property;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">such Encumbrance is secured only by the personal property being acquired by such Obligor;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">such personal property does not become affixed to the real property on which such personal property is
located (except for the Real Property Interests); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">the absence of such personal property does not affect the performance or Operation of the Project,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">and includes the renewal, extension or refinancing of any such Encumbrance and of the indebtedness represented
thereby upon the same property provided that the principal indebtedness secured thereby and the security therefor are not increased thereby.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Quarterly Progress Report</B>&rdquo;
has the meaning set out in Section 9.2.1(vi).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Quebec Headquarters</B>&rdquo;
means the headquarters of the Borrower located at the property municipally known as [redacted &ndash; address].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Real Property Interests</B>&rdquo;
means collectively, the interests of the Obligors in the Owned Real Property and Leased Real Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Receiver</B>&rdquo; means
a trustee in bankruptcy, receiver, receiver and manager, interim receiver, administrative receiver, liquidator, provisional liquidator,
agent in bankruptcy, sequestrator, monitor, information officer, custodian, administrator or other similar official.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Regulatory Advisor</B>&rdquo;
means [redacted &ndash; commercially sensitive information] and its successors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Related Parties</B>&rdquo;
means, with respect to any Person, such Person&rsquo;s Affiliates and the directors, officers, employees, agents and advisors of such
Person and such Person&rsquo;s Affiliates, and &ldquo;<B>Related Party</B>&rdquo; means any one of them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Release</B>&rdquo; means
releasing, spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, disposing, depositing
or dumping, or causing or permitting any of the foregoing to occur, into the natural environment whether inside or outside any structure,
container or building, of a Hazardous Materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Relevant Governmental Body</B>&rdquo;
means, the Bank of Canada, or a committee officially endorsed or convened by the Bank of Canada, or any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Required Employees</B>&rdquo;
means employees in the following groups: (i)&nbsp;Lightspeed Space Systems (satellite engineering, satellite operations and program delivery),
(ii)&nbsp;Lightspeed Network Operations, (iii)&nbsp;Lightspeed Developments (landing stations and user terminals, systems engineering),
(iv)&nbsp;Lightspeed IT Operations (IT project management, platform engineering, network operations software, systems operations, LEO
engineering), (v)&nbsp;Lightspeed Global sales, product and tech support, (vi) Lightspeed Government Solutions, and (vii) Lightspeed Regulatory.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Required Insurance</B>&rdquo;
means all policies of insurance required to be maintained by the Obligors pursuant to the Material Project Contracts and pursuant to Article&nbsp;8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Requirements of Environmental
Law</B>&rdquo; means all applicable requirements of the common law or of statutes, regulations, by-laws, ordinances, treaties, judgments
and decrees, and (to the extent that they have the force of law) rules, policies, guidelines, orders, approvals, notices, permits and
directives of any applicable federal, territorial, provincial, state, regional, municipal or local judicial, regulatory or administrative
agency, board or other Governmental Authority in any jurisdiction in which any Obligor has operations or assets relating to environmental
or occupational health and safety matters (as they relate to exposure to a Hazardous Material) and the assets and undertaking of any Obligor
and the intended uses thereof in connection with such matters, including but not limited to, all such requirements relating to: (a)&nbsp;the
protection, preservation or remediation of the natural environment (the air, land, surface water or groundwater); (b)&nbsp;solid, gaseous
or liquid waste generation, handling, treatment, storage, disposal or transportation; (c)&nbsp;consumer, occupational or public safety
and health (as they relate to exposure to a Hazardous Material); and (d)&nbsp;Hazardous Material or conditions (matters that are prohibited,
controlled or otherwise regulated, such as contaminants, pollutants, toxic substances, dangerous goods, wastes, hazardous wastes, liquid
industrial wastes, hazardous materials, petroleum and other materials such as urea formaldehyde and polyurethane foam insulation, asbestos
or asbestos-containing materials, polychlorinated biphenyls (&ldquo;<B>PCBs</B>&rdquo;) or PCB contaminated fluids or equipment, lead
based paint, explosives, radioactive substances, petroleum and associated products, above ground and underground storage tanks or surface
impoundments)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Residual Excess Cash Flow</B>&rdquo;
means, with respect to any Fiscal Year, the amount of Excess Cash Flow for such Fiscal Year remaining after payment by the Borrower of
the Excess Cash Flow Prepayment Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Responsible Officer</B>&rdquo;
means, with respect to any Person, any senior officer of such Person but, in any event, with respect to financial matters, the chief financial
officer, finance director, treasurer or controller of such Person. Any document delivered hereunder that is signed by a Responsible Officer
of Borrower shall be conclusively presumed to have been authorized by all necessary corporate action on the part of Borrower and such
Responsible Officer shall be conclusively presumed to have acted on behalf of Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>S&amp;P</B>&rdquo; means
S&amp;P Global Ratings, a division of S&amp;P Global Inc., its Affiliates and their respective successors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Sanctioned Person</B>&rdquo;
means, at any time, any Person listed in any Sanctions-related list of designated Persons maintained by any Sanctions Authority or any
Person that is owned 50% or more by one or more Persons that are listed in any Sanctions-related list of designated Persons maintained
by any Sanctions Authority, in all cases, to the extent such list and the maintenance thereof would not violate Applicable Law in Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Sanctions</B>&rdquo; means
economic or financial sanctions or trade embargoes or restrictive measures enacted, imposed, administered or enforced from time to time
by (a)&nbsp;the Canadian government; (b)&nbsp;the U.S. government, including the Office of Foreign Assets Control of the U.S. Department
of the Treasury, the U.S. Department of State, or the U.S. Department of Commerce; (c)&nbsp;Australian government; (d)&nbsp;the European
Union or any of its member states; (e)&nbsp;His Majesty&rsquo;s Treasury; (f) New Zealand government; or (g)&nbsp;any other relevant Sanctions
Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Sanctions Authority</B>&rdquo;
means any of: (i)&nbsp;the Canadian government; (ii)&nbsp;the United States government; (iii)&nbsp;Australian government; (iv)&nbsp;the
United Kingdom; (v)&nbsp;New Zealand government; (vi) the government of a jurisdiction in which an Obligor or a Subsidiary of an Obligor
is registered or conducts business; or (vii)&nbsp;the respective governmental institutions, departments and agencies of any of the foregoing,
and &ldquo;<B>Sanctions Authorities</B>&rdquo; means all of the foregoing, collectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Satellite</B>&rdquo; means
any satellite owned by, leased to or for which a contract to purchase has been entered into by the Borrower or any other Obligor, whether
such satellite is in the process of manufacture, has been delivered for launch or is in orbit (whether or not in operational service).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Security Documents</B>&rdquo;
means all of the security documents outlined in Section&nbsp;7.1 and all other items of security granted to the Collateral Agent, for
the benefit of itself, the Lender and the Pari Passu Secured Parties, at any time and from time to time to secure the present and future
indebtedness, liabilities and obligations (direct or indirect, absolute or contingent, joint or several) of the Obligors hereunder or
under any other Loan Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Securityholder Agreement</B>&rdquo;
means that certain securityholder agreement, in the form of Schedule N attached hereto, dated on or before the date of the initial Advance
among the Lender, IQ, the Borrower, Telesat Parent and Telesat LEO Parent, as may be amended, modified, supplemented, extended, restated
or replaced from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Separateness Covenants</B>&rdquo;
means each of the following covenants:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the Borrower will conduct its business solely in its name and in a manner separate from each other Person
so as not to mislead others with whom it is dealing and will use Commercially Reasonable Efforts to correct any known misunderstanding
about its status as a separate legal entity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the Borrower will maintain its own cheques and stationery, separate and apart from any other Person;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the Borrower will maintain its own books of account and business records separate from those of any other
person, including separate financial statements;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">the Borrower will maintain its own bank accounts, separate from any other Person;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">the Borrower will pay its own operating expenses and liabilities from its own funds;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">the Borrower will maintain its assets in such a manner that it is not costly or difficult to segregate,
ascertain or otherwise identify its individual assets from or against those of any other Person;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">the Borrower will not commingle or pool its assets, funds, liabilities or business functions with those
of any other Person, provided that such restriction shall not prohibit the Borrower from receiving services pursuant to the Telesat MSAs;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">the Borrower will operate as a separate legal entity from any other Person and observe all corporate procedures
and formalities to remain a legal entity separate and distinct from any Telesat Parent Entity, including without limitation, the holding
of meetings, the recording and maintenance of minutes of such meetings and the recording of and maintenance of resolutions adopted at
such meetings;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the Borrower will maintain an Arm&rsquo;s-Length relationship with the Telesat Parent Entities and their
Affiliates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">the Borrower shall have access to adequate capital for the normal course obligations reasonably foreseeable
in a business of its size and character and in light of its contemplated business operations provided that the foregoing shall not require
any Telesat Parent Entity to make any capital contribution or loan to the Borrower;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify">the Borrower will not provide any Financial Assistance to the Telesat Parent Entities and their Affiliates
(other than any other Obligor);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify">the Borrower will not induce third parties to rely on the creditworthiness of the Telesat Parent Entities
in order to have third parties enter into contracts with the Borrower; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify">the Borrower will not induce third parties to rely on the creditworthiness of the Borrower in order to
have third parties enter into contracts with any Telesat Parent Entities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>SpaceX LPA</B>&rdquo; means
[redacted &ndash; commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>SpaceX LSA</B>&rdquo; means
[redacted &ndash; commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>SpaceX Event of Default</B>&rdquo;
has the meaning [redacted &ndash; commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Specified Landing Stations</B>&rdquo;
means, (i) as of the Closing Date, the [redacted &ndash; commercially sensitive information] Landing Stations set forth in Schedule 6.1.44,
(ii) after the Closing Date, additional Landing Stations which, together with the Landing Stations referred to in (i), represent [redacted
&ndash; commercially sensitive information] of the Project&rsquo;s Landing Stations spread out geographically as set forth in Schedule
6.1.44 and (iii) any Landing Station not already captured in (i) or (ii) that is required to be located in a jurisdiction by the Governmental
Authority of such jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Specified Landing Station
Access Agreement</B>&rdquo; means, in respect of a Specified Landing Station (that is not Owned Real Property), the agreement entered
into between the Collateral Agent and the applicable counterparty in respect of such Specified Landing Station and Specified Landing
Station Agreement, substantively in accordance with the form set out in Schedule J attached hereto or that is otherwise acceptable to
the Lender, acting reasonably.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Specified Landing Station
Agreement</B>&rdquo; means, in respect of a Specified Landing Station (that is not Owned Real Property), the agreement entered into between
an Obligor and a third party in respect of obtaining rights for, or access to the Specified Landing Station.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Strategic Innovation Fund
Agreement</B>&rdquo; means the Strategic Innovation Fund Agreement dated as of May 22, 2019 between His Majesty the King in Right of Canada
(as successor to Her Majesty the Queen in Right of Canada), Telesat Canada and the Borrower, as the same may be amended, restated, supplemented,
replaced or otherwise modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Subordinated Debt</B>&rdquo;
means any unsecured debt of an Obligor to a lender that is not an Undesirable Person where the proceeds of such debt are used solely to
pay costs or expenses related to the Project other than with respect to the initial [redacted &ndash; commercially sensitive information]
Satellites and that is subordinated and postponed to the repayment of the Loan Facility and the performance of other Obligations in accordance
with terms and conditions to be set forth in a subordination agreement acceptable to the Lender, acting reasonably.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Subsidiary</B>&rdquo; means,
at any time, as to any Person, any other Person, if at such time the first mentioned Person owns, directly or indirectly, securities or
other ownership interests in such other Person having ordinary voting power to elect a majority of the board of directors or persons performing
similar functions for such other Person, and includes any other Person in like relationship to a Subsidiary of such first mentioned Person.
If no first mentioned Person is referred to, such Person is deemed to be the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Tax</B>&rdquo; or &ldquo;<B>Taxes</B>&rdquo;
means all taxes, charges, fees, levies, imposts 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 in the nature of a tax, including Canada Pension
Plan and provincial pension plan contributions, unemployment insurance payments and workers&rsquo; compensation premiums, together with
any instalments with respect thereto, and any interest, fines and penalties with respect thereto, imposed by any Governmental Authority
(including federal, state, provincial, territorial, municipal and foreign Governmental Authorities), and whether disputed or not.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Tax Act</B>&rdquo; means
the <I>Income Tax Act</I> (Canada).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Technical Advisor</B>&rdquo;
means ArgoSat Consulting LLC and any successor technical advisor appointed by the Lender to act as technical consultant to the Lender
and provided that no Default or Event of Default has occurred and is continuing, approved by the Borrower (such approval not to be unreasonably
withheld). If at any time there is no Technical Advisor, or the Technical Advisor is not in the opinion of the Lender discharging its
duties and responsibilities hereunder, the Lender shall appoint a replacement Technical Advisor with the consent of the Borrower (provided
that, if a Default or an Event of Default has occurred and is continuing, no such consent is required), such consent not to be unreasonably
withheld or delayed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Technical Advisor&rsquo;s
Certificate</B>&rdquo; has the meaning ascribed to such term in Section 3.3.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Telesat Canada</B>&rdquo;
means Telesat Canada, a corporation incorporated under the federal laws of Canada and its successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Telesat Canada Credit Agreement</B>&rdquo;
means that certain credit agreement dated as of March 28, 2012, as amended by that certain amendment no. 1 dated as of April 2, 2013,
as further amended by that certain amendment no. 2 dated as of November 17, 2016, as further amended by that certain amendment no. 3 dated
as of December 19, 2016, as further amended by that certain amendment no. 4 dated as of February 1, 2017, as further amended by that certain
amendment no. 5 dated as of April 26, 2018, as further amended by that certain amendment no. 6 dated as of December 9, 2019, and as further
amended by that certain amendment no. 7 dated as of May 9, 2023 among, <I>inter alios</I>, Telesat Canada and Telesat LLC, as borrowers,
the guarantors party thereto, the banks and other financial institutions party thereto from time to time, JPMorgan Chase Bank, N.A., as
administrative agent and collateral agent, as may be further amended, restated, supplemented, replaced or otherwise modified from time
to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Telesat Canada Insolvency
Event</B>&rdquo; means, with respect to any Person, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">it has ceased paying its current obligations in the ordinary course of business as they generally become
due, or generally not paying its debts or meeting its liabilities as the same generally become due, or suspending the conduct of its business,
or declaring any general moratorium on payment of its indebtedness or interest thereon;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">it has made an assignment of all or any part of its Property for the general benefit of its creditors,
whether or not under the Bankruptcy and Insolvency Act (Canada), or institutes any other Insolvency Proceeding; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">it has instituted against it any Insolvency Proceeding, unless: (a) it is at all times vigorously contesting
such Insolvency Proceeding in good faith; and (b) any order or relief granted therein is vacated, discharged, stayed or overturned on
appeal within thirty (30) days from the granting thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Telesat Canada Senior Debt</B>&rdquo;
means the Debt of Telesat Canada owing under (i)&nbsp;that certain indenture dated as of October 11, 2019 between Telesat Canada and Telesat
LLC, as co-issuers, the guarantors party thereto, and The Bank of New York Mellon, as trustee, (ii)&nbsp;the Telesat Canada Credit Agreement,
(iii)&nbsp;that certain indenture dated as of December 6, 2019 between Telesat Canada and Telesat LLC, as co-issuers, the guarantors party
thereto, and The Bank of New York Mellon, as trustee, and the Notes Collateral Agents party thereto, and (iv)&nbsp;that certain indenture
dated as of April 27, 2021 between Telesat Canada and Telesat LLC, as co-issuers, the guarantors party thereto, and The Bank of New York
Mellon, as trustee, and the Notes Collateral Agents party thereto, each as may be amended, restated, supplemented, replaced, refinanced
or otherwise modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Telesat Group</B>&rdquo;
means Telesat Parent together with its Affiliates and Subsidiaries, which, for the purpose of clarity, does not include the shareholders
of the Telesat Parent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Telesat LEO Entities</B>&rdquo;
means, Telesat LEO Parent, the Borrower and each Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Telesat LEO Parent</B>&rdquo;
means Telesat LEO Holdings Inc., a corporation incorporated under the federal laws of Canada and its successors and permitted assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Telesat LEO US</B>&rdquo;
means Telesat LEO U.S. Inc., a corporation incorporated under the laws of State of Delaware and its successors and permitted assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Telesat LEO US Holdings</B>&rdquo;
means Telesat U.S. Services Holdings Corporation, a corporation incorporated under the laws of the State of Delaware and its successors
and permitted assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Telesat LEO US Services</B>&rdquo;
means Telesat U.S. Services, LLC, a limited liability company incorporated under the laws of the State of Delaware and its successors
and permitted assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Telesat MSAs</B>&rdquo;
means [redacted &ndash; commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Telesat Parent</B>&rdquo;
means Telesat Corporation, a corporation incorporated under the laws of the Province of British Columbia and its successors and permitted
assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Telesat Parent Entities</B>&rdquo;
means the Telesat Group, other than the Telesat LEO Entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Telesat Spectrum</B>&rdquo;
means Telesat Spectrum Corporation, a corporation incorporated under the federal laws of Canada and its successors and permitted assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Telesat Spectrum Holdings</B>&rdquo;
means Telesat Spectrum Holdings Corporation, a corporation incorporated under the federal laws of Canada and its successors and permitted
assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Telesat Technology</B>&rdquo;
means Telesat Technology Corporation, a corporation incorporated under the federal laws of Canada and its successors and permitted assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Term CORRA</B>&rdquo; means,
for any calculation with respect to an Advance, the Term CORRA Reference Rate for a three (3) month tenor on the day (such day, the &ldquo;<B>Periodic
Term CORRA Determination Day</B>&rdquo;) that is two (2) Business Days prior to the first day of such Interest Period, as such rate is
published by the Term CORRA Administrator; provided, however, that if as of 1:00 p.m. (Toronto time) on any Periodic Term CORRA Determination
Day the Term CORRA Reference Rate for the applicable tenor has not been published by the Term CORRA Administrator and a Benchmark Replacement
Date with respect to the Term CORRA Reference Rate has not occurred, then Term CORRA will be the Term CORRA Reference Rate for such tenor
as published by the Term CORRA Administrator on the first preceding Business Day for which such Term CORRA Reference Rate for such tenor
was published by the Term CORRA Administrator so long as such first preceding Business Day is not more than three (3) Business Days prior
to such Periodic Term CORRA Determination Day; provided further that if Term CORRA as so determined shall ever be less than the Floor,
then Term CORRA shall be deemed to be the Floor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Term CORRA Administrator</B>&rdquo;
means Candeal Benchmark Administration Services Inc., TSX Inc., or any successor administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Term CORRA Advance</B>&rdquo;
means an Advance that bears interest at a rate determined by reference to Term CORRA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Term CORRA Reference Rate</B>&rdquo;
means the forward-looking term rate based on CORRA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Third Party Permits</B>&rdquo;
means any Permit required by a Material Project Counterparty in connection with the performance by such Material Project Counterparty
of its obligations to the Borrower or pursuant to the Material Project Contract to which the Material Project Counterparty is a party,
where the absence or breach of which would reasonably be expected to affect in a material and adverse way, the ability of such Material
Project Counterparty to perform its obligations under the applicable Material Project Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Total Compensation</B>&rdquo;
has the meaning specified in the [redacted &ndash; commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Total Net Debt</B>&rdquo;
means, as of any date of determination, (a)&nbsp;the aggregate principal amount of Debt of the Borrower and its Subsidiaries outstanding
on such date, determined on a consolidated basis in accordance with GAAP, minus (b)&nbsp;the aggregate amount of all cash and Cash Equivalents
held by the Borrower and the Guarantors as of such date in Collateral Accounts which are subject to Blocked Account Agreements in favour
of the Collateral Agent, on behalf of itself, the Lender and the Pari Passu Secured Parties, which aggregate amount of cash and Cash Equivalents
shall be determined without giving pro forma effect to any proceeds of Debt incurred on such date; and provided that, Total Net Debt will
not include obligations under Permitted Hedge Agreements, except any unpaid termination payments thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Total Net Leverage Ratio</B>&rdquo;
means, for any Measurement Period, the ratio of (i)&nbsp;Total Net Debt as of the last day of the relevant Measurement Period to (ii)&nbsp;EBITDA
for such Measurement Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Transaction Documents</B>&rdquo;
means, collectively, the Project Contracts, the Loan Documents and the IQ Investment Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Unadjusted Benchmark Replacement</B>&rdquo;
means the applicable Benchmark Replacement excluding the Benchmark Replacement Adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Undesirable Person</B>&rdquo;
means any Person: (i) which has a criminal or penal past, (ii) which has been convicted of one or more offences under tax laws, securities
laws or other Applicable Laws related to the awarding of public contracts, (iii) whose intervention in the Project would have the effect
of placing any Obligor in a situation of default with respect to the Lender or its Affiliates, IQ or its Affiliates or the Government
of Qu&eacute;bec, (iv) whose holding of Loans, or transacting with, would have the effect of negatively affecting the image or reputation
of the Lender, the Government of Canada or the Government of Qu&eacute;bec, such determination to be made by the applicable entity acting
reasonably; (v) which is a Sanctioned Person, or (vi) which customarily acquires distressed debt with a view to potentially converting
the debt into equity and acquiring a stake in any Obligor, or that is a distressed debt fund, private equity fund or hedge fund that is
in the business of investing in poorly performing debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Unrestricted Subsidiary</B>&rdquo;
has the meaning specified in the Telesat Canada Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>US Guarantors</B>&rdquo;
means Telesat LEO US, Telesat LEO US Holdings, Telesat LEO US Services and each Material Subsidiary of Telesat LEO Parent organized or
formed under the laws of the United States of America or any state thereof who becomes a Guarantor in accordance with Section&nbsp;7.8
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Warrant Agreement</B>&rdquo;
means the warrant agreement in the form of Schedule O dated on or before the date of the initial Advance between the Borrower and the
Lender, as amended, restated, supplemented, replaced or otherwise modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Warrants</B>&rdquo; means
warrants to purchase common shares of the Borrower issuable to the Lender pursuant to the Warrant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Working Capital</B>&rdquo;
means as of any date of determination, for the Borrower and its Subsidiaries on a consolidated basis (a) current assets (excluding cash
and Cash Equivalents, deferred Taxes and accrued interest) minus (b) current liabilities (excluding the current portion of long term indebtedness,
outstanding revolving loans, the current portion of any indebtedness attributable to Capitalized Leases, deferred Taxes and accrued interest);
provided that increases or decreases in Working Capital shall be calculated without regard to any changes in current assets or current
liabilities as a result of (i) any reclassification in accordance with GAAP of assets or liabilities, as applicable, between current and
noncurrent, (ii) the effects of purchase accounting or (iii) any impacts from non-cash currency translation adjustments, non-cash unrealized
derivatives, non-cash reclassifications, interest, income taxes and dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.2</TD><TD>Headings</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The division of this Agreement
into Articles and Sections and the insertion of headings are for convenience of reference only and will not affect the construction or
interpretation of this Agreement. The terms &ldquo;this Agreement&rdquo;, &ldquo;hereof&rdquo;, &ldquo;hereunder&rdquo; and similar expressions
refer to this Agreement and not to any particular Article, Section or other portion hereof and include any agreement supplemental hereto.
Unless something in the subject matter or context is inconsistent therewith, references herein to Articles and Sections are to Articles
and Sections of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.3</TD><TD>Rules of Construction</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Words importing the singular
number only include the plural and <I>vice&nbsp;versa</I>, words importing the masculine gender include the feminine and neuter genders
and <I>vice&nbsp;versa</I>. The words &ldquo;include&rdquo;, &ldquo;includes&rdquo; and &ldquo;including&rdquo; shall be interpreted as
being followed by the phrase &ldquo;without limitation&rdquo;. The words &ldquo;will&rdquo;, &ldquo;shall&rdquo; and &ldquo;must&rdquo;
have the same meaning and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.4</TD><TD>Accounting Principles</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Where the character or amount
of any asset or liability or item of revenue or expense is required to be determined, or any consolidation or other accounting computation
is required to be made for the purpose of this Agreement or any Loan Document, such determination or calculation will, to the extent applicable
and except as otherwise specified herein or as otherwise agreed in writing by the parties, be made in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.5</TD><TD>Currency</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise specified
in this Agreement, all references to dollar amounts (without further description) means Canadian Dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.6</TD><TD>Paramountcy</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As among the parties hereto,
(i) in the event of a conflict in or between the provisions of this Agreement and the provisions of the Intercreditor Agreement then,
notwithstanding anything contained in this Agreement to the contrary, the provisions of the Intercreditor Agreement will prevail and the
provisions of this Agreement will be deemed to be amended to the extent necessary to eliminate such conflict, and (ii) in the event of
a conflict in or between the provisions of this Agreement and the provisions of any of the other Loan Documents (other than the Intercreditor
Agreement) then, notwithstanding anything contained in such other Loan Document (other than the Intercreditor Agreement) to the contrary,
the provisions of this Agreement will prevail and the provisions of such other Loan Document (other than the Intercreditor Agreement)
will be deemed to be amended to the extent necessary to eliminate such conflict. In particular, if any act or omission of the Borrower
is expressly permitted under (i) the Intercreditor Agreement but is expressly prohibited under this Agreement, such act or omission will
be permitted and (ii) this Agreement but is expressly prohibited under another Loan Document (other than the Intercreditor Agreement),
such act or omission will be permitted. If any act or omission is expressly prohibited under a Loan Document (other than this Agreement),
but this Agreement does not expressly permit such act or omission, or if any act is expressly required to be performed under such Loan
Document but this Agreement does not expressly relieve the Borrower from such performance, such circumstance will not constitute a conflict
in or between the provisions of this Agreement and the provisions of such other Loan Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.7</TD><TD>Non-Business Days</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise expressly
provided in this Agreement, whenever any payment is stated to be due on a day other than a Business Day, the payment will be made on the
immediately following Business Day. In the case of interest or fees payable pursuant to the terms of this Agreement, the extension or
contraction of time will be considered in determining the amount of interest and fees. Unless otherwise expressly provided in this Agreement,
whenever any action to be taken is stated or scheduled to be required to be taken on, or (except with respect to the calculation of interest
or fees) any period of time is stated or scheduled to commence or terminate on, a day other than a Business Day, the action will be taken
or the period of time will commence or terminate, as the case may be, on the immediately following Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.8</TD><TD>Statutory and Material Project Contract References</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any reference in this Agreement
to a statute refers to all rules and regulations made under it and any reference in this Agreement to any act or statute or regulation
(including any regulation of any Governmental Authority), or to any section of or any definition in any act, statute or regulation (including
any regulation of any Governmental Authority), will be deemed to be a reference to such act, statute or regulation (including any regulation
of any Governmental Authority) or section or definition, as amended, supplemented, substituted, replaced or re-enacted from time to time.
Any reference in this Agreement to an agreement, indenture, debenture or contract (including without limitation a Material Project Contract)
will be deemed to be a reference to such document as supplemented, amended, restated, replaced or otherwise modified from time to time
in accordance with the terms of this Agreement, unless otherwise provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.9</TD><TD>Interest Payments and Calculations</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in">1.9.1&nbsp;All
interest payments to be made under this Agreement will be paid without allowance or deduction for deemed re-investment or otherwise, both
before and after maturity and before and after default and/or judgment, if any, until payment of the amount on which such interest is
accruing, and interest will accrue on overdue interest, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in">1.9.2&nbsp;Unless
otherwise stated, wherever in this Agreement reference is made to a rate of interest or rate of fees &ldquo;per annum&rdquo; or a similar
expression is used, such interest or fees will be calculated on the basis of a calendar year of 365&nbsp;days or 366 days, as applicable,
and using the nominal rate method of calculation, and will not be calculated using the effective rate method of calculation or on any
other basis that gives effect to the principle of deemed re-investment of interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in">1.9.3&nbsp;For
the purposes of the <I>Interest Act</I> (Canada) and disclosure under such act, whenever interest to be paid under this Agreement is to
be calculated on the basis of any other period of time that is less than a calendar year, the yearly rate of interest to which the rate
determined pursuant to such calculation is equivalent is the rate so determined multiplied by the actual number of days in the calendar
year in which the same is to be ascertained and divided by such period of time. The Lender agrees that if requested in writing by the
Borrower it will calculate the nominal and effective per annum rate of interest on any Advance outstanding at the time of such request
and provide such information to the Borrower promptly following such request; provided that, any error in any such calculation, or any
failure to provide such information on request, shall not relieve the Borrower of any of its obligations under this Agreement or any other
Loan Document, nor result in any liability to the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in">1.9.4&nbsp;In
calculating interest or fees payable under this Agreement for any period, unless otherwise specifically stated, the first day but not
the last day of such period will be included.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.10</TD><TD>Rates</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify">The Lender does not warrant
or accept responsibility for, and shall not have any liability with respect to (a)&nbsp;the continuation of, administration of, submission
of, calculation of or any other matter related to the Prime Rate, Term CORRA, Daily Compounded CORRA, or any component definition thereof
or rates referred to in the definition thereof, or any alternative, successor or replacement rate thereto (including any Benchmark Replacement),
including whether the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement)
will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, the Prime Rate, Term
CORRA, Daily Compounded CORRA, or any other Benchmark prior to its discontinuance or unavailability, or (b)&nbsp;the effect, implementation
or composition of any Conforming Changes. The Lender and its affiliates or other related entities may engage in transactions that affect
the calculation of the Prime Rate, Term CORRA, Daily Compounded CORRA, any alternative, successor or replacement rate (including any Benchmark
Replacement) or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The Lender may select information
sources or services in its reasonable discretion to ascertain the Prime Rate, Term CORRA, Daily Compounded CORRA, or any other Benchmark,
in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower or any other Person for damages of any
kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort,
contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided
by any such information source or service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.11</TD><TD>Determination by the Borrower; Knowledge</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All provisions contained herein
requiring the Borrower to make a determination or assessment of any event or circumstance or other matter to the &ldquo;best of its knowledge&rdquo;
shall be deemed to require the Borrower to make all due inquiries and investigations as may be necessary or prudent in the circumstances
before making any such determination or assessment, and &ldquo;knowledge&rdquo; of the Borrower or any other Obligor shall be deemed to
mean the actual knowledge of any senior officer of the Borrower or such other applicable Obligor with responsibility for the matter in
question after making reasonable inquiries of the officers or employees of such Person who have primary responsibility for administering
the relevant matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.12</TD><TD>Rank</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">None of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the fact that the Obligors are permitted to create or suffer to exist any Permitted Encumbrance or Permitted
Debt;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the fact that any representation, warranty or covenant herein may make an exception for the existence
of Permitted Encumbrances or Permitted Debt; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the fact that the Encumbrances created pursuant to the Security Documents are stated to be subject to,
or are not required to rank in priority to, Permitted Encumbrances,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">shall in any manner, nor in any cause
or proceeding, directly or indirectly, be taken to constitute a subordination under this Agreement of any Encumbrance created pursuant
to the Security Documents to any Permitted Encumbrance or to any other Encumbrance or other obligation whatsoever, or to mean that the
Obligations are in any way subordinate or junior in right of payment to such Debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.13</TD><TD>Quebec Interpretation</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of interpretation
of this Agreement and for purposes of any Collateral located in the Province of Quebec or charged by any deed of hypothec (or any other
Loan Document governed by the Laws of the Province of Quebec) and for all other purposes pursuant to which the interpretation or construction
of a Loan Document may be subject to the Laws of the Province of Quebec or a court or tribunal exercising jurisdiction in the Province
of Qu&eacute;bec, (a) &ldquo;personal property&rdquo; shall be deemed to include &ldquo;movable property&rdquo;, (b) &ldquo;real property&rdquo;
shall be deemed to include &ldquo;immovable property&rdquo;, (c) &ldquo;tangible property&rdquo; shall be deemed to include &ldquo;corporeal
property&rdquo;, (d) &ldquo;intangible property&rdquo; shall be deemed to include &ldquo;incorporeal property&rdquo;, (e) &ldquo;security
interest&rdquo;, &ldquo;mortgage&rdquo; and &ldquo;lien&rdquo; shall be deemed to include a &ldquo;hypothec&rdquo;, &ldquo;prior claim&rdquo;
and a &ldquo;resolutory clause&rdquo;, (f) all references to filing, registering or recording shall be deemed to include publication under
the <I>Civil Code of Quebec</I>, (g) all references to &ldquo;perfection&rdquo; of or &ldquo;perfected&rdquo; Encumbrances shall be deemed
to include a reference to an &ldquo;opposable&rdquo; or &ldquo;set up&rdquo; Encumbrances as against third parties, (h) any &ldquo;right
of offset&rdquo;, &ldquo;right of setoff&rdquo; or similar expression shall be deemed to include a &ldquo;right of compensation&rdquo;,
(i) an &ldquo;agent&rdquo; shall be deemed to include a &ldquo;mandatary&rdquo;, (k) &ldquo;construction liens&rdquo; shall be deemed
to include &ldquo;legal hypothecs&rdquo;, (l) &ldquo;joint and several&rdquo; shall be deemed to include &ldquo;solidary&rdquo;, (m) &ldquo;gross
negligence or willful misconduct&rdquo; shall be deemed to be &ldquo;intentional or gross fault&rdquo;, (n) &ldquo;beneficial ownership&rdquo;
shall be deemed to include &ldquo;ownership&rdquo;, (o) &ldquo;easement&rdquo; shall be deemed to include &ldquo;servitude&rdquo;, (p)
&ldquo;priority&rdquo; shall be deemed to include &ldquo;prior claim&rdquo; or &ldquo;rank&rdquo;, as applicable, (q) &ldquo;survey&rdquo;
shall be deemed to include &ldquo;certificate of location and plan&rdquo;, (r) &ldquo;fee simple title&rdquo; shall be deemed to include
&ldquo;absolute ownership&rdquo;, and (s) &ldquo;leasehold interest&rdquo; shall be deemed to include &ldquo;rights resulting from a lease&rdquo;.
The parties hereto confirm that it is their wish that this Agreement and any other document executed in connection with the transactions
contemplated herein be drawn up in the English language only (except if another language is required under any Applicable Law) and that
all other documents contemplated thereunder or relating thereto, including notices, may also be drawn up in the English language only.
<I>Les parties aux pr&eacute;sentes confirment que c&rsquo;est leur volont&eacute; que cette convention et les autres documents de cr&eacute;dit
soient r&eacute;dig&eacute;s en langue anglaise seulement et que tous les documents, y compris tous avis, envisag&eacute;s par cette convention
et les autres documents peuvent &ecirc;tre r&eacute;dig&eacute;s en la langue anglaise seulemen</I>t.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.14</TD><TD>Legal Representation</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Loan Documents have been
negotiated by each party with the benefit of legal representation, and any rule of construction to the effect that any ambiguities are
to be resolved against the drafting party does not apply to the construction or interpretation of the Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.15</TD><TD>Schedules</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following are annexed
hereto and incorporated by reference and deemed to be part hereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 16%; text-align: justify">Schedule&nbsp;A</TD>
    <TD STYLE="width: 7%; text-align: center">&ndash;</TD>
    <TD STYLE="width: 57%; text-align: justify">Notice of Request for Advance</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Schedule&nbsp;B</TD>
    <TD STYLE="text-align: center">&ndash;</TD>
    <TD STYLE="text-align: justify">Form of Compliance Certificate</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Schedule&nbsp;C</TD>
    <TD STYLE="text-align: center">&ndash;</TD>
    <TD STYLE="text-align: justify">Form of Excess Cash Flow Certificate</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Schedule&nbsp;D</TD>
    <TD STYLE="text-align: center">&ndash;</TD>
    <TD STYLE="text-align: justify">Financial Model </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Schedule&nbsp;E</TD>
    <TD STYLE="text-align: center">&ndash;</TD>
    <TD STYLE="text-align: justify">Form of Landlord Access Agreement&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Schedule&nbsp;F</TD>
    <TD STYLE="text-align: center">&ndash;</TD>
    <TD STYLE="text-align: justify">Form of Milestone Certificate </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Schedule&nbsp;G</TD>
    <TD STYLE="text-align: center">&ndash;</TD>
    <TD STYLE="text-align: justify">Milestones </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Schedule&nbsp;H</TD>
    <TD STYLE="text-align: center">&ndash;</TD>
    <TD STYLE="text-align: justify">Project Budget</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Schedule&nbsp;I</TD>
    <TD STYLE="text-align: center">&ndash;</TD>
    <TD STYLE="text-align: justify">Project Schedule</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Schedule&nbsp;J</TD>
    <TD STYLE="text-align: center">&ndash;</TD>
    <TD STYLE="text-align: justify">Form of Specified Landing Station Access Agreement </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Schedule&nbsp;K</TD>
    <TD STYLE="text-align: center">&ndash;</TD>
    <TD STYLE="text-align: justify">Form of Technical Advisor Certificate</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Schedule L</TD>
    <TD STYLE="text-align: center">&ndash;</TD>
    <TD STYLE="text-align: justify">Amortization Schedule </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Schedule M</TD>
    <TD STYLE="text-align: center">&ndash;</TD>
    <TD STYLE="text-align: justify">Assignment Agreement </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Schedule N</TD>
    <TD STYLE="text-align: center">&ndash;</TD>
    <TD STYLE="text-align: justify">Form of Securityholder Agreement </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Schedule O</TD>
    <TD STYLE="text-align: center">&ndash;</TD>
    <TD STYLE="text-align: justify">Form of Warrant Agreement </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Schedule&nbsp;6.1.8</TD>
    <TD STYLE="text-align: center">&ndash;</TD>
    <TD STYLE="text-align: justify">Litigation</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 16%">Schedule&nbsp;6.1.10</TD>
    <TD STYLE="text-align: center; width: 7%">&ndash;</TD>
    <TD STYLE="text-align: justify; width: 57%">Ownership Structure and Equity Interests </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Schedule&nbsp;6.1.16</TD>
    <TD STYLE="text-align: center">&ndash;</TD>
    <TD STYLE="text-align: justify">Material Project Contracts</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Schedule&nbsp;6.1.17</TD>
    <TD STYLE="text-align: center">&ndash;</TD>
    <TD STYLE="text-align: justify">Permits </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Schedule&nbsp;6.1.18</TD>
    <TD STYLE="text-align: center">&ndash;</TD>
    <TD STYLE="text-align: justify">Real Property Interests </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Schedule 6.1.19</TD>
    <TD STYLE="text-align: center">&ndash;</TD>
    <TD STYLE="text-align: justify">Locations of Collateral </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Schedule&nbsp;6.1.20</TD>
    <TD STYLE="text-align: center">&ndash;</TD>
    <TD STYLE="text-align: justify">Environmental </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Schedule&nbsp;6.1.23</TD>
    <TD STYLE="text-align: center">&ndash;</TD>
    <TD STYLE="text-align: justify">Intellectual Property </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Schedule&nbsp;6.1.24</TD>
    <TD STYLE="text-align: center">&ndash;</TD>
    <TD STYLE="text-align: justify">Information Technology</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Schedule 6.1.26</TD>
    <TD STYLE="text-align: center">&ndash;</TD>
    <TD STYLE="text-align: justify">Taxes</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Schedule&nbsp;6.1.32</TD>
    <TD STYLE="text-align: center">&ndash;</TD>
    <TD STYLE="text-align: justify">Benefit Plans and Pension Plans </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Schedule&nbsp;6.1.33</TD>
    <TD STYLE="text-align: center">&ndash;</TD>
    <TD STYLE="text-align: justify">Non-Arm&rsquo;s Length Transactions </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Schedule&nbsp;6.1.34</TD>
    <TD STYLE="text-align: center">&ndash;</TD>
    <TD STYLE="text-align: justify">Collateral Accounts </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Schedule&nbsp;6.1.37</TD>
    <TD STYLE="text-align: center">&ndash;</TD>
    <TD STYLE="text-align: justify">Satellites </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Schedule 6.1.40</TD>
    <TD STYLE="text-align: center">&ndash;</TD>
    <TD STYLE="text-align: justify">Aboriginal Matters</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Schedule 6.1.44</TD>
    <TD STYLE="text-align: center">&ndash;</TD>
    <TD STYLE="text-align: justify">Specified Landing Stations </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Schedule 8.1</TD>
    <TD STYLE="text-align: center">&ndash;</TD>
    <TD STYLE="text-align: justify">Insurance </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Schedule 8.10</TD>
    <TD STYLE="text-align: center">&ndash;</TD>
    <TD STYLE="text-align: justify">Form of Insurance Broker Letter of Undertaking </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Schedule 9.1.33</TD>
    <TD STYLE="text-align: center">&ndash;</TD>
    <TD STYLE="text-align: justify">Post-Closing Security Requirements</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Schedule 9.1.34</TD>
    <TD STYLE="text-align: center">&ndash;</TD>
    <TD STYLE="text-align: justify">Post-Closing ESG Requirements </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B>&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;2<BR>
THE LOAN FACILITY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.1</TD><TD>Loan Facility</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the terms and conditions
of this Agreement, the Lender hereby establishes in favour of the Borrower as of the Closing Date a senior secured non-revolving delayed
draw term loan facility in the principal amount of up to the Commitment (the &ldquo;<B>Loan Facility</B>&rdquo;) to be made available
in accordance with this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.2</TD><TD>Purpose of Loan Facility</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Advances under the Loan Facility
will be used solely by the Borrower for capital investments, working capital and operational expenses in connection with the Project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.3</TD><TD>Advances</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in">2.3.1&nbsp;The
Borrower may request an Advance under the Loan Facility during the Availability Period by delivering an Advance Notice to the Lender not
later than 1:00&nbsp;p.m. (Ottawa time) fifteen (15) Business Days prior to the proposed Advance Date together with all other requirements
set out in Section 3.1, 3.2 and 3.3, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in">2.3.2&nbsp;Advances
will only be made available if all conditions precedent set out in Sections&nbsp;3.1, 3.2 and 3.3, as applicable, have been satisfied
or waived by the Lender on or before the requested Advance Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in">2.3.3&nbsp;At
no time shall the aggregate principal amount of all Advances outstanding hereunder (excluding for this purpose any PIK Interest) exceed
the Commitment. All Advances shall be in Canadian Dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in">2.3.4&nbsp;The
Borrower shall ensure that the aggregate amount of all Advances requested by the Borrower under this Agreement shall be on a Proportionate
Basis to advances requested by the Borrower under the IQ Loan Agreement, unless (as a result of the requirements under the IQ Loan Agreement)
the Borrower has notified the Lender in writing to the contrary and the Technical Advisor has confirmed such non-Proportionate Basis advance
complies with the applicable draw schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in">2.3.5&nbsp;An
Advance Notice given by the Borrower hereunder will be irrevocable and will oblige the Borrower to take the action contemplated on the
date specified therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;3<BR>
Closing CONDITIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.1</TD><TD>Conditions Precedent to the Closing Date</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The effectiveness of this
Agreement and the obligations of the Lender hereunder are subject to and conditional upon the following conditions precedent being fulfilled
to the satisfaction of the Lender, which conditions precedent are for the sole and exclusive benefit of the Lender:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in">3.1.1&nbsp;this
Agreement and each of the other Transaction Documents, (other than the Blocked Account Agreements, Deed of Hypothec, the Securityholder
Agreement, the Warrant Agreement, the IQ Warrant Agreement, the certificates representing the Warrants and the Funding Direct Agreements),
including all notices, share certificates, stock transfer forms and other ancillary documents required to be delivered pursuant to the
Security Documents, will have been executed and delivered by all parties thereto on or prior to the Closing Date and each shall be in
form and substance satisfactory to the Lender;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in">3.1.2&nbsp;the
Lender shall have received certified copies of the Organizational Documents of the Obligors and Telesat Parent, the resolutions authorizing
the execution, delivery and performance of each Obligor&rsquo;s and Telesat Parent&rsquo;s obligations under the Loan Documents to which
it is a party and the transactions contemplated herein, and certificates as to the incumbency of the officers of each Obligor and Telesat
Parent;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in">3.1.3&nbsp;the
Lender shall have received certified copies of all agreements which restrict or limit the powers of any Obligor or its directors or officers
not otherwise delivered under Subsection&nbsp;3.1.2 of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in">3.1.4&nbsp;the
Lender shall have received certificates of status, compliance or good standing (or the local law equivalent), as applicable, of each Obligor
and Telesat Parent;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in">3.1.5&nbsp;the
Lender shall have received certified copies of all consents, authorizations, approvals or permissions (each of which shall be in full
force and effect) of any Governmental Authorities or other third parties (including in connection with the IQ Investment Agreements) required
for the execution, delivery and performance of each Obligor&rsquo;s and Telesat Parent&rsquo;s obligations under the Transaction Documents
to which it is a party and the transactions contemplated therein as of the Closing Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in">3.1.6&nbsp;the
Lender shall have received a currently dated Officer&rsquo;s Certificate of the Borrower:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in">3.1.6.1&nbsp;certifying
the organizational chart of the Telesat Group;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">3.1.6.2&nbsp;attaching
certified copies of the Permits listed in Schedule&nbsp;6.1.17 attached hereto (as at the Closing Date);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">3.1.6.3&nbsp;attaching
certified executed copies of the Material Project Contracts listed in Schedule&nbsp;6.1.16 attached hereto (as at the Closing Date);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">3.1.6.4&nbsp;certifying
that all of the representations and warranties contained herein and all of the representations and warranties contained in each other
Loan Document are true and correct in all material respects (it being understood and agreed that any representation or warranty that is
qualified as to &ldquo;materiality,&rdquo; &ldquo;Material Adverse Effect&rdquo; or similar language shall be true and correct in all
respects);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in">3.1.6.5&nbsp;certifying
that no (A)&nbsp;Default or Event of Default, (B)&nbsp;&ldquo;Default&rdquo; or &ldquo;Event of Default&rdquo; (or similar terms) as defined
in any Transaction Document, and (C)&nbsp;&ldquo;Default&rdquo; or &ldquo;Event of Default&rdquo; (or similar terms) as defined in any
Core Material Project Contract, in each case, shall have occurred and be continuing on the Closing Date, nor shall any Default or Event
of Default under any of the agreements referred to in clause (A) through (C) arise as a result of the Closing or the initial Advance made
on the Closing Date; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">3.1.6.6&nbsp;certifying
that no event or circumstance has occurred and is continuing which has, or would reasonably be expected to have, a Material Adverse Effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.1.7&nbsp;the
Lender shall have received true, correct and complete copies of each Lease in effect as of the Closing Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.1.8&nbsp;all
financing statements or other registrations necessary or desirable to preserve, protect or perfect the enforceability and first priority
of the Encumbrances created by the Security Documents, other than the Deed of Hypothec, (subject only to Permitted Encumbrances) shall
have been filed, entered or recorded in the applicable offices of public record, all in form and substance satisfactory to the Lender,
acting reasonably;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.1.9&nbsp;releases
and discharges (or written authorizations to discharge from the applicable Encumbrance holder in form acceptable to the Lender) with respect
to all Encumbrances which are not Permitted Encumbrances, will have been delivered to the Lender;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.1.10&nbsp;the
Lender shall have received evidence of the opening of the Collateral Accounts;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.1.11&nbsp;all
Closing Direct Agreements required in connection with the Security Documents will have been obtained from the applicable Core Material
Project Contract Counterparties that are party to [redacted &ndash; commercially sensitive information];</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.1.12&nbsp;all
Specified Landing Station Access Agreements required in connection with any Specified Landing Stations as at the Closing Date will have
been obtained from the applicable third parties as determined to be necessary by the Lender, acting reasonably;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.1.13&nbsp;satisfactory
completion of due diligence by the Lender and its representatives (including business, financial, accounting, legal, tax, regulatory and
technical) of the Obligors, the Project and Telesat Parent, including, without limitation, receipt by the Lender of all information relating
to Intellectual Property, licences, capital structure, insurance, management structure (including Borrower&rsquo;s Senior Management and
the management team of the Project) and financial information related to the Obligors and the Project and such information shall be accurate,
complete and acceptable to the Lender in all material respects;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.1.14&nbsp;all
&ldquo;know your customer&rdquo;, anti-money laundering, anti-terrorism or similar identification information required by the Lender shall
have been provided by the Obligors and Telesat Parent, to the extent requested in writing of the Borrower at least 5 days prior to the
Closing Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.1.15&nbsp;the
Lender shall have received the most recent unaudited consolidated financial statements of the Borrower and the most recent audited consolidated
financial statements of Telesat Parent;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.1.16&nbsp;the
Financial Model and the Project Budget (including the accuracy of the financial inputs and assumptions), shall be acceptable to the Lender,
acting reasonably;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.1.17&nbsp;the
Lender shall be satisfied with the terms and conditions of the IQ Loan (including the amortization thereof) and the IQ Warrants and shall
have received a fully executed copy of the IQ Loan Agreement which shall be in full force and effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.1.18&nbsp;the
Lender shall be satisfied with the terms and conditions of the Launch Agreements and the MDA Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.1.19&nbsp;the
Lender shall be satisfied with the terms and conditions of the equity contributions made by Telesat LEO Parent to the Borrower and shall
have received (i) confirmation from the Technical Advisor in the Technical Advisor&rsquo;s Certificate delivered on the Closing Date that
such equity contribution reflects the required equity sources in the Financial Model, and (ii) satisfactory evidence of receipt by the
Borrower of a cash equity contribution from Telesat LEO Parent in an amount of not less than US$[redacted &ndash; commercially sensitive
information] which for certainty shall include an account statement evidencing same;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.1.20&nbsp;the
Lender shall be satisfied in its sole discretion that on the Closing Date the Borrower will have cash on hand and irrevocable committed
financing sufficient to cover the initial [redacted &ndash; commercially sensitive information] satellites of the Project and to fund
the Project through to the Initial Project Completion Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.1.21&nbsp;the
Project Budget and the Project Schedule have been reviewed by the Technical Advisor and are in form and substance satisfactory to the
Lender, acting reasonably;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.1.22&nbsp;the
Lender shall have received all reports from the Advisors together with reliance letters in respect of same, which reports shall be in
form and substance satisfactory to the Lender, acting reasonably;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.1.23&nbsp;currently
dated legal opinions from (i)&nbsp;counsel to the Obligors and Telesat Parent in respect of the Loan Documents delivered on the Closing
Date, and (ii) (A) counsel to [redacted &ndash; commercially sensitive information];</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.1.24&nbsp;(i)
currently dated legal opinion from&nbsp;Canadian counsel to the Borrower with respect to non-consolidation (the &ldquo;<B>Canadian Non-Consolidation
Opinion</B>&rdquo;), and (ii) a memorandum from U.S. counsel to the Borrower with respect to non-consolidation (the &ldquo;<B>US Non-Consolidation
Memo</B>&rdquo; and together with the Canadian Non-Consolidation Opinion, the &ldquo;<B>Non-Consolidation Opinions</B>&rdquo;), each in
form and substance satisfactory to the Lender and Lender&rsquo;s Counsel, will have been delivered to the Lender and the Collateral Agent
as addressees;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.1.25&nbsp;the
Borrower shall have provided evidence satisfactory to the Lender that it owns, or has available to it (on terms satisfactory to the Lender),
all material assets, Permits and resources necessary to design, develop, construct, install, launch, commercialize, own and Operate the
Project, including all necessary rights to Intellectual Property developed or owned by the Telesat Group and their Affiliates relating
to the Project;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.1.26&nbsp;the
Borrower shall have provided evidence satisfactory to the Lender that all standard form contractor and employment agreements of the Obligors
existing as of the Closing Date shall include industry standard Intellectual Property provisions in favour of the Obligors;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.1.27&nbsp;the
Borrower shall have provided evidence satisfactory to the Lender that the Obligors are Unrestricted Subsidiaries under the terms of the
Telesat Canada Credit Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.1.28&nbsp;the
requirements outlined in prongs (b), (d), (f) and (h) of the definition of &ldquo;Independent Entity&rdquo; shall have been completed
and shall be satisfactory to the Lender in its sole discretion;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.1.29&nbsp;the
Lender shall not have become aware of any material information or other matter affecting the Obligors, Telesat Parent or any Core Material
Project Contract Counterparty which is inconsistent in a material and adverse manner with any information disclosed to the Lender by such
parties prior to the date hereof which has not been corrected by a later disclosure delivered to the Lender by such parties prior to the
Closing Date and all such information disclosed to the Lender by such parties shall be accurate and complete in all material respects;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.1.30&nbsp;the
Lender shall have received all required governmental and internal approvals required for the making of the Loan Facility and the Lender
shall have satisfied all required duties to consult;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.1.31&nbsp;there
shall not have been any changes to Applicable Law which would reasonably be expected to result in a Material Adverse Effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.1.32&nbsp;the
Borrower will have paid, or arrangements satisfactory to the Lender shall have been made to ensure that the Borrower will pay, all reasonable
and documented out-of-pocket expenses (including all reasonable legal fees, Advisor fees and other consultant or advisor fees) incurred
by or on behalf of the Lender in connection with this Agreement, the other Loan Documents and the transactions and other documents contemplated
by this Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.1.33&nbsp;the
Lender will have received such additional evidence, documents or undertakings as the Lender will reasonably request to establish the consummation
of the transactions contemplated hereby and be satisfied, acting reasonably, as to the taking of all proceedings in connection herewith
in compliance with the conditions set forth in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.2</TD><TD>Conditions Precedent to Initial Advance</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The obligations of the Lender
under this Agreement to make the initial Advance, are subject to and conditional upon satisfaction (or waiver by the Lender) of all of
the conditions precedent set out in Sections 3.1 and 3.3 and the following conditions precedent being fulfilled to the satisfaction of
the Lender by no later than the date that is thirty (30) days following the Closing Date, which conditions precedent are for the sole
and exclusive benefit of the Lender:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.2.1&nbsp;the
Deed of Hypothec, the Securityholder Agreement, the Warrant Agreement, the IQ Warrant Agreement, the certificates representing the Warrants
and the IQ Warrants, the Funding Direct Agreements and [redacted &ndash; commercially sensitive information], will have been executed
and delivered by all parties thereto and each shall be in form and substance satisfactory to the Lender;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.2.2&nbsp;the
Lender shall have received certificates of status, compliance or good standing (or the local law equivalent), as applicable, of each Obligor
and Telesat Parent;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.2.3&nbsp;all
financing statements or other registrations necessary or desirable to preserve, protect or perfect the enforceability and first priority
of the Encumbrances created by the Deed of Hypothec (subject only to Permitted Encumbrances) shall have been filed, entered or recorded
in the applicable offices of public record, all in form and substance satisfactory to the Lender, acting reasonably;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.2.4&nbsp;the
Lender shall have received evidence of all insurance required to be maintained pursuant to the Loan Documents as at the Closing Date,
naming the Collateral Agent as additional insured and first loss payee, as applicable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.2.5&nbsp;all
Funding Direct Agreements required in connection with the Security Documents will have been obtained from the applicable Core Material
Project Contract Counterparties in respect of each Core Material Project Contract subject to such Funding Direct Agreement as determined
to be necessary by the Lender, acting reasonably;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.2.6&nbsp;all
Landlord Access Agreements required in connection with any Leased Real Property as at the Closing Date will have been obtained from the
applicable third parties as determined to be necessary by the Lender, acting reasonably;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.2.7&nbsp;currently
dated legal opinions from (i)&nbsp;counsel to the Obligors and Telesat Parent, with respect to, without limitation, the Deed of Hypothec,
the Warrant Agreement, the issuance of the Warrants and the common shares issuable upon exercise of the Warrants, the Securityholder Agreement
and the Funding Direct Agreements, (ii) (A) counsel to each Core Material Project Contract Counterparty subject to a Funding Direct Agreement
in respect of its respective Core Material Project Contract(s) and its related Funding Direct Agreement(s)), (iii) counsel, with respect
to, the execution and delivery of the MDA Agreement, and (iv)&nbsp;such other special and local counsel as may be reasonably required
by the Lender, each in form and substance satisfactory to the Lender and Lender&rsquo;s counsel will have been delivered to the Lender
and the Collateral Agent as addressees, it being acknowledged that the Non-Consolidation Opinions need not be redelivered or updated;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.2.8&nbsp;the
requirement outlined in prong (a) of the definition of &ldquo;Independent Entity&rdquo; shall have been completed and shall be satisfactory
to the Lender in its sole discretion;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.2.9&nbsp;the
Lender shall have entered into financing arrangements with Export Development Canada pursuant to that certain credit agreement to be entered
into between the Lender, as borrower, and Export Development Canada, on behalf of His Majesty in Right of Canada, as lender;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.2.10&nbsp;the
Borrower will have paid, or arrangements satisfactory to the Lender shall have been made to ensure that the Borrower will pay, all reasonable
and documented out-of-pocket expenses (including all reasonable legal fees, Advisor fees and other consultant or advisor fees) incurred
by or on behalf of the Lender in connection with this Agreement, the other Loan Documents and the transactions and other documents contemplated
by this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.2.11&nbsp;no
transaction, event or other action shall have occurred since the date hereof that would have required the consent of the Lender pursuant
to the Securityholder Agreement or the Warrant Agreement had such agreement been entered into on the date hereof; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.2.12&nbsp;the
Lender will have received such additional evidence, documents or undertakings as the Lender, acting reasonably, will request to address
any new information that arises after the Closing Date and prior to the date of the initial Advance in connection herewith in compliance
with the conditions set forth in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.3</TD><TD>Conditions Precedent to All Advances</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The obligations of the Lender
under this Agreement to make Advances are subject to and conditional upon the following conditions precedent being fulfilled to the satisfaction
of the Lender prior to each such Advance, which conditions precedent are for the sole and exclusive benefit of the Lender:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.3.1&nbsp;the
Lender shall have received an Advance Notice in accordance with Section&nbsp;2.3.1 and such Advance Notice shall comply with the conditions
set forth in Sections 2.3.3 and 2.3.4;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.3.2&nbsp;the
Borrower shall have delivered a Milestone Certificate to the Lender and the Technical Advisor at least fifteen (15) Business Days prior
to the date of the proposed Advance, and such Milestone Certificate shall include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">3.3.2.1&nbsp;evidence
satisfactory to the Lender: (A) of the achievement of each Milestone that is listed as a pre-requisite to the applicable Advance as set
out on Schedule&nbsp;G attached hereto; (B) that the aggregated Project Costs incurred to date are materially consistent with the Project
Budget; and (C) the estimated remaining Project Costs that are expected to be incurred to achieve Project Completion are materially consistent
with the Project Budget; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">3.3.2.2&nbsp;a
certification from a Responsible Officer of the Borrower that (A) such Advance shall be utilized in payment of Project Costs set out in
the Project Budget, (B) the Initial Project Completion Date is reasonably expected to be achieved by the Initial Outside Date, and (C)
that the aggregate amount of Project Costs projected to be incurred in achieving the Initial Project Completion Date is not reasonably
expected to exceed the Available Funding;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.3.3&nbsp;no later
than eight (8) Business Days prior to a date of the proposed Advance, the Lender shall have received (x) a certificate from the Technical
Advisor, substantially in the form of Schedule K attached hereto <B>(the &ldquo;Technical Advisor&rsquo;s Certificate&rdquo;)</B>, containing
no material exceptions or qualifications that are unsatisfactory to the Lender, certifying (A) that the Technical Advisor has received
the most recent Progress Report required to have been delivered under this Agreement and that the information relating to the construction
of the Project contained in such report is correct and complete in all material respects, (B) that the aggregate amount of Project Costs
projected to be incurred in achieving the Initial Project Completion Date, as reviewed by the Technical Advisor, is not reasonably expected
to exceed the Available Funding, (C) that the Initial Project Completion Date can reasonably be expected to occur on or before the Initial
Outside Date, and (D) that the Borrower has achieved each Milestone that is listed as a pre-requisite to the applicable Advance as set
out on Schedule G;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in">3.3.4&nbsp;the
Lender shall have received the most recent Progress Report required to have been delivered under Sections 9.2.1(v) and 9.2.1(vi);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.3.5&nbsp;all
of the representations and warranties contained herein and all of the representations and warranties contained in each other Loan Document
shall be true and correct in all material respects (it being understood and agreed that any representation or warranty that is qualified
as to &ldquo;materiality,&rdquo; &ldquo;Material Adverse Effect&rdquo; or similar language shall be true and correct in all respects),
in each case, on and as of the date of the Milestone Certificate and the date of Advance as though made on and as of each such date (unless
expressly stated to be made as of a specified date) and the Lender shall have received certificate from a Responsible Officer of the Borrower
so certifying to the Lender;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.3.6&nbsp;no
Default or Event of Default shall have occurred and be continuing or shall result from the Advance contemplated in the applicable Advance
Notice, and the Lender shall have received a certificate from a Responsible Officer of the Borrower so certifying to the Lender;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.3.7&nbsp;no
event or circumstance has occurred and is continuing which has, or would reasonably be expected to have, a Material Adverse Effect and
the Lender shall have received a certificate from a Responsible Officer of the Borrower so certifying to the Lender;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.3.8&nbsp;the
Borrower shall have paid or have arranged for payment (out of the proposed Advance) of all outstanding fees, expenses and other charges
then payable by it to the Lender under the Loan Documents including for certainty all fees and disbursements of its legal counsel and
Advisors that are due and payable at such time and which the Borrower is required to pay in accordance with the Loan Documents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.3.9&nbsp;all
material Permits that under Applicable Law are required to be obtained, issued or effected on or prior to such date of Advance shall have
been duly obtained, issued or effected, shall be in full force and effect, free of non-standard conditions or requirements the effect
of which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, and not subject to pending
appeal;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.3.10&nbsp;save
and except if it has already been provided, the Lender shall have received true, correct and complete copies of each Lease in effect as
of the applicable Advance Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.3.11&nbsp;save
and except if it has already been provided, the Lender shall have received evidence of all insurance required to be maintained pursuant
to the Loan Documents as at the applicable Advance Date, naming the Collateral Agent as additional insured and first loss payee, as applicable;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.3.12&nbsp;save
and except if it has already been provided, all Landlord Access Agreements required in connection with any Leased Real Property and all
Specified Landing Station Access Agreements required in connection with any Specified Landing Stations (other than Specified Landing Stations
that are Owned Real Property) as at the applicable Advance Date will have been obtained from the applicable third parties as determined
to be necessary by the Lender, acting reasonably.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.4</TD><TD>Waiver</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The conditions set forth in
Section&nbsp;3.1, 3.2 and 3.3 of this Agreement are inserted for the sole benefit of the Lender and may be waived by the Lender, in whole
or in part (with or without terms or conditions), in respect of any Advance without prejudicing the right of the Lender at any time to
assert such conditions in respect of any subsequent Advance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;4<BR>
PAYMENTS OF INTEREST AND FEES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.1</TD><TD>Interest on Advances</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">4.1.1&nbsp;The
Borrower shall pay interest on each Advance made by the Lender and such Advance shall bear interest (computed on the basis of a year of
three-hundred and sixty-five (365) days and actual days elapsed) at all times that such Advance is outstanding until maturity (whether
by acceleration or otherwise) on the unpaid principal amount thereof as follows: (i) during the Initial Interest Period, at a rate per
annum equal to the sum of the Applicable&nbsp;Margin plus the Term CORRA<B>&nbsp;</B>applicable to such Initial Interest Period (as determined
in accordance with Section 4.1.2 below) and (ii) during each Interest Period that such Advance is outstanding, at a rate per annum equal
to the sum of the Applicable Margin plus Term CORRA applicable to such Interest Period. Such interest shall be payable on the earlier
of (i) each Interest Payment Date, and (ii) when such Advance becomes due and payable in full pursuant to the provisions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">4.1.2&nbsp;Term
CORRA applicable to the Initial Interest Period for any Advance shall be the Term CORRA in effect on the first Business Day of the Fiscal
Quarter in which the Initial Interest Period occurs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.2</TD><TD>Interest Paid in Kind</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">4.2.1&nbsp;Until
the date that is six (6) months after the Initial Project Completion Date, interest payable on the Advances shall be added to the principal
amount of the Advances and accordingly, during that period, on each Interest Payment Date the interest payable in accordance with Section&nbsp;4.1
shall be paid by adding such accrued interest to the principal amount of such Advance (the &ldquo;<B>PIK Interest</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">4.2.2&nbsp;Amounts
representing PIK Interest that are added to the principal amount of an Advance shall thereafter constitute principal and bear interest
in accordance with Section&nbsp;4.1 and, if applicable, Section&nbsp;4.3, and otherwise be treated as part of the principal amount of
such Advance for all purposes of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.3</TD><TD>Default Interest</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At all times that an Event
of Default, other than a Benefit to Canada Event of Default, has occurred which is continuing, the Borrower shall pay additional interest
on the Advances outstanding at a rate per annum equal to two percent (2%) per annum. For certainty, any Benefit to Canada Event of Default
may result in an increase to the interest rate hereunder pursuant to the Covenant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.4</TD><TD>Warrants</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">4.4.1&nbsp;As
consideration for making available the Loan Facility to the Borrower, the Borrower shall grant to the Lender under and in accordance with
the terms of the Warrant Agreement, Warrants exercisable for common shares in the capital of the Borrower, to be issued irrevocably by
the Borrower to the Lender on or before the date of the initial Advance (being 346,551 Warrants), exercisable by the holder(s) thereof
in whole or in part at any time after the second anniversary of the date of issuance of the Warrants to the date that is ten (10) years
from the date of issuance of the Warrants (subject to vesting and the other terms of the Warrant Agreement) at an exercise price of $982.2713
(in United States Dollars) per common share (as adjusted in accordance with the terms of the Warrant Agreement, including, for greater
certainty, for actions occurring after the date hereof and prior to the date of issuance of the Warrants).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">4.4.2&nbsp;The
Borrower covenants and agrees that, in the event the IP Reorganization is completed, whether before or after the date of the initial Advance
hereunder, the number of Warrants shall be adjusted such that the Lender shall hold Warrants exercisable for 10% of the common shares
in the capital of the Borrower, on a fully-diluted basis after giving effect to the issuance of common shares pursuant to the IP Reorganization
and assuming the exercise of the Warrants and the IQ Warrants (after any corresponding adjustment to the IQ Warrants), without any adjustment
to the exercise price per common share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.5</TD><TD>No Set-Off, Deduction etc.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All payments (whether interest
or otherwise) to be made by the Borrower or any other party to the Lender pursuant to this Agreement shall be made in freely transferable,
immediately available funds and without set-off, deduction or counterclaim of any kind whatsoever (whether for deemed re-investment or
otherwise) except to the extent required by Applicable Law, and if any such set-off or deduction is so required and is made, the Borrower
or other party will, as a separate and independent obligation to the Lender, be obligated to immediately pay to the Lender all such additional
amounts as may be required to fully indemnify and save harmless the Lender from such set-off or deduction and will result in the effective
receipt by the Lender of all the amounts otherwise payable to it in accordance with the terms of this Agreement. For greater certainty,
the Borrower will not be required to make any payment under this Section&nbsp;4.4 in duplication of any payment required to be made under
Section&nbsp;12.1 or 12.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.6</TD><TD>Account of Record</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Lender will open and maintain
books of account evidencing all Advances and all other amounts owing by the Borrower to the Lender hereunder. The Lender will enter in
the foregoing accounts details of all amounts from time to time owing, paid or repaid by the Borrower hereunder and the amount of any
PIK Interest. The information entered in the foregoing accounts will constitute <I>prima&nbsp;facie</I> evidence of the obligations of
the Borrower to the Lender hereunder with respect to all Advances and all other amounts owing by the Borrower to the Lender hereunder.
After a request by the Borrower, the Lender will promptly advise the Borrower of such entries made in the Lender&rsquo;s books of account.
The Lender may, but shall not be required to, provide an invoice to the Borrower of the amount of interest owing prior to any Interest
Payment Date, but the Lender shall have no liability for any failure to do so, nor shall any such failure have any effect on the Borrower&rsquo;s
obligation to make any interest payment hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.7</TD><TD>Maximum Rate of Interest</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding anything herein
or in any of the other Loan Documents to the contrary, in the event that any provision of this Agreement or any other Loan Documents would
oblige the 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 or prohibited rate (as such terms are construed
under the <I>Criminal Code </I>(Canada) or any other Applicable Law), then notwithstanding such provision, such amount or rate shall be
deemed to have been adjusted with the same effect as if adjusted at the Closing Date 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 or prohibited rate,
such adjustment to be effected to the extent necessary in each case, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">by reducing any fees and other amounts which would constitute interest for the purposes of Section&nbsp;347
of the <I>Criminal Code</I> (Canada) or any other Applicable Law; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">by reducing the amount or rate of interest eligible under Article&nbsp;4 of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Any amount or rate of interest referred
to in this Section&nbsp;4.7 shall be determined in accordance with generally accepted actuarial practices and principles over the maximum
term of this Agreement (or over such shorter term as may be required by Section&nbsp;347 of the <I>Criminal Code</I> (Canada) or any other
Applicable Law) and, in the event of a dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by the Lender
shall be conclusive for the purposes of such determination, absent manifest error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.8</TD><TD>Benchmark Replacement Setting</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">4.8.1&nbsp;<B>Benchmark
Replacement.</B> Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event and its
related Benchmark Replacement Date have occurred prior to any setting of the then-current Benchmark, then (x)&nbsp;if a Benchmark Replacement
is determined in accordance with clause&nbsp;(a) of the definition of &ldquo;Benchmark Replacement&rdquo; for such Benchmark Replacement
Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such
Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any party to, this Agreement
or any other Loan Document and (y)&nbsp;if a Benchmark Replacement is determined in accordance with clause&nbsp;(b) of the definition
of &ldquo;Benchmark Replacement&rdquo; for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for
all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (Toronto time) on the fifth
(5th) Business Day after the date notice of such Benchmark Replacement is provided to the Borrower and the Lender without any amendment
to, or further action or consent of any party to, this Agreement or any other Loan Document. If the Benchmark Replacement is Daily Compounded
CORRA, all interest payments will be payable on the last day of each Initial Interest Period or Interest Period, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">4.8.2&nbsp;<B>Benchmark
Replacement Conforming Changes.</B> In connection with the use, implementation and administration of a Benchmark Replacement, the Lender
will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other
Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any
other party to this Agreement or any other Loan Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">4.8.3&nbsp;<B>Notices;
Standards for Decisions and Determinations.</B> The Lender will promptly notify the Borrower of (i)&nbsp;any occurrence of a Benchmark
Transition Event, (ii)&nbsp;the implementation of any Benchmark Replacement, (iii)&nbsp;the effectiveness of any Conforming Changes in
connection with the use, administration, adoption or implementation of a Benchmark Replacement, (iv)&nbsp;the removal or reinstatement
of any tenor of a Benchmark pursuant to Section&nbsp;4.8.4, and (v)&nbsp;the commencement of any Benchmark Unavailability Period. Any
reasonable determination, decision or election that may be made by the Lender pursuant to this Section&nbsp;4.8.3, including any determination
with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision
to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its
or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case,
as expressly required pursuant to this Section&nbsp;4.8.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">4.8.4&nbsp;<B>Unavailability
of Tenor of Benchmark. </B>Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection
with the implementation of a Benchmark Replacement), (i)&nbsp;if any then-current Benchmark is a term rate (including the Term CORRA Reference
Rate) and either (A)&nbsp;any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate
from time to time as selected by the Lender in its discretion, acting reasonably, or (B)&nbsp;the administrator of such Benchmark or the
regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing
that any tenor for such Benchmark is not or will not be representative, then the Lender, acting reasonably, may modify the definition
of &ldquo;Interest Period&rdquo; (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such
unavailable or non-representative tenor and (ii)&nbsp;if a tenor that was removed pursuant to clause&nbsp;(i) above either (A)&nbsp;is
subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B)&nbsp;is not, or will
not, be representative for a Benchmark (including a Benchmark Replacement), then the Lender, acting reasonably, may modify the definition
of &ldquo;Interest Period&rdquo; (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate
such previously removed tenor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">4.8.5&nbsp;<B>Benchmark
Unavailability Period.</B> Upon the Borrower&rsquo;s receipt of notice of the commencement of a Benchmark Unavailability Period with respect
to a given Benchmark, the Borrower may revoke any pending request for an Advance that is of the type that have a rate of interest determined
by reference to the then-current Benchmark, to be made, converted or rolled over during any Benchmark Unavailability Period and, failing
that, the Borrower will be deemed to have converted any such request into a request for Prime Rate Advances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.9</TD><TD>Compensation for Losses</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event of (a)&nbsp;the
payment of any principal of any Term CORRA Advance or Daily Compounded CORRA Advance, as applicable, prior to the last day of an Initial
Interest Period or Interest Period, as applicable (including as a result of an Event of Default), or (b)&nbsp;the failure to borrow, continue
or prepay any Advance on the date specified in any notice delivered pursuant hereto, then, in any such event, the Borrower shall, after
receipt of a written request by the Lender affected by any such event (which request shall set forth in reasonable detail the basis for
requesting such amount), compensate the Lender for the loss, cost and expense attributable to such event. A certificate of the Lender
setting forth any amount or amounts that the Lender is entitled to receive pursuant to this Section delivered to the Borrower shall be
presumptively correct absent manifest error. The Borrower shall pay the Lender the amount shown as due on any such certificate within
ten (10) days after receipt of such demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.10</TD><TD>Market Disruption</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">4.10.1&nbsp;Subject
to Section&nbsp;4.8.1, if, on or prior to the first day of any Initial Interest Period or Interest Period, as applicable, for any Advance,
as applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">4.10.1.1&nbsp;the
making of any Advance has been made commercially impracticable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">4.10.1.2&nbsp;the
Lender determines (which determination shall be conclusive and binding absent manifest error) that, &ldquo;Term CORRA&rdquo; or &ldquo;Daily
Compounded CORRA&rdquo;, as applicable, cannot be determined pursuant to the definition thereof, for reasons other than a Benchmark Transition
Event,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">4.10.1.3&nbsp;the
Lender determines that for any reason in connection with any request for an Advance or a continuation thereof that Term CORRA (or, where
a Benchmark Transition Event has occurred with respect to Term CORRA Reference Rate, Daily Compounded CORRA), for any requested Interest
Period with respect to a proposed Advance does not adequately and fairly reflect the cost to the Lender&rsquo;s of making and maintaining
such Advance, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">4.10.1.4&nbsp;any change
in any Applicable Law or in the interpretation or application thereof by any Governmental Authority, has made it illegal for the Lender
to make or maintain or to give effect to its obligations in respect of Term CORRA Advances (or, where a Benchmark Transition Event has
occurred with respect to Term CORRA Reference Rate, Daily Compounded CORRA) as contemplated hereby,&nbsp;then the Lender shall provide at least
four Business Days&rsquo; written notice to the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">4.10.2&nbsp;Upon
delivery of such notice by the Lender to the Borrower under Section&nbsp;4.8.1, any obligation of the Lender to make Term CORRA Advances
and any right of the Borrower to continue Term CORRA Advances shall be suspended (to the extent of the affected Term CORRA Advances or
affected Interest Periods) until the Lender revokes such notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">4.10.3&nbsp;Upon
receipt of such notice by the Lender to the Borrower under Section&nbsp;4.8.1, (i) the Borrower may revoke any pending request for an
Advance of Term CORRA Advances, (to the extent of the affected Term CORRA Advances or affected Interest Periods); the Borrower will be
deemed to have converted any such request into a request for an Advance of Prime Rate Advances in the amount specified therein and (ii)
any outstanding affected Term CORRA Advances will be deemed to have been converted, at the end of the applicable Initial Interest Period
or Interest Period, as applicable, into Prime Rate Advances and upon any such conversion, the Borrower shall also pay accrued interest
on the amount so converted, together with any additional amounts required pursuant to Section&nbsp;4.8.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;5<BR>
REPAYMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.1</TD><TD>Mandatory Repayment at Maturity</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the terms hereof
and to Section&nbsp;5.2, the Borrower will repay the Advances outstanding together with all accrued interest, fees, and other amounts
then unpaid by it with respect to such Advances, in full on the earliest to occur of (i)&nbsp;the Maturity Date and (ii)&nbsp;the date
of the acceleration of the Obligations pursuant to Section&nbsp;10.2 of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.2</TD><TD>Mandatory Prepayments</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">5.2.1&nbsp;<U>Mandatory
Prepayments from Proceeds of Equity Interests</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If, after the Closing Date, any Obligor
shall issue new Equity Interests (whether common or preferred stock or otherwise), other than (A) Equity Interests issued by Telesat LEO
Parent in connection with the employee equity awards not in contravention of this Agreement, (B)&nbsp;Equity Interests issued by any Obligor
(other than the Borrower) to any other Obligor, (C) Equity Interests issued pursuant to the Warrant Agreement or the IQ Warrant Agreement,
or (D) Equity Interests issued by the Borrower to Telesat LEO Parent or by Telesat LEO Parent where (i) the proceeds of such issuance
are used to pay costs or expenses related to the Project other than with respect to the initial 156 Satellites (which new Equity Interest
shall be subject to the security requirements of Section&nbsp;7.1) and (ii) provided that the holder of such Equity Interests (and any
Affiliate thereof) is not an Undesirable Person, the Borrower shall notify the Lender of the estimated Net Cash Proceeds of such issuance
to be received for the account of such Obligor in respect thereof, and promptly upon receipt by such Obligor of Net Cash Proceeds of such
issuance, subject to Section 5.2.6 the Borrower shall prepay the Obligations in an aggregate amount equal to the Net Cash Proceeds of
such issuance. The amount of each such prepayment shall be applied first to any accrued and unpaid interest (including any PIK Interest)
and second, to the amortization payments set out in Schedule L in inverse order of maturity. For certainty, such prepayment shall not
cure any Event of Default caused by the issuance of any Equity Interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">5.2.2&nbsp;<U>Mandatory
Prepayments from Proceeds of Debt</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If, after the Closing Date, any Obligor
shall incur any Debt or issue any debt securities, in each case which is not Permitted Debt, then the Borrower shall promptly notify the
Lender of such incurrence or issuance (including the amount of the estimated Net Cash Proceeds to be received by such Obligor in respect
thereof) and, promptly upon receipt by such Obligor of the Net Cash Proceeds of such issuance, subject to Section 5.2.6 the Borrower shall
prepay the Obligations in an aggregate amount equal to 100% of the amount of all such Net Cash Proceeds. The amount of each such prepayment
shall be applied first to any accrued and unpaid interest (including any PIK Interest) and second, to the amortization payments set out
in Schedule L in inverse order of maturity. For greater certainty, such prepayment shall not cure any Event of Default caused by the incurrence
or issuance of such Debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in">5.2.3&nbsp;<U>Mandatory
Prepayments from Proceeds of Disposition</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><U></U>If any Obligor sells, transfers or otherwise Disposes of any property (other than under a
Permitted Disposition), then subject to Section 5.2.6 the Borrower shall promptly repay all Advances under the Loan Facility by an amount
equal to 100% of the Net Cash Proceeds of such Disposition that are not used by such Obligor to acquire new assets having similar function
to those assets that are the subject of such Disposition within 180 days of such Disposition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">5.2.4&nbsp;<U>Mandatory
Repayment from Proceeds of Insurance</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Mandatory repayments
from proceeds of Insurance shall be made in accordance with the provisions of Section 8.9 of this Agreement. The amount of each such
repayment shall be applied first to any accrued and unpaid interest (including any PIK Interest) and second, to the amortization payments
set out in Schedule L in inverse order of maturity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">5.2.5&nbsp;<U>Mandatory
Prepayments from Excess Cash Flow</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On or prior to the last Business Day
of the first Fiscal Quarter in each Fiscal Year (commencing with the Fiscal Quarter ending March 31<SUP>st</SUP> immediately following
the Fiscal Year in which the Initial Project Completion Date occurs), the Borrower shall deliver to the Lender a completed Excess Cash
Flow Certificate setting out the Excess Cash Flow for the most recently completed Fiscal Year. Upon delivery of the foregoing Excess
Cash Flow Certificate, subject to Section 5.2.6 the Borrower shall prepay the Obligations in the aggregate amount equal to the Excess
Cash Flow Prepayment Amount, provided that if the payment of Excess Cash Flow Prepayment Amount would cause the Borrower to have less
than the required minimum liquidity required pursuant to Section 9.3.2, then the Borrower shall only be required to pay such Excess Cash
Flow amount that allows the Borrower to remain in compliance with Section 9.3.2, which shall be demonstrated to the Lender&rsquo;s satisfaction
in the Excess Cash Flow Certificate. The amount of each such prepayment shall be applied first to any accrued and unpaid interest (including
any PIK Interest) and second, to the amortization payments set out in Schedule L in inverse order of maturity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">5.2.6&nbsp;<U>Pro
Rata Share with IQ</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Notwithstanding the
foregoing, so long as (i) any Obligations remain outstanding hereunder, or (ii) any obligations owing by any Obligor to IQ under or in
connection with the IQ Loan Agreement are outstanding, prior to making any mandatory prepayment or voluntary prepayment to IQ under the
IQ Loan Agreement, the Borrower shall inform the Lender in writing pursuant to subsections 9.2.2(xv) or 9.2.2(xiv), as applicable, and
consult with the Lender to ensure that the amount of any mandatory prepayment or voluntary prepayment, as applicable, to be paid to the
Lender under this Agreement is on a Proportionate Repayment Basis and to IQ under the IQ Loan Agreement is on a IQ Proportionate Repayment
Basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">5.2.7&nbsp;<U>Application
of Payments</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No amount of the Loans paid
or prepaid may be reborrowed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.3</TD><TD>Amortization</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Borrower shall make principal
payments of the Loan Facility in semi-annual installments on the last Business Day of each applicable Fiscal Quarter indicated in Schedule
L, commencing with the first full Fiscal Quarter ending one (1) year after the Initial Project Completion Date and continuing through
and including the Fiscal Quarter ending ten years thereafter, or immediately prior to the Maturity Date, whichever is earlier, with the
amount of each such principal installment to equal the amount set forth in Schedule L shown opposite the relevant due date on such Schedule
L. For certainty, any remaining Obligations shall be paid in full by the Borrower on the Maturity Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.4</TD><TD>Voluntary Prepayments</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Borrower may, subject
to the provisions of this Agreement and without premium or penalty, prepay Advances outstanding under the Loan Facility (together with
accrued and unpaid interest thereon) upon five (5) Business Days&rsquo; notice to the Lender, which shall be irrevocable and binding on
the Borrower and which shall specify the proposed date and aggregate principal amount of the prepayment. In such case, the Borrower shall
pay to the Lender in accordance with such notice the amount of such prepayment. Each partial prepayment shall be in a minimum aggregate
principal amount of $10,000,000 and an integral multiple of $1,000,000, provided that each time the Borrower makes a voluntary prepayment
of outstanding Advances under this Agreement, (i) the Borrower shall make a voluntary prepayment of outstanding advances under the IQ
Loan Agreement contemporaneously, and (ii) the amount of any voluntary prepayment made by the Borrower to (A) the Lender under this Agreement
shall be on a Proportionate Repayment Basis and (B) IQ under the IQ Loan Agreement shall be on a IQ Proportionate Repayment Basis. Unless
otherwise specified by the Borrower in the applicable notice of prepayment required by the immediately preceding sentences, such prepayment
shall be applied first to any accrued and unpaid interest (including any PIK Interest) and second, to the amortization payments set out
in Schedule L in inverse order of maturity. If such voluntary prepayment is made prior to the Initial Project Completion Date, the Borrower
shall certify, as confirmed by the Technical Advisor, that it has Available Funding for the remaining Project Costs to achieve the Initial
Project Completion Date by no later than the Initial Outside Date and that no Default or Event of Default would occur as a result thereof.
If such voluntary prepayment is made after the Initial Project Completion Date but prior to the Project Completion Date, the Borrower
shall certify, as confirmed by the Technical Advisor, that, after giving effect to such prepayment, it has sufficient funds for the remaining
costs to achieve Project Completion by no later than the Outside Date and that no Default or Event of Default would occur as a result
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.5</TD><TD>Cancellation of Commitment</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">5.5.1&nbsp;The
Lender shall have the right to cancel the Commitment if the conditions precedent to the initial Advance are not fulfilled or waived in
accordance with in Section 3.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">5.5.2&nbsp;The
Borrower shall have the right at any time and from time to time, upon ten (10) Business Days prior written notice to the Lender (or such
shorter period of time agreed to by the Lender), to request a reduction of, or a cancellation of a portion of, the Commitment without
premium or penalty and in whole or in part; provided that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">5.5.2.1&nbsp;the
Borrower may not request a reduction of the Commitment or a cancellation of a portion of a portion of the Commitment if such reduction
or cancellation would cause an Event of Default;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">5.5.2.2&nbsp;the
Commitment may not be reduced to an amount less than the sum of the aggregate principal amount of Advances then outstanding after giving
effect to such reduction and any payments made concurrently therewith;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">5.5.2.3&nbsp;each
time the Borrower requests a reduction of the Commitment or a cancellation of a portion of the Commitment under this Agreement, (i) the
Borrower shall request a reduction of the commitment or a cancellation of a portion of the commitment under the IQ Loan Agreement contemporaneously,
and (ii) the amount of any reduction of the Commitment or any cancellation of the Commitment, as applicable, under this Agreement shall
be on a Proportionate Basis comparing to the amount of such contemporaneous reduction of the commitment or such contemporaneous cancellation
of the commitment, as applicable, under the IQ Loan Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">5.5.2.4&nbsp;each
time the Borrower requests a reduction of the commitment or a cancellation of a portion of the commitment under the IQ Loan Agreement,
(i) the Borrower shall inform the Lender in writing pursuant to subsection 10.2.2(xvi), (ii) the Borrower shall request a reduction of
the Commitment or a cancellation of a portion of the Commitment under this Agreement contemporaneously, and (iii) the amount of any reduction
of the commitment or any cancellation of the commitment, as applicable, under the IQ Loan Agreement shall be on a Proportionate Basis
comparing to the amount of such contemporaneous reduction of the Commitment or such contemporaneous cancellation of the Commitment, as
applicable, under this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">5.5.2.5&nbsp;once
reduced or cancelled, such reduced Commitment may not be increased and such cancelled portion of Commitment may not be reinstated; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">5.5.2.6&nbsp;
the Borrower shall have delivered to the Lender a certificate executed by a Responsible Officer of the Borrower and countersigned by the
Technical Advisor confirming and providing sufficient evidence that, after giving effect to such reduction or cancellation, together with
any contemporaneous reduction or cancellation, on a Proportionate Basis, of the commitment under the IQ Loan Agreement, the Available
Funding is projected to be sufficient to achieve the Initial Project Completion Date on or before the Initial Outside Date and that no
Default or Event of Default would occur as a result thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.6</TD><TD>Place of Payment of Principal, Interest and Fees</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">5.6.1&nbsp;All
payments by the Borrower under any Loan Document, unless otherwise expressly provided in such Loan Document, will be made by bank transfer
to the Lender in Canadian Dollars to the Payment Account, or at such other location as may be agreed upon by the Lender and the Borrower,
not later than 12:00 p.m. (Ottawa time) for value on the date when due, and will be made in immediately available funds without set-off,
deduction or counterclaim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">5.6.2&nbsp;The
Borrower shall pay to the Lender on written demand any amounts required to compensate the Lender for any actual loss suffered or incurred
by it as a result of (i)&nbsp;the failure of the Borrower to give any notice in the manner and at the times required by this Agreement;
(ii)&nbsp;the failure of the Borrower to effect an Advance in the manner and at the time specified in any Advance Notice; or (iii)&nbsp;the
failure of the Borrower to make a payment or a mandatory repayment in the manner and at the time specified in this Agreement. Written
notice as to the amount of any such loss submitted in good faith by the Lender to the Borrower shall be prima facie evidence of such amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;6<BR>
REPRESENTATIONS AND WARRANTIES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.1</TD><TD>Representations and Warranties</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Obligor makes the following
representations and warranties to the Lender, all of which shall survive the execution and delivery of this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.1&nbsp;<U>Existence
and Qualification.</U> Each Obligor (i)&nbsp;has been duly incorporated, formed, amalgamated, merged or continued, as the case may be,
and is validly subsisting as a corporation, company, limited liability company, partnership or trust, under the laws of its jurisdiction
of formation, amalgamation, merger or continuance, as the case may; and (ii)&nbsp;is duly qualified, authorized to do business and in
good standing in each jurisdiction where the character of its properties or the nature of its activities makes such qualification necessary
except where the failure to have such qualification will not have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.2&nbsp;<U>Power
and Authority</U>. Each Obligor has the full corporate, trust, company, limited liability company or partnership power and authority,
as the case may be, (i)&nbsp;to carry on its business as now being conducted and as proposed to be conducted by it, (ii)&nbsp;to own or
hold under lease or license or by way of easements, as the case may be, and operate the property it purports to own or hold under lease
or license or by way of easements, as the case may be, (iii)&nbsp;to execute, deliver and perform its obligations under the Loan Documents
to which it is a party and all other instruments and agreements delivered by it pursuant to any of the Loan Documents, (iv)&nbsp;to take
all action as may be necessary to consummate the transactions contemplated under the Loan Documents, and (v)&nbsp;to grant the Encumbrances
provided for in the Security Documents to which it is a party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.3&nbsp;<U>Authorizations</U>.
The execution and delivery of this Agreement, each other Loan Document and each Project Contract to which an Obligor is or will be a party
and the performance by it of its obligations hereunder and thereunder have been duly authorized by such Obligor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.4&nbsp;<U>Enforceability</U>.
This Agreement and each other Loan Document has been duly executed and delivered by each Obligor and constitutes, and each other Loan
Document and each Project Contract to which each Obligor, is or will be party when executed by it will constitute, its legal, valid and
binding obligation, enforceable against it, in accordance with its terms, subject only to the discretion that a court may exercise in
granting equitable remedies and any limitation under Insolvency Legislation or other Laws affecting creditors&rsquo; rights generally
from time to time in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.5&nbsp;<U>Approvals</U>.
All consents, licences, approvals and authorizations required by the Obligors in connection with the entry into, performance, validity
and enforceability of this Agreement, the other Loan Documents and the Project Contracts to which it is a party have been obtained and
are in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.6&nbsp;<U>Security</U>.
The Security Documents constitute a valid first priority Encumbrance on all present and after-acquired assets, property and undertaking
(both real and personal) of the Obligors (and for greater certainty, includes all Equity Interests and all Project Assets but excludes
Excluded Property) in favour of the Collateral Agent for the benefit of the Lender (except for Permits which by their nature are not assignable),
subject only to Permitted Encumbrances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.7&nbsp;<U>No
Breach. </U>The execution and delivery by each Obligor of each of the Loan Documents to which it is a party and each Project Contract
to which it is or will be a party and the performance by it of its obligations hereunder and thereunder do not and will not (i)&nbsp;conflict
with or result in a breach of any of the terms, conditions or provisions of (A)&nbsp;its constating documents, (B)&nbsp;any Applicable
Law, (C)&nbsp;any material contractual restriction binding on or affecting it or its properties (including any such material contractual
restriction contained in the Material Project Contracts, or D)&nbsp;any writ, judgment, injunction, determination or award which is binding
on it; or (ii)&nbsp;result in, or require or permit (A)&nbsp;the imposition of any Encumbrance (other than Permitted Encumbrances) on
or with respect to any properties now owned or hereafter acquired by it, or (B)&nbsp;the acceleration of the maturity of any of its Debt
under any contractual provision binding on or affecting it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.8&nbsp;<U>Litigation</U>.
Other than as set out in Schedule&nbsp;6.1.8, no Obligor has received notice of any action, litigation, subpoena, suit or proceeding,
arbitration or other labour or employment proceeding (whether or not purportedly on its behalf) and no Obligor is aware of any pending
or threatened action, litigation, subpoena, suit or proceeding, arbitration or other labour employment proceeding (whether or not purportedly
on its behalf) against or affecting the Project, the Intellectual Property or any Obligor, which could reasonably be expected to have
a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.9&nbsp;<U>Insurance</U>.
Each Obligor maintains the Required Insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.10&nbsp;<U>Ownership
Structure and Equity Interests</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.10.1&nbsp;As
of the date hereof, the ownership structure and Equity Interests of the Obligors and their subsidiaries are as set out in Schedule&nbsp;6.1.10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.10.2&nbsp;As
of the date hereof, the full organizational structure of the Telesat Group and their subsidiaries are as set out in Schedule&nbsp;6.1.10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.10.3&nbsp;As
of the date hereof, no Person has any agreement, option, right or privilege, whether by Law, pre-emptive or contractual, for the purchase
of any Equity Interests of any Obligor, other than the Warrants, the IQ Warrants and the Securityholder Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.11&nbsp;<U>Financial
Year End.</U> The financial year end of the Borrower is December 31.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.12&nbsp;<U>Employees;
Subsidiaries</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.12.1&nbsp;The
Obligors are in material compliance with all Applicable Laws respecting employment matters, including (without limitation) any provisions
relating to employment standards, pay equity and wages. There is not currently any material labour disruption or conflict involving the
Obligors, or directly affecting the Project. None of the Obligors are a party to a collective bargaining agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.12.2&nbsp;No
Obligors have any Subsidiaries that are not Obligors (other than the Excluded Subsidiaries) and no Obligor has any other Equity Interest
in or otherwise controls any voting stock of or has any direct or indirect ownership interest in, any other Person (other than Telesat
LEO Parent in respect of Telesat Technology) and has not been engaged in any joint venture or partnership with any other Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.13&nbsp;<U>Compliance
with Laws</U>. Each Obligor is in compliance with all material Applicable Laws. No Obligor is aware of any basis that it or the Project
or the Real Property Interests may be, and no Obligors has received notice that it or the Project or the Real Property Interests are alleged
to be, in breach of any Permit or any Applicable Law applicable to it or the Project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.14&nbsp;<U>Anti-Corruption
Laws, Sanctions and GoC Integrity Regime</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.14.1&nbsp;Each
Obligor and each of its respective Subsidiaries maintains in effect, procedures, policies or codes of conduct intended to ensure compliance
by its directors, officers and employees with, in each case, Anti-Corruption Laws and Sanctions laws applicable to such Persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.14.2&nbsp;The
operations of each Obligor and each of its respective Subsidiaries are, and have been at all times, conducted in accordance with applicable
Anti-Money Laundering Laws, and with applicable Anti-Corruption Laws and Sanctions laws, and no action, suit, proceeding or investigation
under applicable Anti-Corruption Laws and Sanctions laws is pending or, to the knowledge of each Obligor, is threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.14.3&nbsp;Neither
any Obligor, any Obligor&rsquo;s Subsidiaries nor, to the knowledge of the Borrower, any of the directors, officers, employees or holders
of a beneficial interest in any Obligor or any Obligor&rsquo;s Subsidiaries is a Sanctioned Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.14.4&nbsp;No
part of the proceeds of any Advance will be used by any Obligor or any of its Subsidiaries (A)&nbsp;in furtherance of an offer, payment,
promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption
Laws, (B)&nbsp;for the purpose of funding (including payments made to) or financing any activities, investments, business or transaction
of or with any Person actually known to any Obligor or to any of its Subsidiaries to be a Sanctioned Person, or (C)&nbsp;in any manner
that would result in the violation of any Sanctions applicable to any Obligor or any of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.14.5&nbsp;Each
of the Obligors has read and understands the GoC Integrity Regime and neither the Obligors, nor to the Borrower&rsquo;s knowledge, any
Material Project Counterparty, is in violation of the GoC Integrity Regime.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.15&nbsp;<U>No
Default</U>. None of the Obligors is in default under any agreement by which it is bound including, without limitation, the SpaceX Agreement,
the MDA Agreement, or any other Pari Passu Financing Document, which could reasonably be expected to have a Material Adverse Effect, and
no Default or Event of Default has occurred and is continuing nor shall such a Default or Event of Default result from the entry by the
Borrower and each other Obligor into this Agreement and the other Loan Documents to which it is a party or the performance by each of
the Obligors of its obligations under this Agreement and the other Loan Documents to which it is a party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.16&nbsp;<U>Material
Project Contracts</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.16.1&nbsp;The
Material Project Contracts listed in Schedule&nbsp;6.1.16 are (i)&nbsp;all of the Material Project Contracts that are in existence as
of the Closing Date, (ii)&nbsp;in full force and effect (except to the extent fully performed in accordance with their terms) and all
conditions precedent thereunder (including all conditions precedent to any warranty obligations thereunder) have been satisfied or waived
except as disclosed in writing to the Lender after the Closing Date in respect of matters which come to its attention after the Closing
Date, and (iii)&nbsp;are the only material contracts required to own, design, test, construct, deliver, launch, Operate and/or maintain
the Project as of the Closing Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.16.2&nbsp;no
Obligor is in breach in any material respect of any Material Project Contract to which it is party. No Obligor is aware of any material
breach of any Material Project Contract by any Material Project Counterparty except as disclosed in writing to the Lender after Closing
for matters which come to its attention after the Closing Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.16.3&nbsp;no
event of default or event that would constitute, with giving of notice or lapse of time, an event of default by a Material Project Counterparty
under any of the Material Project Contracts has occurred and is continuing which would reasonably be expected to have a Material Adverse
Effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.16.4&nbsp;no
Change Orders that would reasonably be expected to have a Material Adverse Effect or in excess of US$[redacted &ndash; commercially sensitive
information] individually and US$[redacted &ndash; commercially sensitive information] in the aggregate, have been issued under the applicable
Material Project Contracts, except for (i)&nbsp;Change Orders issued prior to the Closing Date and previously disclosed to the Lender
and (ii)&nbsp;Change Orders issued on or after the Closing Date in accordance with the provisions of this Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.16.5&nbsp;the
Lender has been provided with true, correct and complete copies of all of the Material Project Contracts, except for Additional Material
Project Contracts, which shall be provided to the Lender as soon as reasonably practical after the Borrower or other applicable Obligor
enters into such Additional Material Project Contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.17&nbsp;<U>Permits</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.17.1&nbsp;The
Permits listed in Schedule&nbsp;6.1.17 are all of the material Permits required by the Obligors and the Project pursuant to Applicable
Law, and are the only material Permits required to design, develop, construct, install, launch, commercialize, own and Operate the Project,
including for certainty, as may be needed to (i)&nbsp;operate the Borrower&rsquo;s terrestrial facilities, (ii)&nbsp;launch and Operate
each Satellite used in the Project; and (iii)&nbsp;transmit signals, in all cases, except as disclosed in writing to the Lender after
the Closing Date in respect of matters which come to the attention of the Borrower after the Closing Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.17.2&nbsp;the
Permits listed in Part I of Schedule&nbsp;6.1.17 are in full force and effect as of the Closing Date and all conditions precedent thereunder
have been satisfied or waived except as disclosed as set out in Schedule&nbsp;6.1.17 or as disclosed in writing to the Lender after the
Closing Date in respect of matters which come to its attention after the Closing Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.17.3&nbsp;no
Obligor is in breach of any Permit in any material respect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.17.4&nbsp;all
Permits listed in Part II of Schedule&nbsp;6.1.17 have been or are expected to be obtained in the normal course by the Borrower so as
to allow for the Initial Project Completion Date to occur on or before the Initial Outside Date and the Project Completion Date to occur
on or before the Outside Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.17.5&nbsp;from
and after the date of the Closing Date, the Lender has been provided with true, correct and complete copies of all of the Permits required
to design, develop, construct, install, launch, commercialize, own and Operate the Project; except for: (i)&nbsp;the Permits in Part&nbsp;II
of Schedule&nbsp;6.1.17 and Additional Permits which shall be provided to the Lender as soon as reasonably practicable after the Borrower
obtains such other Permits; (ii) Permits which do not take the form of formal document issued to the Borrower as set out in Schedule 6.1.17;
and (iii) Permits issued to third parties as set out in Schedule 6.1.17.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.17.6&nbsp;except
as set out in Schedule&nbsp;6.1.17, the Project complies in all material respects with the specifications, plans and drawings submitted
to obtain the Permits referenced above; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.17.7&nbsp;to
the knowledge of the Borrower, each Third Party Permit: (i)&nbsp;has been obtained, or (ii)&nbsp;is expected to be obtained in a timely
manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.18&nbsp;<U>Real
Property Interests.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.18.1&nbsp;Schedule&nbsp;6.1.18
sets out all of the Owned Real Property and the Leased Real Property as at the Closing Date (as updated from time to time in accordance
with this Agreement); other than the Owned Real Property and the Leased Real Property, no Obligor is the owner or lessee of, or under
any agreement or option to own, any real property or any interest therein, and no Obligor has tangible assets having a book value in excess
of Cdn.$[redacted &ndash; commercially sensitive information] (or the Equivalent Amount in Canadian Dollars) at any location or that is
material to the Project other than as disclosed in Schedule&nbsp;6.1.18;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.18.2&nbsp;the
Leases listed in Schedule&nbsp;6.1.18 (as updated from time to time in accordance with this Agreement) are in full force and effect as
of the Closing Date and, except as noted in Schedule 6.1.18, (i) notice of each Lease has been registered on title to the lands thereby
demised, (ii) the Leases have priority over all freehold mortgages affecting such lands or the freehold mortgagees have entered into a
non-disturbance agreement with respect to such lease. All locations that are material to the Project that are not Owned Real Property
are subject to a lease agreement (or other agreement satisfactory to the Lender) in favour of the Borrower in form and substance satisfactory
to the Lender; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.18.3&nbsp;the
Obligors have valid fee simple and marketable title to the Owned Real Property and Leased Real Property, free and clear of all Encumbrances
(except Permitted Encumbrances).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.19&nbsp;<U>Locations
of Collateral.</U> Except as disclosed in Schedule 6.1.19, all of the Collateral that constitutes tangible personal property and all of
the Collateral that constitutes real property is located at or on the Owned Real Property and Leased Real Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.20&nbsp;<U>Environmental.</U>
Except as disclosed in Schedule&nbsp;6.1.20, (a)&nbsp;no Obligor or any of its Subsidiaries is subject to any civil or criminal proceeding
relating to Requirements of Environmental Laws and is not aware of any investigation or threatened proceeding or investigation, which
if adversely determined, could reasonably be expected to have a Material Adverse Effect, (b)&nbsp;each Obligor and each of its Subsidiaries
has all material Permits, registrations and other authorizations required by the Requirements of Environmental Laws for the operation
of its business and the properties which it owns, leases or otherwise occupies, except where the failure to have same could not reasonably
be expected to have a Material Adverse Effect, (c)&nbsp;each Obligor and each of its Subsidiaries currently operates its business and
its Real Property Interests in compliance with all applicable Requirements of Environmental Laws, except where the failure to be in compliance
could not reasonably be expected to have a Material Adverse Effect, (d)&nbsp;no Hazardous Materials are stored or disposed of by any Obligor
or any of its Subsidiaries or otherwise used by any Obligor or any of its Subsidiaries in material violation of any applicable material
Requirements of Environmental Laws (including, without limitation, that there has been no Release of Hazardous Materials by any Obligor
or any of its Subsidiaries at, on or under any Real Property Interests now or previously owned or, to the knowledge of the Borrower, leased
by any Obligor or any of its Subsidiaries in violation of any applicable material Requirements of Environmental Laws), (e)&nbsp;to the
knowledge of the Borrower (i)&nbsp;all underground storage tanks now or previously located on any Real Property Interests owned or leased
by any Obligor or any of its Subsidiaries have been operated, maintained and decommissioned or closed, as applicable, in material compliance
with applicable Requirements of Environmental Law; and (ii)&nbsp;no real property or groundwater in, on or under any Real Property Interest
now or previously owned or leased by any Obligor or any of its Subsidiaries is or has been during the such Obligor&rsquo;s or such Subsidiary&rsquo;s
ownership or occupation of such property contaminated by any Hazardous Material, except for any contamination that could not reasonably
be expected to give rise to material liability under Requirements of Environmental Laws that could reasonably be expected to have a Material
Adverse Effect nor, to the best of its knowledge, is any such property named in any list of hazardous waste or contaminated sites maintained
under the Requirements of Environmental Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.21&nbsp;<U>Force
Majeure</U>. No Force Majeure has occurred and is continuing except as has been disclosed to the Lender in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.22&nbsp;<U>Sufficiency
of Rights.</U> The services to be performed, the materials to be supplied and the property interests and contractual rights (including
rights of way and licences of occupation) and other rights granted to or held by the Borrower pursuant to the Material Project Contracts,
Real Property Interests and the Permits comprise all of the property interests and contractual rights necessary to design, develop, construct,
install, launch, commercialize, own and Operate the Project as contemplated by the Material Project Contracts and the Financial Model
in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.23&nbsp;<U>Intellectual
Property</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.23.1&nbsp;Schedule&nbsp;6.1.23
sets forth a complete list and a description as at the Closing Date (as updated from time to time in accordance with this Agreement) of
all (A) Intellectual Property (including patent, trademark, copyright, industrial design and domain name) registrations and applications,
owned or licensed by the Obligors and used in connection with the Project, along with (i) the name of the owner of each such item of Intellectual
Property, (ii) the jurisdiction in which each such item of Intellectual Property has been registered or filed, and (iii) the applicable
registration, application or serial number or similar identifier (&ldquo;<B>Registered Intellectual Property</B>&rdquo;); and (B) all
Intellectual Property, including proprietary software, that is not registered or subject to applications, but that is owned or licensed
by the Obligors and is material to the Project, along with the name of the owner of each such item of Intellectual Property. The Obligors
own or license, as applicable, such Intellectual Property free and clear of any Encumbrance (other than Permitted Encumbrances).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.23.2&nbsp;Each
Obligor owns exclusively or holds licenses in all of the Intellectual Property which it currently purports to own or license that are
necessary for the design, development, testing, construction, installation, launch, commercialization, ownership and Operation of the
Project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.23.3&nbsp;No
Intellectual Property that is used in connection with the Project is owned by Telesat Canada or any Affiliate of the Borrower (other than
an Obligor).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.23.4&nbsp;All
current employees and all contractors who were involved in the creation or development of any Intellectual Property that is necessary
for or material to the design, development, testing, construction, installation, launch, commercialization, ownership and Operation of
the Project, have signed agreements containing assignment of Intellectual Property rights to an Obligor and industry standard obligations
of confidentiality. To each Obligor&rsquo;s knowledge, no employee or contractor is in violation of such agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.23.5&nbsp;Except
as set out in Schedule 6.1.23, there has been no disclosure by any Obligor to or access given by any Obligor to any Person of material
confidential information or trade secrets used in, necessary for or material to the design, development, construction, installation, launch,
commercialization, ownership and Operation of the Project, other than under an appropriate confidentiality or nondisclosure agreement
or contractual provision relating to confidentiality and nondisclosure or where such disclosure or access would not reasonably be expected
to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.23.6&nbsp;For
all Intellectual Property Licenses used in, necessary for or material to the design, development, construction, installation, launch,
commercialization, ownership and Operation of the Project, neither the Obligor or, to the knowledge of the Borrower, any other party to
such Intellectual Property Licenses is in violation of such Intellectual Property Licenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.23.7&nbsp;No
rights to Intellectual Property material to the Project have been lost or are in jeopardy of being lost through actions or failure to
act by the Obligors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.23.8&nbsp;All
necessary material documents and certificates in connection with the Registered Intellectual Property have been filed with, and all relevant
fees have been paid to, the relevant patent, copyright, trademark or other authorities, as the case may be, for the purposes of perfecting,
prosecuting and maintaining the Registered Intellectual Property. There are no unpaid maintenance, annuity or renewal fees currently overdue
for any of the Registered Intellectual Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.23.9&nbsp;To
each Obligor&rsquo;s knowledge, no Person has infringed, violated or misappropriated or is currently infringing, violating or misappropriating
any Intellectual Property rights owned or licensed by such Obligor. No Intellectual Property or other proprietary right misappropriation,
infringement, or violation Claim has been brought against any Person by any Obligor, Telesat Canada or any other Affiliate of the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.23.10&nbsp;(i)
To each Obligor&rsquo;s knowledge, such Obligor has never infringed or misappropriated and is not currently infringing or misappropriating
any Intellectual Property rights of any Person, and no product manufactured, used, distributed, licensed, or sold by or service provided
by such Obligor has ever infringed or misappropriated or is currently infringing or misappropriating any Intellectual Property rights
of any Person, and (ii) there are no infringement or misappropriation claims or proceedings pending, or to any Obligor&rsquo;s knowledge
after reasonable inquiry, threatened in writing against any Obligor, and no Obligor has received any written notice or other communication
of any actual or alleged infringement or misappropriation of any Intellectual Property rights of any Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.23.11&nbsp;To
each Obligor&rsquo;s knowledge, all Registered Intellectual Property that is necessary for or material to the design, development, construction,
installation, launch, commercialization, ownership and Operation of the Project, is valid, subsisting and enforceable and in compliance
with all legal requirements, filings, and payments and other actions that are required to maintain such Intellectual Property in full
force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.23.12&nbsp;The
transactions contemplated by the Loan Documents and the design, development, construction, installation, launch, commercialization, ownership
and Operation of the Project as currently contemplated by the Borrower, will not materially violate or breach the terms of any Intellectual
Property License, or entitle any other party to any such Intellectual Property License to terminate or modify it in a material way, or
otherwise materially adversely affect any of the Obligor&rsquo;s rights under it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.23.13&nbsp;Each
Obligor has taken all Commercially Reasonable Efforts to protect the Intellectual Property that is used in, necessary for or material
to the design, development, construction, installation, launch, commercialization, ownership and Operation of the Project and the business
of the Obligor as presently conducted and, to each Obligor&rsquo;s knowledge, no material rights to the Obligor&rsquo;s Intellectual Property
have been lost or are in jeopardy of being lost through failure to act by the Obligor. Each Obligor has implemented and monitored industry
standard measures with respect to technical, administrative and physical security to preserve and protect the availability, security,
integrity and non-disclosure of the confidential information and trade secrets of the Obligors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.23.14&nbsp;No
Obligor has granted access or a license to any of its source code that is necessary for or material to the design, development, construction,
installation, launch, commercialization, ownership and Operation of the Project, including any escrow arrangement for the storage and
conditional release of any of its source code. The Obligor has sufficiently documented source code enabling a reasonably skilled software
developer familiar with the applicable coding languages and technology used in development of the Obligor&rsquo;s proprietary Software
products, to understand such source code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.23.15&nbsp;To
the knowledge of the Borrower, no Open Source Software has been used in any manner that, with respect to Intellectual Property that is
used in, necessary for or material to the design, development, construction, installation, launch, commercialization, ownership and Operation
of the Project: (1) requires the disclosure or distribution of such Intellectual Property in source code form; (2) requires the licensing
of such Intellectual Property for the purpose of making derivative works; (3) imposes any restriction on the consideration to be charged
for the distribution of such Intellectual Property; (4) imposes any restriction on the Obligor from asserting its rights, including patent
and other intellectual property rights; or (5) imposes any other material limitation, restriction, or condition on the right of the Obligor
with respect to its use or distribution of such Intellectual Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.24&nbsp;<U>Information
Technology</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.24.1&nbsp;All
IT Systems are in good working condition to perform all computing, information technology and data processing operations necessary for
the Project and the operation of the business of the Obligor. Each Obligor has taken Commercially Reasonable Efforts in accordance with
industry standards to secure the IT Systems from unauthorized access or use by any Person and to promote the continued, uninterrupted
and error-free operation of the IT Systems. Except as set forth in Schedule 6.1.24, there have been no successful unauthorized access,
denial-of-service assault or other attack on the IT Systems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.24.2&nbsp;Each
Obligor has in effect industry standard disaster recovery plans and procedures and business continuity plans and procedures, in the event
of any malfunction of or unauthorized access to any IT Systems. Each Obligor has taken Commercially Reasonable Efforts to provide for
the back-up of data and information critical to the conduct of its business in a commercially reasonable attempt to avoid disruption to,
or interruption in, the conduct of such business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.25&nbsp;<U>Privacy
Laws</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.25.1&nbsp;Each
Obligor has conducted and is conducting its business and the Project in compliance with all applicable Privacy Laws and in all material
respects with the respective internal and customer-facing privacy policies, including in connection with its collection, use and disclosure
of Personal Information. As of the date hereof, no Obligor nor any Subsidiary has received any written complaints or written notices of
any breach or violation of any such Privacy Laws. To the knowledge of each Obligor, in connection with the operation of its business and
the Project, all Personal Information:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">has been collected, retained, used or disclosed with the consent of each individual to which such Personal
Information relates (if such consent is required under applicable Privacy Laws);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">has been used only for the purposes for which the Personal Information was initially collected or for
a subsequent purpose for which consent was subsequently obtained; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">has been collected, retained, used or disclosed, as the case may be, for a purpose in respect of which
consent may, under applicable Privacy Laws, be implied (if such consent is required under applicable Privacy Laws and has not been expressly
received).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.25.2&nbsp;To
the extent that any Obligor or a Subsidiary has been subject to a breach involving Personal Information under its control, such Obligor
or Subsidiary has reported the breach to the applicable Governmental Authority where such reporting is required by Privacy Laws. Each
Obligor and each Subsidiary have kept records of any breach involving Personal Information, whether or not the breach is reportable to
a Governmental Authority under Privacy Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.26&nbsp;<U>Taxes</U>.
Except as set forth on Schedule&nbsp;6.1.26, each Obligor and each of its respective Subsidiaries has (a)&nbsp;paid all Taxes when due,
(b)&nbsp;made adequate provision for Taxes payable by it, (c)&nbsp;delivered, or caused to be delivered, when due, all required income
Tax and information returns to the appropriate Governmental Authorities, (d)&nbsp;withheld and collected all Taxes required to be withheld
and collected by it and remitted such Taxes when due to the appropriate Governmental Authorities, except where any such remittance is
being contested in good faith and by appropriate proceedings and an adequate reserve in accordance with GAAP has been established in its
books and records and (e)&nbsp;paid and discharged when due all obligations imposed upon it by statute which, if unpaid beyond the applicable
due date, might become an Encumbrance upon its property, except where any such obligations are being contested in good faith and by appropriate
proceedings and an adequate reserve in accordance with GAAP has been established in its books and records or otherwise satisfactory to
the Lender, acting reasonably, and no appeal or claim is, to the knowledge of the Borrower, being asserted or processed with respect to
such obligations. Except as set forth on Schedule&nbsp;6.1.26, there is no material action, suit, proceeding, investigation, audit or
claim now pending, or to its knowledge, threatened by any Governmental Authority regarding any Taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.27&nbsp;<U>Financial
Statements</U>. All of the financial statements which have been furnished to the Lender in connection with this Agreement are complete
in all material respects and such financial statements fairly present the results of operations and financial position of the Obligors
as of the dates referred to therein and have been prepared on a Consolidated basis. All other financial information provided to the Lender
as of the date prepared were based on reasonable assumptions and expectations and represent reasonable good faith estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.28&nbsp;<U>Liabilities</U>.
No Obligor has any liabilities, whether accrued, absolute, contingent or otherwise, of any kind or nature whatsoever, except (i)&nbsp;as
disclosed in the financial statements most recently delivered under Section&nbsp;9.2.1 of this Agreement; (ii)&nbsp;as incurred after
the date of such financial statements and as regards to Debt, are permitted to be incurred hereunder; (iii)&nbsp;as incurred in the ordinary
course of business of such Obligor; and (iv)&nbsp;for liabilities consented to by the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.29&nbsp;<U>No
Material Adverse Effect</U>. Since the later of the Closing Date and the date of the Borrower&rsquo;s most recent financial statements
provided to the Lender, there has not occurred any change (or any condition), event or development involving a prospective change in its
business, liabilities, operations, results of operations or assets which would reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.30&nbsp;<U>Information
and the Financial Model.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The Obligors have provided to the Technical Advisor all of the relevant material information in their
possession or to which it has access relating to the Project and the construction and Operation of the Project and the Borrower has reviewed
the report of the Technical Advisor delivered pursuant to Section&nbsp;3.1.24 and such report, based on the Borrower&rsquo;s review (excluding
any information with respect to any opinions contained therein), is not incorrect in any material respect; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Each Financial Model delivered or required to be delivered by the Borrower pursuant to the terms of this
Agreement (i) shall have been prepared by the Borrower in good faith and with due care, (ii) fairly present the expectations of the Borrower
as to the matters covered thereby as of its date, (iii) is based on good faith reasonable assumptions as to all factual and legal matters
material to the estimates therein (including interest rates and costs) at the time of delivery thereof, (iv) is consistent with the applicable
provisions of the Transaction Documents and Applicable Law in all material respects and (v) there is no fact or circumstances with respect
to such Financial Model (or the projections contained therein) or any of the assumptions made in connection therewith that would reasonably
be expected to have a Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.31&nbsp;<U>Disclosure</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.31.1&nbsp;The
Obligors have disclosed to the Lender all agreements, instruments and corporate or other restrictions to which it is subject, and all
other matters known to it pertaining to the Obligors and the Project, in each case, that, individually or in the aggregate, would reasonably
be expected to be material to the Lender. None of the Loan Documents or any reports, financial statements, certificates or other written
information furnished by or on behalf of the Obligors contains any untrue statement of a fact pertaining to any Obligors or the Project
or omits to state a fact pertaining to any Obligors or the Project, which make the statements contained herein or therein, in light of
the circumstances under which they were made, misleading in any material respect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.31.2&nbsp;As
of the date it was stated to be given or as at the date it was delivered, each of the Project Budget and Operating Budget accurately specifies
in all material respects all material costs and expenses incurred and the Borrower&rsquo;s good faith estimate of all material costs and
expenses (including reasonable allowances for contingency expenses) anticipated by the Borrower to be incurred prior to the Project Completion
Date to develop, construct and finance the Project and to implement the Project in the manner contemplated by the Transaction Documents.
With respect to all projections and budgets (including the Project Budget and the Operating Budget) furnished or to be furnished to the
Lender or its consultants by or on behalf of the Borrower and the summaries of significant assumptions related thereto, such projections,
budgets and summaries of assumptions (i) have been prepared with due care and in good faith, (ii) fairly present the expectations of the
Borrower as to the matters covered thereby as of their date, (iii) are based on good faith reasonable assumptions as to all factual and
legal matters material to the estimates therein (including interest rates and costs) at the time of delivery thereof, (iv) are consistent
with the applicable provisions of the Transaction Documents and Applicable Law in all material respects, and in the case of the Project
Budget and Project Schedule and the Operating Budget, are consistent with the most recent Financial Model at the time of delivery thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.32&nbsp;<U>Benefit
Plans and Pension Plans</U>. Except as disclosed in Schedule&nbsp;6.1.32, no Obligor sponsors, administers, maintains or contributes to
a Pension Plan. For certainty, except as disclosed in Schedule&nbsp;6.1.32 no Obligor sponsors, administers, maintains or contributes
to a Pension Plan which contains a defined benefit provision as defined in subsection&nbsp;147.1(1) of the Tax Act. All Benefit Plans
and Pension Plans (i) are registered where required by, and are in good standing under, all Applicable Laws and (ii) that are intended
to qualify for special tax treatment meet all of the requirements for such treatment and has obtained all necessary approvals of all relevant
Governmental Authority. The Benefits Plans and Pension Plans, if any, have been administered and maintained in accordance with the Tax
Act and all other Applicable Law in all material respects. There have been no improper withdrawals or applications of the assets of the
Benefit Plans or Pension Plans. Each of the Benefit Plans and Pension Plans, if any, is funded in accordance with such Benefit Plans and
Pension Plans and Applicable Law, such that, except as disclosed in Schedule 6.1.32, with respect to each Pension Plan, no material funding
deficiency or unfunded liability exists or would reasonably be expected to exist under any such Pension Plan. No Benefit Plan has any
unfunded liabilities, determined in accordance with GAAP, that have not been fully accrued on the most recent unaudited consolidated financial
statements of the Borrower and the most recent audited consolidated financial statements for Telesat Parent or that will not be fully
offset by insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.33&nbsp;<U>Non-Arm&rsquo;s
Length Transactions</U>. All agreements, arrangements or transactions between the Borrower or any other Obligor, on the one hand, and
any Affiliate of or other Person not dealing at Arm&rsquo;s Length with such Obligor, on the other hand (other than the Borrower or another
Obligor), in existence at the date hereof are set forth on Schedule&nbsp;6.1.33 or are otherwise permitted pursuant to Section&nbsp;9.4.20
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.34&nbsp;<U>Collateral
Accounts</U>. Schedule&nbsp;6.1.34 sets forth a complete list of all Collateral Accounts held by the Obligors as at the Closing Date (as
updated from time to time in accordance with this Agreement) and the details of the financial institutions where such Collateral Accounts
are held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.35&nbsp;<U>Excluded
Subsidiaries</U>. As of the Closing Date, the Excluded Subsidiaries are not Material Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.36&nbsp;<U>Warrants.</U>
The Borrower has duly authorized the creation and issuance of the Warrants and the Warrants, when issued on the Closing Date, will be
duly and validly issued, and the certificates representing the Warrants and the Warrant Agreement will be valid and enforceable against
the Borrower (except that enforceability of the Warrant Agreement may be limited by applicable Insolvency Legislation or other Laws affecting
creditors&rsquo; rights generally). The Borrower has reserved the common shares issuable upon the exercise of the Warrants and, upon the
exercise of the Warrants in accordance with the terms of the Warrant Agreement and the certificates representing the Warrants, including
without limitation, payment to the Borrower of the consideration due upon exercise thereof, such common shares will be duly authorized
and validly issued as fully paid and non-assessable common shares in the capital of the Borrower, and the holders will be the legal and
registered owners of such common shares free and clear of Encumbrances (except for any Encumbrances placed thereon by the holders). The
Warrants and common shares issuable upon exercise of the Warrants will be offered, issued, sold and delivered to the holders in compliance
with all Applicable Laws, including applicable securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.37&nbsp;<U>Satellites</U>.
Each of the Satellites owned by any of the Obligors is set out on Schedule&nbsp;6.1.37 (as updated from time to time in accordance with
this Agreement) and sets forth for each Satellite that is in orbit the orbital slot and number and frequency band of the transponder on
such Satellite.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.38&nbsp;<U>Single
Purpose.</U> No Obligor has engaged in any business or activity other than the transactions contemplated by and is not a party to, any
agreement, contract, undertaking or commitment (absolute, accrued, contingent or otherwise and whether or not due) other than in connection
with the Project as contemplated by the Transaction Documents and activities associated therewith or incidental thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.39&nbsp;<U>Separateness</U>.
The Borrower is in compliance with the Separateness Covenants in all respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.40&nbsp;<U>Aboriginal
Matters.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.40.1&nbsp;There
are no Claims (i) pending by any group representing Aboriginal Peoples of Canada that be impacted by the Project involving the Obligors
or the Project or (ii) threatened in writing against any Obligor or the Project by such group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.40.2&nbsp;Except
as disclosed on Schedule 6.1.40 or otherwise disclosed to the Lender, no Obligor is aware of any opposition by Indigenous groups to, or
threats to oppose, the development, construction, operation or any other aspect of the Project, including anything related to the Crown&rsquo;s
duty to consult Indigenous groups.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">6.1.40.3&nbsp;No
Obligor has entered into any agreements, understandings or commitments, including any impact and benefit agreements, with any Indigenous
group with respect to the Project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.41&nbsp;<U>Force
Majeure.</U> No Force Majeure or other event that would excuse the Borrower or, to the Borrower&rsquo;s knowledge, any other Material
Project Counterparty, from the duty to perform any material obligation of such party under any Material Project Contract has occurred
and is continuing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.42&nbsp;<U>Sufficiency
of Funds.</U> The Borrower will have sufficient funds from the operation of the Project after the Initial Project Completion Date to pay
all remaining direct and indirect costs required in order to achieve the Project Completion Date no later than the Outside Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.43&nbsp;<U>Specified
Landing Stations</U>. As of the Project Completion Date, the Specified Landing Stations are sufficient to Operate the Project in accordance
with the revenue projections outlined in the Financial Model.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">6.1.44&nbsp;<U>Schedules</U>.
The information contained in each Schedule attached hereto is as of the date hereof, or at the time a replacement thereof is provided
to the Lender pursuant hereto, will be true, correct and complete in all respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.2</TD><TD STYLE="text-align: justify">Survival and Repetition of Representations and Warranties</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The representations and warranties
made in Section&nbsp;6.1 of this Agreement or any other Loan Document will survive the execution of this Agreement and the other Loan
Documents until the payment in full of all Obligations and will be deemed repeated as of the date of each Compliance Certificate delivered
pursuant to Section&nbsp;9.2.1(iii) of this Agreement, as of the date of each Milestone Certificate delivered pursuant to Section&nbsp;3.3.2
of this Agreement, and as of the date of each Advance. The Borrower acknowledges that the Lender has relied upon all representations and
warranties in the making of the Advances and establishing the Loan Facility. In connection with the repetition of such representations
and warranties, the Borrower shall be required to update the disclosure contained in Schedules&nbsp;6.1.8, 6.1.10, 6.1.16, 6.1.17, 6.1.18,
6.1.20, 6.1.23, 6.1.24, 6.1.34 and 6.1.37 (which it shall do with each Compliance Certificate that is delivered to the Lender) necessary
to correct any information in such Schedule or representation which has been rendered inaccurate thereby (and, in the case of any supplements
to any Schedule, such Schedule shall be appropriately marked to show the changes made therein); provided that (i) no such supplement to
any of the Schedules shall amend, supplement or otherwise modify such Schedule or corresponding representation, or be or be deemed a waiver
of any Default or Event of Default resulting from the matters disclosed therein, except as consented to by the Lender in writing, and
(ii) no supplement shall be required or permitted as to representations and warranties that relate solely to the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;7<BR>
SecurIty</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.1</TD><TD>Security</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">7.1.1&nbsp;As
general and continuing security for the payment and performance of the Obligations, the following security shall be granted to the Collateral
Agent, on behalf of itself, the Lender and the Pari Passu Secured Parties, in each case in form and substance satisfactory to the Lender:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">7.1.1.1&nbsp;a
general security agreement executed by each Obligor in favour of the Collateral Agent, creating a first ranking security interest, subject
to Permitted Encumbrances, on all of the present and after acquired personal property of the Obligor, other than Excluded Property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">7.1.1.2&nbsp;Intellectual
Property Security Agreements executed by each Obligor that owns Intellectual Property in favour of the Collateral Agent, creating a first
ranking security interest, subject to Permitted Encumbrances, on all of the Intellectual Property of such Obligor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">7.1.1.3&nbsp;a
deed of movable hypothec executed by the Borrower in favour of the Collateral Agent, as hypothecary representative of itself, the Lender
and the Pari Passu Secured Parties, creating a first ranking hypothec, subject to Permitted Encumbrances, on the universality of all movable
property, rights and assets of the Borrower, present and future, corporeal and incorporeal;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">7.1.1.4&nbsp;a
Guarantee granted by each of the Guarantors in favour of the Collateral Agent;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">7.1.1.5&nbsp;a
pledge agreement executed by each Obligor in favour of the Collateral Agent pursuant to which such Obligor creates a first ranking pledge
and security interest in all of its right, title and interest in all of the Equity Interests held by such Obligor in any other Obligor,
Excluded Subsidiary or any other Person;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">7.1.1.6&nbsp;an
assignment of each Material Project Contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">7.1.1.7&nbsp;a
Direct Agreement from each applicable Core Material Project Contract Counterparty in respect of each Core Material Project Contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">7.1.1.8&nbsp;an
assignment of insurance in relation to all insurance policies of the Obligors;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">7.1.1.9&nbsp;a
leasehold mortgage in respect of any Leased Real Property of the Obligors, together with a Landlord Access Agreement with the applicable
landlord;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">7.1.1.10&nbsp;a
mortgage over any Owned Real Property of the Obligors;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">7.1.1.11&nbsp;in
respect of any Owned Real Property that (i) has a property value equal to or greater than $1,000,000 or (ii) is a Specified Landing Station,
a customary lender&rsquo;s title insurance policy in form and substance (with acceptable endorsements, including any endorsements relating
to projects of this nature and such further customary endorsements that address contiguity) satisfactory to the Lender, and in amounts
acceptable to the Lender with respect to such Owned Real Property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">7.1.1.12&nbsp;a
Specified Landing Station Access Agreement for each Specified Landing Station (other than a Specified Landing Station that is Owned Real
Property); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">7.1.1.13&nbsp;such
security documents as required pursuant to Schedule 9.1.33 attached hereto in accordance with the timelines set out therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.2</TD><TD>Security to be held by Collateral Agent</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Lender acknowledges and
agrees that, notwithstanding anything set forth herein, the Security Documents and all related documents, agreements and instruments entered
into or granted by the Obligors are granted to and are held by the Collateral Agent on behalf of itself, the Lender and the Pari Passu
Secured Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.3</TD><TD>Continued Perfection of Security</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Obligors shall take such
action and execute and deliver to the Lender and the Collateral Agent such agreements, conveyances, deeds and other documents and instruments
as the Lender and the Collateral Agent shall reasonably request for the purpose of establishing, perfecting, preserving and protecting
the Security Documents and the Encumbrances of the Security Documents, in each case promptly upon request therefor by the Collateral Agent
and in form and substance satisfactory to the Lender acting reasonably.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.4</TD><TD>Registrations and Renewals</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Obligors shall and hereby
covenant to do all such acts, execute all such instruments and provide such further assurances as counsel to the Collateral Agent or Lender&rsquo;s
Counsel may reasonably request to ensure that the first priority of the Encumbrances created by the Security Documents (subject only to
applicable Permitted Encumbrances) executed and delivered to the Collateral Agent and the Lender as contemplated hereby is duly protected
and perfected by registration, filing or recordation of such Security Document or a financing statement, caveat, security notice or other
appropriate instrument at all offices and public registries where reasonably necessary to the protection or perfection thereof and to
so cooperate with the Collateral Agent and the Lender and the Lender&rsquo;s Counsel in renewing or re-filing any registration, filing
or recordation required hereby or by the Security Documents in order to preserve, protect and maintain the priority of such Encumbrances
from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.5</TD><TD>Extensions, Etc.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Lender may grant extensions,
take and give up securities, accept compositions, grant releases and discharges and otherwise deal with the Obligors or any other Persons,
sureties or securities as the Lender, in its sole discretion, may see fit, all without prejudice to the liability of the Obligors or any
other Person under the Loan Documents to which they are a party or the rights of the Collateral Agent or the Lender under the Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.6</TD><TD>No Merger</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The taking of any Encumbrances
as provided under this Agreement or any other Loan Document shall not operate by way of merger of any of the obligations of the Obligors
or any of their successors under this Agreement or any other Loan Document, or of any Encumbrance, guarantee, indemnity, contract, promissory
note, bill of exchange or security in any other form, whether or not similar to the foregoing, and no judgment recovered by the Collateral
Agent or the Lender shall operate by way of merger or in any way affect the Encumbrances provided for in this Agreement and the other
Loan Documents, which shall be in addition to and not in substitution for any other security now or hereafter held by the Collateral Agent
or the Lender whether for Obligations hereunder or under any other Loan Document. For greater certainty, no judgment recovered by the
Collateral Agent or the Lender shall operate by way of merger or in any way affect the obligation of the Borrower to pay interest, fees
and other amounts at the rates, times and manner as provided in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.7</TD><TD>After-Acquired Property</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All Project Assets acquired
by or on behalf of the Obligors after the date of execution of the Security Documents (collectively, &ldquo;<B>After-Acquired Property</B>&rdquo;)
will be subject to the Encumbrances of the Security Documents issued pursuant to Section&nbsp;7.1, without any further conveyance, mortgage,
pledge, charge, assignment or other act on the part of such parties. Without limiting the effect of the preceding sentence, the Obligors
will from time to time execute and deliver, or cause to be executed and delivered, and the Collateral Agent will register, all at the
Borrower&rsquo;s expense, such instruments, including mortgages, trust deeds, assignments and security agreements supplemental to the
Security Documents, in form and substance satisfactory to the Lender, acting reasonably, as may be necessary or desirable to ensure that
the Security Documents as amended, restated, replaced, supplemented or otherwise modified constitutes in favour of the Collateral Agent,
for the benefit of itself, the Lender and the Pari Passu Secured Parties, an effective first priority Encumbrance over such After-Acquired
Property as required hereunder, subject only to Permitted Encumbrances which under applicable law rank in priority thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.8</TD><TD>New Material Subsidiaries</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If at any time after the Closing
Date, (i) any Obligor creates or acquires a Material Subsidiary that is wholly owned by such Obligor directly or indirectly, or (ii) any
Excluded Subsidiary becomes a Material Subsidiary, or (iii) any Excluded Subsidiary is designated by the Borrower as a Material Subsidiary
for the purpose of compliance with the requirements of Section 9.4.27.2, the Borrower shall, or shall cause any Obligor to, promptly,
and in any event within 30 days of the occurrence of the events outlined in (i) and (ii) above:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">7.8.1&nbsp;require
such new Material Subsidiary to (i)&nbsp;execute and deliver to the Collateral Agent, on behalf of itself, the Lender and the Pari Passu
Secured Parties, a Guarantee, (ii)&nbsp;provide security to the Collateral Agent, for the benefit of itself, the Lender and the Pari Passu
Secured Parties, over all of its present and after acquired assets as required of all Obligors and described in Section&nbsp;7.1, and
(iii)&nbsp;take all actions necessary or desirable to grant to the Collateral Agent, for the benefit of itself, the Lender and the Pari
Passu Secured Parties, a perfected security interest in the Collateral, subject only to Permitted Encumbrances, including the filing,
registration or recording of notices in such jurisdictions as may be required or as may be requested by the Collateral Agent;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">7.8.2&nbsp;execute
and deliver to the Collateral Agent, for the benefit of itself, the Lender and the Pari Passu Secured Parties, such agreements, supplements,
or amendments to any Loan Document as the Collateral Agent deems necessary or advisable to grant the Lender a perfected first priority
security interest in the Equity Interests of such new Material Subsidiary, subject only to Permitted Encumbrances;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">7.8.3&nbsp;deliver
to the Collateral Agent all certificates representing such Equity Interests, together with powers of attorney to transfer the Equity Interests,
in blank, executed by a duly authorized officer of the relevant Obligor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">7.8.4&nbsp;deliver
to the Collateral Agent and the Lender an officer&rsquo;s certificate of such Material Subsidiary, with constating documents, by-laws
and appropriate resolutions attached; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">7.8.5&nbsp;deliver
to the Collateral Agent and Lender legal opinions relating to the matters described above, which opinions shall be in form and substance
and from counsel reasonably satisfactory to the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.9</TD><TD>Collateral Accounts</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">7.9.1&nbsp;The
Parties acknowledge that the present and after-acquired personal property of the Obligors includes the Collateral Accounts, and that the
Collateral Agent, on behalf of itself, the Lender and the Pari Passu Secured Parties, has a first priority security interest in and to
the Collateral Accounts and all proceeds thereof, and that pursuant to the Blocked Account Agreements, the Collateral Agent has control
over the proceeds of such account upon an Event of Default, and that any financial institution that established such accounts will not
have any rights as a creditor of the Obligors, or in any other capacity, to any Encumbrance thereon or to claim any right of set-off or
similar right or remedy as against the Obligors or any Affiliate thereof in respect thereof, other than for fees and expenses owing to
such financial institution for the operation of such account or as otherwise agreed to in the account control or similar agreement if
consented to by the Lender, acting reasonably.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">7.9.2&nbsp;Each
Collateral Account shall be maintained as a segregated account separate and apart from each other account maintained by any Affiliate
of the Obligors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">7.9.3&nbsp;Upon
the occurrence and during the continuance of an Event of Default, no funds may be withdrawn or transferred from any Collateral Account
without the consent of the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;8<BR>
Insurance</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.1</TD><TD STYLE="text-align: justify">General</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Borrower will maintain
or cause to be maintained on its behalf, or on behalf of any other Obligor, with reputable insurers of good standing having a credit rating
of not less than A- VIII by A.M. Best&rsquo;s rating or A- by S&amp;P (or equivalent from another rating agency, as deemed acceptable
by the Lender), insurance with respect to its business and assets, in such amounts and against such liabilities, casualties, risks and
contingencies existing from time to time as required under Schedule 8.1. Such policies shall be obtained, maintained and dealt with as
set forth in this Article and Schedule 8.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.2</TD><TD>Actions of the Collateral Agent</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In respect of the provisions
set forth in this Article and Schedule 8.1, the Collateral Agent is acting without discretion and on the instruction of the Lender and/or
the Pari Passu Secured Parties in accordance with the terms of the Intercreditor Agreement and the other Secured Obligations Documents
(as defined in the Intercreditor Agreement) and any actions to be taken or discretion to be exercised by the Collateral Agent shall be
deemed to be actions taken or discretion exercised, as applicable, by the Collateral Agent on the instruction of the Lender and/or the
Pari Passu Secured Parties in accordance with the terms of the Intercreditor Agreement and the other Secured Obligations Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.3</TD><TD>Insurance Policies</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">8.3.1&nbsp;All
policies of insurance referred to in Section&nbsp;8.1 (whether obtained by the Obligors or any Material Project Counterparty) shall show
the interests of the Collateral Agent as mortgagee and/or loss payee if its interests may appear under policies covering physical loss
or damage and the Collateral Agent as additional insured under liability policies (excluding automobile liability, US workers compensation
and professional liability) and shall provide that they shall not be cancelled, lapsed or materially altered without thirty (30) days&rsquo;
prior written notice to the Collateral Agent (other than for non-payment, which shall require fifteen (15)&nbsp;days&rsquo; prior written
notice after non-payment has occurred) to the Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">8.3.2&nbsp;Unless
otherwise amended from time to time with the consent of the Lender, all policies of insurance required hereunder shall be satisfactory
to the Insurance Consultant and shall include the endorsements, which shall be reasonable and available on commercially reasonable terms,
the Insurance Consultant considers advisable. In the event any insurance (including the limits or deductibles thereof) hereby required
to be maintained (other than insurance required by Law to be maintained) shall not be available on commercially reasonable terms in the
commercial insurance market, the Lender shall not unreasonably withhold its agreement to waive such requirement; provided, however, that
(i) the Obligors shall first request any such waiver in writing, which request shall be accompanied by written reports prepared by the
applicable Obligor and its insurance broker(s) certifying that such insurance is not available on commercially reasonable terms in the
commercial insurance market for projects of similar type and scale (and, in any case where the required amount is not so available, certifying
as to the maximum amount which is so available) and explaining in detail the basis for such conclusions, the form and substance of such
reports to be reasonably acceptable to the Lender. At any time after the granting of any such waiver (but not more than once every twelve
(12)&nbsp;months), the Lender may request, and the Borrower shall furnish to the Lender within thirty (30)&nbsp;days after such request,
supplemental reports acceptable to the Lender updating the prior reports and reaffirming such conclusion. Any such waiver shall be effective
only so long as such insurance shall not be available on commercially reasonable terms in the commercial insurance market, it being understood
that the failure of the Borrower to timely furnish any such supplemental report shall be conclusive evidence that such waiver is no longer
effective because such condition no longer exists.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">8.3.3&nbsp;The
Obligors will comply with all terms of all such insurance policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.4</TD><TD>Evidence of Insurance</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">8.4.1&nbsp;The
Obligors will, upon request by the Lender, deliver to the Lender and the Collateral Agent certificates of insurance issued by its insurers
or insurance broker(s) in form and substance satisfactory to the Lender, acting reasonably, together with a certificate from the Borrower
certifying that insurance policies have been obtained and listing all such insurance policies, and in addition shall evidence:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">8.4.1.1&nbsp;the
amounts of all insurance maintained;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">8.4.1.2&nbsp;the
amounts of premiums;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">8.4.1.3&nbsp;the
insurance company(s) or underwriter(s) carrying the insurance and percentage of risk if on a subscription basis;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">8.4.1.4&nbsp;the
credit rating of each insurer;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">8.4.1.5&nbsp;the
effective and expiration date of policies;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">8.4.1.6&nbsp;that
the insurance company(s) or underwriter(s) have provided (to the extent available and if required by the Insurance Consultant as in effect
on the date hereof):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">thirty (30) days&rsquo; notice of cancellation,
                                            lapse or material alteration in the policy (other than for non-payment, which shall require
                                            fifteen (15) days&rsquo; prior written notice after non-payment has occurred); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">worldwide territorial limits for liability policies as required by the Insurance Consultant;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">8.4.1.7&nbsp;to
the extent the Obligors have waived their rights of recourse against the Collateral Agent, a waiver of subrogation in favour of the Collateral
Agent has been included as required by the Insurance Consultant; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">8.4.1.8&nbsp;that
loss payee and additional insured provisions have been duly endorsed as contemplated by this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">8.4.2&nbsp;The
Obligors will provide to the Lender on request from time to time (but not more than once per calendar year) certified copies of all insurance
policies. Notwithstanding the foregoing, the Obligors will provide certificates or binders of insurance to the Insurance Consultant and
the Lender prior to the commencement of any work, or as specified in Schedule 8.1, such that the Insurance Consultant can confirm that
the Required Insurance for commencement of the work is in place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">8.4.3&nbsp;Prior
to the Closing Date and thereafter on request of the Lender, acting reasonably, the Lender may retain, at the Borrower&rsquo;s expense,
the Insurance Consultant to review the certificates of insurance and certified copies of all insurance policies delivered hereunder and
to provide its opinion as to whether the insurance provided for in the subject certificates and policies of insurance complies in all
material respects with the provisions of this Article. The Obligors shall provide the Insurance Consultant with all information reasonably
requested by the Insurance Consultant to facilitate its reviews of such insurance certificates and policies and any other responsibilities
of the Insurance Consultant hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">8.4.4&nbsp;The
Obligors shall permit the Insurance Consultant to observe presentations to underwriters where issues relating to the insurance provisions
in this Agreement may arise. This shall include but not be limited to presentations during placement and claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">8.4.5&nbsp;Neither
the Lender nor the Collateral Agent shall have any obligation to verify any information or statement contained in the certificates or
opinions of the Insurance Consultant delivered to it pursuant to this Article or any duty to effect or maintain any insurance. Neither
the Lender nor the Collateral Agent shall be responsible for any loss by reason of the failure to maintain or insufficiency of any insurance
or by reason of the failure of any insurer to pay the full amount of any loss against which such insurer may have insured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">8.4.6&nbsp;The
Obligors shall also provide to the Lender and the Collateral Agent evidence (which may include, without limitation, signed &ldquo;cover
notes&rdquo; &ldquo;certificates of insurance&rdquo; or &ldquo;binders of insurance&rdquo;) of the renewal of every policy of insurance
referred to in this Article at least fifteen (15)&nbsp;Business Days&rsquo; prior to the expiry of such policies of insurance and, if
there are any amendments in such renewal policies from the previous insurance or if the renewal insurance is a new policy of insurance,
the Obligors will forthwith provide the Lender and the Collateral Agent with all information required to be given pursuant to this Section&nbsp;8.4
in connection with the annual certificate of insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">8.4.7&nbsp;At
the request of the Collateral Agent (acting on the written instructions of the Lender), the Obligors shall take all such action as shall
be so requested to assist the Collateral Agent in successfully asserting its first priority interest in proceeds from insurance paid or
payable to the Obligors with respect to the Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.5</TD><TD>Payment of Premiums</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Obligors will pay punctually,
or cause to be paid, all premiums payable for the insurance required by this Article and furnish to the Lender and the Collateral Agent,
upon request by the Lender, evidence of every such payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.6</TD><TD>Assignment</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If requested by the Lender,
the Obligors will make reasonable commercial efforts to assign, or cause to be assigned, to the Collateral Agent by a specific assignment
all policies of insurance effected pursuant to this Article and all Claims thereunder, to be held by the Collateral Agent as part of the
Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.7</TD><TD>Lender May Place Insurance</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If each Obligor does not keep,
or cause to be kept, the insurance as required by this Article, or does not (if requested) assign, or cause to be assigned, all of its
rights under the policies of insurance as required hereunder, or does not produce to the Lender within thirty (30)&nbsp;days of termination
of any such insurance evidence of the renewal thereof, then the Lender may effect (or cause to be effected) such insurance for such amount
as such Obligor is required hereunder to maintain or, if no amount is specified herein, for such amount as may be acceptable to the Lender,
acting reasonably, in consultation with the Insurance Consultant; provided that the Lender shall not be obliged to effect or maintain
any such insurance or, in the event of effecting or maintaining any such insurance, to insure other than the interest of the Collateral
Agent (on behalf of the Lender) or to see to the payment of the premiums on any policy, and the Lender shall not be liable or responsible
for any loss arising out of any defect in any policy or the failure of any insurer to pay for any loss thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.8</TD><TD>Pursuing Claims against Insurers</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">8.8.1&nbsp;The
Borrower shall promptly notify the Collateral Agent of any matter in respect of which it believes it may be entitled to claim under the
Insurances and, subject to Section 8.8.2 immediately below, shall diligently pursue such claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">8.8.2&nbsp;In
the event that the Borrower (acting reasonably) does not consider that it would be in the interest of the Project to pursue a claim under
any of the Insurances, it shall promptly notify the Collateral Agent of the same and must continue to comply with Section 8.8.1 above,
unless and/or until the Collateral Agent advises the Borrower otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.9</TD><TD>Use of Insurance Proceeds</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">8.9.1&nbsp;The
Obligors shall notify the Lender of any material casualty and keep the Lender timely apprised of all insurance claims. All proceeds of
Insurance shall be applied as provided in this Section&nbsp;8.9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">8.9.2&nbsp;<U>Below
$5,000,000.</U> Proceeds of Insurance of $5,000,000 or less paid or payable to any Obligor in respect of any single occurrence of property
damage will be made available directly to such Obligor to, if necessary, repair, rebuild or replace the damaged assets and such Obligor
hereby agrees that it shall apply any such proceeds for such purpose provided that no Default or Event of Default has occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">8.9.3&nbsp;<U>Over
$5,000,000</U>. Provided that no Default or Event of Default has occurred, proceeds of Insurance of $5,000,000 or more paid or payable
to any Obligor in respect of any single occurrence of property damage will be paid by the insurers directly to the Collateral Agent or,
if paid to such Obligor, such proceeds of Insurance shall be received by such Obligor only in trust for the Collateral Agent, shall be
segregated from other funds of such Obligor. Any such proceeds of Insurance may be used by any Obligor (and the Collateral Agent shall
release such proceeds of Insurance or authorize their use) to repair, rebuild or replace the damaged assets upon satisfaction of the following
conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">8.9.3.1&nbsp;the
damaged assets can be restored to a condition substantially equivalent to its condition immediately preceding the occurrence of the damage
in question in accordance with a budget constituting a good faith estimate of the cost of the proposed repairs/replacement, and the Collateral
Agent shall have received a certificate of the Borrower, confirmed by the Technical Advisor, to the effect that such budget is a reasonable
estimate of such costs and that the restoration of the damaged assets can, subject to force majeure, be substantially completed within
the period estimated by the Borrower;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">8.9.3.2&nbsp;receipt
by the Collateral Agent of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">a certificate of the Borrower stating that such proceeds of Insurance, together with other funds held
or arranged by the Borrower (and which sources of funds, in the case of funds arranged and not yet held by the Borrower, are acceptable
to the Lender, acting reasonably), are sufficient to repair, rebuild or replace fully the damage or destruction in respect of which the
proceeds of Insurance are payable (together with the particulars thereof); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">a covenant by the Borrower to repair, rebuild and replace fully the damage or destruction in respect of
which the proceeds of Insurance are payable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">8.9.3.3&nbsp;the
Lender, acting reasonably, is satisfied that there is either sufficient business interruption insurance or other financial support available
to the Borrower to allow the Borrower to pay its obligations during the repair, rebuild or replacement period such that no payment default
occurs during such period;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">8.9.3.4&nbsp;the
Borrower shall have received (and furnished evidence satisfactory to the Lender of such receipt) all consents necessary or desirable to
effect the proposed repairs, other than those to be obtained in the ordinary course of business and which are not at the relevant time
required to be outstanding given the stage of the Project but which the Borrower is reasonably assured of obtaining at the necessary and
appropriate time; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">8.9.3.5&nbsp;the
Borrower shall, pending completion of any repairs, replacement or rebuilding of the damaged assets, maintain the Material Project Contracts
in full force and effect (except where fully performed in accordance with the terms thereof), unless with respect to any Material Project
Contract, the Borrower indicates in a written notice to the Lender and the Collateral Agent its intention to obtain a Permitted Replacement
Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">8.9.4&nbsp;<U>Excess</U>.
Insurance Proceeds paid or payable to the Borrower:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">8.9.4.1&nbsp;not
required to repair, rebuild or replace damaged asset; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">8.9.4.2&nbsp;after
the Borrower has restored the damaged assets to a condition substantially equivalent to its condition immediately preceding the occurrence
of the damage in question and the Borrower has paid the cost thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">shall be available for
application in accordance with Section 8.9.2 or 8.9.3, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">8.9.5&nbsp;<U>Business
Interruption, Etc.</U> The procedure set forth above shall not apply to proceeds of business interruption insurance and delayed start-up
insurance, which proceeds shall be available for application in accordance with Section 8.9.2 or 8.9.3, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">8.9.6&nbsp;<U>Total
Loss.</U> In the event of a total loss (which term shall include actual total loss and constructive total loss) occurring under the insurance
policies maintained by (or cause to be maintained by) the Borrower, the Borrower will provide to the Lender and the Collateral Agent prompt
notice once such total loss has been determined, followed by a report as to adequacy of the insurance proceeds for rebuilding. Within
a specified period after receiving such notice, the Borrower shall offer to prepay the Loan Facility by an amount equal to the net proceeds
received and, if accepted by the Lender by way of ordinary resolution, the Borrower shall apply such proceeds to repayment of the Loan
Facility in accordance with Section 5.2.4. If the offer to prepay is not accepted by the Lender by way of ordinary resolution, such proceeds
shall be used for the repair, replacement or rebuilding in accordance with the procedures set out in this Section 8.9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.10</TD><TD>Brokers Letter of Undertaking.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Borrower&rsquo;s insurance
broker shall provide the Brokers Letter of Undertaking, in the form set out in Schedule 8.10, no later than thirty (30) days before the
first Launch and at each annual renewal thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.11</TD><TD>Required Insurance Reports.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Insurance Consultant will
provide the following reports:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">8.11.1.1&nbsp;Prior
to the Closing Date, the final insurance status report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">8.11.1.2&nbsp;Within
45 days of each anniversary of the Closing Date until the first Launch, a monitoring report evaluating the Borrower&rsquo;s compliance
with the terms of Schedule 8.1;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">8.11.1.3&nbsp;No
later than 60 days prior to the first Launch, an insurance report confirming that Launch, In-orbit Liability and Pre-launch Policies are
in place and compliant with the terms of Schedule 8.1; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">8.11.1.4&nbsp;Within
45 days of each anniversary of the first Launch, a monitoring report evaluating the Borrower&rsquo;s compliance with Schedule 8.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.12</TD><TD>Right of Recourse</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent required in
order to provide for the waiver of subrogation in Section 8.4.1.7, each Obligor hereby waives all its rights of recourse against the Collateral
Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;9<BR>
COVENANTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.1</TD><TD>Positive Covenants</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Obligor hereby covenants
and agrees that, except as otherwise permitted by the prior written consent of the Lender, each Obligor will and will cause each of its
respective Subsidiaries, as applicable, to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.1.1&nbsp;<U>Payment
of Obligations.</U> Duly and punctually pay all Obligations under this Agreement and the other Loan Documents to which it is a party according
to the terms hereof and thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.1.2&nbsp;<U>Use
of Funds</U>. The Borrower shall use the proceeds of all Advances only for the purposes set forth in Section 2.2 of this Agreement. The
Borrower shall ensure that the aggregate amount of cash and Cash Equivalents in all Collateral Accounts maintained by the Borrower or
any Obligor shall not, (i) for the period commencing on September 30, 2024 and ending March 31, 2025, exceed $[redacted &ndash; commercially
sensitive information] at any given time for more than 10 Business Days after receipt by the Borrower of any Advance, and (ii) thereafter
exceed $[redacted &ndash; commercially sensitive information] at any given time for more than 10 Business Days after receipt by the Borrower
of any Advance, provided that the Borrower shall be entitled to request an Advance for any remaining Commitment not already disbursed
as part of the last scheduled Milestone regardless of the above limit on cash and Cash Equivalents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.1.3&nbsp;<U>Conduct
of Business and Maintenance of Existence</U>. Preserve and maintain its corporate, company, limited liability company, partnership or
trust existence and do all things necessary to own, design, construct, deliver, launch, Operate and maintain the Project and to carry
on its business and operations in its name and in a proper, efficient and businesslike manner, in accordance with good business practice
and maintain in good working order and condition (ordinary wear and tear excepted) all property necessary in the Operation of the Project,
except as otherwise permitted by Section&nbsp;9.4.1 of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.1.4&nbsp;<U>Compliance
with Laws.</U> Comply in all material respects with all Applicable Laws (including Environmental Laws) applicable to it or the Project
and do all things necessary to obtain, renew and maintain in good standing from time to time and duly observe all valid requirements of
any Governmental Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.1.5&nbsp;<U>Payment
of Taxes and Claims</U>. File as and when required by Applicable Law, all Tax returns, and pay and discharge before the same shall become
delinquent all Taxes imposed upon it or upon its property or any part thereof and all lawful claims (including claims for labour, materials,
supplies or services) which, if unpaid, might become an Encumbrance upon its property, except in each case any such Tax or claim which
is being Contested in Good Faith and by proper proceedings, provided that (x)&nbsp;adequate reserves are maintained in accordance with
GAAP, (y)&nbsp;enforcement of the contested Tax or claim remains effectively stayed during the time the Tax or claim is being Contested
in Good Faith, and (z)&nbsp;any Tax or claim determined to be due, together with any interest or penalties thereon, is promptly paid when
due after resolution of such Contest in Good Faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.1.6&nbsp;<U>Keeping
of Books.</U> Keep proper and complete books of record and account, in which full and correct entries shall be made of all financial transactions
and its assets and business in accordance with GAAP and which shall be kept separate from those of any other Person or entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.1.7&nbsp;<U>Insurance</U>.
Maintain, or cause to be maintained, the Required Insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.1.8&nbsp;<U>Maintain
Properties.</U> Continuously and diligently pursue Project Completion, maintain, preserve, protect and keep the Project in reasonable
repair, working order and condition in accordance with the applicable Material Project Contracts, and make any necessary proper repairs,
renewals and replacements to the Project to ensure the Project is at all times maintained, preserved, protected and kept in accordance
with the foregoing and, subject to the Project Completion Date, maintain all tangible property material to the conduct of its business
in good working order and condition (subject to ordinary wear and tear), which shall include, in the case of Satellites (other than any
Satellites yet to be launched), the provision of tracking, telemetry, control and monitoring of the Satellites in their designated orbital
positions in accordance with prudent and diligent standards in the commercial satellite industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.1.9 <U>Access
to Information.</U> Provide the Lender (or its designee), its respective officers, employees, financial advisors, business consultants,
legal counsel, accountants and other agents and representatives, with all information reasonably requested by the Lender (or its designee)
from time to time concerning its business, operations and financial condition, and from time to time upon reasonable written notice, during
normal business hours and in a manner which does not materially interfere with its business, permit the Lender&rsquo;s representatives
to (i) visit and inspect the Project, (ii) examine and make copies of its financial books, accounts and records, including but not limited
to, accounts and records stored in computer data banks and computer software systems, and (iii) discuss its financial affairs and its
business with its senior officers and (in the presence of such of its representatives as it may designate and upon consent of the Borrower,
not to be unreasonably withheld) its Auditor, <I>provided that</I> the Borrower shall not be obligated to (x) provide, or cause to be
provided, access or information to the extent that doing so would (A) violate Applicable Law, (B) violate an obligation of confidentiality
of the Borrower or any of its Subsidiaries owing to a third party, provided the Borrower shall use Commercially Reasonable Efforts to
obtain consent to disclosure that is restricted by any such written agreement and, with respect to any written agreement entered into
after the Closing Date, the Borrower shall use Commercially Reasonable Efforts to include terms that would allow the access contemplated
by this Section 9.1.9, or (C) reasonably jeopardize the protection of a solicitor-client privilege, or (y) disclose minutes of the deliberations
of the Borrower&rsquo;s Board (or any committees thereof) that relates directly to the Borrower&rsquo;s relationship, contractual or otherwise,
with the Lender or any of its Eligible Assignees or any actual or potential transactions between or involving the Borrower and such Lender
or any of its Eligible Assignees, or the evaluation of possible alternatives to such transactions or any other transactions involving
the Borrower, or any materials provided to the Borrower&rsquo;s Board (or any Committees thereof) in connection with such deliberations.
If an Event of Default has occurred and is continuing, the Borrower will pay all reasonable expenses incurred by such representatives
in order to visit the Borrower&rsquo;s premises or attend at its and each other Obligor&rsquo;s principal office, as applicable, for such
purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.1.10 <U>Environmental
Matters</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">conduct its operations and keep and maintain the Project and all Real Property Interests it owns, leases
or controls in compliance in all material respects with all Environmental Laws and Permits;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">notify the Lender promptly after it becomes aware of any violation of Environmental Laws or Permits or
any Release of Hazardous Materials on, at, in, under, above, to, from or about the Project or any of its Real Property Interests or of
any order, directive, requirement, notice, warning or intention to issue an order under any Environmental Laws or Permits that is reasonably
likely to result in material Environmental Liabilities; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">promptly forward to the Lender a copy of any order, notice, request for information or any communication
or report received by the Borrower in connection with any violation, breach, non-compliance or Release of Hazardous Materials or any other
matter relating to any non-compliance with Environmental Laws or the Permits that would reasonably be expected to result in material Environmental
Liabilities, in each case.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.1.11 <U>Project
Assets</U>. Ensure that all Project Assets will be acquired and owned by the Borrower or the Obligors, as applicable, free and clear of
all Encumbrances (other than Permitted Encumbrances) and shall forthwith be made subject to the Encumbrances of the Security Documents
at the Borrower&rsquo;s expense in such manner as the Lender shall reasonably request and will ensure that its assets are not inter-mingled
with those of any other Person, including for certainty any Affiliate that is not an Obligor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.1.12 <U>Title</U>.
Maintain and, as soon as reasonably practicable, defend and take all action necessary or advisable at any time and from time to time to
maintain and defend its legal and beneficial right, title and interest in and to all Project Assets and the priority and enforceability
of the Security Documents and the Encumbrances of the Security Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.1.13 <U>Litigation</U>.
Defend, and take all action necessary or advisable (as determined by the Borrower, acting reasonably), from time to time to defend any
claim, action, suit, investigation or other proceeding by any Governmental Authority or other Person or other legal or administrative
proceeding commenced against it or the Project that would be reasonable expected to cause a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.1.14 <U>Punctual
Payment of Project Expenses</U>. Punctually pay out of its own funds (including funds advanced to it or invested in the Borrower) all
sums when due for the design, construction, testing, delivering, launching, Operation and maintenance of the Project unless the amount
due is subject to a bona fide dispute and is being Contested in Good Faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.1.15 <U>Material
Project Contracts</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">9.1.15.1 Maintain
all Material Project Contracts required to own, design, construct, test, deliver, launch, Operate and maintain the Project;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">9.1.15.2 Comply
in all material respects with the terms and conditions of each Material Project Contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">9.1.15.3 Diligently
enforce and cause to be preserved and enforced their material rights and remedies under the Material Project Contracts, shall contest,
as appropriate, all Claims seeking to prevent the conduct of its business with respect to the Project and shall actively and diligently
protect in all material respects by appropriate and timely proceedings any prosecution of suits threatening the ownership, design, construction,
testing, delivering, launching, Operation and maintenance of the Project;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">9.1.15.4 Subject
to compliance with Section&nbsp;9.4.13 and 9.4.16, the Obligors will promptly provide to the Lender from time to time (i)&nbsp;true and
complete copies of all Additional Material Project Contracts and Permitted Replacement Contracts entered into by any Obligor relating
to the Project after the Closing Date and (ii)&nbsp;any amendments to any Material Project Contract, in each case, provided that the Obligors
shall be entitled to redact all information in such contracts as required by Applicable Law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">9.1.15.5
In connection with each Permitted Replacement Contract entered into by an Obligor after the date of this Agreement that replaces a Core
Material Project Contract existing on the date of this Agreement, the Obligors will cause the applicable Material Project Counterparty
thereto (A)&nbsp;to execute and deliver a Direct Agreement in form and substance satisfactory to the Lender, (B)&nbsp;to deliver a legal
opinion from its counsel with respect to such matters as the Lender (on the advice of its legal counsel)&nbsp;may reasonably request;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">9.1.15.6 For
any Additional Material Project Contract with a cost in excess of US$[redacted &ndash; commercially sensitive information] over its term,
the Borrower shall cause its Material Project Counterparty thereto to execute and deliver a Direct Agreement in form and substance satisfactory
to the Lender and shall cause such Material Project Counterparty to deliver a legal opinion from its counsel with respect to such matters
as the Lender (on the advice of its legal counsel) may reasonably request; provided that in the case of a Specified Landing Station Agreement,
the Borrower shall cause the applicable counterparty to execute and deliver a Specified Landing Station Access Agreement in the form attached
as Schedule 9.1.15 hereto; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">9.1.15.7 For
any Additional Material Project Contract with a cost equal to or less than US$[redacted &ndash; commercially sensitive information], the
Borrower will use Commercially Reasonable Efforts to cause its Material Project Counterparty thereto to execute and deliver a Direct Agreement
in form and substance satisfactory to the Lender and will use Commercially Reasonable Efforts to cause such Material Project Counterparty
to deliver a legal opinion from its counsel with respect to such matters as the Lender (on the advice of its legal counsel) may reasonably
request; provided that in the case of a Specified Landing Station Agreement, the Borrower shall cause the applicable counterparty to execute
and deliver a Specified Landing Station Access Agreement in the form attached as Schedule 9.1.15 hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.1.16 <U>MDA
Agreement</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">9.1.16.1 Provide
to the Lender true and complete copies of the MDA Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">9.1.16.2 Keep
the Borrower and the Technical Advisor apprised of all material disputes arising under the MDA Agreement, including, without limitation,
any Dispute as defined in the MDA Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.1.17 <U>Permits</U>.
Obtain all Permits (including Additional Permits) as and when required by Applicable Law to own, design, construct, deliver, launch, Operate
and maintain the Project, comply with all such Permits and do all things necessary to obtain, renew and maintain in good standing, from
time to time, all such Permits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.1.18 <U>Real
Property Interests</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">9.1.18.1 Obtain
and maintain all Real Property Interests required to own, design, test, construct, deliver, launch, Operate and maintain the Project.
It will comply in all material respects with all agreements and documents relating to the Real Property Interests held by it and do all
things necessary to obtain, renew and maintain in good standing, from time to time all of its Real Property Interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">9.1.18.2 Ensure
that the Real Property Interests which are capable of registration are properly registered against the certificates of title to the applicable
properties and shall promptly ensure the registration of all instruments necessary or desirable from time to time to protect the priority
and enforceability of such registrable Real Property Interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">9.1.18.3 At
the request of the Lender (but subject to the terms of the Intercreditor Agreement), obtain a Landlord Access Agreement from each landlord,
bailee or warehousemen of premises that are occupied at any time and from time to time by any Obligor or at which any Project Assets are
located.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">9.1.18.4 Promptly
defend and take all action necessary or advisable at any time and from time to time to maintain and defend the priority and enforceability
of such Real Property Interests and the instruments registered against the certificates of title to the Real Property Interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.1.19 <U>Further
Assurances</U>. Promptly upon the request of the Lender or the Collateral Agent:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">9.1.19.1 correct
any material defect or error that may be discovered in any Loan Document or in the execution, acknowledgement, filing or recordation thereof;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">9.1.19.2 do,
execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts, deeds, conveyances,
pledge agreements, mortgages, deeds of trust, trust deeds, assignments, financing statements and continuations thereof, termination statements,
notices of assignments, transfers, certificates, assurances and other instruments as the Lender and the Collateral Agent, may reasonably
require from time to time in order to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">carry out more effectively the purposes of the Loan Documents;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">perfect and maintain the validity, effectiveness and priority of the security interests intended to be
created under the Security Documents and the other Loan Documents; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">9.1.19.3 assure,
convey, grant, assign, transfer, preserve, protect and confirm more effectively to the Lender or the Collateral Agent, the rights granted
or now or hereafter intended to be granted to the Collateral Agent or the Lender under any Loan Document or under any other instruments
executed in connection with any Obligor to which any Obligor is or is to be a party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.1.20 <U>Know
Your Customer.</U> Provide: (i)&nbsp;such documentation as is required for the Lender to comply with Applicable Law and maintain and update
information as reasonably requested by the Lender to satisfy related obligations, as they may change from time to time, and (ii)&nbsp;such
documentation as is reasonably required for the Lender to comply with &ldquo;Know Your Customer&rdquo; requirements, and maintain and
update information as reasonably requested by the Lender to satisfy related obligations, as they may change from time to time, and any
documentation and information requested by the Lender that is similar to that delivered by the Borrower to the Lender in connection with
the Closing Date shall be deemed &ldquo;reasonably&rdquo; required and &ldquo;reasonably&rdquo; requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.1.21 <U>Sanctions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">9.1.21.1 Comply,
and shall cause their respective directors, officers and employees to comply, at all times with all (i)&nbsp;Anti-Money Laundering Laws,
(ii)&nbsp;Anti-Corruption Laws, and (iii)&nbsp;Sanctions and the representations and warranties in respect of such matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">9.1.21.2 Provide
all information to the Lender and the Collateral Agent as may reasonably be requested by the Lender and the Collateral Agent in order
to enable the Lender and the Collateral Agent to demonstrate compliance with all applicable Anti-Money Laundering Laws, Anti-Corruption
Laws and Sanctions to the extent that the Lender or the Collateral Agent, as applicable, are requesting the same information from other
borrowers and customers generally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">9.1.21.3 Provide
the Lender and the Collateral Agent with notice promptly upon becoming aware of any violation of (i)&nbsp;Anti-Money Laundering Laws,
(ii)&nbsp;Anti-Corruption Laws, or (iii)&nbsp;Sanctions, with respect to themselves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.1.22 <U>Cooperation</U>.
Cooperate with each of the Technical Advisor, the ESHS Consultant, the Insurance Consultant and any other Advisor to enable them to prepare
their respective reports and to perform their other obligations to the Lender under the Loan Documents and use its reasonable efforts
to cause the applicable Material Project Counterparty to cooperate with each of the Technical Advisor, the ESHS Consultant, the Insurance
Consultant and any other Advisor in the performance of their duties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.1.23 <U>Goods
and Services and Awarding Contracts</U>. (i)&nbsp;When awarding contracts or hiring personnel, the Obligors shall use a fair, sound and
non-discriminatory business process that results in competent and qualified contractors and personnel working on the Project; and (ii)&nbsp;all
goods and services in respect of the Project purchased by the Obligors shall be purchased or acquired at competitive prices and on market
terms, after deducting all trade discounts and similar items.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.1.24 <U>Pension
Plans and Benefit Plans</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">9.1.24.1 administer
and perform, in a timely fashion, all obligations to which the Obligors or any Subsidiary may become subject under the terms of such plans
and all Applicable Law, including the Tax Act, in respect of its Pension Plans and Benefit Plans, except where the failure to so comply
could not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">9.1.24.2 make
all required contributions, in a timely fashion, to the Pension Plans in accordance with Applicable Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.1.25 <U>Separateness
Covenants</U>. Comply with the Separateness Covenants at all times.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.1.26 <U>Independent
Entity</U>. Ensure that it (A) satisfies each requirement outlined in the definition of &ldquo;Independent Entity&rdquo; strictly in accordance
with the timelines set out therein and (B) maintains at all times thereafter the requirements outlined in the definition of &ldquo;Independent
Entity&rdquo;, such compliance to be satisfactory to the Lender in its sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.1.27 <U>Required
Senior Management and Other Employees</U>. Upon the occurrence of any Event of Default (or similar term) as defined in the Telesat Canada
Senior Debt, ensure that any Senior Management or other employees required for continuity of the design, construction, testing, delivery,
launch, Operation and/or maintenance of the Project are employed by the Obligors and engaged in the business of the Project at all times.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.1.28 <U>Intellectual
Property</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">9.1.28.1 With
respect to Intellectual Property that is necessary in or material to the design, construction, testing, delivery, launch, Operation and/or
maintenance of the Project, protect and diligently enforce and defend at such Obligor&rsquo;s expense its Intellectual Property, including
(with respect to any such Intellectual Property) (A)&nbsp;promptly suing for infringement, misappropriation, or dilution and to recover
any and all damages for such infringement, misappropriation, or dilution, and filing for opposition, interference, and cancellation against
conflicting Intellectual Property rights of any Person, in each case as it determines to be reasonable in its commercially reasonable
judgment, (B)&nbsp;to prosecute diligently any trademark application or service mark application that is part of any trademarks pending
as of the date hereof or hereafter until the termination of this Agreement, except as shall be consistent with commercially reasonable
business judgment of the Borrower and, if any Event of Default has occurred and is continuing, with the prior approval of Lender, (C)&nbsp;to
prosecute diligently any patent application that is part of any patents pending as of the date hereof or hereafter until the termination
of this Agreement, (D)&nbsp;to take all reasonable and necessary action to preserve and maintain all of such Obligor&rsquo;s trademarks,
patents, copyrights, Intellectual Property Licenses and other intellectual property rights, including paying all maintenance fees and
filing of applications for renewal, affidavits of use, and affidavits of non-contestability, and (E)&nbsp;to require all employees, consultants,
and contractors of each Obligor involved in the creation or development of such Intellectual Property to sign agreements containing assignment
of Intellectual Property rights and obligations of confidentiality. Each Obligor further agrees (F) not to abandon, forfeit or dedicate
to the public any Intellectual Property or Intellectual Property License that is necessary for or material to the ownership, design, construction,
delivering, launching and Operation of the Project; and to (G) promptly advise the Lender in writing of material infringements of Obligor&rsquo;s
Intellectual Property necessary in or material to the ownership, design, construction, delivering, launching and Operation of the Project.
Each Obligor hereby agrees to take the steps described in this Section&nbsp;9.1.28.1 with respect to all new or acquired Intellectual
Property to which it or any of its Subsidiaries is now or later becomes entitled that is necessary in or material to the ownership, design,
construction, delivering, launching and Operation of the Project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">9.1.28.2 Acknowledges
and agrees that the Lender shall have no duties with respect to any Intellectual Property of any Obligor. Without limiting the generality
of this Section&nbsp;9.1.28, each Obligor acknowledges and agrees that the Lender shall not be under any obligation to take any steps
necessary to preserve rights in the Collateral consisting of Intellectual Property against any other Person, but the Lender may do so
at its option from and after the occurrence and during the continuance of an Event of Default, and all expenses incurred in connection
therewith (including reasonable fees and expenses of attorneys and other professionals) shall be chargeable to the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">9.1.28.3 On
each date on which a Compliance Certificate is required to be delivered pursuant to Section&nbsp;9.2.1(iii) of this Agreement, the Borrower
shall provide the Lender with a written report of all new Registered Intellectual Property, including patents, trademarks and copyrights
that are registered or the subject of pending applications for registrations, and of all inbound Intellectual Property Licenses that are
necessary or material to the ownership, design, construction, delivering, launching and Operation of the Project, in each case, which
were acquired, registered, or for which applications for registration were filed by any Obligor during the fiscal period to which such
Compliance Certificate relates, and any statement of use or amendment to allege use filed in such period with respect to intent-to-use
trademark applications. In the case of any such registrations or applications therefor that were acquired by any Obligor and are necessary
or material to the ownership, design, construction, delivering, launching and Operation of the Project, each such Obligor shall promptly
file the necessary documents with the appropriate Governmental Authority identifying the applicable Obligor as the owner (or as a co-owner
thereof, if such is the case) of such Intellectual Property. In each of the foregoing cases, the applicable Obligor shall promptly, but
in any event within 30 days, after the Lender&rsquo;s request, cause to be prepared, executed, and delivered to Lender supplemental schedules
to the applicable Loan Documents to identify such Registered Intellectual Property, including patent, trademark and copyright registrations
and applications therefor (with the exception of trademark applications filed on an intent-to-use basis for which no statement of use
or amendment to allege use has been filed) and Intellectual Property Licenses as being subject to the security interests created under
the Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">9.1.28.4 Anything
to the contrary in this Agreement notwithstanding, in no event shall any Obligor, either itself or through any agent, employee, licensee,
or designee, file an application for the registration of any copyright with any Intellectual Property office in the United States or Canada
without giving the Lender written notice thereof at least 5 Business Days prior to such filing and complying with Section&nbsp;9.1.28.1
and, if available, each such application for registration shall be filed on an &ldquo;expedited basis&rdquo;. Upon receipt from the applicable
Intellectual Property office of notice of registration of any copyright, each Obligor shall promptly (but in no event later than 5 Business
Days (or such longer period as agreed to by the Lender in writing in its sole discretion) following such receipt) notify the Lender of
such registration by delivering, or causing to be delivered, to the Lender, documentation sufficient for the Collateral Agent to perfect
the Collateral Agent&rsquo;s Encumbrances on such copyright. If any Obligor acquires from any Person any copyright registered with a Intellectual
Property office in the United States or Canada or an application to register any copyright with any Intellectual Property office in the
United States or Canada, such Obligor shall promptly (but in no event later than 5 Business Days (or such longer period as agreed to by
the Lender in writing in its sole discretion) following such acquisition) notify the Lender of such acquisition and deliver, or cause
to be delivered, to the Lender, documentation sufficient for the Collateral Agent to perfect the Collateral Agent&rsquo;s Encumbrances
on such copyright. In the case of such copyright registrations or applications therefor which were acquired by any Obligor, each such
Obligor shall promptly (but in no event later than 5 Business Days (or such longer period as agreed to by the Lender in writing in its
sole discretion) following such acquisition) file the necessary documents with the appropriate Governmental Authority identifying the
applicable Obligor as the owner (or as a co-owner thereof, if such is the case) of such copyrights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">9.1.28.5 Each
Obligor shall take reasonable steps to maintain the confidentiality of, and otherwise protect and enforce its rights in, the Intellectual
Property that is necessary in or material to the ownership, design, construction, delivering, launching and Operation of the Project,
including, as applicable (A)&nbsp;protecting the secrecy and confidentiality of its confidential information and trade secrets requiring
all current employees, consultants, licensees, vendors and contractors with access to such information to execute appropriate confidentiality
agreements, (B)&nbsp;taking actions reasonably necessary to ensure that no trade secret falls into the public domain, (C) implementing
industry standard security safeguards for its IT Systems to protect confidential information from authorized access, and (D)&nbsp;protecting
the secrecy and confidentiality of the source code of all software programs and applications of which it is the owner or licensee requiring
any licensees (or sublicensees) of such source code to enter into license agreements with commercially reasonable use and non-disclosure
restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">9.1.28.6 All
standard form contractor and employment agreements of the Obligors shall include industry standard Intellectual Property provisions in
favour of the Obligors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.1.29 <U>Personal
Information</U>. Each Obligor and its Subsidiaries shall comply with applicable Privacy Laws in the course of collecting, using and disclosing
Personal Information. Each Obligor and its Subsidiaries shall protect and safeguard the Personal Information against unauthorized collection,
use or disclosure, as provided by applicable Privacy Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.1.30 <U>Official
Languages.</U> Agrees that any public acknowledgement of the Lender&rsquo;s or the Minister&rsquo;s public support for the Project will
be expressed in both official languages.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.1.31 <U>Aboriginal
Considerations</U>. Acknowledges that the Lender&rsquo;s obligation to pay any Advance is conditional upon the Lender satisfying any obligation
that the Lender may have to consult with or to accommodate any group representing Aboriginal Peoples of Canada, which may be affected
by the terms of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.1.32 <U>Integrity
Requirements</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">9.1.32.1 Comply
at all times with the GoC Integrity Regime and ensure that it does not pay, offer, promise to pay, or authorize the payment of, directly
or indirectly through any other person or firm, partnership, company or other entity, any money, financial instruments or anything of
material value to any person, firm, partnership, company or other entity employed by or acting for or on behalf of any Material Project
Counterparty, whether private or governmental, or any government official or employee or any political party or candidate for political
office, for the purpose of illegally inducing or rewarding any action by a potential employer, main contractor, or contractor or official
favorable to any of the Obligors or parties to the Material Project Contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">9.1.32.2 In
the promotion of activities under this Agreement and the Project, maintain ethical standards of business conduct, and shall not engage
in corrupt practices and will comply at all times with all Anti-Corruption Laws, conventions and treaties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">9.1.32.3 (i)&nbsp;Avoid
any real and potential conflict of interest in the performance of its obligations under the Loan Documents and the Material Project Contracts
(provided that the Lender acknowledges that the Material Project Counterparty to the Telesat MSAs are members of the Telesat Group and
consents to the same); (ii)&nbsp;disclose to the Lender without delay any real and potential conflict of interest that arises during the
performance of its obligations under the Loan Documents and Material Project Contracts; and (iii)&nbsp;comply with any reasonable requirements
prescribed by the Lender to resolve any real and potential conflict of interest. For greater certainty, and without limiting the generality
of the foregoing, a conflict of interest includes a situation where anyone associated with the Obligors owns or has an interest in an
organization that is carrying out work related to the Project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">9.1.32.4 Ensure
that any equity holder in any of the Obligors, and to the Borrower&rsquo;s knowledge, any Material Project Counterparty undertaking any
part of the Project and any such Material Project Counterparty&rsquo;s Affiliates, directors, officers and employees are not persons whose
standing or activities (i)&nbsp;are inconsistent with the Lender&rsquo;s role and mandate; (ii)&nbsp;may compromise the reputation or
integrity of the Lender or the Federal Government of Canada; (iii)&nbsp;may lead to a determination of ineligibility or suspension under
the GoC&rsquo;s Integrity Regime and Ineligibility and Suspension Policy administered under the GoC&rsquo;s Integrity Regime; or (iv)&nbsp;are
inconsistent with the nature of the Project, so as to negatively affect public perception of the Project or have committed a Prohibited
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">9.1.32.5 Provide
the Lender with notice promptly upon becoming aware of any circumstances that automatically lead, or may lead, to a determination of ineligibility
or suspension under the GoC's Integrity Regime and Ineligibility and Suspension Policy with regards to itself.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">9.1.32.6 In
the event any Obligor breaches any of the provisions in Sections&nbsp;9.1.32.2, 9.1.32.3 or 9.1.32.4, such Obligor shall, within five
(5) Business Days of such breach, put forward a reasonable plan and schedule for diligently remedying such breach, which plan and schedule
shall specify in reasonable detail the manner in, and the latest date by, which such breach is proposed to be remedied (which may include
terminating the applicable subcontractor or other person who caused the breach), which date shall not be later than thirty (30) days following
the applicable breach, or if the applicable breach is not capable of being remedied in thirty (30) days then such longer period as is
acceptable to the Lender, acting reasonably. Thereafter, such Obligor shall achieve all elements of such plan and schedule in accordance
with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.1.33 <U>Post-Closing
Security Deliverables</U>. Deliver to the Collateral Agent, in form and substance satisfactory to the Lender, each of the items set forth
on Schedule 9.1.33 attached hereto within the time periods set out therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.1.34 <U>Post-Closing
ESG Requirements</U>. Deliver to the Lender, in form and substance satisfactory to the Lender and the ESHS Consultant, each of the items
outlined in Schedule 9.1.34 attached hereto within the time periods set out therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.2</TD><TD>Reporting Requirements</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">So long as this Agreement
is in force and except as otherwise permitted by the prior written consent of the Lender:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.2.1 <U>Financial
and Other Reporting</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Borrower will deliver to the Lender:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><U>Annual Reports</U>. As soon as practical and in any event within 90&nbsp;days after the end of each
Fiscal Year of the Borrower, a copy of the audited (without qualification) consolidated financial statements of the Borrower which will
include the balance sheet and statements of income, retained earnings and changes in financial position, together with all supporting
schedules, accompanied by&nbsp;an audit report of the Auditors, which report shall include an opinion of such Auditors which opinion shall
not be qualified in any material respect and shall state that such financial statements were prepared in accordance with GAAP and that
the audit by such Auditors in connection with such financial statements has been made in accordance with generally accepted auditing standards.
The annual financial statements shall be accompanied by management&rsquo;s discussion and analysis in a form consistent with form 51-102F1
of National Instrument 51-102 &ndash; <I>Continuous Disclosure Obligations</I>;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify"><U>Quarterly Reports</U>. As soon as practicable and in any event within 45 days after the end of each
Fiscal Quarter of the Borrower (other than the fourth Fiscal Quarter and beginning after the first full Fiscal Quarter completed after
the Closing Date), a copy of the unaudited consolidated financial statements of the Borrower;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify"><U>Compliance Certificate</U>. With each of the financial statements referred to in paragraphs&nbsp;(i)
and (ii) above, a Compliance Certificate:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: justify">demonstrating in reasonable detail compliance (showing all material calculations) with all financial covenants
set out in Section&nbsp;9.3 of this Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify">identifying any material financial events including, without limitation, Dispositions and Capital Expenditures;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(C)</TD><TD STYLE="text-align: justify">updating Schedules&nbsp;6.1.8, 6.1.10, 6.1.16, 6.1.17, 6.1.18, 6.1.20, 6.1.23, 6.1.24, 6.1.34 and 6.1.37
as necessary;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(D)</TD><TD STYLE="text-align: justify">attaching a comparison of the results for the applicable period to the Project Budget or Operating Budget,
as applicable, for the applicable period, including any relevant notes relating to key variances and extra-ordinary items; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(E)</TD><TD STYLE="text-align: justify">certifying and providing evidence that the Available Funding is sufficient to pay all Project Cost and
to achieve the Initial Project Completion Date, and, for Compliance Certificates delivered after the Initial Project Completion Date,
that the Borrower has sufficient funds from the Operations of the Project to pay all remaining direct and indirect costs in order to achieve
Project Completion by the Outside Date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 111; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify"><U>Operating Budget</U>. Within 60&nbsp;days after the end of each Fiscal Year, an Operating Budget for
the next Fiscal Year, together with a management discussion and comparison to past results.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify"><U>Monthly Progress Reports.</U> Prior to the Project Completion Date, no later than twenty-one (21) days
after the last day of each month, and beginning after the first full month completed after the Closing Date, project progress reports
from the Borrower (the &ldquo;<B>Monthly Progress Reports</B>&rdquo; and together with the Quarterly Progress Reports, the &ldquo;<B>Progress
Reports</B>&rdquo;), including:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: justify">for all Monthly Progress Reports delivered prior to the Initial Project Completion Date, (i)&nbsp;estimate
of the anticipated Initial Project Completion Date, (ii)&nbsp;a specific listing of Change Orders approved under the Project Contracts
and reasons therefor and (iii)&nbsp;any occurrence that the Borrower is aware that could reasonably be expected to materially increase
Project Costs or delay the Project Completion Date, in each case, in a manner inconsistent with the Project Budget and Project Schedule;
or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify">for all Monthly Progress Reports delivered after the Initial Project Completion Date but prior to the
Project Completion Date, (i)&nbsp;estimate of the anticipated Project Completion Date, (ii)&nbsp;a specific listing of Change Orders approved
under the Project Contracts and reasons therefor and (iii)&nbsp;any occurrence that the Borrower is aware that could reasonably be expected
to materially increase the costs to achieve the Project Completion Date or delay the Project Completion Date, in each case, in a manner
inconsistent with the Project Budget and Project Schedule;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify">The Borrower shall deliver each such Monthly
Progress Report to the Technical Advisor concurrently with delivery thereof to the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify"><U>Quarterly Progress Reports.</U> Prior to the Project Completion Date, no later than forty-five (45)
days after the last day of each Fiscal Quarter, project progress reports from the Borrower (the &ldquo;<B>Quarterly Progress Reports</B>&rdquo;),
including:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: justify">for all Quarterly Progress Reports delivered prior to the Initial Project Completion Date, (i) estimate
of anticipated Project Costs to achieve the Initial Project Completion Date (which will be confirmed by the Technical Advisor), (ii) aggregate
amount of Project Costs spent to date, (iii) evidence of the Available Funding as of the date of such Progress Report, (iv) status of
any pending material Permits set forth on Part II of Schedule 6.1.17, and (v) cumulative and physical progress and expenditure through
the end of such Fiscal Quarter, together with a comparison of the same against the Project Budget and Project Schedule, provided that
the Borrower&rsquo;s report shall set out the reasons for any variance between the actual expenditure through the end of the Fiscal Quarter
and the Project Budget and Project Schedule; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify">for all Quarterly Progress Reports delivered after the Initial Project Completion Date but prior to the
Project Completion Date, (i) estimate of anticipated remaining costs to achieve the Project Completion Date (which will be accompanied
by written confirmation from the Technical Advisor that such information is correct and complete in all material respects), (ii) confirmation
of the sources of funding available to satisfy the anticipated remaining costs to achieve the Project Completion Date and evidence thereof
satisfactory to the Lender, (iii) status of any pending material Permits set forth on Part II of Schedule 6.1.17, and (iv) cumulative
and physical progress and expenditure through the end of such Fiscal Quarter, together with a comparison of the same against the Project
Budget and Project Schedule, provided that the Borrower&rsquo;s report shall set out the reasons for any variance between the actual expenditure
through the end of the Fiscal Quarter and the Project Budget and Project Schedule.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0in">The Borrower shall deliver
each such Quarterly Progress Report to the Technical Advisor concurrently with delivery thereof to the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify"><U>Non-Consolidation Officer&rsquo;s Certificate</U>. Concurrently with the delivery of the financial
statements referred to in (ii)&nbsp;above, an officer&rsquo;s certificate of the Borrower confirming (A)&nbsp;that there have been no
adverse changes to any of the facts set out in the officer&rsquo;s certificate of the Borrower delivered on the Closing Date in connection
with the Non-Consolidation Opinions, and (B)&nbsp;the Borrower is in compliance with all Separateness Covenants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify"><U>Board Packages.</U> As may be requested by the Lender, promptly and in any event within three (3) Business
Days of any Board meeting, a copy of any Board Materials with respect to the Borrower delivered to the Board, or any committee thereof,
provided that, any information in such materials that is protected by confidentiality (as shall be reasonably demonstrated by the Borrower
to the Lender) shall be redacted.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ix)</TD><TD STYLE="text-align: justify"><U>Excess Cash Flow Certificate</U>. As soon as practical and in any event by no later than the last Business
Day of the first Fiscal Quarter after each applicable Fiscal Year of the Borrower pursuant to Section 5.2.5, a completed Excess Cash Flow
Certificate setting out the Excess Cash Flow for such applicable Fiscal Year.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(x)</TD><TD STYLE="text-align: justify"><U>Other Information</U>. Promptly deliver to the Lender (i) such information relating to the business,
liabilities, operations, results of operations, assets or prospects of the Obligors or the Project and compliance by the Obligors with
their obligations under the Loan Documents as the Lender may reasonably request from time to time, (ii) such information relating to the
business, liabilities, operations, results of operations, assets or prospects of any member of the Telesat Group as the Lender may reasonably
request from time to time and that, in the opinion of the Lender, is relevant to the Project, including the ownership of the Borrower
or any Obligor, and (iii) such other materials as agreed to by the Lender and the Borrower from time to time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.2.2 <U>Notice
of Certain Events</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Borrower will promptly notify the
Lender in writing of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">any Event of Default or any Default;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">a SpaceX Event of Default, an MDA Event of Default, or any Event of Default or any Default under any Pari
Passu Financing Documents;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">any litigation, action, suit or proceeding that would reasonably be expected to result in expenses, liabilities
or obligations of any Obligor in excess of $[redacted &ndash; commercially sensitive information] individually or in excess of $[redacted
&ndash; commercially sensitive information] in the aggregate and the occurrence or non-occurrence of any material change or event relating
thereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">any termination, breach or receipt of written allegation of a material breach by any party or any material
dispute under&nbsp;any Material Project Contract or Permit, and provide the Lender with copies of all material information relating to
any of the foregoing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">any assignment, transfer or conveyance, or notice of any proposed assignment, transfer or conveyance,
by a Material Project Counterparty to any other Person of its rights or obligations under any Material Project Contract to which it is
a party;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">any Change of Control or proposed Change of Control;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">any &ldquo;Force Majeure&rdquo; under any Material Project Contract;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify">any cancellation or material change in the terms, coverages or amounts of any Required Insurance;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ix)</TD><TD STYLE="text-align: justify">any event or circumstance constituting or that would reasonably be considered to constitute a Force Majeure
that adversely affects the Project which would reasonably be expected to have a Material Adverse Effect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(x)</TD><TD STYLE="text-align: justify">any material notices, requests, directives or written communication relating to the Project received by
an Obligor from any Governmental Authority;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(xi)</TD><TD STYLE="text-align: justify">any initiation of any expropriation proceedings involving the Project or any portion thereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(xii)</TD><TD STYLE="text-align: justify">any fact, circumstance, condition or occurrence at, on, or arising from, the Real Property Interests that
results in material violation of any Environmental Law;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(xiii)</TD><TD STYLE="text-align: justify">any disclosure by any Obligor to or access given by any Obligor to any Person of confidential information
or trade secrets used in, necessary for or material to the design, development, construction, installation, launch, commercialization,
ownership and Operation of the Project, other than under an appropriate confidentiality or nondisclosure agreement or contractual provision
relating to confidentiality and nondisclosure;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(xiv)</TD><TD STYLE="text-align: justify">any event or circumstance giving rise to the Borrower&rsquo;s obligation to make any mandatory prepayment
under this Agreement or the IQ Loan Agreement, or any request received by the Borrower from IQ to make any mandatory prepayment under
the IQ Loan Agreement and in each case, specifying the amount of such mandatory prepayment;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(xv)</TD><TD STYLE="text-align: justify">any voluntary prepayment under the IQ Loan Agreement that the Borrower intends to make and specifying
the amount of such voluntary prepayment;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(xvi)</TD><TD STYLE="text-align: justify">any reduction of the commitment or cancellation of a portion of the commitment under the IQ Loan Agreement
that the Borrower intends to request and specifying the amount of such reduction or cancellation, as applicable; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(xvii)</TD><TD STYLE="text-align: justify">any other information relating to an Obligor, the Project that the Lender may reasonably require in connection
with the financial condition, business, property and operations of the Obligors or the Project.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.2.3 <U>Notices
Under Material Project Contracts</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Borrower will promptly notify the
Lender in writing of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Any Obligor being provided with a notice of a default with respect to any Material Project Contract, the
Borrower shall provide as soon as reasonably possible thereafter, a copy of such notice to the Lender with a description of the applicable
default and a report indicating the status of such default and the steps taken and to be taken (as applicable) to cure such default. If
such default is not cured within 10 Business Days after the receipt by such Obligor of such default notice, the Borrower will so advise
the Lender and thereafter will, in consultation with the Lender and the Technical Advisor, attempt to cure such default within the then
remaining cure period available to the Obligor under the applicable agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">milestones achieved or expected milestones not achieved under any Material Project Contract;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">any insurance claims in excess of $1,000,000 either individually or in the aggregate;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">any claim, demand, request, order, directive, judgment, notice, requirement, instruction, determination
or suit, whether brought or threatened arising from or in relation to any Environmental Liability which has or would reasonably be expected
to have a Material Adverse Effect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">to the extent that there are events of material non-compliance with Environmental Law during a Fiscal
Quarter which do not require notification under paragraph&nbsp;9.2.3(iv) above, the Borrower will provide to the Lender a report of such
events at the same time as the Compliance Certificate under&nbsp;9.2.1(iii) above;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">any intentional withholding of material compensation to any Material Project Counterparty under any Material
Project Contract other than any holdback required to be made under the terms of such Material Project Contract or under any applicable
Law;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">upon request, copies of all &ldquo;management letters&rdquo; or other material letters submitted by its
Auditors in connection with the audited financial statements described in Section&nbsp;9.2.1 raising issues associated with the audit
of the Borrower;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify">a copy of any notice of default, event of default or non-compliance which is executed by, sent or received
by the Borrower in connection with any Permitted Debt; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ix)</TD><TD STYLE="text-align: justify">any event or circumstance that would reasonably be expected to have a Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.3</TD><TD>Financial Covenants</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Until the full and final payment
of the Obligations and the termination of this Agreement, the Borrower will ensure that it will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.3.1 <U>Total
Net Leverage Ratio</U>. Maintain at all times a Total Net Leverage Ratio, tested quarterly on that last day of each Fiscal Quarter of
not more than the ratio listed opposite the applicable Fiscal Quarter set out in the table below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; width: 75%; padding-top: 3pt; padding-bottom: 3pt">For the Fiscal Quarter ending 12 months after the Initial Project Completion Date</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; padding-top: 3pt; padding-bottom: 3pt; text-align: center">9.25:1.00</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt">For the Fiscal Quarter ending 15 months after the Initial Project Completion Date </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">6.50:1.00</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt">For the Fiscal Quarter ending 18 months after the Initial Project Completion Date </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">5.00:1.00</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt">For the Fiscal Quarter ending 21 months after the Initial Project Completion Date</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">4.00:1.00</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt">For the Fiscal Quarter ending 24 months after the Initial Project Completion Date and every Fiscal Quarter thereafter</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">3.50:1.00</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.3.2 <U>Minimum
Liquidity</U>. Maintain at all times minimum Liquidity of not less than $100,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.4</TD><TD>Negative Covenants</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Obligor hereby covenants
and agrees that, except as otherwise permitted by the prior written consent of the Lender, each Obligor will not and will cause each of
its respective Subsidiaries, as applicable, not to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.4.1 <U>Fundamental
Changes</U>. Enter into any corporate (or other analogous) transaction (or series of transactions), whether by way of arrangement, reorganization,
consolidation, liquidation, amalgamation, merger or otherwise whereby all or substantially all of its undertaking and assets would become
the property of any other Person or, in the case of any amalgamation, the property of the continuing corporation resulting from the amalgamation,
or sell, lease or dispose of all or substantially all its assets, except for such transactions as are among (i)&nbsp;the Borrower and
any Subsidiary where the Borrower is the surviving entity or where all of such assets are transferred to the Borrower, or (ii)&nbsp;the
Guarantors (other than Telesat LEO Parent), if in each case, at the time of and immediately after giving effect to such transaction (a)&nbsp;no
Event of Default has occurred and be continuing, and (b)&nbsp;the Borrower delivers such documents to the Lender as may be required by
the Lender to confirm all of its Obligations under the Loan Documents and such other certificates and opinions as may be required by the
Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.4.2 <U>Use
of Funds</U>. The Borrower shall not use the proceeds of any Advance to [redacted &ndash; commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.4.3 <U>Debt</U>.
Create, incur, assume, guarantee, suffer, permit to exist or otherwise become liable for any Debt, other than Permitted Debt, provided
that at the time of any incurrence of Permitted Debt, no Default or Event of Default (i)&nbsp;exists under this Agreement or any other
Loan Documents or (ii)&nbsp;will occur as a result of the issuance of such Permitted Debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.4.4 <U>Encumbrances</U>.
Create, incur or otherwise permit to exist any Encumbrances on any of its Property, other than Permitted Encumbrances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.4.5 <U>Non-Consolidation</U>.
Take any actions which would reasonably be expected to result in the Obligors being consolidated with any other entity in any Insolvency
Event or Insolvency Proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.4.6 <U>Financial
Assistance</U>. Permit any Obligor to become a &ldquo;Restricted Subsidiary&rdquo; under (or become otherwise liable for) any part of
the Telesat Canada Senior Debt or to provide any Financial Assistance to any Person other than a Guarantor (other than Telesat LEO Parent).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.4.7 <U>Other
Business</U>. Enter into any line of business other than the ownership, design, construction, testing, delivery, installation, launch,
Operation and/or maintenance of the Project, and the commercialization of the Project, and in the case of Telesat LEO Parent, acting as
the holding company of the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.4.8 <U>Fiscal
Year</U>. Change its Fiscal Year without the prior written consent of the Lender, not to be unreasonably withheld.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.4.9 <U>Dispositions</U>.
Directly or indirectly consummate any Disposition other than any Permitted Disposition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.4.10 <U>Distributions</U>.
Make any Distribution other than a Permitted Distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.4.11 <U>No
Change in Project, Etc. </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">9.4.11.1 Make
or permit to be made any material change in the scope, design or nature of the Project or materially expand the Project; provided that
the Borrower may make or permit any such changes or expansions that do not: (i)&nbsp; in the aggregate, impair or delay the satisfaction
of the requirements for Project Completion, (ii)&nbsp;reduce the predicted capacity of the Project (defined here as the simulated throughput
of the full constellation of [redacted &ndash; commercially sensitive information] satellites, assuming that all satellites are fully
operational at the beginning of life, and while addressing the Financial Model), below [redacted &ndash; commercially sensitive information]
terabits per second, (iii) contravene the terms of the Covenant Agreement, and (iv)&nbsp;otherwise materially adversely affect any Permit,
the Material Project Contracts or the economic viability or performance of the Project; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">9.4.11.2 invest
in, undertake, participate in or carry on any business or operations other than those related or ancillary, directly or indirectly, to
the Project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.4.12 <U>[Redacted
&ndash; commercially sensitive information] Plan under the MDA Agreement.</U> Enter into any [redacted &ndash; commercially sensitive
information] Plan (each as defined in the MDA Agreement) unless the Technical Advisor has reviewed any such Plan and the Lender, in consultation
with the Technical Advisor, has provided its approval in respect thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.4.13 <U>Amendment
to Material Project Contracts</U>. Modify, supplement, amend, alter, repudiate, extend, replace, terminate, release, vary or waive any
default under, any Material Project Contract to which it is a party, exercise or omit to exercise any discretion under any Material Project
Contract or permit or consent to a change or cause or permit any material amendment, modification or variance to any of the foregoing
without the prior written consent of the Lender (in consultation with the Technical Advisor, as required) other than:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">9.4.13.1 routine
or administrative modifications, or amendments to cure defective provisions which could not reasonably be expected to have a Material
Adverse Effect or otherwise be adverse to the interests of the Lender, which shall not require the consent or other approval of the Lender;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">9.4.13.2 Change
Orders that will not:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">together with all previous Change Orders under all Material Project Contracts, increase the Project Costs
(i) by more than $[redacted &ndash; commercially sensitive information] (or such larger amount as consented to by the Lender from time
to time) in the aggregate for the Project or (ii) to an amount that exceeds the Available Funding;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">or could not reasonably be expected to permit or result in any material adverse modification of, or impair
the enforceability of any warranty under any Material Project Contract;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">or could not reasonably be expected to materially impair or reduce the ability of the Project to meet
the Financial Model;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">be prohibited under any other Material Project Contract or could reasonably be expected to materially
diminish the obligation of any Material Project Counterparty or the Obligors; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">or could not reasonably be expected to present a significant risk of the revocation, suspension, cancellation
or material adverse modification of any Direct Agreement,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">provided that, notwithstanding the above,
the MDA Agreement may not be modified, supplemented, amended, altered, repudiated, extended, replaced, terminated, released, varied or
waived in any manner (except for a waiver which will not cause the Project to exceed the Project Budget or the Initial Outside Date) without
the prior written consent of the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.4.14 <U>Financing
Documents</U>. Notwithstanding Section&nbsp;9.4.13, (i)&nbsp;modify, supplement, amend, alter, repudiate, extend, replace, terminate,
release, vary or waive any default under any of the Pari Passu Financing Documents ([redacted &ndash; commercially sensitive information])
including, without limitation, any existing security or guarantees delivered to the Lender and the Pari Passu Secured Parties (or any
of them) on or prior to the Closing Date, or (ii)&nbsp;provide any additional security to the Lender and the Pari Passu Secured Parties
(or any of them) or cause any other Person to guarantee the Borrower&rsquo;s obligations to the Lender and the Pari Passu Secured Parties
(or any of them).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.4.15 <U>Material
Project Contract Assignment</U>. Consent to the assignment by the Material Project Counterparty of any Material Project Contract without
Lender&rsquo;s consent, not to be unreasonably withheld.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.4.16 <U>No
New Material Project Contracts.</U> None of the Obligors shall enter into any Additional Material Project Contracts without the prior
written consent of the Lender, provided that the consent of the Lender shall not be required with respect to an Additional Material Project
Contract if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">it is in compliance with Sections 6.1.14, 9.1.21, and 9.1.23;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">(b)</FONT></TD><TD STYLE="text-align: justify">the
                                            aggregate consideration payable to the counterparty thereunder is less than US$[redacted
                                            &ndash; commercially sensitive information] in the aggregate over the term of such Additional
                                            Material Project Contract; </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">it is entered into with a reputable and qualified Material Project Counterparty; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">is upon reasonable, customary and market terms that, when taken together with all other Material Project
Contracts, will not cause the Project to exceed the Project Budget or the Initial Outside Date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">as confirmed, in (b)
through (d) above by the Technical Advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.4.17 <U>Restrictive
Agreements</U>. Other than this Agreement and the Pari Passu Financing Documents, enter into any agreement that would limit its ability
to effect any dividends or distributions or that would limit the ability of any Obligor to perform its obligations under any Loan Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.4.18 <U>Amendments
to Organizational Documents</U>. Amend any of its Organizational Documents in a manner that would be prejudicial to the interests of the
Lender under the Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.4.19 <U>Limitations
on Name Change, Location of Assets, Jurisdiction of Incorporation or Formation and Chief Executive Office or Registered Office</U>. Without
providing the Lender with at least ten (10) Business Days prior written notice:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">9.4.19.1 change
its name;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">9.4.19.2 change
its jurisdiction of incorporation or formation, the laws governing its constating documents, or the statute under which it is created
or organized;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">9.4.19.3 change
the jurisdiction in which its chief executive office or registered office is located; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">9.4.19.4 permit
its tangible Property to be located in any jurisdiction in which the Collateral Agent has not registered or perfected the security interests
created by the Security Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.4.20 <U>Non-Arm&rsquo;s
Length Transactions</U>. Enter into any material transaction with parties with whom it does not deal at Arm&rsquo;s length, other than
the transactions contemplated by the Telesat MSAs, unless (i) such transaction contains terms no less favourable to such Obligor than
those that would be included in an Arm&rsquo;s Length transaction entered into by a prudent Person with a non-affiliated third party and
(ii) the Lender shall have consented to such transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.4.21 <U>Abandonment</U>.
Permit or cause an Event of Abandonment to occur, provided that shutdown or cessation of operation in the ordinary course of business
or due to construction scheduling or as a result of a casualty or for maintenance or repair shall not constitute abandonment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.4.22 <U>Settlement
of Claims</U>. Settle or consent to any settlement by an Obligor of (a)&nbsp;any liquidated damages Claim or warranty Claim or litigation
in relation to the Project or any of its properties or assets individually in an amount greater than $[redacted &ndash; commercially sensitive
information], or (b)&nbsp;any liquidated damages Claims or warranty Claims or litigation in relation to the Project or any of its properties
or assets, in the aggregate, in an amount greater than $[redacted &ndash; commercially sensitive information] in any rolling five year
period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.4.23 <U>Bank
Accounts</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">9.4.23.1 Open
or maintain any bank accounts, other than the Collateral Accounts, unless the Borrower provides notice to the Lender and a Blocked Account
Agreement with respect to such bank account in form and substance satisfactory to the Lender, contemporaneously with the opening of such
bank account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">9.4.23.2 No Excluded
Subsidiary shall maintain balances in excess of (i) $1,000,000 in the aggregate, or (ii) such higher amount as may be requested by the
Borrower from time to time and approved by the Lender in its sole and absolute discretion, in bank accounts held by such Excluded Subsidiary.
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">9.4.23.3 Telesat
US Services shall ensure that the amount of cash or Cash Equivalents held by it in any bank accounts shall not, at any time, exceed US$[redacted
&ndash; commercially sensitive information] in the aggregate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.4.24 <U>Hedge
Agreements</U>. Enter into or permit to be outstanding at any time any Hedge Agreement unless such Hedge Agreement is a Permitted Hedge
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.4.25 <U>Investments</U>.
Make or permit to remain outstanding any Investments other than (i)&nbsp;Investments by an Obligor in another Obligor, (ii)&nbsp;Cash
Equivalents, (iii)&nbsp;Investments made after the Project Completion Date from Residual Excess Cash Flow, provided that the aggregate
amount of such Investments shall not exceed $[redacted &ndash; commercially sensitive information] over the term of this Agreement and
subject to the security requirements in Article&nbsp;7, and (iv) Investments by any Obligor in the Excluded Subsidiaries to fund the Excluded
Subsidiaries&rsquo; operating expenses and liabilities, provided that the aggregate amount of such Investments shall not exceed $[redacted
&ndash; commercially sensitive information] in any Fiscal Year (inclusive of any Permitted Distribution made by any Obligor to the Excluded
Subsidiaries).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.4.26 <U>Equity
Issuances</U>. [Redacted &ndash; commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.4.27 <U>Subsidiaries</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">9.4.27.1 Other
than the Subsidiaries in existence on the Closing Date, it will not form, own or have any Subsidiaries or otherwise own beneficially an
ownership interest in any Person, will not become a partner in any partnership or joint venture, or enter into any profit-sharing or royalty
agreement or similar arrangement whereby such Person&rsquo;s income or profits are shared with any other Person, unless such Subsidiary
is wholly-owned and, if or when such Subsidiary becomes a Material Subsidiary, such Subsidiary becomes an Obligor hereunder in accordance
with Section&nbsp;7.8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">9.4.27.2 Permit
(i) the aggregate total assets of all Excluded Subsidiaries (including their respective consolidated subsidiaries) to have a book value
equal to or exceeding 7% of the Borrower&rsquo;s total assets, (ii) the aggregate gross annual operating income of all Excluded Subsidiaries
(including their respective consolidated subsidiaries) to be equal to or exceed 7% of the Borrower&rsquo;s gross annual consolidated operating
income in the year for which the Borrower&rsquo;s most recent consolidated financial statements were prepared.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.4.28 <U>Excluded
Subsidiaries Shares</U>. Permit the Equity Interests of any Excluded Subsidiary to be certificated unless such Equity Interests are delivered
to the Collateral Agent within five (5) Business Days of such certification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.4.29 <U>Real
Property Interests</U>. Permit the discharge, transfer or postponement of any instrument registered against title to the Real Property
Interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">9.4.30 <U>Sale
and Lease-Backs</U>. Directly or indirectly, become or remain liable as lessee or as a guarantor or other surety with respect to any lease,
whether an operating lease or Capitalized Lease of any property (whether real, personal or mixed), whether now owned or hereafter acquired,
(a)&nbsp;which it has sold or transferred or is to sell or transfer to any other Person or (b)&nbsp;which it intends to use for substantially
the same purpose as any other property which has been or is to be sold or transferred by it to any Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">9.5</TD><TD STYLE="text-align: justify"><B>Lender May Perform Covenants</B>.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any Obligor shall fail
to perform or observe any covenant or obligation on its part contained herein (including, for greater certainty, the failure to cause
the performance or observance by any Subsidiary thereof) or in any other Loan Document, the Lender may, in its sole discretion acting
reasonably, perform (or cause to be performed) any of the said covenants or obligations capable of being performed by the Lender and,
if any such covenant or obligation requires the payment or expenditure of money, the Lender may make such payment or expenditures with
its own funds or with money borrowed for that purpose (but the Lender shall be under no obligation to do so); provided that the Lender
shall first have provided written notice of its intention to the Borrower and a reasonable opportunity (not to exceed five days, or such
longer period as the Lender shall approve) to cure the failure. All amounts paid by the Lender pursuant to this Section&nbsp;9.5 shall
be repaid by the Borrower to the Lender on demand therefor, shall form part of the Obligations and shall be secured by the Security Documents.
No payment or performance under this Section&nbsp;9.5 shall relieve the Borrower from any Event of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;10<BR>
DEFAULT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.1</TD><TD>Events of Default</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The occurrence of any one
or more of the following events (each such event being herein referred to as an &ldquo;<B>Event of Default</B>&rdquo;) will constitute
a default under this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">if the Borrower fails to make when due, whether by acceleration or otherwise, any payment of principal
required to be made under this Agreement or any other Loan Document; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">if the Borrower fails to make when due, whether by acceleration or otherwise, (i)&nbsp;any payment of
interest, or (ii)&nbsp;any payment of fees or costs or any other amount payable under this Agreement or any other Loan Document, and,
in each case, that failure continues for three (3) Business Days after the due date thereof; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">if any Obligor fails to perform or observe:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">any term, condition, covenant or undertaking contained in Section&nbsp;9.3 or Section&nbsp;9.4; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">any other term, condition, covenant or undertaking contained in any Loan Document on its part to be observed
or performed which is not otherwise specifically addressed in this Section&nbsp;10.1 and that failure, if capable of being remedied, is
not remedied within ten (10) Business Days after the earlier of (i)&nbsp;any Obligor obtaining knowledge thereof and (ii)&nbsp;notice
thereof to the Borrower or such Obligor by the Lender, provided that (i) during such ten (10) Business Day period the applicable Obligor
is proceeding diligently and in good faith to remedy such breach and (ii) such cure period shall not apply to any Benefit to Canada Event
of Default; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">if any representation, warranty or statement which is made by the Borrower or any other Obligor in any
Loan Document or which is contained in any certificate, written statement or written notice provided under or in connection with any Loan
Document is untrue or incorrect when made or deemed to be made, except if, within thirty (30) days of the date on which any Obligor has
knowledge of such representation, warranty or statement being untrue or misleading and is susceptible of being address or cured to the
Lender&rsquo;s satisfaction, such Obligor eliminates or otherwise corrects such representation, warranty or statement; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">if any Benefit to Canada Event of Default occurs and the Lender has been provided with a Benefit to Canada
Default Notice from the Minister; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">if there has occurred a Material Adverse Effect; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">if a SpaceX Event of Default, MDA Event of Default, or &ldquo;Event of Default&rdquo; (or similar term)
(as defined in the Strategic Innovation Fund Agreement, the Funding Agreement or any other Pari Passu Financing Document) occurs; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">if any of the MDA Agreement or Launch Agreements is transferred, assigned or otherwise conveyed by the
applicable Core Material Project Counterparty to any other Person and the Borrower or applicable Obligor consents to such transfer, assignment
or conveyance and releases such Core Material Project Counterparty from its obligations under such Core Material Project Contract without
the consent of the Lender or if such an assignment, transfer or conveyance occurs without the consent of the Borrower or applicable Obligor
and by operation of law such Core Material Project Counterparty is released from its obligations under such Core Material Project Contract;
or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">until such time that the Borrower is an Independent Entity, if any &ldquo;Event of Default&rdquo; (or
similar term) as defined in the Telesat Canada Senior Debt occurs; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">if the Borrower fails to issue common shares when required under any Warrant Agreement, fails to pay when
due the amount owing to the Lender upon exercise of the Cash Settlement Option under, and as defined in, the Warrant Agreement or fails
to deliver any other proceeds to which the holder of the Warrants is entitled pursuant to the Warrant Agreement; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify">(A)&nbsp;any of the Security Documents (once executed and delivered) in any material respect fails to
provide the Lender the Encumbrances, rights, titles, interests, remedies, powers or privileges, intended to be created thereby, or ceases
to be in full force and effect, or the validity thereof or the applicability thereof to the Loan Facility or any other obligations purported
to be secured or guaranteed thereby or any part thereof is disaffirmed by or on behalf of any Obligor or any other party thereto, or (B)&nbsp;the
Encumbrances, rights, titles, interests, remedies, powers or privileges by the Security Documents otherwise cease to be first ranking
security interests in favour of the Collateral Agent (subject to Permitted Encumbrances) on behalf of the Lender, and the applicable Obligor
has failed to cure such default within seven (7) days of becoming aware of such fact, provided that such seven (7) day cure period shall
not apply if a Material Adverse Effect shall have occurred during such period or in the case of any disaffirmation by any Obligor; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify">if any Obligor (i)&nbsp;fails to make any payment when such payment is due and payable to any Person in
relation to any Debt (other than the Obligations or the Pari Passu Financing Documents) that in the aggregate principal amount then outstanding
is in excess of $[redacted &ndash; commercially sensitive information]; or (ii)&nbsp;defaults in the observance or performance of any
other agreement or condition in relation to any such Debt or contained in any instrument or agreement evidencing, securing or relating
thereto and such default or other condition has not been remedied within any applicable grace period, or any other event occurs or condition
exists, the effect of which default or other condition, if not remedied within any applicable grace period, would be to cause, or to permit
the holder of such Debt then to declare, such Debt to become due prior to its stated maturity date; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify">an Insolvency Event occurs in respect of the Borrower or any other Obligor (other than an immaterial Subsidiary);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(n)</TD><TD STYLE="text-align: justify">until such time that the Borrower is an Independent Entity, a Telesat Canada Insolvency Event occurs in
respect of any member of the Telesat Group (other than an immaterial Subsidiary);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(o)</TD><TD STYLE="text-align: justify">if an order of substantive consolidation affecting any of the Obligors is made by any court of competent
jurisdiction; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(p)</TD><TD STYLE="text-align: justify">if any Obligor denies any of its obligations under any Loan Document or claims any of the Loan Documents
or any provisions thereof to be invalid or withdrawn in whole or in part; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(q)</TD><TD STYLE="text-align: justify">if this Agreement or any of the other Loan Documents or any material provision of any of them becomes
unenforceable, unlawful or is changed by virtue of legislation, by Governmental Authority or by order or judgment of a court of competent
jurisdiction, and the Borrower or applicable Obligor does not, within seven (7) Business Days of receipt by the Borrower from the Lender
of notice of such Loan Document or material provision becoming unenforceable, unlawful or being changed and being provided with any required
new agreement or amendment for execution, replace such Loan Document with a new agreement that is in form and substance satisfactory to
the Lender or amend such Loan Document to the satisfaction of the Lender; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(r)</TD><TD STYLE="text-align: justify">if any secured creditor, encumbrancer or lienor, or any trustee, interim receiver, receiver, receiver
and manager, administrative receiver, agent, bailiff or other similar official appointed by any secured creditor, encumbrancer or lienor,
takes possession of, forecloses, seizes, retains, sells or otherwise disposes of, or otherwise proceeds to enforce security over, any
part of the assets of the Borrower or any other Obligor or gives notice of its intention to do any of the foregoing; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(s)</TD><TD STYLE="text-align: justify">if a final judgment or decree for the payment of money due has been obtained or entered against any Obligor
in an amount, when combined with any other such judgment or decrees, is in an amount in excess of $[redacted &ndash; commercially sensitive
information], and within 30 days thereof, such judgment or decree has not been vacated, discharged or stayed pending appeal or the Borrower
or such Obligor has not demonstrated to the satisfaction of the Lender that it has the financial ability to satisfy such judgement or
decree without adversely affecting in any material way the Obligor&rsquo;s ability to perform its obligations under the Loan Documents;
or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(t)</TD><TD STYLE="text-align: justify">if a Change of Control occurs; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(u)</TD><TD STYLE="text-align: justify">if the Initial Project Completion Date has not occurred on or prior to the Initial Outside Date or the
Project Completion Date has not occurred on or prior to the Outside Date, in each case, unless agreed to in writing by the Lender; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">if any party to a Launch Agreement or the MDA Agreement breaches any term thereof and such breach is not
remedied or fully mitigated within the Applicable Cure Period, if any; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(w)</TD><TD STYLE="text-align: justify">any party to a Core Material Project Contract, other than the ones referred to in 10.1(v) , breaches any
term thereof and such breach is not remedied or fully mitigated within the Applicable Cure Period, if any, unless within [redacted &ndash;
commercially sensitive information] days of such breach the Borrower cures such breach or replaces the applicable Core Material Project
Contract with a Permitted Replacement Contract, provided that if such breach is incapable of being cured within such period and the Borrower
is diligently pursuing the cure of such breach or the replacement of such Core Material Project Contract during such period, then such
[redacted &ndash; commercially sensitive information] day period shall be extended by the Lender for an additional [redacted &ndash; commercially
sensitive information] days; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(x)</TD><TD STYLE="text-align: justify">before the Project Completion Date, if any Material Project Contract (other than a Core Material Project
Contract) or any material provision thereof is repudiated, becomes unenforceable or terminated prior to its scheduled termination unless
the Borrower cures such event or replaces the applicable Material Project Contract with a Permitted Replacement Contract within [redacted
&ndash; commercially sensitive information] days, provided that if such Material Project Contract is incapable of being cured or replaced
within the initial [redacted &ndash; commercially sensitive information] day period and the Borrower is diligently pursuing the curing
or replacement of such Material Project Contract during such period, then such [redacted &ndash; commercially sensitive information] day
period shall be extended by the Lender for an additional [redacted &ndash; commercially sensitive information] days; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(y)</TD><TD STYLE="text-align: justify">after the Project Completion Date, if any Material Project Contract (other than a Core Material Project
Contract) or any material provision thereof is repudiated, becomes unenforceable or terminated prior to its scheduled termination unless
the Borrower replaces the applicable Material Project Contract with a Permitted Replacement Contract within [redacted &ndash; commercially
sensitive information] days, provided that if such Material Project Contract is incapable of being replaced within the initial [redacted
&ndash; commercially sensitive information] day period and the Borrower is diligently pursuing the replacement of such Material Project
Contract during such period, then such [redacted &ndash; commercially sensitive information] day period shall be extended by the Lender
for an additional [redacted &ndash; commercially sensitive information] days; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(z)</TD><TD STYLE="text-align: justify">the occurrence of a &ldquo;<B>Major Counterparty Insolvency Event</B>&rdquo;, which means any of the following
events as they may apply to a Core Material Project Contract Counterparty (in each case for so long as they have any material outstanding
obligations, including any warranty obligations, damages or other termination liabilities) under the applicable Core Material Project
Contract (in this definition, a &ldquo;<B>Major Counterparty</B>&rdquo;) namely:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">a Major Counterparty shall generally not pay its debts as such debts become due, or shall admit in writing
its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">any proceeding shall be instituted by or against a Major Counterparty seeking to adjudicate it a bankrupt
or insolvent, or seeking liquidation, winding-up, reorganization, arrangement adjustment, protection, relief or composition of it or its
debts under any Insolvency Legislation, or seeking the entry of an order for relief or the appointment of a Receiver for it or for any
substantial part of its property, including without limitation any such proceeding under the <I>Companies&rsquo; Creditors Arrangement
Act</I> (Canada) and, in the case of any such proceeding instituted against a Major Counterparty (but not instituted by such Major Counterparty),
either such proceeding shall remain undismissed or unstayed for a period of forty-five (45)&nbsp;days or any of the actions sought in
such proceeding (including without limitation the entry of an order for relief or the appointment of a receiver or trustee or other similar
official for it or for any substantial part of its property) shall occur; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">a Major Counterparty shall take any action to authorize any of the actions set forth above;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">provided that in the even of any such
occurrence in respect of a Major Counterparty, [redacted &ndash; commercially sensitive information], if the Borrower has failed to replace
the applicable Core Material Project Contract with a Permitted Replacement Contract and a new Major Counterparty within [redacted &ndash;
commercially sensitive information] days of such Major Counterparty Insolvency Event; and further provided that if such Core Material
Project Contract and new Major Counterparty is incapable of being replaced within the initial [redacted &ndash; commercially sensitive
information] day period and the Borrower is diligently pursuing the replacement of such Core Material Project Contract and such new Major
Counterparty during such period, then such [redacted &ndash; commercially sensitive information] day period shall be extended by the Lender
for an additional [redacted &ndash; commercially sensitive information] days; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(aa)</TD><TD STYLE="text-align: justify">if any Core Material Project Contract ([redacted &ndash; commercially sensitive information]) is transferred,
assigned or otherwise conveyed by the Core Material Project Counterparty to any other Person and the Borrower or applicable Obligor consents
to such transfer, assignment or conveyance and releases such Core Material Project Counterparty from its obligations under such Core Material
Project Contract without the consent of the Lender or if such an assignment, transfer or conveyance occurs without the consent of the
Borrower or applicable Obligor and by operation of law such Core Material Project Counterparty is released from its obligations under
such Core Material Project Contract; provided that if such Core Material Project Contract is incapable of being replaced within the initial
[redacted &ndash; commercially sensitive information] day period and the Borrower is diligently pursuing the replacement of such Core
Material Project Contract during such period, then such [redacted &ndash; commercially sensitive information] day period shall be extended
by the Lender for an additional [redacted &ndash; commercially sensitive information] days; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(bb)</TD><TD STYLE="text-align: justify">if any Permit necessary to construct or Operate the Project has been modified, revoked, withdrawn or not
obtained and such modification, revocation, withdrawal or failure to obtain such Permit would reasonably be expected to have a Material
Adverse Effect, provided however, that the foregoing shall not result in an Event of Default if the Borrower diligently pursues and obtains
a replacement of such Permit within [redacted &ndash; commercially sensitive information] days after such material modification, revocation,
withdrawal or failure to obtain such Permit, which [redacted &ndash; commercially sensitive information] day period will be extended for
another [redacted &ndash; commercially sensitive information] days if the Borrower is working diligently and in good faith to obtain or
replace such Permit during such [redacted &ndash; commercially sensitive information] day period and no Material Adverse Effect would
reasonably be expected to occur as a result of such additional [redacted &ndash; commercially sensitive information] day period; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(cc)</TD><TD STYLE="text-align: justify">any failure of a Material Project Counterparty to obtain a Third Party Permit or to obtain a Third Party
Permit in a timely manner if the failure to so obtain such Third Party Permit would reasonably be expected to either (a)&nbsp;have a Material
Adverse Effect, or (b)&nbsp;cause a delay such that Initial Project Completion Date would not reasonably be expected to occur on or prior
to the Initial Outside Date, or the Project Completion Date would not reasonably be expected to occur on or prior to the Outside Date;
or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(dd)</TD><TD STYLE="text-align: justify">in the event of loss or damage to the Project resulting in insurance proceeds of more than $[redacted
&ndash; commercially sensitive information], the insurance proceeds, together with other available funds held or arranged by the Borrower
(and which sources of funds, in the case of funds arranged and not yet held by the Borrower, are acceptable to the Lender, in its discretion)
are not sufficient to repair, rebuild or replace the damage or destruction in respect of which the insurance proceeds are payable, unless
within [redacted &ndash; commercially sensitive information]&nbsp;days after written notice thereof has been given to the Borrower by
the Lender:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the Borrower eliminates the shortfall; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">initiates a review by the Technical Advisor and the Technical Advisor provides an opinion that the repair,
rebuilding or replacement can be completed with the Insurance proceeds and other funds held or arranged by the Borrower (including the
Loan Facility), including the contingency, the sources of which are acceptable to the Lender, in its discretion; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ee)</TD><TD STYLE="text-align: justify">the Borrower or any Obligor, as applicable, shall voluntarily cease all or substantially all activities:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">in the design, development, construction, installation, launch, commercialization or start-up of the Project
for [redacted &ndash; commercially sensitive information] days prior to the Project Completion Date; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">in the Operation of the Project for [redacted &ndash; commercially sensitive information] days following
the Project Completion Date; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ff)</TD><TD STYLE="text-align: justify">the introduction of or change in the interpretation or application of, or any revocation or replacement
of any Applicable Law has occurred which, in any case is likely to materially adversely affect the ability of any Obligor to meet its
obligations under any Loan Document or Material Project Contract; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(gg)</TD><TD STYLE="text-align: justify">if in the opinion of the Lender, acting reasonably, after consultation with the Technical Advisor, the
amount of Project Costs projected to be incurred in achieving the Initial Project Completion Date, is expected to exceed the Available
Funding; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(hh)</TD><TD STYLE="text-align: justify">if an Event of Abandonment occurs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.2</TD><TD>Acceleration and Enforcement</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any Event of Default occurs
and is continuing (other than with respect to an Event of Default described in Section&nbsp;10.1(e) to which Section 10.3 applies), the
Lender will have no further obligation to make Advances to the Borrower and the outstanding principal amount of all Advances and all other
Obligations will, upon demand made by the Lender, become immediately due and payable with interest thereon at the rate or rates determined
as herein provided, to the date of actual payment thereof, all without notice, presentment, protest, additional demand, notice of dishonour
or any other demand or notice whatsoever, all of which are hereby expressly waived by the Borrower, the Loan Facility will be terminated
and Lender may take any such action as is required to protect the interests of the Lender in and to any portion of the assets or undertaking
subject to the Encumbrance granted pursuant to the Security Documents; provided, if any Event of Default described in Section&nbsp;10.1(l)
through 10.1(o) occurs, the Loan Facility (if not theretofore terminated) will automatically terminate and the outstanding principal amount
of all Advances and all other Obligations will automatically be and become immediately due and payable, all without notice, presentment,
protest, additional demand, notice of dishonour or any other demand or notice whatsoever, all of which are hereby expressly waived by
the Borrower. In such event, the Lender may, in its discretion, exercise any right or recourse and/or proceed by any action, suit, remedy
or proceeding against any of the Obligors and to protect the interest of the Lender in and to any portion of the assets or undertaking
subject to the Encumbrance granted pursuant to the Security Documents to the extent authorized or permitted by law for the recovery of
all the Obligations 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.3</TD><TD>Remedies with respect to Defaults under Covenant Agreement</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a Benefit to Canada Event
of Default described in Section&nbsp;10.1(e) above occurs and is continuing, the Lender may exercise one or more of the remedies set out
in Article 3 of the Covenant Agreement, including for certainty increasing the Applicable Margin in accordance with the terms of the Covenant
Agreement and/or declaring all Obligations hereunder to be immediately due and payable in accordance with the provisions of Section 10.2
above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.4</TD><TD>Remedies Cumulative and Waivers</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For greater certainty, it
is expressly understood and agreed that the respective rights and remedies of the Lender hereunder or under the Security Documents or
any other Loan Document or instrument executed pursuant to this Agreement are cumulative and are in addition to and not in substitution
for any rights or remedies provided by law or by equity; and any single or partial exercise by the Lender of any right or remedy for a
default or breach of any term, covenant, condition or agreement contained in this Agreement, the Security Documents or other Loan Document
or other instrument executed pursuant to this Agreement will not be deemed to be a waiver of or alter, affect or prejudice any other right
or remedy or other rights or remedies to which the Lender may be lawfully entitled for such default or breach. Any waiver by the Lender
of the strict observance, performance or compliance with any term, covenant, condition or other matter contained herein, any Security
Documents or in any other Loan Document and any indulgence granted, by the Lender will not be established by conduct, custom or course
of dealing and will occur, if applicable, solely by an instrument in writing duly executed by the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.5</TD><TD>Termination of Lender&rsquo;s Obligations</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The occurrence of an Event
of Default that has not been waived by the Lender will relieve the Lender of all obligations to provide any further Advances hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.6</TD><TD>Perform Obligations</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If an Event of Default has
occurred and is continuing and if the Borrower has failed to perform any covenant or agreement in the Loan Documents, the Lender, may,
but will be under no obligation to, perform any such covenant or agreement in any manner deemed fit by the Lender without thereby waiving
any rights to enforce the Loan Documents. The reasonable expenses (including any legal costs) paid by the Lender in respect of the foregoing
will be included as an Obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.7</TD><TD>Third Parties</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No Person dealing with the
Lender or any agent of the Lender will be concerned to inquire whether the powers which the Lender is purporting to exercise have been
exercisable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;11<BR>
COSTS, EXPENSES AND INDEMNIFICATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.1</TD><TD>Costs and Expenses</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">11.1.1 The
Borrower will pay, promptly upon notice from the Lender, all reasonable costs and expenses of the Lender in connection with the preparation,
execution and delivery of this Agreement and the other documents to be delivered hereunder, and the administration of the Loan up to and
including the later of: (i) the Maturity Date and (ii) the irrevocable payment in full of the Obligations (including for certainty expenses
of the Lender under any services agreements between the Lender and any Lender Affiliate and costs and expenses incurred by the Lender
under any financing provided to the Lender in connection with this Agreement) whether or not any Advance has been made hereunder, including
without limitation, the reasonable fees and out-of-pocket expenses of Lender&rsquo;s Counsel with respect thereto and with respect to
advising the Lender as to its rights and responsibilities under this Agreement and the other Loan Documents and the reasonable fees and
out-of-pocket expenses of any advisors to the Lender (including for certainty any financial advisor, legal advisor, investment bank, accounting
firm and other Advisor).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">11.1.2 To
the extent not already provided for in Section 11.1.1 above, the Borrower further agrees to pay all reasonable out-of-pocket costs and
expenses of the Lender and any of its advisors (including for certainty any financial advisor, legal advisor, investment bank, accounting
firm and other Advisor) in connection with (i)&nbsp;the preparation or review of waivers, consents, amendments and other similar documentation
requested by the Borrower, (ii)&nbsp;questions relating to the administration or interpretation of this Agreement and the other Loan Documents,
and (iii)&nbsp;the establishment of the validity and enforceability of this Agreement and the other Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">11.1.3 To
the extent not already provided for in Sections 11.1.1 and 11.1.2 above, the Borrower further agrees to pay all costs and expenses of
the Lender and any of its advisors (including for certainty any financial advisor, legal advisor, investment bank, accounting firm and
other Advisor) in connection with (i)&nbsp;the preservation or enforcement of rights of the Lender under this Agreement and other Loan
Documents, (ii)&nbsp;the exercise of any right or remedy of any nature or kind contained herein or in any Loan Document including, without
limitation, all reasonable costs and expenses sustained by the Lender as a result of any failure by the Obligors to perform or observe
any of their obligations hereunder, and (iii) any prospective or actual Insolvency Event by or in respect of the Obligors and/or the Telesat
Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.2</TD><TD>Indemnification by the Borrower</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">11.2.1 The
Borrower shall indemnify the Lender and each Related Party of the Lender (each such Person being called an &ldquo;<B>Indemnitee</B>&rdquo;)
against, and hold each Indemnitee harmless from, any and all claims suffered or incurred by any Indemnitee or asserted against any Indemnitee
by any third party or by the Borrower arising out of, in connection with, or as a result of (i)&nbsp;the execution or delivery of this
Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance or non-performance by
the Borrower of its obligations hereunder or thereunder or the consummation or non-consummation of the transactions contemplated hereby
or thereby, (ii)&nbsp;any Advance or the use or proposed use of the proceeds therefrom, or (iii)&nbsp;any actual or prospective Claim
relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower
and regardless of whether any Indemnitee is a party thereto, provided that such indemnity shall not, as to any Indemnitee, be available
to the extent that such claims (x)&nbsp;are determined by a court of competent jurisdiction by final and non-appealable judgment to have
resulted from the negligence, criminal acts or omissions or wilful misconduct of such Indemnitee or (y)&nbsp;result from a claim brought
by the Borrower against an Indemnitee for breach of such Indemnitee&rsquo;s obligations hereunder or under any other Loan Document, if
the Borrower has obtained a final and non-appealable judgment in its favour relating to such claim as determined by a court of competent
jurisdiction, nor shall it be available in respect of matters specifically addressed in Sections&nbsp;11.1,&nbsp;12.1 and 12.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">11.2.2 A
certificate of the Lender as to the amount of any such loss or expense will be <I>prima&nbsp;facie</I> evidence as to the amount thereof,
in the absence of manifest error. The agreements in this Section will survive the termination of this Agreement and repayment of the Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.3</TD><TD>Specific Environmental Indemnification</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Borrower will defend and
indemnify the Lender (and its Related Parties) and hold each of them harmless at all times from and against any and all costs, losses,
damages, expenses, judgments, suits, claims, awards, fines, sanctions and liabilities whatsoever (including any reasonable out-of-pocket
costs or expenses for preparing any necessary environmental assessment report or other such other reports) by a third party against the
Lender (and its Related Parties) or any of them related to or as a result of (i)&nbsp;any Release of any Hazardous Materials in connection
with the property or business of the Borrower or its Subsidiaries; and (ii)&nbsp;the remedial actions (if any) taken by the Lender, in
respect of such Release; or (iii)&nbsp;a failure by Borrower or its Subsidiaries to comply with Environmental Law. The Borrower will have
the sole right, at its expense, to control any such legal action or claim and to settle on terms and conditions approved by the Borrower
and approved by the party named in such legal action or claim of the Lender, provided that, if, in the opinion of the Lender, the interests
of the Lender, as applicable, are different from those of the Borrower in connection with such legal action or claim, the Lender will
have the sole right, at the Borrower&rsquo;s expense, to defend its own interests, provided that any settlement of such legal action or
claim will be on terms and conditions approved by the Borrower, acting reasonably. If the Borrower does not defend the legal action or
claim, the Lender will have the right to do so on its own behalf and on behalf of the Borrower, as the case may be, at the expense of
the Borrower. The defence and indemnity obligations contained throughout this Agreement will survive the termination of this Agreement
and repayment of the Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.4</TD><TD>Limitation of Liability</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">11.4.1 The
Lender&rsquo;s liability to the Borrower and the other Obligors under this Agreement shall be strictly limited to its obligation to make
Advances to the Borrower under the Loan Facility on the terms and conditions set out in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">11.4.2 To
the fullest extent permitted by Applicable Laws, the Borrower shall not assert, and hereby waives, any claim against each Indemnitee,
on any theory of liability, for indirect, consequential, punitive, aggravated or exemplary damages (as opposed to direct damages) arising
out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby
(or any breach thereof), the transactions contemplated hereby or thereby, any Advance or the use of the proceeds thereof. No Indemnitee
shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it
through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents
or the transactions contemplated hereby or thereby, provided such information or materials are distributed by such Indemnitee in accordance
with the provisions of this Agreement or any other Loan Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;12<BR>
INCREASED COSTS AND TAXES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.1</TD><TD>Increased Costs</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">12.1.1 If
any Change in Applicable Laws shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">12.1.1.1 impose,
modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits
with or for the account of, or credit extended or participated in by, the Lender;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">12.1.1.2 subjects
the Lender or cause the withdrawal or termination of a previously granted exemption with respect to, any Taxes or changes the basis of
taxation of payments due to the Lender or increases any existing Taxes on payments of amounts owing to the Lender (other than (i)&nbsp;Taxes
in respect of which additional amounts or indemnity payments are required to be paid pursuant to Section&nbsp;12.2, (ii)&nbsp;net income,
capital gain, franchise or branch Taxes described in Section&nbsp;(a) of the definition of Excluded Taxes, and (iii)&nbsp;Taxes described
in Section&nbsp;(b) of the definition of Excluded Taxes); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">12.1.1.3 impose
on the Lender or any applicable interbank market any other condition, cost or expense affecting this Agreement or Advances made by the
Lender;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">and the result of any of the foregoing
shall be to increase the cost to the Lender of making or maintaining any Advances (or of maintaining its obligation to make any such Advance),
or to reduce the amount of any sum received or receivable by the Lender hereunder (whether of principal, interest or any other amount),
then, upon request of the Lender, and subject to the Lender providing the certificate referred to in Section&nbsp;12.1.2, the Borrower
will pay to the Lender such additional amount or amounts as will compensate the Lender for such additional costs incurred or reduction
suffered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">12.1.2 A
certificate of the Lender delivered to the Borrower setting forth the amount or amounts necessary to compensate the Lender as specified
in Subsections&nbsp;12.1.1 (&ldquo;<B>Additional Compensation</B>&rdquo;), including a description of the event by reason of which it
believes it is entitled to such compensation, and supplying reasonable supporting evidence (including, in the event of a Change in Applicable
Laws, a photocopy of the Applicable Laws evidencing such change) and reasonable detail of the basis of calculation of the amount or amounts,
shall be conclusive evidence of the Lender&rsquo;s entitlement to such compensation and the amount thereof, absent manifest error. The
Borrower shall pay the Lender the amount shown as due on any such certificate within ten (10) Business Days after receipt thereof. In
the event the Lender subsequently recovers all or part of the Additional Compensation paid by the Borrower, it shall promptly repay an
equal amount to the Borrower. The obligation to pay such Additional Compensation for subsequent periods will continue until the earlier
of change in capital requirement or the lapse or cessation of the Change in Applicable Laws giving rise to the initial Additional Compensation.
The Lender shall make reasonable efforts to limit the incidence of any such Additional Compensation and seek recovery for the account
of the Borrower upon the Borrower&rsquo;s request at the Borrower&rsquo;s expense, provided the Lender in its reasonable determination
suffers no appreciable economic, legal or regulatory disadvantage and provided that the affected Lender shall not be required to make
available its tax returns (or any other information that it deems confidential) to the Borrower or any other Person or to arrange its
affairs in any particular manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">12.1.3 Failure
or delay on the part of the Lender to demand compensation pursuant to this Section shall not constitute a waiver of the Lender&rsquo;s
right to demand such compensation, except that the Borrower shall not be required to compensate the Lender pursuant to this Section for
any increased costs incurred or reductions suffered more than nine (9) months prior to the date that the Lender notifies the Borrower
of the Change in Applicable Laws giving rise to such increased costs or reductions and of the Lender&rsquo;s intention to claim compensation
therefor, unless the Change in Applicable Laws giving rise to such increased costs or reductions is retroactive, in which case the nine-month
period referred to above shall be extended to include the period of retroactive effect thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.2</TD><TD>Taxes</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">12.2.1 All
payments by or on account of any obligation of the Borrower or any other Obligor hereunder or under any other Loan Document (in respect
of principal, interest or otherwise) shall be made in full without set off or counterclaim, and free of and without deduction or withholding
for any present or future Taxes, other than as required by Applicable Laws or administrative practice or policy of any applicable taxing
authority. If the Borrower, any Obligor or the Lender is required by Applicable Law or administrative practice or policy of any applicable
taxing authority to deduct or pay any Indemnified Taxes (including any Other Taxes) in respect of any payment by or on account of any
obligation of the Borrower or any other Obligor hereunder or under any other Loan Document, then (i)&nbsp;the sum payable shall be increased
by the Borrower or the applicable Obligor when payable as necessary so that after making or allowing for all required deductions and payments
(including withholding and deductions of Indemnified Taxes and Other Taxes applicable to additional sums payable under this Section) the
Lender receives an amount equal to the sum that would have been received had no such deductions or payments been required, (ii)&nbsp;the
applicable Obligor shall make any such deductions required to be made by it under Applicable Laws and (iii)&nbsp;the applicable Obligor
shall timely pay the full amount required to be deducted to the relevant Governmental Authority in accordance with Applicable Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">12.2.2 Without
limiting the provisions of Subsection&nbsp;12.2.1 above, the Obligors shall timely pay any Other Taxes to the relevant Governmental Authority
in accordance with Applicable Law, provided, however, that it will not be required to pay or discharge or to cause to be paid or discharged
any such amount so long as the validity or amount thereof is being contested in good faith by appropriate proceedings and an adequate
reserve in accordance with GAAP has been established in its books and records.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">12.2.3 The
Borrower shall indemnify the Lender within thirty (30) days after written demand therefor, for the full amount of any Indemnified Taxes
or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section)
paid by the Lender and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such
Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as
to the amount of such payment or liability delivered to the Borrower by the Lender shall be conclusive, absent manifest error. In the
event the Lender determines, in its sole discretion, that it has subsequently recovered all or part of the payment made under this Section
paid by the Borrower, it shall promptly repay an amount equal to the after-Tax amount of such recovery to the Borrower (provided the Borrower
agrees to repay the amount should any recovery be subsequently challenged or reversed by a Governmental Authority), provided that the
Lender shall not be required to make available its tax returns (or any other information that it deems confidential) to the Borrower or
any other Person or to arrange its affairs in any particular manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">12.2.4 As
soon as practicable after any payment of Indemnified Taxes or Other Taxes by an Obligor to a Governmental Authority, the Borrower shall
deliver to the Lender the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy
of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">12.2.5 The
Lender shall deliver to the Borrower, within the time reasonably requested by the Borrower, any form or document that may be reasonably
requested in writing by the Borrower or that may reasonably be required under the laws of the jurisdiction in which the Borrower is located
or any treaty to which such jurisdiction is a party, to allow the Borrower to make a payment under this Agreement without any deduction
or withholding for or on account of any Tax or with such deduction or withholding at a reduced rate, provided that the Lender is legally
entitled to complete, execute and deliver such documentation and in the Lender&rsquo;s judgment such completion, execution or submission
would not be in contravention of Applicable Laws or materially prejudice the Tax or commercial position of the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">12.2.6 If
a payment made to the Lender under any Loan Document would be subject to 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 Code, as applicable), the
Lender shall deliver to the Borrower at the time or times prescribed by Law and at such time or times reasonably requested by the Borrower
such documentation prescribed by applicable Law (including as prescribed by section 1471(b)(3)(C)(i) of the Code) and such additional
documentation reasonably requested by the Borrower as may be necessary for the Borrower to comply with their obligations under FATCA and
to determine whether the Lender has compiled with the Lender&rsquo;s obligations under FATCA or to determine the amount to deduct and
withhold from such payment. Solely for the purposes of this section of the Agreement, &ldquo;FATCA&rdquo; shall include any amendments
made to FATCA after the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;13<BR>
BOARD OBSERVER RIGHTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.1</TD><TD>Observer Rights</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">13.1.1 The
Borrower hereby grants to the Lender, the option and right, at any time and from time to time, provided that at such time there are Obligations
outstanding and/or the Lender or any Eligible Assignee is the holder of Warrants or common shares arising from the exercise of the Warrants,
to appoint a representative (the &ldquo;<B>Observer</B>&rdquo;) to attend in a non-voting, observer capacity, meetings (including telephonic
or videoconference meetings and meetings held in executive session) of the Board and any committees of the Board (the &ldquo;<B>Committees</B>&rdquo;).
The Observer may participate fully in discussions of all matters brought to the Board or Committee, as the case may be, for consideration,
but in no event shall the Observer (i)&nbsp;be deemed to be a member of the Board or any Committee; (ii)&nbsp;without limitation of the
obligations expressly set forth in this Article&nbsp;13, have or be deemed to have, or otherwise be subject to, any duties (fiduciary
or otherwise) to the Borrower or its shareholders; or (iii)&nbsp;have the right to propose or offer any motions or resolutions to the
Board or Committees. Upon request, the Borrower shall allow the Observer to attend Board or Committee meetings by telephone, videoconference
or other electronic communication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">13.1.2 The
Borrower shall provide to the Observer copies of all notices, minutes, consents, reports and other materials that it provides to Board
or Committee members, including any draft versions, proposed written consents, and exhibits and annexes to any such materials, at the
same time and in the same manner as such information is delivered to the Board or Committee members, whether delivered in advance of,
at or between meetings of the Board or Committee, as the case may be. Collectively, the information and materials referred to in this
Section&nbsp;13.1.2 are referred to as &ldquo;<B>Board Materials</B>&rdquo;. In the event that there is no Observer present at any meetings
of the Board or a Committee or the Lender has not appointed an Observer, the Borrower shall promptly and in any event within three Business
Days of any meetings of the Board or a Committee, provide the relevant Board Materials to the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">13.1.3 The
Observer shall be entitled to receive, concurrently with the members of the Board (or a Committee thereof), notice of the intended date,
time and agenda of any meeting of the Board (or a Committee thereof) and copies of any Board Materials to be considered at such meeting,
but shall have no right to vote as a Director with respect to any matter. Notwithstanding anything herein to the contrary, the Board (or
a Committee thereof), in its reasonable discretion, may exclude the Observer from access to any Board Materials, meeting or portion thereof
if the Board concludes, acting reasonably and in good faith, that (i)&nbsp;such exclusion is reasonably necessary to preserve the solicitor-client
or litigation privilege between the Borrower and its counsel (provided that any such exclusion shall only apply to such portion of such
material or meeting which would be required to preserve such privilege); (ii)&nbsp;such Board Materials or discussion relates directly
to the Borrower&rsquo;s relationship, contractual or otherwise, with the Lender or any actual or potential transactions between or involving
the Borrower and the Lender; or (iii)&nbsp;such exclusion is necessary to avoid disclosure that is restricted by any agreement to which
the Borrower is a party or otherwise bound prior to the date of this Agreement (provided that (i) the Borrower shall use commercially
reasonable efforts to obtain consent to disclosure that is restricted by any such written agreement and (ii) with respect to any written
agreement entered into after the Closing Date, the Corporation shall use commercially reasonable efforts to include terms that would allow
the access contemplated by this Section&nbsp;13.1.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">13.1.4 The
parties agree that neither the Borrower nor any member of the Board or Committee shall be entitled to rely on any statements or views
expressed by the Observer in any Board or Committee meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">13.1.5 The
Observer shall have the right to nominate a replacement Observer from time to time by delivery of written notice to the chairperson of
the Board; provided, that the Chairperson of the Board must receive such replacement notice at least five (5) days prior to a meeting
of the Board (or a Committee thereof) if any such replacement Observer is to be entitled to observe such meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.2</TD><TD>Confidential Information</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">13.2.1 At
the request of the Borrower, the Observer (other than employees or consultants of the Lender, if such employees or consultants are already
subject to confidentiality obligations with the Lender) shall execute a confidentiality agreement in a form and substance satisfactory
to the Board acting reasonably.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">13.2.2 The
Borrower consents to the disclosure by the Observer to the Lender of the Board Information (as defined below), subject to the Lender&rsquo;s
obligations under Section&nbsp;13.2.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">13.2.3 The
Lender acknowledges the confidential nature of the financial, operational and other information, reports and data to be provided to the
Observer pursuant to this Article&nbsp;13 (the &ldquo;<B>Board Information</B>&rdquo;) and agrees to hold, and to cause the Observer to
hold, the Information in confidence and to use, and to cause the Observer to use, the information only for purposes of the transactions
contemplated by the Loan Documents and monitoring and dealing with the Lender&rsquo;s rights thereunder and not to discuss or disclose
or allow access to, or transfer or transmit the Board Information to any Person, provided however that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">13.2.3.1 each
of the Lender and the Observer may disclose all or any part of the Board Information if such disclosure is required by any Applicable
Law, including without limitation as required by the <I>Access to Information Act</I>, to the extent of such requirement, or is required
in connection with any actual judicial, administrative or governmental proceeding, including, without limitation, proceedings initiated
under or in respect of this Agreement, provided that in any such circumstance the Lender and the Observer, as soon as reasonably practicable,
will advise the Borrower, unless prohibited by Applicable Law, of their obligation to disclose such Board Information in order to enable
the Borrower, if it so chooses, to attempt to ensure that any such disclosure is made on a confidential basis;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">13.2.3.2 each
of the Lender and the Observer may disclose Board Information to each other, and to their respective counsel, affiliates (which for greater
certainty, includes, in the case of the Lender, the Lender Affiliates), agents, auditors, employees and advisors, provided that the Person
to whom the disclosure is made is informed of the confidential nature of such information and instructed to keep such information confidential
and to use the information only for the purposes set forth herein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">13.2.3.3 each
of the Lender and the Observer may disclose all or any part of the Board Information so as to enable the Lender or the Observer to initiate
any lawsuit against the Borrower or to defend any lawsuit commenced by the Borrower in respect of this Agreement, the issues of which
are directly or indirectly related to the Board Information, but only to the extent such disclosure is necessary or desirable to the initiation
or defence of such lawsuit;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">13.2.3.4 each
of the Lender and the Observer may disclose Board Information to any Person with the prior written consent of the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">13.2.4 Notwithstanding
the foregoing, &ldquo;Board Information&rdquo; will not include any such information:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">13.2.4.1 which
is or becomes readily available to the public (other than by a breach hereof) or which has been made readily available to the public by
the Borrower;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">13.2.4.2 which
the Lender or the Observer can show was, prior to receipt thereof from the Borrower, lawfully in the Lender&rsquo;s or the Observer&rsquo;s
possession and not then subject to any obligation on its part to or for the benefit of the Borrower to maintain confidentiality;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">13.2.4.3 which
the Lender or the Observer received from a third party, prior to receipt thereof from the Borrower, which was not, to the knowledge of
the Lender or the Observer after due enquiry, subject to a duty of confidentiality to or for the benefit of the Borrower at the time the
Board Information was so received; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">13.2.4.4 which
the Lender or the Observer can show was, prior to receipt thereof from the Borrower, independently developed by the Lender or the Observer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.3</TD><TD>Expenses</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Borrower agrees to reimburse
Lender promptly for reasonable out-of-pocket expenses incurred in connection with the Observer&rsquo;s attendance at Board and Committee
meetings; provided that all reimbursements payable by the Borrower under this Section&nbsp;13.3 shall be payable in accordance with and
subject to the Borrower&rsquo;s policies and practices with respect to director expense reimbursement then in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.4</TD><TD>Indemnification; Advancement of Expenses</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">13.4.1 The
Observer shall be entitled to advancement of expenses and rights to indemnification from the Borrower to the same extent provided by the
Borrower to its directors under the articles and by-laws of the Borrower as in effect on the date hereof or in the future (where entitlements
to advancement of expenses and rights to indemnification have been expanded in the future beyond what is provided for in the articles
and by-laws of the Borrower as in effect on the date hereof) and any indemnity agreement provided by the Borrower to any of its directors
in effect on the date hereof or in the future (where no such indemnity agreement is in effect on the date hereof or where entitlements
to advancement of expenses and rights to indemnification have been expanded in the future beyond what is provided for in any indemnity
agreement in effect on the date hereof). The Borrower acknowledges and agrees that the foregoing rights to indemnification and advancement
of expenses constitute third-party rights extended to the Observer by the Borrower and do not constitute rights to indemnification or
advancement of expenses as a result of the Observer serving as a director, officer, employee or agent of the Borrower. For greater certainty,
any restrictions under law on advancement of expenses and indemnification provided by the Borrower to its directors (including where such
restriction has been incorporated into the Organizational Documents of the Borrower or any indemnification agreement) shall not apply
to the entitlement to the advancement of expenses and rights to indemnification provided to the Observer hereunder except as required
by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">13.4.2 During
the period of an Observer&rsquo;s appointment hereunder, and thereafter for the duration of the applicable statute of limitations, the
Borrower shall cause to be maintained in effect a policy of liability insurance coverage for such Observer against liability that may
be asserted against or incurred by them in their capacity as an Observer which is equivalent in scope and amount to that provided to the
directors of the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.5</TD><TD>Assignment of Observer Right</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On an assignment of all, but
not less than all, of the Lender&rsquo;s rights and obligations under this Agreement, the Lender will have the discretionary right to
assign its rights under this Article&nbsp;13 to the assignee under this Agreement. No such assignment will be effective unless the assignee
agrees in writing to be subject to and bound by all the terms and conditions of this Agreement. For greater certainty, an assignment of
less than all of the Lender&rsquo;s rights and obligations under this Agreement will not or otherwise impair the Lender&rsquo;s rights
under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;14<BR>
SUCCESSORS AND ASSIGNS AND ADDITIONAL LENDERS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">14.1</TD><TD>Successors and Assigns</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">14.1.1 This
Agreement and the other Loan Documents will be binding upon and enure to the benefit of the parties hereto and thereto and their successors
and any Assignee or transferee of some or all of the parties&rsquo; rights and obligations under this Agreement and the other Loan Documents
as permitted under this Section&nbsp;14.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">14.1.2 No
Obligor shall assign or transfer all or any part of its rights or obligations under this Agreement or any other Loan Document without
the prior written consent of the Lender (which consent may be arbitrarily withheld).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">14.1.3 The
Lender (an &ldquo;<B>Assignor</B>&rdquo;) may assign or transfer all or part of its rights in respect of the Loan Facility and the Loan
Documents to, and may have its corresponding obligations in respect thereof assumed by, any other Person (an &ldquo;<B>Assignee</B>&rdquo;)
at such times and upon such terms as it may deem fit, provided that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">if the Assignee is an Eligible Assignee, no consent of the Borrower shall be required;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">if the Assignee is not an Eligible Assignee, at any time prior to the occurrence of a Default or Event
of Default that is continuing, the Borrower shall have provided its written consent to such assignment (which consent may not be unreasonably
withheld);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">in all cases, the Assignor, the Assignee and the Borrower (if the consent of the Borrower is required)
shall enter into an assignment and assumption agreement (the &ldquo;<B>Assignment Agreement</B>&rdquo;), substantially in the form of
Schedule I, whereby, <I>inter alia,</I> the Assignee agrees to be bound by this Agreement and all Loan Documents relating to the obligations
of the Lender in the place and stead of the Assignor to the extent that the rights and obligations of the Assignor have been assigned
to and assumed by the Assignee;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">in all cases, upon execution of the Assignment Agreement by the Assignor, the Assignee and (if the consent
of the Borrower is required) the Borrower, the assignment or transfer to the Assignee shall be effective upon the date provided in the
Assignment Agreement, and the Assignee shall thereafter be and be treated as a Lender for all purposes of this Agreement and the other
Loan Documents and shall be entitled to the full benefit hereof and thereof to the extent of such benefits as are transferred to it by
the Assignor and subject to the obligations of the Assignor to the same extent as if the Assignee were an original party in respect of
the rights and obligations transferred to and assumed by it, and the Assignor in respect of such assignment shall be released and discharged
accordingly, other than in respect of claims of the Borrower against the Assignor relating to events or circumstances arising prior to
such assignment, and all references to &ldquo;Lender&rdquo; hereunder shall be deemed to include the Assignee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">14.1.4 The
Borrower hereby consents to the disclosure of any Information to any potential lender, provided that the potential lender agrees in writing
to keep the Information confidential as required pursuant to Section&nbsp;15.1 hereof and to return or destroy such Information if it
does not become a Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;15<BR>
GENERAL</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.1</TD><TD>Exchange and Confidentiality of Information</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">15.1.1 Without
limiting the Lender&rsquo;s right to make public disclosure as provided in Section 15.17, the Lender acknowledges the confidential nature
of the financial, operational and other information, reports and data provided and to be provided to it by the Borrower pursuant to this
Agreement (the &ldquo;<B>Information</B>&rdquo;) and agrees to hold the Information in confidence and will not discuss or disclose or
allow access to, or transfer or transmit the Information to any Person, provided however that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the Lender may disclose Information to the Lender Affiliates, financing sources and investors and to any
permitted Assignees or Participants and to their respective counsel, agents, auditors, employees and advisors, provided that the Person
to whom the disclosure is made is informed of the confidential nature of such Information and instructed to keep such information confidential;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the Lender may disclose and discuss the Information with credit officers of any potential permitted Assignees
for the purposes of assignment pursuant to Section&nbsp;14.1, provided that the Person to whom the disclosure is made is informed of the
confidential nature of such information and instructed to keep such information confidential;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the Lender may disclose all or any part of the Information on a confidential basis to any direct or indirect
contractual counterparty or prospective counterparty to a Hedge Agreement, credit linked note or similar transaction, or such contractual
counterparties&rsquo; or prospective counterparties&rsquo; professional advisors, provided that the Person to whom the disclosure is made
is informed of the confidential nature of such information and instructed to keep such information confidential;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">the Lender may disclose all or any part of the Information so as to enable the Lender to initiate any
lawsuit against the Borrower or to defend any lawsuit commenced by the Borrower in respect of the Loan Documents, the issues of which
are directly or indirectly related to the Information, but only to the extent such disclosure is necessary or desirable to the initiation
or defence of such lawsuit;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">the Lender may disclose all or any part of the Information on a confidential basis, with the prior written
consent of the Borrower, to any insurance or re-insurance company for the purpose of obtaining insurance in respect of the Loan Facility,
provided that the Person to whom the disclosure is made is informed of the confidential nature of such information and instructed to keep
such information confidential;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">the Lender may disclose Information pursuant to Section 15.17; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">in order to ensure public transparency, the Lender may disclose (i) the name and description of the Borrower,
(ii) the Closing Date, (iii) the country in which the loan transaction took place, (iv) the name of the Lender as a lender to the Borrower,
(v) the terms of this Agreement and the other Loan Documents, including the Commitment made available to the Borrower, (vi)&nbsp;the general
rationale used by the Lender to make decisions with respect to the terms of the Loan Documents, and (vii)&nbsp;the Borrower&rsquo;s performance
or non-performance of its obligations under the Loan Documents.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">15.1.2 Notwithstanding
the foregoing, &ldquo;<B>Information</B>&rdquo; will not include any such information:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">if such disclosure is required by any Applicable Law, including without limitation as required by the
<I>Access to Information Act</I>, to the extent of such requirement, or is required in connection with any actual judicial, administrative
or governmental proceeding, including, without limitation, proceedings initiated under or in respect of this Agreement, provided that,
in any such circumstance, the Lender will, as soon as reasonably practicable, advise the Borrower, unless prohibited by Applicable Law,
of its obligation to disclose such Information in order to enable the Borrower, if it so chooses, to attempt to ensure that any such disclosure
is made on a confidential basis;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">which is or becomes readily available to the public (other than by a breach hereof or by a breach of an
obligation of confidentiality imposed on a permitted Assignee or Participant or other Person referred to in this Section) or which has
been made readily available to the public by the Borrower;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">which the Lender can show was, prior to receipt thereof from the Borrower, lawfully in the Lender&rsquo;s
possession and not then subject to any obligation on its part to or for the benefit of the Borrower to maintain confidentiality;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">which the Lender received from a third party, prior to receipt thereof from the Borrower, which was not,
to the knowledge of the Lender after due enquiry, subject to a duty of confidentiality to or for the benefit of the Borrower at the time
the Information was so received;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">is permitted in writing to be disclosed by the Borrower; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">which the Lender can show was, prior to receipt thereof from the Borrower, independently developed by
the Lender.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.2</TD><TD>Notice</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any notice or communication
to be given under this Agreement may be effectively given by delivering (whether by courier or personal delivery) the same at the mailing
addresses set out on the signature pages of this Agreement (or with respect to any Assignee pursuant to Section&nbsp;14.1, to the mailing
address provided by such Assignee to the Borrower and the Lender in connection with the applicable transfer or assignment to such Assignee)
or by electronic communication (including email) to the parties at the facsimile numbers or email addresses set out on the signature pages
of this Agreement (or with respect to any Assignee pursuant to Section&nbsp;14.1, to the facsimile number or email address provided by
such Assignee to the Borrower and the Lender in connection with the applicable transfer or assignment to such Assignee). Any notice sent
by electronic communication (including email) will be deemed to have been received on transmission if sent by any party to this Agreement
before 4:00&nbsp;p.m. (Toronto time) on a Business Day and, if not, on the next Business Day following transmission. Any party may from
time to time notify the other parties, in accordance with the provisions of this Section, of any change of its mailing address, facsimile
number or email address which, after such notification, until changed by like notice, will be the mailing address, facsimile number or
email address, as the case may be, of such party for all purposes of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.3</TD><TD>Governing Law</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement will be governed
by and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein, without prejudice to
or limitation of any other rights or remedies available under the laws of any jurisdiction where Property or assets of the Borrower may
be found.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.4</TD><TD>Judgment Currency</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">15.4.1 If
for the purpose of obtaining or enforcing judgment against the Borrower or any of its Subsidiaries in any court in any jurisdiction, it
becomes necessary to convert into any other currency (such other currency being hereinafter in this Section&nbsp;15.4 referred to as the
&ldquo;<B>Judgment Currency</B>&rdquo;) an amount due in Canadian Dollars under this Agreement, the conversion will be made at the rate
of exchange prevailing on the Business Day immediately preceding:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the date of actual payment of the amount due, in the case of any proceeding in the courts of the Province
of Ontario or in the courts of any other jurisdiction that will give effect to such conversion being made on such date; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the date on which the judgment is given, in the case of any proceeding in the courts of any other jurisdiction
(the date as of which such conversion is made pursuant to this Section&nbsp;15.4.1(b) being hereinafter in this Section&nbsp;15.4 referred
to as the &ldquo;<B>Judgment Conversion Date</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">15.4.2 If,
in the case of any proceeding in the court of any jurisdiction referred to in Section&nbsp;15.4.1(b), there is a change in the rate of
exchange prevailing between the Judgment Conversion Date and the date of actual payment of the amount due, the Borrower will pay such
additional amount (if any, but in any event, not a lesser amount) as may be necessary to ensure that the amount paid in the Judgment Currency,
when converted at the rate of exchange prevailing on the date of payment, will produce the amount of Canadian Dollars, which could have
been purchased with the amount of Judgment Currency stipulated in the judgment or judicial order at the rate of exchange prevailing on
the Judgment Conversion Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">15.4.3 Any
amount due from the Borrower under the provisions of Section&nbsp;15.4.2 will be due as a separate debt and will not be affected by judgment
being obtained for any other amounts due under or in respect of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">15.4.4 The
term &ldquo;rate of exchange&rdquo; in this Section&nbsp;15.4 means the Equivalent Amount in Canadian Dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.5</TD><TD>Benefit of the Agreement</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement will enure
to the benefit of and be binding upon the Borrower and the Lender and their respective permitted successors and permitted assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.6</TD><TD>Severability</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any provision of this Agreement
which is prohibited or unenforceable in any jurisdiction will not invalidate the remaining provisions hereof and any such prohibition
or unenforceability in any jurisdiction will not invalidate or render unenforceable such provision in any other jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.7</TD><TD>Whole Agreement</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From the Closing Date, this
Agreement and the other Loan Documents supersede all prior agreements, undertakings, declarations, commitments, representations, written
or oral, in respect thereof. There are no representations, warranties, conditions, other agreements or acknowledgments, whether direct
or collateral, express or implied, binding on the Lender that form part of or affect this Agreement or any other Loan Document, other
than as expressed herein, or in such other Loan Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.8</TD><TD>Further Assurances</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Borrower and the Lender
will promptly cure any default by it in the execution and delivery of this Agreement, the Loan Documents or any of the agreements provided
for hereunder to which it is a party. The Borrower, at its expense, will promptly execute and deliver to the Lender all such other and
further documents, agreements, opinions, certificates and instruments in compliance with, or accomplishment of the covenants and agreements
of the Borrower hereunder or more fully to state the obligations of the Borrower as set forth herein or to make any recording, file any
notice or obtain any consent, all as may be reasonably necessary or appropriate in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.9</TD><TD>Waiver of Jury Trial</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THE BORROWER HEREBY KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, OR ARISING OUT OF,
UNDER, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER
ORAL OR WRITTEN) OR ACTIONS OF THE LENDER OR THE BORROWER. THE BORROWER ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT
CONSIDERATION FOR THIS PROVISION (AND EACH OTHER PROVISION OF EACH OTHER LOAN DOCUMENT TO WHICH IT IS A PARTY) AND THAT THIS PROVISION
IS A MATERIAL INDUCEMENT FOR THE LENDER ENTERING INTO THIS AGREEMENT AND EACH OTHER LOAN DOCUMENT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.10</TD><TD>Consent to Jurisdiction</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">15.10.1 The
Borrower irrevocably submits to the non-exclusive jurisdiction of the courts of the Province of Ontario and hereby irrevocably agrees
that all claims in respect of such action or proceeding may be heard and determined in such court. The Borrower hereby irrevocably waives,
to the fullest extent it may effectively do so, the defence of an inconvenient forum to the maintenance of such action or proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">15.10.2 The
Borrower hereby irrevocably consents to the service of any and all process in such action or proceeding by the delivery of such process
to the Borrower at its address provided in accordance with Section&nbsp;15.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.11</TD><TD>Time of the Essence</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Time will be of the essence
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.12</TD><TD>Electronic Execution</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The words &ldquo;execution&rdquo;,
&ldquo;signed&rdquo;, &ldquo;signature&rdquo; and words of like import shall be deemed to include electronic signatures or the keeping
of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature
or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any Applicable Law, including
Parts&nbsp;2 and 3 of the <I>Personal Information Protection and Electronic Documents Act</I> (Canada), the <I>Electronic Commerce Act</I>,
2000 (Ontario) and other similar federal or provincial laws based on the <I>Uniform Electronic Commerce Act</I> of the Uniform Law Conference
of Canada or its <I>Uniform Electronic Evidence Act</I> as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.13</TD><TD>Counterparts</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement may be executed
in any number of counterparts, each of which will be deemed to be an original and all of which taken together will be deemed to constitute
one and the same instrument, and it will not be necessary in making proof of this Agreement to produce or account for more than one such
counterpart.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.14</TD><TD>Delivery by Facsimile or Other Electronic Transmission</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement may be executed
and delivered by facsimile or other electronic transmission (in .pdf format) and each of the parties hereto may rely on such facsimile
or other electronic signature as though such facsimile or other electronic signature were an original signature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.15</TD><TD>Term of Agreement</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement shall remain
in full force and effect until the termination of the Commitment and the payment and performance in full of all of the Obligations, other
than those Obligations of the Borrower to indemnify the Lender, including, without limitation, the indemnities set forth in Sections&nbsp;4.6
and Article&nbsp;12, which shall survive and continue to be in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.16</TD><TD>Anti-Money Laundering Legislation</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Borrower acknowledges
that the Lender has certain anti-money laundering and anti-terrorism responsibilities under various laws and regulations and that from
time to time the Lender (including any permitted assignee) may request information in order to comply with Applicable Laws and internal
requirements (including any applicable &ldquo;know your customer&rdquo; or &ldquo;know your client&rdquo; requirements). The Borrower
will promptly provide the Lender such additional information as may be reasonably requested within 30 days of such request. The Borrower
shall also provide the Lender with prompt written notice of any change in the beneficial ownership, key officers or directors of the Borrower
after the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.17</TD><TD>Public Disclosure</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No press release or other
public disclosure concerning this Agreement or the Loan Documents shall be made by the Lender or the Borrower without the prior written
consent of the other Party (such consent not to be unreasonably withheld or delayed), except as may be required by Applicable Laws or
stock exchange requirements, in which case, the Party required to make such press release or other public disclosure will use commercially
reasonable efforts to give the other Party prior notice and reasonable opportunity to comment on such press release or other public disclosure.
For avoidance of doubt, the foregoing shall not limit the right of the Lender or the Government of Canada to ensure public transparency
by disclosing at any time without the consent of the Borrower, such matters expressly permitted and contemplated in Section 15.1.1(g).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.18</TD><TD>Independence of Representations, Warranties and Covenants</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All representations and warranties
made in and covenants under this Agreement shall be given independent effect so that (a)&nbsp;if a particular representation and warranty
is unqualified, the fact that another representation and warranty is qualified shall not affect the operation of the former provision;
and (b)&nbsp;if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an
exception to, or would otherwise be within the limitations of, another covenant shall not avoid the occurrence of an Event of Default
or Default if such action is taken or condition exists.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.19</TD><TD>No Fiduciary Duty</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Lender may have economic
interests that conflict with those of the Borrower, its stockholders and/or its Affiliates. The Borrower agrees that nothing in the Loan
Documents or otherwise related to the transactions contemplated hereby will be deemed to create an advisory, fiduciary or agency relationship
or fiduciary or other implied duty between the Lender, on the one hand, and the Borrower, its stockholders or its Affiliates, on the other
hand. The parties hereto acknowledge and agree that the transactions contemplated by the Loan Documents (including the exercise of rights
and remedies hereunder and thereunder) are Arm&rsquo;s Length commercial transactions between the Lender, on the one hand, and the Borrower,
on the other hand, and in connection therewith and with the process leading thereto, (a)&nbsp;the Lender has not assumed an advisory or
fiduciary responsibility in favour of the Borrower, its stockholders or its Affiliates with respect to the transactions contemplated hereby
(or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether the Lender has advised,
is currently advising or will advise the Borrower, its stockholders or its Affiliates on other matters) or any other obligation to the
Borrower except the obligations expressly set forth in the Loan Documents and (b)&nbsp;the Lender is acting solely as principal and not
as the agent or fiduciary of the Borrower, its management, stockholders, Affiliates, creditors or any other Person. The Borrower acknowledges
and agrees that it has consulted its own legal and financial advisors to the extent it deemed appropriate and that it is responsible for
making its own independent judgment with respect to such transactions and the process leading thereto. The Borrower agrees that it will
not claim that the Lender has rendered advisory services of any nature or respect or owes a fiduciary or similar duty to the Borrower,
in connection with such transaction or the process leading thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">15.20</TD><TD STYLE="text-align: justify"><B>Compliance with <I>Lobbying Act</I></B>.</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Borrower represents and
warrants:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">that it or Telesat Parent, as applicable, has filed all <I>Lobbying Act </I>returns required to be filed
in respect of persons employed by the Borrower or Telesat Parent who communicate and/or arrange meetings with Public Office Holders as
part of their employment duties, and that it will continue to do so;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">that neither it nor Telesat Parent has contracted with any person to communicate and/or arrange meetings
with Public Office Holders for remuneration that is or would be contingent in any way upon the success of such person arranging meetings
with Public Office Holders, or upon the approval of the Borrower&rsquo;s the Loan Facility, or upon any Advance paid or payable to the
Borrower under this Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">that neither it nor Telesat Parent will contract with any person to communicate and/or arrange meetings
with Public Office Holders for remuneration that is or would be contingent upon the success of such person arranging meetings with Public
Office Holders, or upon any Advance paid or payable to the Borrower under this Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">all persons who are or have been contracted by the Borrower or Telesat Parent to communicate and/or arrange
meetings with Public Office Holders in respect of this Agreement are in full compliance with the registration and other requirements of
the Lobbying Act; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">it and Telesat Parent shall at all times ensure that any persons contracted to communicate and/or arrange
meetings with Public Office Holders in respect of this Agreement are in full compliance with the requirements of the <I>Lobbying Act</I>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.21</TD><TD>Members of Parliament</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Borrower represents and
warrants that no member of the House of Commons will be admitted to any share or part of this Agreement or to any benefit to arise therefrom.
No person who is a member of the Senate will, directly or indirectly, be a party to or be concerned with this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.22</TD><TD>Auditor General Rights</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">15.22.1 The
Borrower recognizes, acknowledges and accepts that the Auditor General of Canada may, at the Auditor General&rsquo;s cost, after consultation
with the Borrower, conduct an inquiry under the authority of subsection 7.1(1) of the <I>Auditor General Act </I>in relation to any funding
agreement (as defined in subsection 42(4) of the <I>Financial Administration Act</I>) with respect to the use of the Loan Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">15.22.2 For
the purposes of any such inquiry undertaken by the Auditor General, the Borrower shall provide, upon request and in a timely manner, to
the Auditor General or anyone acting on behalf of the Auditor General,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">15.22.2.1 all
records held by the Borrower, its Subsidiaries and Affiliates, agents or contractors relating to this Agreement and the use of the Loan
Facility provided under this Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">15.22.2.2 such
further information and explanations as the Auditor General, or anyone acting on behalf of the Auditor General, may request relating to
this Agreement or the use of the Loan Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.23</TD><TD>International Dispute</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Borrower waives any confidentiality
rights to the extent such rights would impede His Majesty from fulfilling his notification obligations to a world trade panel for the
purposes of the conduct of a dispute, in which His Majesty is a party or a third party intervener. The Lender is authorized to disclose
the contents of this Agreement and any Loan Documents, whether predating or subsequent to this Agreement, or of the transactions contemplated
herein, where in the opinion of the Lender, such disclosure is necessary to the defence of His Majesty&rsquo;s interests in the course
of a trade remedy investigation conducted by a foreign investigative authority, and is protected from public dissemination by the foreign
investigative authority. The Lender shall notify the Borrower of such disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.24</TD><TD>Canada</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding anything in
this Agreement to the contrary, the Lender shall only be bound by this Agreement in its capacity as a lender to the Corporation and nothing
in this agreement shall be binding on, create any obligation on the part of or fetter the regulatory authority of the Lender, Canada Development
Investment Corporation or His Majesty the King in Right of Canada in any other capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.25</TD><TD>English Language</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The parties hereto confirm
that it is their wish that this Agreement and any other document executed in connection with the transactions contemplated herein be drawn
up in the English language only and that all other documents contemplated thereunder or relating thereto, including notices, may also
be drawn up in the English language only<I>. Les parties aux pr&eacute;sentes confirment que c&rsquo;est leur volont&eacute; que cette
convention et les autres documents de cr&eacute;dit soient r&eacute;dig&eacute;s en langue anglaise seulement et que tous les documents,
y compris tous avis, envisages par cette convention et les autres documents peuvent &ecirc;tre r&eacute;dig&eacute;s en la langue anglaise
seulement.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[SIGNATURE PAGES FOLLOW]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><B>IN WITNESS WHEREOF</B> the parties hereto have executed
this Agreement.</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>BORROWER:</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">[Redacted &ndash; address]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD COLSPAN="3"><B>TELESAT LEO INC.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Attention:&nbsp;</TD>
    <TD>[Redacted &ndash; name]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Email:</TD>
    <TD>[Redacted &ndash; email]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>[Redacted &ndash; email]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid">[Redacted &ndash; signature]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;</TD>
    <TD>[Redacted &ndash; name]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>[Redacted &ndash; title]</TD></TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>GUARANTORS:</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">[Redacted &ndash; address]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD COLSPAN="3"><B>TELESAT LEO HOLDINGS INC.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Attention:&nbsp;</TD>
    <TD>[Redacted &ndash; name]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Email:</TD>
    <TD>[Redacted &ndash; email]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>[Redacted &ndash; email]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid">[Redacted &ndash; signature]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;</TD>
    <TD>[Redacted &ndash; name]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>[Redacted &ndash; title]</TD></TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">[Redacted &ndash; address]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD COLSPAN="3"><B>TELESAT TECHNOLOGY CORP.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Attention:&nbsp;</TD>
    <TD>[Redacted &ndash; name]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Email:</TD>
    <TD>[Redacted &ndash; email]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>[Redacted &ndash; email]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid">[Redacted &ndash; signature]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;</TD>
    <TD>[Redacted &ndash; name]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>[Redacted &ndash; title]</TD></TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 151 -->
    <DIV STYLE="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">[Redacted &ndash; address]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD COLSPAN="3"><B>TELESAT SPECTRUM HOLDINGS INC.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Attention:&nbsp;</TD>
    <TD>[Redacted &ndash; name]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Email:</TD>
    <TD>[Redacted &ndash; email]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>[Redacted &ndash; email]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid">[Redacted &ndash; signature]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>[Redacted &ndash; name]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>[Redacted &ndash; title]</TD></TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">[Redacted &ndash; address]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD COLSPAN="3"><B>TELESAT SPECTRUM CORPORATION</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Attention:&nbsp;</TD>
    <TD>[Redacted &ndash; name]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Email:</TD>
    <TD>[Redacted &ndash; email]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>[Redacted &ndash; email]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid">[Redacted &ndash; signature]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;</TD>
    <TD>[Redacted &ndash; name]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>[Redacted &ndash; title]</TD></TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">[Redacted &ndash; address]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD COLSPAN="3"><B>TELESAT LEO U.S. INC.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Attention:&nbsp;</TD>
    <TD>[Redacted &ndash; name]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Email:</TD>
    <TD>[Redacted &ndash; email]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>[Redacted &ndash; email]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid">[Redacted &ndash; signature]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;</TD>
    <TD>[Redacted &ndash; name]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>[Redacted &ndash; title]</TD></TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">[Redacted &ndash; address]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD COLSPAN="3"><B>TELESAT U.S. SERVICES HOLDINGS CORPORATION</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Attention:&nbsp;</TD>
    <TD>[Redacted &ndash; name]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Email:</TD>
    <TD>[Redacted &ndash; email]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>[Redacted &ndash; email]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid">[Redacted &ndash; signature]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;</TD>
    <TD>[Redacted &ndash; name]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>[Redacted &ndash; title]</TD></TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 152 -->
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    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">[Redacted &ndash; address]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD COLSPAN="3"><B>TELESAT U.S. SERVICES, LLC</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Attention:&nbsp;</TD>
    <TD>[Redacted &ndash; name]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Email:</TD>
    <TD>[Redacted &ndash; email]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>[Redacted &ndash; email]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid">[Redacted &ndash; signature]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;</TD>
    <TD>[Redacted &ndash; name]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>[Redacted &ndash; title]</TD></TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 153 -->
    <DIV STYLE="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>LENDER:</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">[Redacted &ndash; address]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD COLSPAN="3"><B>16342451 CANADA INC., as lender</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Attention:&nbsp;</TD>
    <TD>[Redacted &ndash; name]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Email:</TD>
    <TD>[Redacted &ndash; email]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>[Redacted &ndash; email]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid">[Redacted &ndash; signature]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;</TD>
    <TD>[Redacted &ndash; name]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>[Redacted &ndash; title]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid">[Redacted &ndash; signature]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>[Redacted &ndash; name]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>[Redacted &ndash; title]</TD></TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SCHEDULE
A</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>NOTICE
OF REQUEST FOR ADVANCE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 5.4pt; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TO:</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: justify; padding-top: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; width: 88%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16342451
    CANADA INC., a subsidiary of Canada Development Investment Corporation, as lender (the &ldquo;<B>Lender</B>&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RE:</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: justify; padding-top: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan
    agreement dated as of September 13, 2024 (as amended, restated, supplemented, replaced or otherwise modified from time to time, the
    &ldquo;<B>Loan Agreement</B>&rdquo;) among, <I>inter alios</I>, Telesat LEO Inc., as borrower (the &ldquo;<B>Borrower</B>&rdquo;)
    and the Lender</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DATE:</B></FONT></TD>
    <TD STYLE="border: Black 1.5pt solid; text-align: justify; padding-top: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[<FONT STYLE="font-family: Wingdings">n</FONT><FONT STYLE="font-size: 10pt">]</FONT></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
defined terms set forth, but not otherwise defined, in this notice shall have the respective meanings set forth in the Loan Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Borrower hereby gives irrevocable notice of its request under the Loan Facility for an Advance to be made on the date listed below, pursuant
to Section 2.3.1 of the Loan Agreement as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Type
                                            of Advance: Term CORRA for a period of three months.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Amount
                                            of Advance: $__________________.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Proposed
                                            Advance Date: ____________________.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Borrower hereby certifies as follows:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            representations and warranties in Section 6.1 of the Loan Agreement and all of the representations
                                            and warranties contained in each other Loan Document remain true and correct in all material
                                            respects (it being understood and agreed that any representation or warranty that is qualified
                                            as to &ldquo;materiality,&rdquo; &ldquo;Material Adverse Effect&rdquo; or similar language
                                            shall be true and correct in all respects), in each case, on and as of the Advance Date as
                                            though made on and as of each such date (unless expressly stated to be made as of a specified
                                            date) as of the Advance Date.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
                                            Default or Event of Default has occurred and is continuing or shall result from the Advance.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
                                            event or circumstance has occurred and is continuing which has, or would reasonably be expected
                                            to have, a Material Adverse Effect.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
                                            conditions precedent in Sections 3.1, 3.2 and 3.3 of the Loan Agreement, as applicable, have
                                            been satisfied by the Borrower or waived by the Lender.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dated as of
the first date written above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">TELESAT LEO INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; width: 31%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>

<!-- Field: Page; Sequence: 156 -->
    <DIV STYLE="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SCHEDULE
B</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>FORM
OF COMPLIANCE CERTIFICATE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 5.4pt; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TO:</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: justify; padding-top: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; width: 84%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16342451
    CANADA INC., a subsidiary of Canada Development Investment Corporation, as lender (the &ldquo;<B>Lender</B>&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RE:</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: justify; padding-top: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan
    agreement dated as of September 13, 2024 (as amended, restated, supplemented, replaced or otherwise modified from time to time, the
    &ldquo;<B>Loan Agreement</B>&rdquo;) among, <I>inter alios</I>, Telesat LEO Inc., as borrower (the &ldquo;<B>Borrower</B>&rdquo;)
    and the Lender</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DATE:</B></FONT></TD>
    <TD STYLE="border: Black 1.5pt solid; text-align: justify; padding-top: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<FONT STYLE="font-family: Wingdings">n</FONT>]</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
undersigned, the <B>[insert title of Responsible Officer] </B>of the Borrower, hereby certifies, in that capacity and without personal
liability, that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">I
                                            have read and am familiar with the provisions of the Loan Agreement and have made such examinations
                                            and investigations, including a review of the applicable books and records of the Borrower
                                            as are necessary to enable me to express an informed opinion as to the matters set out herein
                                            and to furnish this Certificate.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">I
                                            have furnished this Certificate with the intent that it may be relied upon by the Lender
                                            as a basis for determining compliance by the Borrower with its covenants and obligations
                                            under the Loan Agreement and the other Loan Documents as of the date of this Certificate.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
                                            Certificate is being delivered in respect of the <B>[Fiscal Year][Fiscal Quarter]</B>, ending
                                            [<FONT STYLE="font-family: Wingdings">n</FONT>] (the &ldquo;<B>Relevant Period</B>&rdquo;).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            representations and warranties in Section 6.1 of the Loan Agreement and all of the representations
                                            and warranties contained in each other Loan Document remain true and correct in all material
                                            respects (it being understood and agreed that any representation or warranty that is qualified
                                            as to &ldquo;materiality,&rdquo; &ldquo;Material Adverse Effect&rdquo; or similar language
                                            shall be true and correct in all respects), in each case, on and as of the date hereof as
                                            though made on and as of the date hereof (unless expressly stated to be made as of a specified
                                            date) <B>[except for the information attached hereto as Schedule[s] [6.1.8, 6.1.10, 6.1.16,
                                            6.1.17, <FONT STYLE="font-size: 10pt">6.1.18, 6.1.20, 6.1.23, 6.1.24, 6.1.34, 6.1.37] which
                                            hereby replaces Schedule[s] [6.1.8, 6.1.10, 6.1.16, 6.1.17, 6.1.18, 6.1.20, 6.1.23, 6.1.24,
                                            6.1.34, 6.1.37] attached to the Loan </FONT>Agreement.]<SUP>1</SUP>.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><DIV STYLE="border-top: Black 1.5pt solid; font-size: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">To
                                            be included when there are any required updates to the disclosure in the applicable Schedules.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Attached
                                            hereto as Exhibit A is a true and complete comparison of the results for the Relevant Period
                                            to the <B>[Project Budget/Operating Budget</B>] for the Relevant Period, including any relevant
                                            notes relating to key variances and extra-ordinary items.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
                                            at or for the Relevant Period, the following material financial events have occurred:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in; text-align: left"></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">n</FONT><SUP>2</SUP></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
                                            at or for the Relevant Period, the financial covenants as contained in Section 9.3 of the
                                            Loan Agreement are as follows and detailed calculations thereof are attached hereto:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 5.4pt; text-align: left; width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Financial
    Covenant Tested</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 5.4pt; width: 54%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Actual
    Amount or Ratio</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    Net Leverage Ratio<SUP>3</SUP></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<FONT STYLE="font-family: Wingdings">n</FONT>]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minimum
    Liquidity<SUP>4</SUP></FONT></TD>
    <TD STYLE="border: Black 1.5pt solid; padding: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<FONT STYLE="font-family: Wingdings">n</FONT>]</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Attached
hereto as Exhibit B is the calculation worksheet as at or for the Relevant Period accurately sets out the information therein contained.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>[Attached
hereto as Exhibit C is the quarterly unaudited consolidated financial statements as at or for the Relevant Period which accurately set
out the information required by Section 9.2.1(ii) of the Loan Agreement.]</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>[Attached
hereto as Exhibit C is the annual audited (without qualification) consolidated financial statements and reports which accurately sets
out the information required by Section 9.2.1(i) of the Loan Agreement.]</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            Available Funding is sufficient to pay all Project Cost and to achieve the Initial Project
                                            Completion Date, <B>[and, for Compliance Certificates delivered after the Initial Project
                                            Completion Date, that the Borrower has sufficient funds from the Operations of the Project
                                            to pay all remaining direct and indirect costs in order to achieve Project Completion by
                                            the Outside Date]</B>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
                                            purposes of this Compliance Certificate, the consolidated financial statements of the Borrower
                                            as of <B>[most recent date] </B>delivered pursuant to Section 9.2.1(i) or 9.2.1(ii) of the
                                            Loan Agreement, as the case may be:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0.5in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">are
                                            complete in all material respects and fairly present the results of operations and financial
                                            position of the Borrower on a consolidated basis as at the date thereof and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrower
                                            to list any material financial events including, without limitation, Dispositions and Capital
                                            Expenditures.</FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tested
quarterly.</FONT></TD>
</TR></TABLE>



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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>4</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tested
quarterly.</FONT></TD>
</TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>




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<TD STYLE="padding: 0pt; width: 0.5in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">have
                                            been prepared in accordance with GAAP consistently applied except that, in the case of quarterly
                                            unaudited financial statements, notes to the statements and audit adjustments required by
                                            GAAP are not included.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Since
such date, there has been no condition (financial or otherwise), event or change in the business, liabilities, operations, results of
operations, assets or prospects of either of the Borrower, or any of the Guarantors which constitutes or has a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">There
                                            have been no adverse changes to any of the facts set out in the officer&rsquo;s certificate
                                            of the Borrower delivered on the Closing Date in connection with the Non-Consolidation Opinions
                                            and the Borrower is in compliance with all Separateness Covenants.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
                                            Default or Event of Default has occurred and is continuing as of the date hereof.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Capitalized
terms in the Loan Agreement which appear herein without definitions shall have the meanings ascribed thereto in the Loan Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Signature
Page Follows]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dated as of
the first date written above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">TELESAT LEO INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="padding: 0pt; width: 31%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>EXHIBIT
A<BR>
Budget Comparison</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">See attached.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>EXHIBIT
B<BR>
Calculation Worksheet</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">See attached.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>EXHIBIT
C<BR>
Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">See attached.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SCHEDULE
C</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>FORM
OF EXCESS CASH FLOW CERTIFICATE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 5.4pt; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif">TO:</FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; text-align: justify; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-top: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16342451
    CANADA INC., a subsidiary of Canada Development Investment Corporation, as lender (the &ldquo;<B>Lender</B>&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RE:</FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; text-align: justify; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-top: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan
    agreement dated as of September 13, 2024 (as amended, restated, supplemented, replaced or otherwise modified from time to time, the
    &ldquo;<B>Loan Agreement</B>&rdquo;) among, <I>inter alios</I>, Telesat LEO Inc., as borrower (the &ldquo;<B>Borrower</B>&rdquo;)
    and the Lender</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DATE:</FONT></TD>
    <TD STYLE="border: Black 1.5pt solid; text-align: justify; padding-top: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<FONT STYLE="font-family: Wingdings">n</FONT>]</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
undersigned, the <B>[insert title of Responsible Officer] </B>of the Borrower, hereby certifies, in that capacity and without personal
liability, that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">I
                                            have read and am familiar with the provisions of the Loan Agreement and have made such examinations
                                            and investigations, including a review of the applicable books and records of the Borrower
                                            as are necessary to enable me to express an informed opinion as to the matters set out herein
                                            and to furnish this Certificate.</FONT></TD>
                                                                                        <TD STYLE="padding: 0pt; text-align: justify; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">I
                                            have furnished this Certificate with the intent that it may be relied upon by the Lender
                                            as a basis for determining the Excess Cash Flow Prepayment Amount and, if applicable, the
                                            amount of Residual Excess Cash Flow.</FONT></TD>
                                                                                        <TD STYLE="padding: 0pt; text-align: justify; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
                                            Certificate is being delivered in respect of the Fiscal Year, ending [</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><FONT STYLE="font-family: Wingdings">n</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">]<SUP>1
                                            </SUP>(the &ldquo;<B>Relevant Period</B>&rdquo;).</FONT></TD>
                                                                                                                             <TD STYLE="padding: 0pt; text-align: justify; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
                                            at or for the Relevant Period, the EBITDA as determined in accordance with the Loan Agreement
                                            for the most recently completed Fiscal Year was: $_________, calculated as follows:</FONT></TD>
                                                                                        <TD STYLE="padding: 0pt; text-align: justify; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0.5in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
                                            Income</FONT></TD>
                                                                                                                                <TD STYLE="padding: 0pt; text-align: center; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=$</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><FONT STYLE="font-family: Wingdings">n</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0.5in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">increased
                                            by, to the extent reducing Net Income for such period, the sum of (without duplication) and
                                            on a consolidated basis:</FONT></TD>
                                                                                           <TD STYLE="padding: 0pt; text-align: justify; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
                                            Expense for such period</FONT></TD>
                                                                                                                    <TD STYLE="text-align: center; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=$</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><FONT STYLE="font-family: Wingdings">n</FONT></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">To
                                            be delivered on the last Business Day of the first Fiscal Quarter in each Fiscal Year commencing
                                            the Fiscal Year immediately after the Fiscal Year in which the Initial Project Completion
                                            Date occurs.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0.5in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
                                            Tax Expense for such period</FONT></TD>
                                                                                                                                 <TD STYLE="padding: 0pt; vertical-align: bottom; text-align: center; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=$</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><FONT STYLE="font-family: Wingdings">n</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0.5in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
                                            and Amortization Expense for such period; </FONT></TD>
                                                                                                                                  <TD STYLE="padding: 0pt; vertical-align: bottom; text-align: center; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=$</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><FONT STYLE="font-family: Wingdings">n</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0.5in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iv)</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">other
                                            non-cash items (excluding any such non-cash item to the extent that it represents an accrual
                                            or reserve for potential cash items in any future period or amortization of a prepaid cash
                                            item that was paid for in a prior period) but including, without limitation, non-cash adjustments
                                            <FONT STYLE="font-size: 10pt">related to purchase accounting;</FONT></FONT></TD>
                                                                                            <TD STYLE="padding: 0pt; vertical-align: bottom; text-align: center; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=$</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><FONT STYLE="font-family: Wingdings">n</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0.5in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(v)</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">losses
                                            on disposal of assets, impairment of goodwill and intangible assets and any extraordinary,
                                            non-recurring or unusual non-cash items decreasing Net Income for such <FONT STYLE="font-size: 10pt">period
                                            acceptable to the Lender</FONT></FONT></TD>
                                                                                           <TD STYLE="padding: 0pt; vertical-align: bottom; text-align: center; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=$</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><FONT STYLE="font-family: Wingdings">n</FONT></FONT></TD>
                                                                                           </TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0.5in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(vi)</FONT></TD><TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            unrealized foreign exchange losses or losses on <FONT STYLE="font-size: 10pt">Permitted Hedge
                                            Agreements</FONT></FONT></TD>
                                                                                            <TD STYLE="padding: 0pt; vertical-align: bottom; text-align: center; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=$</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><FONT STYLE="font-family: Wingdings">n</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0.5in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</FONT></TD><TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">severance</FONT></TD>
                                                                                                                                  <TD STYLE="padding: 0pt; vertical-align: bottom; text-align: center; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=$</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><FONT STYLE="font-family: Wingdings">n</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0.5in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)</FONT></TD><TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">long-term
                                            incentive compensation payable in cash</FONT></TD>
                                                                                                                                   <TD STYLE="padding: 0pt; vertical-align: bottom; text-align: center; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=$</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><FONT STYLE="font-family: Wingdings">n</FONT></FONT></TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
                                                                                                                                   <TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
                                                                                                                                                                                                                                                        <TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
                                            + (ii) + (iii) + (iv) + (v) <B>+ </B>(vi) + (vii) + (viii)</FONT></TD>
                                                                                                                                   <TD STYLE="padding: 0pt; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">=$<FONT STYLE="font-family: Wingdings">n</FONT></FONT></TD></TR>
                                                                                                                                                                                                                                                        </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">decreased
                                            by, to the extent increasing Net Income for such period, the sum of (without duplication)
                                            and on a consolidated basis:</FONT></TD>
                                                                                <TD STYLE="text-align: justify; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0.5in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">non-cash
                                            items increasing Net Income (excluding any such non-cash item to the extent that it represents
                                            the reversal of any accrual or reserve for potential cash item <FONT STYLE="font-size: 10pt">in
                                            any prior period)</FONT></FONT></TD>
                                                                                           <TD STYLE="padding: 0pt; vertical-align: bottom; text-align: center; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=$</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><FONT STYLE="font-family: Wingdings">n</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0.5in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">extraordinary
                                            or non-recurring gains</FONT></TD>
                                                                                                                                 <TD STYLE="padding: 0pt; vertical-align: bottom; text-align: center; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=$</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><FONT STYLE="font-family: Wingdings">n</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0.5in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD><TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">net
                                            after tax gains or income from disposed or <FONT STYLE="font-size: 10pt">discontinued operations</FONT></FONT></TD>
                                                                                             <TD STYLE="padding: 0pt; vertical-align: bottom; text-align: center; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=$</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><FONT STYLE="font-family: Wingdings">n</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0.5in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iv)</FONT></TD><TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            unrealized foreign exchange gains or gains on <FONT STYLE="font-size: 10pt">Permitted Hedge
                                            Agreements</FONT></FONT></TD>
                                                                                            <TD STYLE="padding: 0pt; vertical-align: bottom; text-align: center; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=$</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><FONT STYLE="font-family: Wingdings">n</FONT></FONT></TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
                                                                                            <TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
                                                                                                                                                                                                                 <TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
                                            + (ii) + (iii) + (iv)</FONT></TD>
                                                                                            <TD STYLE="padding: 0pt; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">=$<FONT STYLE="font-family: Wingdings">n</FONT></FONT></TD></TR>
                                                                                                                                                                                                                 </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
                                            + (b) &ndash; (c)</FONT></TD>
                                                                                                                     <TD STYLE="vertical-align: bottom; text-align: center; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=$</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><FONT STYLE="font-family: Wingdings">n</FONT></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
                                            at or for the Relevant Period, the Excess Cash Flow as determined in accordance with the
                                            Loan Agreement for the most recently completed Fiscal Year was: $__________, calculated as
                                            follows:</FONT></TD>
                                                                               <TD STYLE="text-align: justify; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EBITDA
                                            (from paragraph 4 above)</FONT></TD>
                                                                                                                        <TD STYLE="vertical-align: bottom; text-align: center; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=
                                            $</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><FONT STYLE="font-family: Wingdings">n</FONT></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">decreased
                                            by the sum of (without duplication):</FONT></TD>
                                                                                   <TD STYLE="text-align: justify; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 1in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(A)
                                            amounts paid in cash in respect of Taxes with respect to such period (excluding Taxes paid
                                            in such period where a certificate contemplated by the following clause (B) was previously
                                            delivered) and (B) Taxes that will be paid within six (6) months after the end of such period
                                            and for which reserves have been established; provided that Borrower shall deliver a certificate
                                            to the Lender not later than thirty (30) days after the end of such period certifying that
                                            such taxes will be paid within <FONT STYLE="font-size: 10pt">such six (6) month period</FONT></FONT></TD>
                                                                                         <TD STYLE="padding: 0pt; vertical-align: bottom; text-align: center; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=
                                            $</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><FONT STYLE="font-family: Wingdings">n</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 1in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">cash
                                            Interest Expense for such period</FONT></TD>
                                                                                          <TD STYLE="padding: 0pt; vertical-align: bottom; text-align: center; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">=
                                            $<FONT STYLE="font-family: Wingdings">n</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 1in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD><TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">increases
                                            in Working Capital and long-term assets during such period</FONT></TD>
                                                                                           <TD STYLE="padding: 0pt; vertical-align: bottom; text-align: center; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">=
                                            $<FONT STYLE="font-family: Wingdings">n</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 1in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iv)</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(A)
                                            Capital Expenditures paid in cash during such period, and (B) Capital Expenditures paid in
                                            cash after such period but prior to the date of payment of the Excess Cash Flow Prepayment
                                            Amount with respect to such period, provided that, in each case, such Capital Expenditures
                                            were not financed with proceeds of Debt or an equity issuance and provided that any amount
                                            so deducted shall not be deducted again in a subsequent applicable period</FONT></TD>
                                                                                          <TD STYLE="padding: 0pt; vertical-align: bottom; text-align: center; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">=
                                            $<FONT STYLE="font-family: Wingdings">n</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 1in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(v)</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Capital
                                            Expenditures that the Borrower shall, during such period, become obligated to pay in cash
                                            but that are not made during such period, provided that (A) the Borrower shall deliver a
                                            certificate to the Lender not later than ninety (90) days after the end of such applicable
                                            period, signed by an officer of the Borrower and certifying that such Capital Expenditures
                                            were made during the ninety (90) days following the applicable period, (B) any amount so
                                            deducted shall not be deducted again in a subsequent applicable period, and (C) such Capital
                                            Expenditures were not financed with proceeds of Debt or an equity issuance</FONT></TD>
                                                                                         <TD STYLE="padding: 0pt; vertical-align: bottom; text-align: center; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">=
                                            $<FONT STYLE="font-family: Wingdings">n</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 1in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(vi)</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(A)
                                            the sum of all scheduled payments of principal under this Agreement, the IQ Loan Agreement
                                            and the Launch Agreements paid in cash during such period and (B) the sum of all scheduled
                                            payments of principal under this Agreement, the IQ Loan Agreement and the Launch Agreements
                                            paid in cash after such period but prior to the date of payment of the Excess Cash Flow Prepayment
                                            Amount with respect to such period, provided that, in each case, such payments were not financed
                                            with proceeds of Debt or an equity issuance and provided that any amount so deducted shall
                                            not be <FONT STYLE="font-size: 10pt">deducted again in a subsequent applicable period</FONT></FONT></TD>
                                                                                             <TD STYLE="padding: 0pt; vertical-align: bottom; text-align: center; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=
                                            $</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><FONT STYLE="font-family: Wingdings">n</FONT></FONT></TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
                                                                                             <TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
                                                                                                                                                                                                                                                                                                                                             <TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
                                            + (ii) + (iii) + (iv) + (v) + (vi)</FONT></TD>
                                                                                             <TD STYLE="padding: 0pt; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">=
                                            $<FONT STYLE="font-size: 12pt"><FONT STYLE="font-family: Wingdings">n</FONT></FONT></FONT></TD></TR>
                                                                                                                                                                                                                                                                                                                                             </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">increased
                                            by the sum of (without duplication):</FONT></TD>
                                                                                 <TD STYLE="text-align: justify; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="padding-left: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">cash
                                            received from interest to the extent that such cash <FONT STYLE="font-size: 10pt">was not
                                            included in the calculation of EBITDA</FONT></FONT></TD>
                                                                                   <TD STYLE="vertical-align: bottom; text-align: center; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=
                                            $</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><FONT STYLE="font-family: Wingdings">n</FONT></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">liquidated
                                            damages received in cash under any Material <FONT STYLE="font-size: 10pt">Project Contract
                                            during such period</FONT></FONT></TD>
                                                                                    <TD STYLE="vertical-align: bottom; text-align: center; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=
                                            $</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><FONT STYLE="font-family: Wingdings">n</FONT></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">decreases
                                            in Working Capital and long-term assets <FONT STYLE="font-size: 10pt">during such period</FONT></FONT></TD>
                                                                                     <TD STYLE="vertical-align: bottom; text-align: center; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=
                                            $</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><FONT STYLE="font-family: Wingdings">n</FONT></FONT></TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
                                                                                     <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
                                            + (ii) + (iii)</FONT></TD>
                                                                                     <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">=
                                            $<FONT STYLE="font-size: 12pt"><FONT STYLE="font-family: Wingdings">n</FONT></FONT></FONT></TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
                                            &ndash; (b) + (c)</FONT></TD>
                                                                                                                                                                    <TD STYLE="vertical-align: bottom; text-align: center; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=
                                            $</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><FONT STYLE="font-family: Wingdings">n</FONT></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>A
                                            </B>= Liquidity &ndash; $100,000,000 (or such amount as set out in Section <FONT STYLE="font-size: 10pt">9.3.2
                                            of the Loan Agreement)<SUP>2</SUP></FONT></FONT></TD>
                                                                                                                                                      <TD STYLE="vertical-align: bottom; text-align: center; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=
                                            $</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><FONT STYLE="font-family: Wingdings">n</FONT></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B
                                            </B>= Excess Cash Flow</FONT></TD>
                                                                                                                                                                       <TD STYLE="vertical-align: bottom; text-align: center; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=
                                            $</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><FONT STYLE="font-family: Wingdings">n</FONT></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C
                                            </B>= A &ndash; (B x 0.50)<SUP>3</SUP></FONT></TD>
                                                                                                                                                                       <TD STYLE="vertical-align: bottom; text-align: center; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=
                                            $</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><FONT STYLE="font-family: Wingdings">n</FONT></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Excess
                                            Cash Flow Prepayment Amount<SUP>4</SUP></FONT></TD>
                                                                                                                                                                       <TD STYLE="vertical-align: bottom; text-align: center; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=
                                            $</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><FONT STYLE="font-family: Wingdings">n</FONT></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Attached
hereto as Exhibit A is the calculation worksheet as at or for the Relevant Period accurately sets out the information therein contained.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><DIV STYLE="border-top: Black 1.5pt solid; font-size: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
                                            A is negative, then the Excess Cash Flow Prepayment Amount is deemed to be $0.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
                                            B is less than $25,000,000 then Excess Cash Flow Prepayment Amount is deemed to be $0.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>4</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
                                            B is greater than or equal to $25,000,000 and C is zero or positive, then the Excess Cash
                                            Flow Prepayment Amount is equal to the (B x 0.50).</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
                                            B is greater than or equal to $25,000,000 and C is negative, then the Excess Cash Flow Prepayment
                                            Amount is equal to (B x 0.50) minus the absolute value of C.</FONT></TD>
</TR></TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dated as of
the first date written above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">TELESAT LEO INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="width: 31%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Signature
Page &ndash; Form of Excess Cash Flow Certificate</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>EXHIBIT
A</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Calculation
Worksheet</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">See attached.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Signature
Page &ndash; Form of Excess Cash Flow Certificate</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SCHEDULE
D</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>FINANCIAL
MODEL</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted -
commercially sensitive information].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SCHEDULE
E</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>FORMS
OF LANDLORD ACCESS AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>LANDLORD
ACKNOWLEDGEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TO:</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TELESAT
                                            LEO INC. </B>(together with its successors and permitted assigns, the &ldquo;<B>Tenant</B>&rdquo;)<SUP>1</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AND</B>&#8239;<B>TO:</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TSX
                                            TRUST COMPANY</B>, as collateral agent (including its successors and assigns in such capacity,
                                            the &ldquo;<B>Agent</B>&rdquo;)</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>RE:</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Loan
                                            agreement dated as of September 13, 2024 (as amended, restated, supplemented, replaced or
                                            otherwise modified from time to time, the &ldquo;<B>Canada Loan Agreement</B>&rdquo;) among,
                                            <I>inter alios</I>, Telesat LEO Inc., as borrower (the &ldquo;<B>Borrower</B>&rdquo;), the
                                            guarantors from time to time party thereto, and 16342451 Canada Inc. (the &ldquo;<B>Canada
                                            Lender</B>&rdquo;)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AND RE:</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Loan
                                            agreement dated as of September 13, 2024 (as amended, restated, supplemented, replaced or
                                            otherwise modified from time to time, the &ldquo;<B>IQ Loan Agreement</B>&rdquo;) among,
                                            <I>inter alios</I>, the Borrower, as borrower, the guarantors from time to time party thereto,
                                            Investissement Quebec, as lender (&ldquo;<B>IQ</B>&rdquo;)</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; width: 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AND RE:</B></FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted -</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">commercially</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">sensitive</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">information]</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AND RE:</B></FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><DIV STYLE="border-top: Black 1.5pt solid; font-size: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Note:
                                            </B>Where the Borrower is the Tenant form can be updated to reference the Borrower in all
                                            places where &ldquo;Tenant&rdquo; is used.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AND
                          RE:</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
                                            agreement dated as of </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><FONT STYLE="font-family: Wingdings">n</FONT>
                                            </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">between
                                            </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><FONT STYLE="font-family: Wingdings">n</FONT>
                                            </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(together
                                            with its successors, by amalgamation or otherwise, and permitted assigns, the &ldquo;<B>Landlord</B>&rdquo;)
                                            and the Tenant (the &ldquo;<B>Lease Agreement</B>&rdquo;) with respect to the premises located
                                            at [&#9679;<FONT STYLE="font-family: Wingdings"></FONT>] (the &ldquo;<B>Property</B>&rdquo;)</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DATE:</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><FONT STYLE="font-family: Wingdings">n</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">]</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WHEREAS
</B>pursuant to the Lease Agreement, the Landlord leased to the Tenant the premises described therein (the &ldquo;<B>Leased Premises</B>&rdquo;),
located on the Property;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AND
WHEREAS </B>the Tenant has granted, as general and continuing security for the payment and performance of the Secured Obligations, a
security interest and assignment, mortgage and charge over all of its assets including, without limitation, the Tenant&rsquo;s interest
in the Lease Agreement and the Tenant&rsquo;s inventory, equipment, machinery, fixtures, and other personal and moveable property at
any time, now or later, located in or about the Leased Premises (collectively, the &ldquo;<B>Personal Property</B>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-indent: 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AND WHEREAS </B>it is
a condition precedent under each of the Canada Loan <FONT STYLE="font-size: 10pt">Agreement, the IQ Loan Agreement, <FONT STYLE="background-color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>
that the Tenant and the Landlord enter into this Agreement;</FONT></TD>
    <TD STYLE="width: 5pt"></TD><TD STYLE="text-align: left; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted
                                            - commercially sensitive information]</FONT></TD>
</TR></TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 1in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AND
WHEREAS </B>each of the Secured Parties has appointed and authorized the Agent to act as its collateral agent and attorney for the purpose
of holding security granted by the Tenant pursuant to the terms of that certain collateral agency and intercreditor agreement dated as
of September 13, 2024 among, <I>inter alios</I>, the Borrower, the Tenant, the Secured Parties and the Agent (the &ldquo;<B>Collateral
Agency and Intercreditor Agreement</B>&rdquo;);</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AND
WHEREAS </B>capitalized terms used herein without express definition shall, unless something in the subject matter or context is inconsistent
therewith, have the same meanings as are ascribed to such terms in the Collateral Agency and Intercreditor Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>NOW
THEREFORE</B>, in consideration of the foregoing recitals and for other good and valuable consideration, the receipt and adequacy of
which are acknowledged by the Landlord, the Landlord agrees as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Notice
                                            and Acknowledgement</U></B>. The Landlord hereby acknowledges, confirms and consents to the
                                            Tenant encumbering the Tenant&rsquo;s interest in the Lease Agreement, the Personal Property
                                            and the Leased Premises and (ii) that the Agent&rsquo;s security interest in the Personal
                                            Property (as extended, renewed, supplemented, amended and restated from time to time) will
                                            be in priority to any title or interest that the Landlord may at any time have therein, and
                                            the Landlord will not assert against any of the Personal Property any present or future title,
                                            lien, security interest, hypothec or encumbrance, including, without limitation, by way of
                                            rights of levy, distraint or distress for rent, all of which the Landlord hereby unconditionally
                                            subordinates in favour of the Agent. No Personal Property will constitute a fixture or become
                                            part of the Leased Premises.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Exercise
                                            of Remedies by the Agent.</U></B></FONT></TD></TR></TABLE>




<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0.5in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Personal
                                            Property</U>. The Agent, at the direction of the Required Secured Parties and subject to
                                            the Landlord&rsquo;s rights under the Lease Agreement, may, with reasonable prior notice
                                            (including for up to 90 days following the termination of the Premises Agreement), enter
                                            the Leased Premises for the purpose of repossessing, removing, selling or otherwise dealing
                                            with any Personal Property (free of any rights and interest that the Provider may have and
                                            without being deemed to be in possession) provided that the Agent, on behalf of and upon
                                            prior funding and indemnity by the Secured Parties, will promptly pay for the repair of any
                                            damages to the Leased Premises as a result of such, removal, sale or other dealing with any
                                            such Personal Property; and provided, however, that the Agent and the Secured Parties shall
                                            not be liable to the Landlord for any diminution in value caused by the absence of any removed
                                            Personal Property or for any other matter except as specifically set forth herein.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0.5in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Lease
                                            Agreement</U>. If the Tenant has possession of the Leased Premises the Agent or its agent,
                                            at the direction of the Required Secured Parties, may take possession of the Leased Premises
                                            for a period equal to the greater of the remainder of the unexpired term of the Lease Agreement
                                            (including any renewals provided for therein) or a period not to exceed ninety (90) days
                                            following the service of notice of default (the &ldquo;<B>Disposition Period</B>&rdquo;);
                                            provided that payments of base rent are made in accordance with the Lease Agreement and all
                                            other obligations of the Tenant under the Lease Agreement are complied with by the Agent,
                                            on behalf of the Secured Parties. If any injunction or stay is issued (including an automatic
                                            stay due to a bankruptcy proceeding) that prohibits the Agent from removing the Personal
                                            Property, the commencement or pendency of the Disposition Period shall be deferred until
                                            such injunction or stay is lifted or removed.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>3.</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Status
                                            of Lease Agreement</U></B>. The Landlord hereby represents and warrants to the Agent and
                                            the Secured Parties (and acknowledges that the Agent and the Secured Parties are relying
                                            on the same) that: (a) the Landlord is duly formed and existing under the laws of its jurisdiction
                                            of formation; (b) the Lease Agreement is in full force and effect, is in good standing and
                                            except as provided in this Agreement, has not been amended, assigned or modified in any way;
                                            (c) the Landlord is not aware of any existing default or dispute by or between the Landlord
                                            and the Tenant under the Lease Agreement; and (d) all rent, payments and other fees under
                                            the Lease Agreement have been paid to the extent due and payable.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Amendment
                                            of Lease Agreement</U></B>. The Landlord shall not agree to any amendment, restatement, replacement,
                                            supplement or other modification of the Lease Agreement which would materially adversely
                                            affect the Agent&rsquo;s and the Secured Parties&rsquo; rights hereunder or interest in the Lease
                                            Agreement, or agree to any mutual termination or accept any surrender of the Lease Agreement,
                                            nor shall any such amendment, restatement, replacement, supplement, other modification or
                                            termination by the Tenant be effective, without the prior written consent of the Agent, acting
                                            at the direction of the Required Secured Parties.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Agent&rsquo;s
                                            Cure Rights under the Lease Agreement</U></B>. If there is a default by the Tenant under
                                            the Lease Agreement, the Agent, on behalf of the Secured Parties, will have the right but
                                            not the obligation) to, within 30 days of receipt of written Notice from the Landlord of
                                            such default, cure any such default and the Landlord will accept any timely (for greater
                                            certainty, any cure effected within 30 days of receipt of written Notice shall be deemed
                                            to be timely) curative acts made by or on behalf of the Agent, at the direction of the Required
                                            Secured Parties, as if they had been made by the Tenant. If, however, the default is of a
                                            nature that is not reasonably curable by the Agent (including, without limitation, an Insolvency
                                            Event of the Tenant), then so long as the Agent complies with all provisions of the Lease
                                            Agreement requiring the payment of money by the Tenant and other provisions that may be performed
                                            by the Agent, the Landlord will not terminate or vary the Lease Agreement or the rights of
                                            the Tenant under the Lease Agreement. No action by the Agent or the Secured Parties pursuant
                                            to this Agreement shall be deemed to be an assumption by the Agent or the Secured Parties
                                            of any obligation under the Lease Agreement, and except as expressly provided in this Agreement,
                                            the Agent and the Secured Parties shall not have any obligation to the Landlord. Any prohibition
                                            on the Agent&rsquo;s right to cure, whether imposed by law or a court, will extend the Agent&rsquo;s
                                            cure period on a day for day basis.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Sale
                                            or Assignment</U></B>. The Agent, at the direction of and upon prior funding and indemnity
                                            by the Required Secured Parties, may sell or otherwise dispose of or assign the interest
                                            of the Tenant in the Lease Agreement or the Leased Premises pursuant to the terms of the
                                            Secured Obligations Documents provided that payment of rent and other money due under the
                                            Lease Agreement (other than any accelerated rent) are made in accordance with the Lease Agreement
                                            and any such sale or assignment is made with such consent as is required under the Lease
                                            Agreement for an assignment. Upon such assignment or sale with such consent, the Landlord
                                            shall release the Agent, on behalf of the Secured Parties, from all liabilities and obligations,
                                            if any, under the Lease Agreement. If the Agent acquires the Tenant&rsquo;s interest under
                                            a new lease agreement pursuant to Section 7 below, the Agent, at the direction of the Required
                                            Secured Parties, may assign the new lease agreement in accordance with the terms and conditions
                                            thereof.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>7.</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>New
                                            Lease Agreement</U></B>. If the Lease Agreement is terminated for any reason before the end
                                            of its term, then the Landlord will, upon written request from the Agent made within 30 days
                                            of receiving notice from the Landlord of such termination, enter into a new lease agreement
                                            of the Leased Premises with the Agent. The new lease agreement will be on the same terms
                                            and conditions as the Lease Agreement (including, without limitation, any rights or options
                                            to renew or extend the terms of the lease agreement or acquire the Leased Premises) and will
                                            have the same priority as the Lease Agreement. The Landlord&rsquo;s obligation to enter into
                                            such a new lease agreement will be subject to the Agent, on behalf of and upon prior funding
                                            and indemnity by the Secured Parties, will (a) have cured all monetary defaults (other than
                                            any accelerated rents) and commenced, and diligently prosecuted, the cure for all reasonably
                                            curable non-monetary defaults; and (b) reimburse the Landlord for all reasonable and documented
                                            costs and expenses incurred in connection with entering into such new lease agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>8.</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Foreclosure</U></B>.
                                            If the Agent, at the direction of the Required Secured Parties, becomes tenant under the
                                            Lease Agreement by means of foreclosure or assignment in lieu thereof, the Agent, on behalf
                                            of the Secured Parties, shall be liable under the Lease Agreement only for the period the
                                            Agent remains a party thereto, and for greater certainty, the Agent or any party who acquires
                                            the Tenant&rsquo;s interest in the Leased Premises from the Agent shall not be liable to
                                            perform the obligations imposed on the Tenant by the Lease Agreement which are incurred or
                                            accruing after the Agent or other party no longer has an interest in or possession of the
                                            Leased Premises, provided that any subsequent assignee or the Tenant shall assume and agree
                                            to be bound by all the terms and conditions of the Lease Agreement.</FONT></TD></TR></TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Landlord&rsquo;s
                                            Freehold Mortgagees and Transferees.</U></B> The Landlord shall not mortgage or sell its
                                            interest in the Leased Premises except to a purchaser or mortgagee that, before the effective
                                            date of the sale or freehold mortgage, enters into a written agreement with the Tenant and
                                            in favour of the Agent that is substantially in the form of this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>10.</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Notices.
                                            </U></B>All notices to be given hereunder shall be in writing and all such notices may be
                                            made or served, personally with receipt acknowledged or by registered or certified mail,
                                            return receipt requested, postage prepaid, addressed to:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Provider
at:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><FONT STYLE="font-family: Wingdings">n</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="background-color: Black; padding-left: 2pt; text-align: left"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                         <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                         <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                         <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                         <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                         <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                         <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                         <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                         <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                         <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                         <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                         <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                         <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                         <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                         <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                         <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                         <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                         <P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                         <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                         <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                         <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></TD><TD STYLE="padding-bottom: 10pt; vertical-align: bottom; padding-left: 2pt; text-align: left; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted
                                            - email address, commercial address and personal contact information]</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="background-color: Black; width: 70%; text-align: left"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></TD><TD STYLE="text-align: justify; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 3.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted
- email address, commercial address and personal contact information]</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Or
such other address, as the parties respectively may from time to time advise. Any such notice shall be deemed to have been duly given
or served on the date on which personally delivered, with receipt acknowledged, or, if served by registered letter, three (3) days after
mailing thereof, postage prepaid.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>11.</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Modification;
                                            Waivers; Assignment.</U></B> This Agreement may not be amended or modified in any respect
                                            except by written instrument signed by the Tenant, the Landlord and the Agent (acting at
                                            the direction of the Required Secured Parties). Any waiver by the Agent shall be in writing.
                                            The rights of the Agent (including those of any Secured Party) under this Agreement may only
                                            be assigned in accordance with the requirements of the Collateral Agency and Intercreditor
                                            Agreement. The Tenant may not assign its obligations under this Agreement without the prior
                                            written consent of the Agent (acting at the direction of the Required Secured Parties) and
                                            the Landlord. The Landlord may not assign its obligations under this Agreement without the
                                            prior written consent of the Agent (acting at the direction of the Required Secured Parties)
                                            and the Tenant. Any permitted assignee of the Agent or a Secured Party shall be bound hereby,
                                            <I>mutatis mutandis</I>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>12.</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Governing
                                            Law Attornment</U></B>. This Agreement is governed by and construed in accordance with the
                                            laws of the <B>[Province of Ontario and the federal laws of Canada] </B>applicable therein.
                                            Each of the Tenant, Landlord and the Agent on behalf of the Secured Parties, hereby irrevocably
                                            attorn and submit to the non-exclusive jurisdiction of the courts of the <B>[Province of
                                            Ontario]</B>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>13.</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Benefit
                                            of the Agreement</U></B>. This Agreement shall be binding upon the successors and permitted
                                            assigns of the Tenant and the Landlord and shall benefit the successors and permitted assigns
                                            of the Agent and the Secured Parties.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>14.</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>WAIVER
                                            OF SPECIAL DAMAGES</U></B>. THE LANDLORD HEREBY WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED
                                            BY LAW, ALL RIGHTS IT MAY HAVE TO CLAIM OR RECOVER FROM THE AGENT, IN ANY LEGAL ACTION OR
                                            PROCEEDING, ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES RELATED TO THIS AGREEMENT.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>15.</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Severability</U></B>.
                                            If any provision of this Agreement is determined to be invalid or unenforceable in whole
                                            or in part, such invalidity or unenforceability shall attach only to such provision or part
                                            thereof and the remaining part of such provision and all other provisions hereof shall continue
                                            in full force and effect. To the extent permitted by Applicable Law the parties hereby waive
                                            any provision of law that renders any provision hereof prohibited or unenforceable in any
                                            respect.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0.15in"></TD><TD STYLE="padding: 0pt; width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>16.</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Counterparts</U></B>.
                                            This Agreement may be executed in any number of counterparts, including by electronic or
                                            digital signature, each of which shall be deemed to be an original and all of which taken
                                            together shall be deemed to constitute one and the same instrument.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0.15in"></TD><TD STYLE="padding: 0pt; width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>17.</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Rights
                                            of the Agent</U></B>. The rights, privileges, protections, immunities and benefits afforded
                                            to the Agent, including, without limitation, its right to be funded and indemnified, under
                                            the Collateral Agency and Intercreditor Agreement shall be afforded to the Agent for all
                                            purposes of this Agreement as if fully set forth herein mutatis mutandis. Notwithstanding
                                            anything contained herein to the contrary, the Agent shall not be obligated to take any discretionary
                                            action or exercise any discretionary rights or powers, including any obligation to provide
                                            any requests, consents, directions, determinations, acceptances, rejections or other similar
                                            actions pursuant to this Agreement unless it shall have first been so directed by the Required
                                            Secured Parties in accordance with the terms of the Collateral Agency and Intercreditor Agreement,
                                            and the Agent shall not be liable for any failure or delay in taking such actions resulting
                                            from any failure or delay by the Required Secured Parties in providing such directions.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">[<I>Signature
page follows</I>]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">IN
WITNESS WHEREOF the undersigned has executed this agreement as of the date first written above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 40%; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">TELESAT LEO INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">TSX TRUST COMPANY, as<BR>
 Collateral Agent</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">[LANDLORD]</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>US
LANDLORD ACKNOWLEDGEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TO:</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TELESAT
                                            LEO INC. </B>(together with its successors and permitted assigns, the &ldquo;<B>Tenant</B>&rdquo;)<SUP>2</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AND
                            TO:</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TSX
                                            TRUST COMPANY</B>, as collateral agent (including its successors and assigns in such capacity,
                                            the &ldquo;<B>Agent</B>&rdquo;)</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>RE:</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Loan
                                            agreement dated as of September 13, 2024 (as amended, restated, supplemented, replaced or
                                            otherwise modified from time to time, the &ldquo;<B>Canada Loan Agreement</B>&rdquo;) among,
                                            <I>inter alios</I>, Telesat LEO Inc., as borrower (the &ldquo;<B>Borrower</B>&rdquo;), the
                                            guarantors from time to time party thereto, and 16342451 Canada Inc. (the &ldquo;<B>Canada
                                            Lender</B>&rdquo;)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AND
                            RE:</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Loan
                                            agreement dated as of September 13, 2024 (as amended, restated, supplemented, replaced or
                                            otherwise modified from time to time, the &ldquo;<B>IQ Loan Agreement</B>&rdquo;) among,
                                            <I>inter alios</I>, the Borrower, as borrower, the guarantors from time to time party thereto,
                                            Investissement Quebec, as lender (&ldquo;<B>IQ</B>&rdquo;)</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; width: 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AND RE:</B></FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted -</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">commercially</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">sensitive</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">information]</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AND RE:</B></FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
     </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AND
                            RE:</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
                                            agreement dated as of </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><FONT STYLE="font-family: Wingdings">n</FONT>
                                            </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">between
                                            </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><FONT STYLE="font-family: Wingdings">n</FONT>
                                            </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(together
                                            with its successors, by amalgamation or otherwise, and permitted assigns, the &ldquo;<B>Landlord</B>&rdquo;)
                                            and the Tenant (the &ldquo;<B>Lease Agreement</B>&rdquo;) with respect to the premises located
                                            at [&#9679;<FONT STYLE="font-family: Wingdings"></FONT>] (the &ldquo;<B>Property</B>&rdquo;)</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Note:
                                            </B>Where the Borrower is the Tenant form can be updated to reference the Borrower in all
                                            places where &ldquo;Tenant&rdquo; is used.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>DATE:</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">[<FONT STYLE="font-family: Wingdings">n</FONT>]</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WHEREAS
</B>pursuant to the Lease Agreement, the Landlord leased to the Tenant the premises described therein (the &ldquo;<B>Leased Premises</B>&rdquo;),
located on the Property;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AND
WHEREAS </B>the Tenant has granted, as general and continuing security for the payment and performance of the Secured Obligations, a
security interest and assignment, mortgage and charge over all of its assets including, without limitation, the Tenant&rsquo;s interest
in the Lease Agreement and the Tenant&rsquo;s inventory, equipment, machinery, fixtures, and other personal and moveable property at
any time, now or later, located in or about the Leased Premises (collectively, the &ldquo;<B>Personal Property</B>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-indent: 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AND WHEREAS </B>it
    is a condition precedent under each of the Canada Loan Agreement, the IQ Loan Agreement, <FONT STYLE="background-color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT> &nbsp;that the Tenant and the Landlord enter into this Agreement;</FONT></TD>
    <TD STYLE="padding-left: 4pt; text-align: justify; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted&nbsp;-
    commercially sensitive information]</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AND
WHEREAS </B>each of the Secured Parties has appointed and authorized the Agent to act as its collateral agent and attorney for the purpose
of holding security granted by the Tenant pursuant to the terms of that certain collateral agency and intercreditor agreement dated as
of <FONT STYLE="font-family: Wingdings">n</FONT>, 2024 among, <I>inter alios</I>, the Borrower, the Tenant, the Secured Parties and the Agent (the &ldquo;<B>Collateral Agency
and Intercreditor Agreement</B>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AND
WHEREAS </B>capitalized terms used herein without express definition shall, unless something in the subject matter or context is inconsistent
therewith, have the same meanings as are ascribed to such terms in the Collateral Agency and Intercreditor Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>NOW
THEREFORE</B>, in consideration of the foregoing recitals and for other good and valuable consideration, the receipt and adequacy of
which are acknowledged by the Landlord, the Landlord agrees as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>18.</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Notice
                                            and Acknowledgement</U></B>. The Landlord hereby acknowledges, confirms and consents to the
                                            Tenant encumbering the Tenant&rsquo;s interest in the Lease Agreement, the Personal Property
                                            and the Leased Premises and (ii) that the Agent&rsquo;s security interest in the Personal
                                            Property (as extended, renewed, supplemented, amended and restated from time to time) will
                                            be in priority to any title or interest that the Landlord may at any time have therein, and
                                            the Landlord will not assert against any of the Personal Property any present or future title,
                                            lien, security interest, hypothec or encumbrance, including, without limitation, by way of
                                            rights of levy, distraint or distress for rent, all of which the Landlord hereby unconditionally
                                            subordinates in favour of the Agent. No Personal Property will constitute a fixture or become
                                            part of the Leased Premises.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>19.</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Exercise
                                            of Remedies by the Agent.</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0.5in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Personal
                                            Property</U>. The Agent, at the direction of the Required Secured Parties and subject to
                                            the Landlord&rsquo;s rights under the Lease Agreement, may, with reasonable prior notice
                                            (including for up to 90 days following the termination of the Premises Agreement), enter
                                            the Leased Premises for the purpose of repossessing, removing, selling or otherwise dealing
                                            with any Personal Property (free of any rights and interest that the Provider may have and
                                            without being deemed to be in possession) provided that the Agent, on behalf of and upon
                                            prior funding and indemnity by the Secured Parties, will promptly pay for the repair of any
                                            damages to the Leased Premises as a result of such, removal, sale or other dealing with any
                                            such Personal Property; and provided, however, that the Agent and the Secured Parties shall
                                            not be liable to the Landlord for any diminution in value caused by the absence of any removed
                                            Personal Property or for any other matter except as specifically set forth herein.</FONT></TD></TR></TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0.5in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Lease
                                            Agreement</U>. If the Tenant has possession of the Leased Premises the Agent or its agent,
                                            at the direction of the Required Secured Parties, may take possession of the Leased Premises
                                            for a period equal to the greater of the remainder of the unexpired term of the Lease Agreement
                                            (including any renewals provided for therein) or a period not to exceed ninety (90) days
                                            following the service of notice of default (the &ldquo;<B>Disposition Period</B>&rdquo;);
                                            provided that payments of base rent are made in accordance with the Lease Agreement and all
                                            other obligations of the Tenant under the Lease Agreement are complied with by the Agent,
                                            on behalf of the Secured Parties. If any injunction or stay is issued (including an automatic
                                            stay due to a bankruptcy proceeding) that prohibits the Agent from removing the Personal
                                            Property, the commencement or pendency of the Disposition Period shall be deferred until
                                            such injunction or stay is lifted or removed.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>20.</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Status
                                            of Lease Agreement</U></B>. The Landlord hereby represents and warrants to the Agent and
                                            the Secured Parties (and acknowledges that the Agent and the Secured Parties are relying
                                            on the same) that: (a) the Landlord is duly formed and existing under the laws of its jurisdiction
                                            of formation; (b) the Lease Agreement is in full force and effect, is in good standing and
                                            except as provided in this Agreement, has not been amended, assigned or modified in any way;
                                            (c) the Landlord is not aware of any existing default or dispute by or between the Landlord
                                            and the Tenant under the Lease Agreement; and (d) all rent, payments and other fees under
                                            the Lease Agreement have been paid to the extent due and payable.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>21.</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Amendment
                                            of Lease Agreement</U></B>. The Landlord shall not agree to any amendment, restatement, replacement,
                                            supplement or other modification of the Lease Agreement which would materially adversely
                                            affect the Agent&rsquo;s and the Secured Parties&rsquo; rights hereunder or interest in the Lease
                                            Agreement, or agree to any mutual termination or accept any surrender of the Lease Agreement,
                                            nor shall any such amendment, restatement, replacement, supplement, other modification or
                                            termination by the Tenant be effective, without the prior written consent of the Agent, acting
                                            at the direction of the Required Secured Parties.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>22.</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Agent&rsquo;s
                                            Cure Rights under the Lease Agreement</U></B>. If there is a default by the Tenant under
                                            the Lease Agreement, the Agent, on behalf of the Secured Parties, will have the right (but
                                            not the obligation) to, within 30 days of receipt of written Notice from the Landlord of
                                            such default, cure any such default and the Landlord will accept any timely (for greater
                                            certainty, any cure effected within 30 days of receipt of written Notice shall be deemed
                                            to be timely) curative acts made by or on behalf of the Agent, at the direction of the Required
                                            Secured Parties, as if they had been made by the Tenant. If, however, the default is of a
                                            nature that is not reasonably curable by the Agent (including, without limitation, an Insolvency
                                            Event of the Tenant), then so long as the Agent complies with all provisions of the Lease
                                            Agreement requiring the payment of money by the Tenant and other provisions that may be performed
                                            by the Agent, the Landlord will not terminate or vary the Lease Agreement or the rights of
                                            the Tenant under the Lease Agreement. No action by the Agent or the Secured Parties pursuant
                                            to this Agreement shall be deemed to be an assumption by the Agent or the Secured Parties
                                            of any obligation under the Lease Agreement, and except as expressly provided in this Agreement,
                                            the Agent and the Secured Parties shall not have any obligation to the Landlord. Any prohibition
                                            on the Agent&rsquo;s right to cure, whether imposed by law or a court, will extend the Agent&rsquo;s
                                            cure period on a day for day basis.</FONT></TD></TR></TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>23.</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Sale
                                            or Assignment</U></B>. The Agent, at the direction of and upon prior funding and indemnity
                                            by the Required Secured Parties, may sell or otherwise dispose of or assign the interest
                                            of the Tenant in the Lease Agreement or the Leased Premises pursuant to the terms of the
                                            Secured Obligations Documents provided that payment of rent and other money due under the
                                            Lease Agreement (other than any accelerated rent) are made in accordance with the Lease Agreement
                                            and any such sale or assignment is made with such consent as is required under the Lease
                                            Agreement for an assignment. Upon such assignment or sale with such consent, the Landlord
                                            shall release the Agent, on behalf of the Secured Parties, from all liabilities and obligations,
                                            if any, under the Lease Agreement. If the Agent acquires the Tenant&rsquo;s interest under
                                            a new lease agreement pursuant to Section 7 below, the Agent, at the direction of the Required
                                            Secured Parties, may assign the new lease agreement in accordance with the terms and conditions
                                            thereof.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>24.</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>New
                                            Lease Agreement</U></B>. If the Lease Agreement is terminated for any reason before the end
                                            of its term, then the Landlord will, upon written request from the Agent made within 30 days
                                            of receiving notice from the Landlord of such termination, enter into a new lease agreement
                                            of the Leased Premises with the Agent. The new lease agreement will be on the same terms
                                            and conditions as the Lease Agreement (including, without limitation, any rights or options
                                            to renew or extend the terms of the lease agreement or acquire the Leased Premises) and will
                                            have the same priority as the Lease Agreement. The Landlord&rsquo;s obligation to enter into
                                            such a new lease agreement will be subject to the Agent, on behalf of and upon prior funding
                                            and indemnity by the Secured Parties, will (a) have cured all monetary defaults (other than
                                            any accelerated rents) and commenced, and diligently prosecuted, the cure for all reasonably
                                            curable non-monetary defaults; and (b) reimburse the Landlord for all reasonable and documented
                                            costs and expenses incurred in connection with entering into such new lease agreement</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>25.</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Foreclosure</U></B>.
                                            If the Agent, at the direction of the Required Secured Parties, becomes tenant under the
                                            Lease Agreement by means of foreclosure or assignment in lieu thereof, the Agent, on behalf
                                            of the Secured Parties, shall be liable under the Lease Agreement only for the period the
                                            Agent remains a party thereto, and for greater certainty, the Agent or any party who acquires
                                            the Tenant&rsquo;s interest in the Leased Premises from the Agent shall not be liable to
                                            perform the obligations imposed on the Tenant by the Lease Agreement which are incurred or
                                            accruing after the Agent or other party no longer has an interest in or possession of the
                                            Leased Premises, provided that any subsequent assignee or the Tenant shall assume and agree
                                            to be bound by all the terms and conditions of the Lease Agreement.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>26.</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Landlord&rsquo;s
                                            Freehold Mortgagees and Transferees.</U></B> The Landlord shall not mortgage or sell its
                                            interest in the Leased Premises except to a purchaser or mortgagee that, before the effective
                                            date of the sale or freehold mortgage, enters into a written agreement with the Tenant and
                                            in favour of the Agent that is substantially in the form of this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>27.</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Notices.
                                            </U></B>All notices to be given hereunder shall be in writing and all such notices may be
                                            made or served, personally with receipt acknowledged or by registered or certified mail,
                                            return receipt requested, postage prepaid, addressed to:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Provider at:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: Black; padding-left: 2pt; text-align: left; width: 8in"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                             <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                             <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                             <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                             <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                             <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                             <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                             <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                             <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                             <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                             <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                             <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                             <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                             <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                             <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                             <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                             <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                             <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                             <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                             <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                             <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                             <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P></TD>
    <TD STYLE="padding-left: 4pt; padding-bottom: 10pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted
- email address, commercial address and personal contact information]</FONT></TD>
    </TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Tenant at:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: Black; padding-left: 2pt; text-align: left"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                             <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                             <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                             <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                             <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                             <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                             <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                             <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="vertical-align: top; padding-left: 2pt; text-align: justify; width: 1in"></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 4.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted
    - email address, commercial address and personal contact information]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Or
such other address, as the parties respectively may from time to time advise. Any such notice shall be deemed to have been duly given
or served on the date on which personally delivered, with receipt acknowledged, or, if served by registered letter, three (3) days after
mailing thereof, postage prepaid.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>28.</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Modification;
                                            Waivers; Assignment.</U></B> This Agreement may not be amended or modified in any respect
                                            except by written instrument signed by the Tenant, the Landlord and the Agent (acting at
                                            the direction of the Required Secured Parties). Any waiver by the Agent shall be in writing.
                                            The rights of the Agent (including those of any Secured Party) under this Agreement may only
                                            be assigned in accordance with the requirements of the Collateral Agency and Intercreditor
                                            Agreement. The Tenant may not assign its obligations under this Agreement without the prior
                                            written consent of the Agent (acting at the direction of the Required Secured Parties) and
                                            the Landlord. The Landlord may not assign its obligations under this Agreement without the
                                            prior written consent of the Agent (acting at the direction of the Required Secured Parties)
                                            and the Tenant. Any permitted assignee of the Agent or a Secured Party shall be bound hereby,
                                            mutatis mutandis.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>29.</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Governing
                                            Law Attornment</U></B>. This Agreement is governed by and construed in accordance with the
                                            laws of the <B>[State of New York] </B>applicable therein. Each of the Tenant, Landlord and
                                            the Agent on behalf of the Secured Parties, hereby irrevocably attorn and submit to the non-exclusive
                                            jurisdiction of the courts of the <B>[State of New York]</B>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>30.</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Benefit
                                            of the Agreement</U></B>. This Agreement shall be binding upon the successors and permitted
                                            assigns of the Tenant and the Landlord and shall benefit the successors and permitted assigns
                                            of the Agent and the Secured Parties.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>31.</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>WAIVER
                                            OF SPECIAL DAMAGES</U></B>. THE LANDLORD HEREBY WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED
                                            BY LAW, ALL RIGHTS IT MAY HAVE TO CLAIM OR RECOVER FROM THE AGENT, IN ANY LEGAL ACTION OR
                                            PROCEEDING, ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES RELATED TO THIS AGREEMENT.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>32.</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Severability</U></B>.
                                            If any provision of this Agreement is determined to be invalid or unenforceable in whole
                                            or in part, such invalidity or unenforceability shall attach only to such provision or part
                                            thereof and the remaining part of such provision and all other provisions hereof shall continue
                                            in full force and effect. To the extent permitted by Applicable Law the parties hereby waive
                                            any provision of law that renders any provision hereof prohibited or unenforceable in any
                                            respect.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>33.</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Counterparts</U></B>.
                                            This Agreement may be executed in any number of counterparts, including by electronic or
                                            digital signature, each of which shall be deemed to be an original and all of which taken
                                            together shall be deemed to constitute one and the same instrument.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>34.</B></FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Rights
                                            of the Agent</U></B>. The rights, privileges, protections, immunities and benefits afforded
                                            to the Agent, including, without limitation, its right to be funded and indemnified, under
                                            the Collateral Agency and Intercreditor Agreement shall be afforded to the Agent for all
                                            purposes of this Agreement as if fully set forth herein mutatis mutandis. Notwithstanding
                                            anything contained herein to the contrary, the Agent shall not be obligated to take any discretionary
                                            action or exercise any discretionary rights or powers, including any obligation to provide
                                            any requests, consents, directions, determinations, acceptances, rejections or other similar
                                            actions pursuant to this Agreement unless it shall have first been so directed by the Required
                                            Secured Parties in accordance with the terms of the Collateral Agency and Intercreditor Agreement,
                                            and the Agent shall not be liable for any failure or delay in taking such actions resulting
                                            from any failure or delay by the Required Secured Parties in providing such directions.</FONT></TD></TR></TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">[<I>Signature
page follows</I>]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">IN
WITNESS WHEREOF the undersigned has executed this agreement as of the date first written above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 40%; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">TELESAT LEO INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">TSX TRUST COMPANY, as<BR>
 Collateral Agent</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:<BR> Title:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">[LANDLORD]</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SCHEDULE
F</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>FORM
OF MILESTONE CERTIFICATE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 5.4pt; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TO:</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: justify; padding-top: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16342451
    CANADA INC., a subsidiary of Canada Development Investment Corporation, as lender (the &ldquo;<B>Lender</B>&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AND
    TO:</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: justify; padding-top: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Redacted
    - commercially sensitive information].</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RE:</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: justify; padding-top: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan
    agreement dated as of September 13, 2024 (as amended, restated, supplemented, replaced or otherwise modified from time to time, the
    &ldquo;<B>Loan Agreement</B>&rdquo;) among, <I>inter alios</I>, Telesat LEO Inc., as borrower (the &ldquo;<B>Borrower</B>&rdquo;)
    and the Lender</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AND
    RE:</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-top: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advance
    Notice dated as of <FONT STYLE="font-family: Wingdings">n</FONT> in the amount of $<FONT STYLE="font-family: Wingdings">n</FONT> (the &ldquo;<B>Requested Advance</B>&rdquo;) with respect to period ending <FONT STYLE="font-family: Wingdings">n</FONT>
    (the &ldquo;<B>Relevant Period</B>&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DATE:</B></FONT></TD>
    <TD STYLE="border: Black 1.5pt solid; text-align: justify; padding-top: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<FONT STYLE="font-family: Wingdings">n</FONT>]</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">The undersigned,
the <B>[insert title of Responsible Officer] </B>of the Borrower, hereby certifies, in that capacity and without personal liability,
that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">I
                                            have read and am familiar with the provisions of the Loan Agreement and have made such examinations
                                            and investigations, including a review of the applicable books and records of the Borrower
                                            as are necessary to enable me to express an informed opinion as to the matters set out herein
                                            and to furnish this Certificate.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">I
                                            have furnished this Certificate with the intent that it may be relied upon by the Lender
                                            and the Technical Advisor as a basis for determining the condition precedent under Section
                                            3.2.2 of the Loan Agreement in respect of the Requested Advance.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
                                            statements made in the applicable Advance Request delivered together with this Certificate
                                            are true and correct as of the date hereof.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            Requested Advance shall be utilized in payment of Project Costs set out in the Project Budget.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            commitment under the IQ Loan Agreement has not changed since the Closing Date.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>[The
                                            Requested Advance under the Loan Agreement is on a Proportionate Basis and the advance requested
                                            concurrently under the IQ Loan Agreement is on an IQ Proportionate Basis.] OR [The Requested
                                            Advance under the Loan Agreement would have been on a Proportionate Basis, but for the requirements
                                            under the IQ Loan Agreement.]<SUP>1</SUP></B></FONT></TD></TR></TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>[Attached
                                            hereto as Annex I is evidence (A) of the achievement of the applicable Milestone that is
                                            listed as a pre-requisite to the Requested Advance in Schedule G of the Loan Agreement, (B)
                                            that the aggregated Project Costs incurred to date are materially consistent with the Project
                                            Budget; and (C) that the estimated remaining Project Costs that are expected to be incurred
                                            to achieve Project Completion are materially consistent with the Project Budget]<SUP>2</SUP></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            Initial Project Completion Date is reasonably expected to be achieved by the Initial Outside
                                            Date.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            aggregate amount of remaining Project Costs projected to be incurred in achieving the Initial
                                            Project Completion Date is not reasonably expected to exceed the Available Funding.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
                                            work orders, deficiency notices or orders to comply have been issued by any Governmental
                                            Authority relating to the Project or, if issued, have been satisfied or complied with and
                                            for which funds have been reserved in a Collateral Account, and no orders to cease development
                                            relating to the Project have been issued as of the date hereof by any Governmental Authority.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
                                            work on the Project requiring inspection as of the date hereof by any Governmental Authority
                                            having jurisdiction has been duly inspected and approved by such Governmental Authority and
                                            any certificates or notices required have been issued in connection therewith by such Governmental
                                            Authority.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Borrower has paid in full all of its obligations due and payable under the Material Project
                                            Contracts as of the date hereof other than amounts subject to a good faith contest in respect
                                            of which no Encumbrances, other than Permitted Encumbrances, are registered and which unpaid
                                            amounts do not exceed $</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><FONT STYLE="font-family: Wingdings">n</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
                                            material Permits that under Applicable Law are required to be obtained, issued or effected
                                            on or prior to the date hereof to design, develop, construct, install, launch, commercialize,
                                            own and Operate the Project have been duly obtained, issued or effected, are in full force
                                            and effect, free of non-standard conditions or requirements the effect of which, individually
                                            or in the aggregate, could reasonably be expected to have a Material Adverse Effect, and
                                            are not subject to pending appeal and certified copies of all such Material Permits not previously
                                            delivered to the Lender are attached as Annex II hereto, except for Permits which do not
                                            take the form of a formal document issued to the Borrower and Permits issued to third parties.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Note:
                                            Borrower to select, as applicable.</FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Note:
                                            Not to be included in Milestone Certificate to be delivered on the date of the initial Advance.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>




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<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
                                            Material Project Contracts required to design, develop, construct, install, launch, commercialize,
                                            own and Operate the Project as of the date hereof are in full force and effect and certified
                                            copies of all such Material Project Contracts not previously delivered to the Lender are
                                            attached as Annex III hereto.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            Borrower and the Project are in material compliance with all Environmental Laws to the extent
                                            applicable to the Project.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">16.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            Borrower has delivered to the Lender true, correct and complete copies of each Lease in effect
                                            as of the date of the applicable Advance Notice.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">17.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            Borrower has delivered to the Lender evidence of all insurance required to be maintained
                                            pursuant to the Loan Documents as at the applicable Advance Date, naming the Collateral Agent
                                            as additional insured and first loss payee, as applicable.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">18.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
                                            Landlord Access Agreements required in connection with any Leased Real Property as at the
                                            date hereof have been obtained from the applicable third parties.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">19.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
                                            Specified Landing Station Access Agreements required in connection with any Specified Landing
                                            Station as at the date hereof have been obtained from the applicable third parties.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0in"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[In
                                            accordance with Section 9.1.2, the aggregate amount of cash and Cash Equivalents in all Collateral
                                            Accounts maintained by the Borrower or any Obligor is $[</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><FONT STYLE="font-family: Wingdings">n</FONT></FONT></B><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">]]</FONT></B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.<SUP>3</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><DIV STYLE="border-top: Black 1.5pt solid; font-size: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Only
                                            required in respect of the first two draws (i.e. until the Borrower has spent the full amount
                                            of its equity requirement on Project Costs)</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dated as of
the first date written above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">TELESAT LEO INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="width: 31%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Signature
Page &ndash; Milestone Certificate</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Annex
I</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Evidence
of achievement of applicable Milestone and evidence relating to the consistency</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>between
the Project Costs and the Project Budget</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">See attached.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Annex
II</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Copies
of all Material Permits not previously delivered to the Lender</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">See attached.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Annex
III</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Copies
of all Material Project Contracts not previously delivered to the Lender</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">See attached.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SCHEDULE
G</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>MILESTONES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted
- commercially sensitive information].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SCHEDULE
H</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PROJECT
BUDGET</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted -
commercially sensitive information].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SCHEDULE
I</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PROJECT
SCHEDULE</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted -
commercially sensitive information].</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SCHEDULE
J</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>FORMS
OF LANDLORD ACCESS AGREEMENT</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>LANDING
STATION ACKNOWLEDGEMENT</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted -
commercially sensitive information].</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif"></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE K</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">FORM OF TECHNICAL ADVISOR CERTIFICATE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 5.4pt; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TO:</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 5.4pt; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16342451 CANADA INC., a subsidiary of Canada Development Investment Corporation, as lender (the &ldquo;<B STYLE="font-family: Times New Roman, Times, Serif">Lender</B>&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-family: Times New Roman, Times, Serif">RE:</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan agreement dated as of September 13, 2024 (as amended, restated, supplemented, replaced or otherwise modified from time to time, the &ldquo;<B STYLE="font-family: Times New Roman, Times, Serif">Loan Agreement</B>&rdquo;) among, <I STYLE="font-family: Times New Roman, Times, Serif">inter alios</I>, Telesat LEO Inc., as borrower (the &ldquo;<B STYLE="font-family: Times New Roman, Times, Serif">Borrower</B>&rdquo;) and the Lender</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-family: Times New Roman, Times, Serif">AND RE:</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advance Notice dated as of <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">n</FONT> </FONT>in the amount of $<FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">n</FONT> </FONT>(the &ldquo;<B STYLE="font-family: Times New Roman, Times, Serif">Requested Advance</B>&rdquo;) with respect to period ending <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">n</FONT> </FONT>(the &ldquo;<B STYLE="font-family: Times New Roman, Times, Serif">Relevant Period</B>&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-family: Times New Roman, Times, Serif">DATE:</B></FONT></TD>
    <TD STYLE="border: Black 1.5pt solid; padding: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<FONT STYLE="font-family: Wingdings">n</FONT>]</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">All terms used herein but not otherwise defined herein
shall have the meanings ascribed thereto in the Loan Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0.4in">1.</TD><TD STYLE="padding: 0pt; text-align: justify">The Technical Advisor is the Lender&rsquo;s technical advisor and in such capacity
has reviewed an Advance Notice dated as of <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">n</FONT> </FONT>together with the applicable
Milestone Certificate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0.4in">2.</TD><TD STYLE="padding: 0pt; text-align: justify">The Technical Advisor has received the most recent Progress Reports required to
have been delivered by the Borrower under the Loan Agreement and has reviewed documentation provided by the Borrower on account of Project
Costs set out in the Project Budget and has made, or caused to be made, such examinations or investigations as are, in our belief, necessary
to enable us to make the statements or give the opinions contained or expressed in this Technical Advisor&rsquo;s Certificate, in accordance
with the undersigned&rsquo;s responsibilities in such regard pursuant to the provisions of the Loan Agreement, including such inquiries of,
or discussions with the Borrower and Material Project Counterparties as are, in our belief, necessary.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0.4in">3.</TD><TD STYLE="padding: 0pt; text-align: justify">Based upon the foregoing, the Technical Advisor certifies and confirms that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><B STYLE="font-family: Times New Roman, Times, Serif">[The Technical Advisor has received evidence of in-kind or cash contributions
made to the Borrower in an aggregate amount of $<FONT STYLE="font-family: Wingdings">n</FONT>. (the &ldquo;Initial
Equity Contribution&rdquo;). The Initial Equity Contribution reflects the required equity sources in the Financial Model.]<SUP STYLE="font-family: Times New Roman, Times, Serif">1</SUP></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="padding: 0pt; text-align: justify">The Technical Advisor has received all documentation and information, including,
without limitation, (i) the applicable Progress Reports and Milestone Certificate from the Borrower, (ii) the applicable milestone certificate
from the Borrower delivered under the IQ Loan Agreement,
<B STYLE="font-family: Times New Roman, Times, Serif">[and (iii) screenshots or other evidence supporting the aggregate amount of cash and Cash Equivalents in all Collateral Accounts maintained
by the Borrower or any Obligor,]<SUP STYLE="font-family: Times New Roman, Times, Serif">2</SUP></B>, and has conducted all other due diligence that we have deemed reasonably necessary to
substantiate and confirm the incurrence of and, if applicable, payment of the Project Costs for which the Requested Advance is requested
and we are satisfied with the same, including that any payment to be made to any Material Project Counterparty from the Requested Advance
is for actual work completed and such payment is required to be made in accordance with the terms of the applicable Material Project Contract.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="background-color: Black; text-align: justify">&nbsp;<BR>
<BR>
<BR>
&nbsp;</TD>
</TR>
     </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">[Redacted - commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="padding: 0pt; text-align: justify">The most recent Progress Reports and the information contained therein relating to the construction of
the Project is correct and complete in all material respects.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="padding: 0pt; text-align: justify">The Borrower has achieved each Milestone that is listed as a pre-requisite to the applicable Advance as
set out on Schedule G of the Loan Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="padding: 0pt; text-align: justify">The aggregate amount of Project Costs incurred to date is $<FONT STYLE="font-family: Wingdings">n</FONT>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)</FONT></TD><TD STYLE="padding: 0pt; text-align: justify">The estimated Project Costs to complete all remaining work are $<FONT STYLE="font-family: Wingdings">n</FONT>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(g)</FONT></TD><TD STYLE="padding: 0pt; text-align: justify">No Event of Abandonment has occurred in respect of the Project.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(h)</FONT></TD><TD STYLE="padding: 0pt; text-align: justify">The amount of the Project Costs claimed (including any Project Costs in respect of which funds were not
advanced under prior Advance Notices but which are due and payable as of the date hereof), when aggregated with all Project Costs previously
paid, does not exceed the aggregate amount of all Project Costs shown to be paid by the date of the Requested Advance in the Financial
Model.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0"></TD><TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="padding: 0pt; text-align: justify">The Project is progressing so that it may be completed by the Initial Project Completion Date and, in
the Technical Advisor&rsquo;s opinion, it is reasonable to expect that the Initial Project Completion Date will be achieved on or prior
to the Initial Outside Date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><B STYLE="font-family: Times New Roman, Times, Serif">OR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">[Delays in the progress of the Project,
as described in the Progress Report delivered concurrently with this certificate, may result in the Project not being completed by the
Initial Project Completion Date; however, in the Technical Advisor&rsquo;s opinion, it is reasonable to expect that the Initial Project
Completion Date will be achieved on or prior to the Initial Outside Date.]<SUP STYLE="font-family: Times New Roman, Times, Serif">3</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="background-color: Black; text-align: justify">&nbsp;<BR>
<BR>
<BR>
<BR>
<BR>
&nbsp;</TD>
</TR>
     </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">[Redacted - commercially sensitive information].</P>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(j)</FONT></TD><TD STYLE="padding: 0pt; text-align: justify">The aggregate amount of the remaining Project Costs projected to be incurred in
achieving the Initial Project Completion Date, as reviewed by the Technical Advisor, is not reasonably expected to exceed the Available
Funding.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in"><B STYLE="font-family: Times New Roman, Times, Serif">OR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><B STYLE="font-family: Times New Roman, Times, Serif">[After the funding of the Requested
Advance the aggregate amount of the remaining Project Costs projected to be incurred in achieving the Initial Project Completion Date,
as reviewed by the Technical Advisor, is reasonably expected to exceed the Available Funding in the amount of $<FONT STYLE="font-family: Wingdings">n</FONT>.]</B><SUP STYLE="font-family: Times New Roman, Times, Serif">4</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(k)</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><B STYLE="font-family: Times New Roman, Times, Serif">[The Requested Advance under the Loan Agreement is on a Proportionate Basis
and the advance requested concurrently under the IQ Loan Agreement is on an IQ Proportionate Basis.] </B>OR <B STYLE="font-family: Times New Roman, Times, Serif">[The Requested Advance
under the Loan Agreement would have been on a Proportionate Basis, but for the requirements under the IQ Loan Agreement.]<SUP STYLE="font-family: Times New Roman, Times, Serif">5</SUP></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0.5in">4.</TD><TD STYLE="padding: 0pt; text-align: justify">This Technical Advisor&rsquo;s Certificate is being delivered to the Lender pursuant
to Section <B STYLE="font-family: Times New Roman, Times, Serif">[3.2.3] </B>of the Loan Agreement and may be relied upon by the addressees hereof and their respective successors and assigns.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">[Signature Page Follows]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="margin: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="background-color: Black; text-align: justify">&nbsp;<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
&nbsp;</TD>
</TR>
     </TABLE>
<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">[Redacted - commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">Schedule L</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Date Reference</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt; width: 50%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-family: Times New Roman, Times, Serif">Loan Amortization Percentage<SUP STYLE="font-family: Times New Roman, Times, Serif">1</SUP></B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fiscal Quarter of Initial Project Completion</FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+2 Fiscal Quarters</FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-%<SUP STYLE="font-family: Times New Roman, Times, Serif">2</SUP></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+4 Fiscal Quarters</FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+6 Fiscal Quarters</FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+8 Fiscal Quarters</FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+10 Fiscal Quarters</FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+12 Fiscal Quarters</FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+14 Fiscal Quarters</FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+16 Fiscal Quarters</FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+18 Fiscal Quarters</FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+20 Fiscal Quarters</FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+22 Fiscal Quarters</FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+24 Fiscal Quarters</FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+26 Fiscal Quarters</FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+28 Fiscal Quarters</FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+30 Fiscal Quarters</FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+32 Fiscal Quarters</FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+34 Fiscal Quarters</FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+36 Fiscal Quarters</FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+38 Fiscal Quarters</FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 2pt 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+40 Fiscal Quarters</FONT></TD>
    <TD STYLE="border: Black 1.5pt solid; padding: 2pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.0%</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><I STYLE="font-family: Times New Roman, Times, Serif">1:Percentage Applicable to loan balance as of last
day of +2 Fiscal Quarters after Initial Project Completion</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2:Interest
for first 6 months after Initial Project Completion Date continues to capitalize to loan principal</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE M</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">ASSIGNMENT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt">This Assignment Agreement (this &ldquo;<B STYLE="font-family: Times New Roman, Times, Serif">Assignment Agreement</B>&rdquo;)
is dated as of the Effective Date (referred to below) and is entered into by and between the Assignor identified below (the &ldquo;<B STYLE="font-family: Times New Roman, Times, Serif">Assignor</B>&rdquo;)
and the Assignee identified below (the &ldquo;<B STYLE="font-family: Times New Roman, Times, Serif">Assignee</B>&rdquo;). Capitalized terms used but not defined herein shall have the meanings
set forth in the Loan Agreement identified below (as amended, restated, supplemented, replaced or otherwise modified from time to time,
the &ldquo;<B STYLE="font-family: Times New Roman, Times, Serif">Loan Agreement</B>&rdquo;). The parties hereto hereby agree to the Standard Terms and Conditions for Assignment Agreement
(the &ldquo;<B STYLE="font-family: Times New Roman, Times, Serif">Standard Terms and Conditions</B>&rdquo;) specified in Annex 1 attached hereto which are incorporated herein by reference
and made a part of this Assignment Agreement as if set forth in full herein. The Assignee hereby acknowledges receipt of a copy of the
Loan Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt">Subject to and in accordance with the Standard Terms and Conditions
and the Loan Agreement, as of the Effective Date (as identified below), and for an agreed consideration, the Assignor hereby irrevocably
sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, (a) all of the Assignor&rsquo;s
rights and obligations as a Lender under the Loan Agreement, the Loan Documents and any other documents or instruments delivered pursuant
thereto to the extent related to the assigned amount and percentage interest identified below of all of such outstanding rights and obligations
of the Assignor under the Loan Facility identified below and (b) to the extent permitted by applicable law, all suits, claims, causes
of action and any other right of the Assignor (as a Lender) against any Person, whether known or unknown, arising under or with respect
to the Loan Agreement, any other Loan Document, any other documents or instruments delivered pursuant thereto or the loan transactions
governed thereby or otherwise based on or related to any of the foregoing, including, but not limited to, contract claims, statutory claims,
tort claims, malpractice claims and all other claims at law or in equity with respect to the rights and obligations sold and assigned
pursuant to clause (a) above (the rights and obligations sold and assigned pursuant to clauses (a) and (b) above, collectively, the &ldquo;<B STYLE="font-family: Times New Roman, Times, Serif">Assigned
Interest</B>&rdquo;). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment
Agreement, without representation or warranty by the Assignor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0in"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="padding: 0pt"><B STYLE="font-family: Times New Roman, Times, Serif">Assignor:</B> ______________</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0in"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="padding: 0pt"><B STYLE="font-family: Times New Roman, Times, Serif">Assignee</B>: ______________ [and is an [Affiliate] of [NAME OF LENDER]]</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0in"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="padding: 0pt"><B STYLE="font-family: Times New Roman, Times, Serif">Borrower: </B>TELESAT LEO INC. (the &ldquo;<B STYLE="font-family: Times New Roman, Times, Serif">Borrower</B>&rdquo;)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="padding: 0pt; text-align: justify"><B STYLE="font-family: Times New Roman, Times, Serif">Lender: </B>16342451 CANADA INC., a subsidiary of CANADA DEVELOPMENT INVESTMENT
CORPORATION, as the lender under the Loan Agreement (the &ldquo;<B STYLE="font-family: Times New Roman, Times, Serif">Lender</B>&rdquo;)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0in"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.</FONT></TD><TD STYLE="padding: 0pt"><B STYLE="font-family: Times New Roman, Times, Serif">Loan Agreement: </B>Loan Agreement dated as of September 13, 2024, among, <I STYLE="font-family: Times New Roman, Times, Serif">inter alios</I>, the
Borrower and the Lender</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.4in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Assigned
Interest:</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Loan Facility Assigned</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Aggregate Amount <BR> of Advances for all Lenders</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount of Advances Assigned</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Percentage of Advances Assigned</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; padding-bottom: 1.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>&nbsp;&nbsp;</FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.4in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Effective
Date: </B>[</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><FONT STYLE="font-family: Wingdings">n</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">]</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">[Signature Page Follows]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">The terms set forth in this Assignment Agreement are hereby
agreed to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top"><TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>ASSIGNOR</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[NAME OF ASSIGNOR]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%">By</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; width: 36%">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD STYLE="font-size: 10pt"></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>ASSIGNEE</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[NAME OF ASSIGNEE]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%">By</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; width: 36%">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD STYLE="font-size: 10pt"></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">The Borrower hereby acknowledges receipt of the above Assignment
Agreement <B STYLE="font-family: Times New Roman, Times, Serif">[and consents to the Assignee becoming a Lender] </B>under the Loan Agreement to the extent of the Assigned Interests as
evidenced by its signature below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>TELESAT LEO INC.</B>, as borrower</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%">By</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; width: 36%">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-size: 10pt"></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">Signature Page &ndash; Assignment Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">EXHIBIT A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">ANNEX 1 TO ASSIGNMENT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">STANDARD TERMS AND CONDITIONS FOR ASSIGNMENT
AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Representations
and Warranties.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><B STYLE="font-family: Times New Roman, Times, Serif">1.1. Assignor.
</B>The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned
Interest is free and clear of any lien, encumbrance or other adverse claim, and (iii) it has full power and authority, and has taken all
action necessary, to execute and deliver this Assignment Agreement and to consummate the transactions contemplated hereby; and (b) except
as set forth herein, makes no representation or warranty and assumes no responsibility with respect to (i) any statements, representations
or warranties made in or in connection with the Loan Agreement or any other Loan Document, (ii) the execution, validity, legality, enforceability,
sufficiency, genuineness or value of, or the perfection or priority of any lien or security interest created or purported to be created
under or in connection with, the Loan Agreement, any other Loan Document or any other instrument or document furnished pursuant thereto
or any collateral thereunder, (iii) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other
Person of any of their respective obligations under the Loan Agreement, any other Loan Document or any other instrument or document furnished
pursuant thereto or (iv) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated
in respect of the Loan Agreement or any other Loan Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><B STYLE="font-family: Times New Roman, Times, Serif">1.2. Assignee.
</B>The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute
and deliver this Assignment Agreement and to consummate the transactions contemplated hereby and to become a Lender under the Loan Agreement,
(ii) it meets all requirements of an Eligible Assignee under the Loan Agreement (subject to receipt of such consents as may be required
under the Loan Agreement), (iii) it shall be bound by the provisions of the Loan Agreement as a Lender thereunder and, to the extent of
the Assigned Interest, shall have the obligations of a Lender thereunder, from and after the Effective Date, (iv) it is sophisticated
regarding decisions to purchase assets such as those represented by the Assigned Interest and either it, or the Person exercising discretion
in making its decision to purchase the Assigned Interest, is experienced in acquiring assets of such type, and (v) it has received a copy
of the Loan Agreement and the other Loan Documents, together with (or been given the opportunity to receive) copies of the most recent
financial statements delivered pursuant to Section 10.2 thereof, as applicable, and such other documents and information as it has deemed
appropriate to make its own credit analysis and decision to enter into this Assignment Agreement and to purchase the Assigned Interest
and, on the basis of such documents and information, it has made such analysis and decision independently and without reliance on any
other Lender; and (b) agrees that (i) it will, based on such documents and information as it shall deem appropriate at the time, continue
to make its own credit decisions in taking or refraining from taking action under the Loan Documents, independently and without reliance
on the Assignor or any other Lender and (ii) it will perform in accordance with their terms all of the obligations that are required to
be performed by it as a Lender under the Loan Agreement and the other Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">Signature Page &ndash; Assignment Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><B STYLE="font-family: Times New Roman, Times, Serif">2. Payments.
</B>From and after the Effective Date, the Borrower shall make all payments of principal, interest and fees in respect of the Assigned
Interest to the Assignee whether amounts which have accrued prior to the Effective Date or from and after the Effective Date. Each of
the Assignor and the Assignee agrees that it will hold in trust for the other party any interest, fees and other amounts which it may
receive to which the other party is entitled pursuant to this clause, and pay to the other party any such amounts which it may receive
promptly upon receipt. The Assignor and the Assignee shall make all appropriate adjustments in payments by the Lender for periods prior
to the Effective Date or with respect to the making of this assignment directly between themselves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><B STYLE="font-family: Times New Roman, Times, Serif">3. General
Provisions</B>. This Assignment Agreement shall be binding upon, and inure to the benefit of, the parties hereto and their respective
successors and assigns. This Assignment Agreement may be executed in any number of counterparts, which together shall constitute one instrument.
Delivery of an executed counterpart of a signature page of this Assignment Agreement by facsimile or in electronic (i.e., &ldquo;pdf&rdquo;
or &ldquo;tif&rdquo;) format shall be effective as delivery of a manually executed counterpart of this Assignment Agreement. This Assignment
Agreement and the other Loan Documents and any claim, controversy, dispute or cause of action (whether in contract or tort or otherwise)
based upon, arising out of or relating to this Assignment Agreement [(except, as to any other Loan Document, as expressly set forth therein)]
and the transactions contemplated hereby and thereby shall be governed by, and construed in accordance with, the law of the Province of
Ontario.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE N</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">FORM OF SECURITYHOLDER AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">[Redacted - commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE O</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">FORM OF WARRANT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">[Redacted - commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Execution Version</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE 6.1.8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>LITIGATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE 6.1.10</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">OWNERSHIP STRUCTURE AND EQUITY INTERESTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">[Redacted - commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">ORGANIZATIONAL CHART OF THE TELESAT GROUP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">[Redacted - commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE 6.1.16</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">MATERIAL PROJECT CONTRACTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">[Redacted - commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE 6.1.17</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B STYLE="font-family: Times New Roman, Times, Serif">PERMITS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">[Redacted - commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE 6.1.18</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">REAL PROPERTY INTERESTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">[Redacted - commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE 6.1.19</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B STYLE="font-family: Times New Roman, Times, Serif">LOCATIONS OF COLLATERAL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.05in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE 6.1.20</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B STYLE="font-family: Times New Roman, Times, Serif">ENVIRONMENTAL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>


<!-- Field: Page; Sequence: 215 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE 6.1.23</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>INTELLECTUAL
PROPERTY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">[Redacted - commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE 6.1.24</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B STYLE="font-family: Times New Roman, Times, Serif">INFORMATION TECHNOLOGY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">[Redacted - commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE 6.1.26</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B STYLE="font-family: Times New Roman, Times, Serif">TAXES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE 6.1.32</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">BENEFIT PLANS AND PENSION PLANS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">[Redacted - commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE 6.1.33</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">NON-ARM&rsquo;S LENGTH TRANSACTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">[Redacted - commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE 6.1.34</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B STYLE="font-family: Times New Roman, Times, Serif">COLLATERAL ACCOUNTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">[Redacted - commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE 6.1.37</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B STYLE="font-family: Times New Roman, Times, Serif">SATELLITES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">[Redacted - commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE 6.1.40</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B STYLE="font-family: Times New Roman, Times, Serif">ABORIGINAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE 6.1.44</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">SPECIFIED LANDING STATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">[Redacted - commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE 8.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">INSURANCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">[Redacted - commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE 8.10</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">FORM OF INSURANCE BROKERS LETTER OF UNDERTAKING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">[Redacted - commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE 9.1.33</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">POST-CLOSING SECURITY REQUIREMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Deliver to the Collateral Agent, in form and substance
satisfactory to the Lender, each of the following items within the time periods set out below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0.25in"></TD><TD STYLE="padding: 0pt; width: 0.25in">1)</TD><TD STYLE="padding: 0pt; text-align: justify">within thirty (30) days following the Closing Date, the Collateral Agent shall have received Blocked Account
Agreements granted by each Obligor in favour of the Collateral Agent for each Collateral Account maintained by the Obligors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0.25in"></TD><TD STYLE="padding: 0pt; width: 0.25in">2)</TD><TD STYLE="padding: 0pt; text-align: justify">within thirty (30) days following the acquisition of any Owned Real Property, the Collateral Agent shall
have received (i) a mortgage over such Owned Real Property granted by the applicable Obligor in favour of the Collateral Agent, and (ii)
in respect of any Owned Real Property that (i) has a property value equal to or greater than $1,000,000 or (ii) is a Specified Landing
Station, a customary lender&rsquo;s title insurance policy in form and substance (with acceptable endorsements, including any endorsements
relating to projects of this nature and such further customary endorsements that address contiguity) satisfactory to the Lender, and in
amounts acceptable to the Lender with respect to such Owned Real Property;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0.25in"></TD><TD STYLE="padding: 0pt; width: 0.25in">3)</TD><TD STYLE="padding: 0pt; text-align: justify">within thirty (30) days following the entering into of a lease for any Leased Real Property, the Collateral
Agent shall have received (i) a Landlord Access Agreement from the landlord of such Leased Real Property, and (ii) a leasehold mortgage
over such Leased Real Property granted by the applicable Obligor in favour of the Collateral Agent; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 0.25in"></TD><TD STYLE="padding: 0pt; width: 0.25in">4)</TD><TD STYLE="padding: 0pt; text-align: justify">within thirty (30) days following the entering into of an agreement for any Specified Landing Station
(other than a Specified Landing Station that is Owned Real Property), the Collateral Agent shall have received (i) a Specified Landing
Station Access Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 1.75in"><B STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE 9.1.34</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">POST-CLOSING ESG REQUIREMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">[Redacted - commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>














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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>ea021542901ex99-3_telesat.htm
<DESCRIPTION>LOAN AGREEMENT DATED SEPTEMBER 13, 2024 AMONG TELESAT LEO INC., CERTAIN GUARANTORS PARTY THERETO, AND INVESTISSEMENT QUEBEC
<TEXT>
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<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Exhibit 99.3</B></FONT></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Certain identified
information has been excluded from this exhibit because it is both (i) not material, and (ii) is the type of information that the company
treats as private or confidential.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Filing
Version</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">TELESAT
LEO INC.,</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>as
Borrower</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&ndash;
and &ndash;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">EACH
OF THE ENTITIES PARTY HERETO FROM TIME TO TIME AS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">GUARANTORS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;
and &ndash;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">INVESTISSEMENT
QU&Eacute;BEC</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>as
Lender</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">September
13, 2024</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">LOAN
AGREEMENT</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 71.15pt 0pt 55.35pt; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 71.15pt 0pt 55.35pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 71.15pt 0pt 55.35pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">TABLE
OF CONTENTS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 71.15pt 0pt 55.35pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Page</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE 1 INTERPRETATION</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.1</FONT></TD>
    <TD STYLE="width: 83%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Definitions</FONT></TD>
    <TD STYLE="text-align: center; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Headings</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">45</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Rules of Construction</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">45</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Accounting Principles</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">45</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Currency</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">45</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Paramountcy</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">45</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Non-Business Days</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">46</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.8</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Statutory and Material Project Contract References</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">46</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.9</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Interest Payments and Calculations</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">46</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Rates</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">47</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.11</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Determination by the Borrower; Knowledge</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">47</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.12</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Rank</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">48</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.13</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Common Law Interpretation</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">48</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.14</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Legal Representation</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">49</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.15</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Schedules</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">49</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE 2 THE LOAN FACILITY</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">50</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Loan Facility</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">50</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Purpose of Loan Facility</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">51</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Advances</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">51</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE 3 CLOSING CONDITIONS</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">51</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Conditions Precedent to the Closing Date</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">51</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Conditions Precedent to Initial Advance</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">56</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Conditions Precedent to All Advances</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">57</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Waiver</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">59</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE 4 PAYMENTS OF INTEREST AND FEES</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">60</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Interest on Advances</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">60</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Interest Paid in Kind</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">60</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Default Interest</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">60</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Warrants</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">60</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">No Set-Off, Deduction etc</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">61</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Account of Record</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">61</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Maximum Rate of Interest</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">62</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.8</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Benchmark Replacement Setting</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">62</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.9</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Compensation for Losses</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">64</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Market Disruption</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">64</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TABLE
OF CONTENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(continued)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 0.125in; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 83%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Page</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE 5 REPAYMENT</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">65</FONT></TD></TR>

<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.1</FONT></TD>
    <TD STYLE="width: 83%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Mandatory Repayment at Maturity</FONT></TD>
    <TD STYLE="text-align: center; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif">65</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Mandatory Prepayments</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">65</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Amortization</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">67</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Voluntary Prepayments</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">67</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Reduction or Cancellation of Commitment</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">68</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Place of Payment of Principal, Interest and Fees</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">69</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE 6 REPRESENTATIONS AND WARRANTIES</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">69</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Representations and Warranties</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">69</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Survival and Repetition of Representations and Warranties</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">83</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE 7 SECURITY</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">84</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Security</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">84</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Security to be held by Collateral Agent</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">85</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Continued Perfection of Security</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">85</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Registrations and Renewals</FONT></TD>
    <TD STYLE="text-align: center">85</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Extensions, Etc.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">86</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">No Merger</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">86</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">After-Acquired Property</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">86</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.8</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">New Material Subsidiaries</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">87</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.9</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Collateral Accounts</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">87</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE 8 INSURANCE</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">88</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">General</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">88</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Actions of the Collateral Agent</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">88</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Insurance Policies</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">88</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Evidence of Insurance</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">89</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Payment of Premiums</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">91</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Assignment</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">91</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Lender May Place Insurance</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">91</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.8</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuing Claims against Insurers</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">91</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.9</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Use of Insurance Proceeds</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">91</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Brokers Letter of Undertaking</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">93</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.11</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Required Insurance Reports</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">93</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.12</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Right of Recourse</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">94</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE 9 COVENANTS</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">94</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Positive Covenants</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">94</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Reporting Requirements</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">105</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Financial Covenants</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">112</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Negative Covenants</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">112</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Lender May Perform Covenants</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">118</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TABLE
OF CONTENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(continued)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 0.125in; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 83%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Page</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE 10 DEFAULT</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">118</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.1</FONT></TD>
    <TD STYLE="width: 83%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Events of Default</FONT></TD>
    <TD STYLE="text-align: center; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif">118</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Acceleration and Enforcement</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">125</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Remedies with respect to Defaults under Covenant Agreement</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">125</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Remedies Cumulative and Waivers</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">126</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Termination of Lender&rsquo;s Obligations</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">126</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Perform Obligations</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">126</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Third Parties</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">126</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE 11 COSTS, EXPENSES AND INDEMNIFICATION</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">126</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Costs and Expenses</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">126</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Indemnification by the Borrower</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">127</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Specific Environmental Indemnification</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">128</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Limitation of Liability</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">128</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE 12 INCREASED COSTS AND TAXES</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">129</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Increased Costs</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">129</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Taxes</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">130</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE 13 BOARD OBSERVER RIGHTS</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">132</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Observer Rights</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">132</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Confidential Information</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">133</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Expenses</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">134</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Indemnification; Advancement of Expenses</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">135</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Assignment of Observer Right</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">135</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE 14 SUCCESSORS AND ASSIGNS AND ADDITIONAL LENDERS</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">136</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Successors and Assigns</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">136</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE 15 GENERAL</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">137</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Exchange and Confidentiality of Information</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">137</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Notice</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">139</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Governing Law</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">139</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Judgment Currency</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">139</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Benefit of the Agreement</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">140</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Severability</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">140</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Whole Agreement</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">140</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.8</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Further Assurances</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">140</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.9</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Waiver of Jury Trial</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">141</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Consent to Jurisdiction</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">141</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.11</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Time of the Essence</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">141</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TABLE
OF CONTENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(continued)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Page</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.12</FONT></TD>
    <TD STYLE="width: 83%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Electronic Execution</FONT></TD>
    <TD STYLE="text-align: center; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif">141</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.13</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Counterparts</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">141</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.14</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Delivery by Facsimile or Other Electronic Transmission</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">142</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.15</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Term of Agreement</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">142</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.16</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Anti-Money Laundering Legislation</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">142</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.17</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Public Disclosure</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">142</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.18</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Independence of Representations, Warranties and Covenants</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">143</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.19</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">No Fiduciary Duty</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">143</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">15.20</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Compliance with <I>Lobbying Act</I></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">143</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.21</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Members of the National Assembly of Qu&eacute;bec</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">144</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.22</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">International Dispute</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">144</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.23</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Qu&eacute;bec</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">144</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.24</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">English Language</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">144</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 71.15pt 0pt 55.35pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">LOAN
AGREEMENT</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 71.15pt 0pt 55.35pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>THIS
LOAN AGREEMENT </B>is made as of September 13, 2024.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">AMONG:</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 92pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 252.2pt 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TELESAT
LEO INC.</B>, as Borrower</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 252.2pt 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 252.2pt 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;
and &ndash;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 252.2pt 0pt 164pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">EACH
OF THE ENTITIES PARTY HERETO FROM TIME TO&nbsp;TIME AS GUARANTORS, as Guarantors</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 252.2pt 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;
and &ndash;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>INVESTISSEMENT
QU&Eacute;BEC</B>, as Lender</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 164pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WHEREAS
</B>the Borrower has requested that the Lender make available to it a senior secured non-revolving delayed draw term loan facility in
the principal amount of up to the Commitment (as defined below) for the purpose of financing the Project and the Lender has agreed to
do so subject to and upon the terms and conditions set out herein;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AND
WHEREAS </B>the Guarantors have agreed to provide the Guarantees and other Security Documents as credit support for the Obligations in
favour of the Collateral Agent;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.95pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>NOW
THEREFORE THIS AGREEMENT WITNESSES </B>that in consideration of the covenants and agreements herein contained, the parties hereto agree
as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
1</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">INTERPRETATION</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 251.1pt 0pt 235.3pt; text-align: center; text-indent: -0.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.1</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Definitions</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
this Agreement, unless something in the subject matter or context is inconsistent therewith, the following terms have the following meanings:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 21.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Additional
Material Project Contracts</B>&rdquo; means each contract and agreement material to the design, construction, testing, delivery, launch,
Operation and/or maintenance of the Project entered into by the Borrower subsequent to the Closing Date which is not listed in Schedule
6.1.16 attached hereto. For certainty, each Specified Landing Station Agreement shall be an Additional Material Project Contract.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Additional
Permit</B>&rdquo; means any Permit not listed in Schedule 6.1.17 as of the Closing Date, that is required to be obtained by any Obligor
or the Project following the Closing Date and is material to the ownership, design, construction, testing, delivery, launch, Operation
and/or maintenance of the Project.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Advance</B>&rdquo;
means a borrowing by the Borrower under the Loan Facility and any reference relating to the aggregate amount of Advances means the sum
of the principal amount of all&nbsp;outstanding Advances, and includes any PIK Interest that has been added to the principal of any Advance
in accordance with the terms of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Advance
Date</B>&rdquo; means the date on which an Advance is made to the Borrower pursuant to the provisions hereof and which will be a Business
Day.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Advance
Notice</B>&rdquo; means a notice requesting an Advance, substantially in the form attached hereto as Schedule A, to be delivered to the
Lender by the Borrower pursuant to Section 2.3.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Advisors</B>&rdquo;
means the Technical Advisor, the ESHS Consultant, the Insurance Consultant, the Regulatory Advisor and the Commercial Advisor and each
of their successors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Affiliate</B>&rdquo;
has the meaning given to it in Section 1.3 of National Instrument 45-106 &ndash; <I>Prospectus Exemptions </I>and for greater certainty,
with respect to the Borrower, includes a Subsidiary of the Borrower, and with respect to the Lender, includes any person referenced in
item (i) and item (ii) of the definition of &ldquo;Lender Affiliate&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>After-Acquired
Property</B>&rdquo; has the meaning set forth in Section 7.7.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Agreement</B>&rdquo;
means this loan agreement, the schedules and all amendments made hereto in accordance with the provisions hereof as amended, restated,
supplemented, replaced or otherwise modified from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Allan
Park Facility</B>&rdquo; means the facility located at the property municipally known as [redacted &ndash; address].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Anti-Corruption
Laws</B>&rdquo; means any Applicable Law applicable to any Obligor relating to bribery or corruption, and any regulation, order, or directive
promulgated, issued or enforced pursuant to such Law, including the <I>Criminal Code</I>, R.S.C., 1985, c. C-46, <I>Act respecting contracting
by public bodies </I>(CQLR. C C-65.1) and the <I>Corruption of Foreign Public Officials Act</I>, S.C. 1998, c. 34, the <I>Foreign Corrupt
Practices Act of 1977</I>, 15 U.S.C. &sect; 78dd-1, et seq., and the Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107 56.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Anti-Money
Laundering Laws</B>&rdquo; means, collectively, any Applicable Law relating to terrorism or money laundering, and any regulation, order,
or directive promulgated, issued or enforced pursuant to such Law, including the Criminal Code (Canada) and the P<I>roceeds of Crime
(Money Laundering) and Terrorist Financing Act </I>(Canada) and United States Executive Order No. 13224 on Terrorist Financing, effective
September 24, 2001, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
Act of 2001, Public Law 107 56.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Applicable
Cure Period</B>&rdquo; means:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">with
                                            respect to a default or breach by a party (other than an Obligor) under a Material Project
                                            Contract, the period of time set out in a Material Project Contract within which the Material
                                            Project Counterparty has the right to remedy or cure breaches or defaults of such Material
                                            Project Counterparty thereunder, before the applicable Obligor is entitled to enforce its
                                            rights and remedies as a result of such default or breach or terminate such Material Project
                                            Contract; and</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></P>



<P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">with
                                            respect to a default or breach by an Obligor under a Material Project Contract the period
                                            of time set out in a Material Project Contract within which the applicable Obligor has the
                                            right to remedy or cure breaches or defaults of such Obligor thereunder before another party
                                            to such Material Project Contract is entitled to enforce its rights and remedies as a result
                                            of such default or breach or terminate such Material Project Contract, less five (5) Business
                                            Days.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Applicable
Law</B>&rdquo; means, in respect of any Person, property, transaction, event or other matter, as applicable, all domestic and foreign
laws, rules, statutes, regulations, treaties, orders, judgments and decrees and, to the extent they have the force of law, all official
directives, rules, guidelines, orders, policies and other requirements of any Governmental Authority (collectively, the &ldquo;<B>Law</B>&rdquo;)
and will also include any interpretation of the Law or any part of the Law by any Person having jurisdiction over it or charged with
its administration or interpretation in each case having the force of law relating or applicable to such Person, property, transaction,
event or other matter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Applicable
Margin</B>&rdquo; means 4.75% per annum, subject to increase in accordance with Section 10.3 of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Arm&rsquo;s
Length</B>&rdquo; has the meaning specified in the definition of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Non-Arm&rsquo;s
Length</B>&rdquo;. &ldquo;<B>Assignee</B>&rdquo; has the meaning specified in Section 14.1.3.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Assignment
Agreement</B>&rdquo; has the meaning specified in Section 14.1.3(c).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Assignor</B>&rdquo;
has the meaning specified in Section 14.1.3.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Auditor</B>&rdquo;
means a recognized independent firm or recognized independent firms of reputable chartered or public accountants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Available
Funding</B>&rdquo; means, on any date prior to the Initial Project Completion Date and in each case solely to the extent available to
be applied toward the relevant purpose, the aggregate of: (i) the amount of the undrawn Commitment available under the Loan Facility,
(ii) the amount of any undrawn commitment under the Canada Loan Agreement, (iii) amounts standing to the credit of the Collateral Accounts,
to the extent such funds are available to pay Project Costs in accordance with this Agreement, and (iv) subject to Section 8.9, proceeds
of Insurance and any other amounts, to the extent such funds are received by the Borrower and available to pay Project Costs in accordance
with this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Available
Tenor</B>&rdquo; means, as of any date of determination and with respect to any then current Benchmark, as applicable, (a) if such Benchmark
is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an Interest
Period pursuant to this Agreement or (b) otherwise, any payment period for interest calculated with reference to such Benchmark (or component
thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark
pursuant to this Agreement, in each case, as of such date and not including, for the avoidance&nbsp;of doubt, any tenor for such Benchmark
that is then-removed from the definition of &ldquo;Interest Period&rdquo; pursuant to Section 4.8.4.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Availability
Period</B>&rdquo; means the period commencing on the Closing Date and ending on the Initial Project Completion Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Benchmark</B>&rdquo;
means, initially, the Term CORRA Reference Rate; provided that if a Benchmark Transition Event has occurred pursuant to Section 4.8.1,
then &ldquo;Benchmark&rdquo; means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such
prior benchmark rate. Any reference to &ldquo;Benchmark&rdquo; shall include, as applicable, the published component used in the calculation
thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Benchmark
Replacement</B>&rdquo; means, with respect to any Benchmark Transition Event,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">where
                                            a Benchmark Transition Event has occurred with respect to Term CORRA Reference Rate, Daily
                                            Compounded CORRA; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">where
                                            a Benchmark Transition Event has occurred with respect to a Benchmark other than the Term
                                            CORRA Reference Rate, the sum of: (i) the alternate benchmark rate that has been selected
                                            by the Lender and the Borrower giving due consideration to&nbsp;(A)&nbsp;any selection or
                                            recommendation of a replacement benchmark rate or the mechanism for determining such a rate
                                            by the Relevant Governmental Body or&nbsp;(B)&nbsp;any evolving or then-prevailing market
                                            convention for determining a benchmark rate as a replacement to the then-current Benchmark
                                            for Canadian Dollar syndicated credit facilities and (ii) the related Benchmark Replacement
                                            Adjustment.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
                                            the Benchmark Replacement as determined pursuant to clause (a) or (b) above would be less
                                            than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes
                                            of this Agreement and the other Loan Documents.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Benchmark
Replacement Adjustment</B>&rdquo; means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement,
the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or
zero) that has been selected by the Lender and the Borrower giving due consideration to (i) any selection or recommendation of a spread
adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable
Unadjusted Benchmark Replacement by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining
a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the
applicable Unadjusted Benchmark Replacement for Canadian Dollar syndicated credit facilities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Benchmark
Replacement Date</B>&rdquo; means, with respect to any Benchmark, the earliest to occur of the following events with respect to the then
current Benchmark:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">in
                                            the case of clause (a) or (b) of the definition of &ldquo;Benchmark Transition Event,&rdquo;
                                            the later of (i) the date of the public statement or publication of information referenced
                                            therein, and (ii) the date on which the administrator of such Benchmark (or the published
                                            component used in the calculation thereof) permanently or indefinitely&nbsp;ceases to provide
                                            all Available Tenors of such Benchmark (or such component thereof); or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">in
                                            the case of clause (c) of the definition of &ldquo;Benchmark Transition Event,&rdquo; the
                                            first date on which such Benchmark (or the published component used in the calculation thereof)
                                            has been determined and announced by the regulatory supervisor for the administrator of such
                                            Benchmark (or such component thereof) to be non-representative; provided, that such non-representativeness
                                            will be determined by reference to the most recent statement or publication referenced in
                                            such clause (c) and even if any Available Tenor of such Benchmark (or such component thereof)
                                            continues to be provided on such date.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
                                            the avoidance of doubt, the &ldquo;Benchmark Replacement Date&rdquo; will be deemed to have
                                            occurred in the case of clause (a) or (b) with respect to any Benchmark upon the occurrence
                                            of the applicable event or events set forth therein with respect to all then-current Available
                                            Tenors of such Benchmark (or the published component used in the calculation thereof).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Benchmark
Transition Event</B>&rdquo; means, with respect to any Benchmark, the occurrence of one or more of the following events with respect
to such then-current Benchmark:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a
                                            public statement or publication of information by or on behalf of the administrator of such
                                            Benchmark (or the published component used in the calculation thereof) announcing that such
                                            administrator has ceased or will cease to provide all Available Tenors of such Benchmark
                                            (or such component thereof), permanently or indefinitely, provided that, at the time of such
                                            statement or publication, there is no successor administrator that will continue to provide
                                            any Available Tenor of such Benchmark (or such component thereof);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a
                                            public statement or publication of information by the regulatory supervisor for the administrator
                                            of such Benchmark (or the published component used in the calculation thereof), the Bank
                                            of Canada, an insolvency official with jurisdiction over the administrator for such Benchmark
                                            (or such component), a resolution authority with jurisdiction over the administrator for
                                            such Benchmark (or such component) or a court or an entity with similar insolvency or resolution
                                            authority over the administrator for such Benchmark (or such component), in each case, which
                                            states that the administrator of such Benchmark (or such component) has ceased or will cease
                                            to provide all Available Tenors of such Benchmark (or such component thereof) permanently
                                            or indefinitely, provided that, at the time of such statement or publication, there is no
                                            successor administrator that will continue to provide any Available Tenor of such Benchmark
                                            (or such component thereof); or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a
                                            public statement or publication of information by the regulatory supervisor for the administrator
                                            of such Benchmark (or the published component used in the calculation thereof) announcing
                                            that all Available Tenors of such Benchmark (or such component thereof) are not, or as of
                                            a specified future date will not be, representative.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
                                            the avoidance of doubt, a &ldquo;Benchmark Transition Event&rdquo; will be deemed to have
                                            occurred with respect to any Benchmark if a public statement or publication of information
                                            set forth above has occurred with respect to each then-current Available&nbsp;Tenor of such
                                            Benchmark (or the published component used in the calculation thereof).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Benchmark
Unavailability Period</B>&rdquo; means, with respect to any then-current Benchmark, the period (if any) (i) beginning at the time that
a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the then current Benchmark for all
purposes hereunder and under any Loan Document in accordance with Section 4.8, and&nbsp;(ii) ending at the time that a Benchmark Replacement
has replaced such Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 4.8.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Benefit
Plan</B>&rdquo; means any employee benefit plan, program, policy or arrangement sponsored, maintained or contributed to by the Borrower
or any Subsidiary (or pursuant to which such Persons have any liability or obligation) including, without limitation, all profit-sharing,
equity, savings, supplemental retirement, retiring allowance, severance, deferred compensation, welfare, bonus, supplementary unemployment
benefit plans or arrangements and all life, health, dental and disability plans and arrangements in which the employees or former employees
of the Borrower or any Subsidiary participate or are eligible to participate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Benefit
to Qu&eacute;bec Covenants</B>&rdquo; means the benefit to Qu&eacute;bec covenants outlined in Article 2 of the Covenant Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Benefit
to Qu&eacute;bec Default Notice</B>&rdquo; has the meaning given to such term in the Covenant Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Benefit
to Qu&eacute;bec Event of Default</B>&rdquo; has the meaning given to such term in the Covenant Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Blocked
Accounts Agreement</B>&rdquo; means a blocked account agreement or deposit account control agreement, as applicable, dated as of the
date hereof among the applicable Obligor, the applicable financial institution and the Collateral Agent in respect of each Collateral
Account in each case, as the same may be amended, supplemented, modified, varied, restated or replaced from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Board</B>&rdquo;
means the board of directors of the Borrower.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Board
Information</B>&rdquo; has the meaning given to such term in Section 13.2.3.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Board
Materials</B>&rdquo; has the meaning given to such term in Section 13.1.2.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Borrower</B>&rdquo;
means Telesat LEO Inc., a corporation incorporated under the federal laws of Canada and its successors and permitted assigns.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Borrower&rsquo;s
Senior Management</B>&rdquo; means [redacted &ndash; commercially sensitive information].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Business
Day</B>&rdquo; means any day, except for (i) a Saturday or a Sunday or (ii) any day on which banks, the Lender, any Government of Canada
departments and agencies and any government of Qu&eacute;bec departments and agencies are required or authorized to close in Ottawa,
Ontario, or Montreal, Qu&eacute;bec.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Canada
Investment Agreements</B>&rdquo; means the Canada Warrant Agreement and the Canada Loan Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Canada
Lender</B>&rdquo; means 16342451 Canada Inc., a subsidiary of Canada Development Investment Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&ldquo;Canada
Loan&rdquo; </B>means the loan in the principal amount of $2,140,000,000 made by the Canada Lender in favour of the Borrower pursuant
to the Canada Loan Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Canada
Loan Agreement</B>&rdquo; means the loan agreement dated as of the date hereof among, <I>inter alios</I>, the Canada Lender, as lender,
and the Borrower, as borrower, as amended, restated, supplemented, replaced or otherwise modified from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Canada
Proportionate Repayment Basis</B>&rdquo; means, at any relevant time, the ratio of (a) the aggregate principal amount of advances disbursed
by the Canada Lender under the Canada Loan Agreement, to (b) the aggregate principal amount of advances disbursed by (i) the Canada Lender
under the Canada Loan Agreement and (ii) the Lender under this Agreement, in each case, taking into account any voluntary and mandatory
repayments made by the Borrower to the Lender or the Canada Lender, as applicable, prior to such time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Canada
Term Sheet</B>&rdquo; means that certain term sheet dated as of May 9, 2024 among the Borrower, Telesat Parent and His Majesty The King
In Right of Canada, as represented by the Minister of Industry.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Canada
Warrant Agreement</B>&rdquo; means that certain warrant agreement dated on or before the initial Advance between the Borrower and the
Canada Lender, as amended, restated, supplemented, replaced or otherwise modified from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Canada
Warrants</B>&rdquo; means warrants to purchase common shares of the Borrower issuable to the Canada Lender pursuant to the Canada Warrant
Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Canadian
Dollars</B>&rdquo; means the lawful currency of Canada.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Canadian
Guarantors</B>&rdquo; means Telesat LEO Parent, Telesat Technology, Telesat Spectrum Holdings, Telesat Spectrum, and each Material Subsidiary
of Telesat LEO Parent organized or formed under the laws of Canada or any province or territory thereof who becomes a Guarantor in accordance
with Section 7.8 of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Capital
Expenditure</B>&rdquo; means with respect to any period and with respect to any Person, the amount of all expenditures by such Person
and its Subsidiaries during such period that are capital expenditures as determined in accordance with GAAP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Capitalized
Lease</B>&rdquo; means, with respect to any Person, any lease or other arrangement relating to property or assets which would be required
to be accounted for as a capital lease obligation (or a &ldquo;right to use&rdquo; asset and a corresponding liability) on a balance
sheet of such Person if such balance sheet were prepared in accordance with GAAP; the amount of any Capitalized Lease at any date shall
be the amount of the obligation in respect thereof which would be included within such balance sheet.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Cash
Equivalents</B>&rdquo; means (i) short-term obligations of, or fully guaranteed by, the government of the United States of America or
Canada, (ii) short-term obligations of, or fully guaranteed by, the government of a State of the United States of America or of a Province
of Canada, in each case having a rating of &ldquo;A-&rdquo; (or the then equivalent grade) or better by a nationally recognized rating
agency, (iii) commercial paper having a rating of &ldquo;A-&rdquo; (or the then equivalent grade) or better by S&amp;P or Moody&rsquo;s,
(iv) demand or current deposit accounts maintained in the ordinary course of business with any Schedule I Canadian chartered bank or
any other commercial bank or trust company (whether domestic or foreign) having capital and surplus in excess of U.S.$500,000,000 and
a senior unsecured rating of &ldquo;A-&rdquo; or better by S&amp;P or Moody&rsquo;s, (v) certificates of deposit issued by and time deposits
with any Schedule I Canadian chartered bank or any other commercial bank or trust company (whether domestic or foreign) having capital
and surplus in excess of U.S.$500,000,000 and a senior unsecured rating of &ldquo;A-&rdquo; or better by S&amp;P or Moody&rsquo;s, or
(vi) money market funds that invest substantially all of their assets in any of the foregoing; provided in each case that the same has
a term not exceeding (A) one year in the case of (i) and (ii) above, and (B) 180 days in the case of (iii) through (v) above.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Change
in Applicable Laws</B>&rdquo; means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking
effect of any Applicable Law, (b) any change in any Applicable Law or in the administration, interpretation or application thereof by
any Governmental Authority or (c) the making or issuance of any new Applicable Law by any Governmental Authority.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Change
of Control</B>&rdquo; means [redacted &ndash; commercially sensitive information].</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Change
Order</B>&rdquo; means a change to the specifications or scope of any Material Project Contract which results in a change to the work
to be completed or materials to be supplied thereunder.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Claims</B>&rdquo;
means all liabilities, losses, obligations, damages, injuries, penalties, fines, claims (including environmental claims and claims involving
extra-contractual liability, strict or otherwise), demands, actions, suits, judgments, orders, proceedings, costs, expenses and disbursements
of any kind or nature whatsoever, whether founded or unfounded (including reasonable fees and out-of-pocket expenses of counsel and reasonable
costs of investigation).</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Closing</B>&rdquo;
means the closing of the transactions contemplated in this Agreement in accordance with the terms hereof.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Closing
Date</B>&rdquo; means the date on which all of the conditions precedent set forth in Section 3.1 are satisfied in the discretion of the
Lender or waived.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Closing
Direct Agreements</B>&rdquo; means [redacted &ndash; commercially sensitive information].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Code</B>&rdquo;
means the U.S. Internal Revenue Code of 1986, as amended from time to time.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Collateral</B>&rdquo;
means all property from time to time subject to, or intended by the terms of the Security Documents to be subject to, the Encumbrances
of the Security Documents, including, all present and future, immovable and movable, property of the Obligors, other than Excluded Property.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Collateral
Account</B>&rdquo; means each deposit account and investment account of the Obligors that are listed and described in Schedule 6.1.34
attached hereto and any other similar account established by any Obligor with any financial institution after the date hereof.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Collateral
Agent</B>&rdquo; means TSX Trust Company, in its capacity as collateral agent and its successors and permitted assigns.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Commercial
Advisor</B>&rdquo; means [redacted &ndash; commercially sensitive information].</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Commercially
Reasonable Efforts</B>&rdquo; means efforts which are designed to enable a party, directly or indirectly, to satisfy a condition to,
or otherwise assist in the consummation of, the transaction contemplated by this Agreement, and which do not require the performing party
to expend any funds or assume liabilities other than expenditures and liabilities which are reasonable in nature and amount in the context
of the transaction contemplated by this Agreement.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Commitment</B>&rdquo;
means $400,000,000, as may be reduced in accordance with the terms of this Agreement.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Committees</B>&rdquo;
has the meaning given to such term in Section 13.1.1.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Communication
Licences</B>&rdquo; means any authorization, license, permit, certificate, approval, registration, orders and franchise or similar forms
of authority issued to or conferred by any Governmental Authority (including, without limitation, the United States Federal Communications
Commission (FCC), Innovation, Science and Economic Development Canada (ISED) and the Canadian Radio-television and Telecommunications
Commission (CRTC)) with respect to the use of radio frequencies and/or the provision of communications or telecommunications services,
as in effect from time to time.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">[redacted
&ndash; commercially sensitive information].</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Compliance
Certificate</B>&rdquo; means the certificate required pursuant to Section 9.2.1(iii), substantially in the form attached hereto as Schedule
B and signed by a Responsible Officer of the Borrower.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Conforming
Changes</B>&rdquo; means, with respect to any Benchmark Replacement, any technical, administrative or operational changes to this Agreement
or any Loan Document (including changes to the definition of &ldquo;Business Day,&rdquo;, the definition of &ldquo;Interest Period&rdquo;
or any similar or analogous definition (or the addition of a concept of &ldquo;interest period&rdquo;), timing and frequency of determining
rates and making payments of interest, timing of Advance Notices or prepayment notices, the applicability and length of lookback periods,
the applicability of breakage provisions and other technical, administrative or operational matters) that the Lender decides, acting
reasonably, may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the use and administration
thereof by the Lender in a manner substantially consistent with market practice (or, if the Lender decides that&nbsp;adoption of any
portion of such market practice is not administratively feasible or if the Lender determines that no market practice for the administration
of such Benchmark Replacement exists, in such other manner of administration as the Lender decides, acting reasonably, is necessary in
connection with the administration of this Agreement and the other Loan Documents).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Contesting
in Good Faith</B>&rdquo;, &ldquo;<B>Contested in Good Faith</B>&rdquo; or &ldquo;<B>Contest in Good Faith</B>&rdquo; means where any
Obligor or a Person on its behalf, as the case may be:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">is
                                            contesting in good faith and with due diligence and by proper proceedings the existence,
                                            amount or extent of any obligations, Taxes, assessments, claims or Encumbrances;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            required by GAAP, has established a reserve in accordance with GAAP, unless there is a reasonable
                                            likelihood that the obligations, Taxes, assessments, claims or Encumbrances subject to such
                                            contest will be required to be paid or satisfied, in which case such Obligor shall establish
                                            a reserve for, or deposit with a court of competent jurisdiction or the assessing authority,
                                            or with such other Person as is acceptable to the Lender, acting reasonably, sufficient funds
                                            or a surety bond, for the total amount of the obligations, Taxes, assessments, claims or
                                            Encumbrances, where the application of such reserve, deposit, funds or bond would result
                                            in the payment and the discharge of such obligations, Taxes, assessments, claims or Encumbrances
                                            and all related interest, costs and expenses; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">has
                                            arranged for the postponement or stay of enforcement of the rights of the Person asserting
                                            such obligations, Taxes, assessments, claims or Encumbrances against such Obligor.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Contingent
Obligation</B>&rdquo; means, with respect to any Person, calculated without duplication, any direct or indirect liability, contingent
or otherwise, of that Person: (a) with respect to any indebtedness, lease, dividend or other obligation of another Person if the primary
purpose or intent of the Person incurring such liability, or the primary effect thereof, is to provide assurance to the obligee of such
liability that such liability will be paid or discharged, or that any agreements relating thereto will be complied with, or that the
holders of such liability will be protected (in whole or in part) against loss with respect thereto; (b) with respect to any letter of
credit issued for the account of that Person or as to which that Person is otherwise liable for reimbursement of drawings; (c) to make
take-or-pay or similar payments if required regardless of non-performance by any other party or parties to an agreement; (d) for the
obligations of another through any agreement to purchase, repurchase or otherwise acquire any obligation of another Person or any property
constituting security therefor, or to provide funds for the payment or discharge of such obligation; (e) to maintain the solvency, financial
condition or any balance sheet item or level of income of another Person; and (f) any other contingent liabilities required to be treated
as a liability on a balance sheet of such Person in accordance with GAAP; but excluding operating leases and trade payables arising in
the ordinary course of business.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Control</B>&rdquo;
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person,
whether through the ability to exercise voting power, by contract or otherwise. &ldquo;<B>Controlled</B>&rdquo; has the corresponding
meaning.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Core
Material Project Contracts</B>&rdquo; means [redacted &ndash; commercially sensitive information].</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Core
Material Project Contract Counterparty</B>&rdquo; means a Person (other than an Obligor) that is a party to a Core Material Project Contract.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Core
Telesat MSAs</B>&rdquo; means [redacted &ndash; commercially sensitive information].</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>CORRA</B>&rdquo;
means the Canadian Overnight Repo Rate Average administered and published by the Bank of Canada (or any successor administrator).</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Covenant
Agreement</B>&rdquo; means that certain covenant agreement dated as of the date hereof among the Borrower, Telesat Parent and the Lender,
as such agreement may be amended, restated, supplemented, replaced or otherwise modified from time to time.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Daily
Compounded CORRA</B>&rdquo; means, for any day CORRA with interest accruing on a compounded daily basis, with the methodology and conventions
for this rate (which will include compounding in arrears with a lookback) being established by the Lender in accordance with the methodology
and conventions for this rate selected by or recommended by the Relevant Governmental Body for determining compounded CORRA for business
loans; provided that if the Lender decides that any such convention is not administratively feasible for the Lender, then the Lender
may establish another convention in its reasonable discretion; and provided that if the administrator has not provided or published CORRA
and a Benchmark Transition Event with respect to CORRA has not occurred, then, in respect of any day for which CORRA is required, references
to CORRA will be deemed to be references to the last provided or published CORRA; provided further that if Daily Compounded CORRA as
so determined shall be less than the Floor, then Daily Compounded CORRA shall be deemed to be the Floor.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Daily
Compounded CORRA Advance</B>&rdquo; means an Advance that bears interest at a rate determined by reference to Daily Compounded CORRA.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>DBRS</B>&rdquo;
means DBRS Morningstar, a division of DBRS, Inc.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Debt</B>&rdquo;
means, with respect to any Person, without duplication, at the date of determination:&nbsp;(a) all indebtedness of such Person for borrowed
money and any indebtedness assumed by such Person (whether or not the rights and remedies of the holder of such indebtedness in the event
of default may be limited to the foreclosure or sale of specific property), (b) all obligations of such Person for the deferred purchase
price of Property or services except deferred compensation, trade payables and accrued expenses incurred in the ordinary course of business,
(c) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments, (d) all obligations of such Person
created or arising under any conditional sale or other title retention agreement (other than operating leases) with respect to property
acquired by such Person (whether or not the rights and remedies of the seller or lender under such agreement in the event of default
are limited to repossession or sale of such property),&nbsp;(e) all obligations of such Person as lessee under Capitalized Leases, (f)
all letters of credit, letters of guarantee, performance bonds and similar instruments issued on behalf of such Person, and all reimbursement
obligations with respect thereto, (g) all obligations of such Person to purchase, redeem, retire, defease or otherwise acquire for value
any partnership or&nbsp;shareholder or other equity interests of such Person or in any other Person, (h) all Contingent Obligations of
such Person in respect of any of the foregoing items, (i) all Debt referred to in clauses (a) through (h) above of another Person, the
payment of which such Person has guaranteed or for which such Person is responsible or liable, (j) all net obligations of such Person
in respect of Hedge Agreements (such net obligations to be equal at any time to the termination value of such Hedge Agreements that would
be payable by or to such Person at such time), and (k) any other obligation arising under arrangements or agreements that, in substance,
constitute indebtedness or other obligation of such Person described in any of (a) through (j) above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Default</B>&rdquo;
means an event which, but for the requirement for the giving of notice, lapse of time, or both, or but for the satisfaction of any other
condition subsequent to such event, would constitute an &ldquo;Event of Default&rdquo;.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&ldquo;Depreciation
and Amortization Expense&rdquo; </B>means, for any period, depreciation, amortization, depletion and other like reductions to income
of the Borrower for such period not involving any outlay of cash, determined, without duplication on a consolidated basis, in accordance
with GAAP.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Direct
Agreement</B>&rdquo; means each direct lender agreement or consent and acknowledgement agreement, in a form and substance satisfactory
to the Lender, acting reasonably, entered into by the Collateral Agent, the applicable Obligor and the applicable Core Material Project
Contract Counterparty with respect to the applicable Core Material Project Contract, that provides for, among other things, the acknowledgement
of the security interest granted in favour of the Collateral Agent in respect of the applicable Core Material Project Contract.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Disposition</B>&rdquo;
means, in respect of any Person, any sale, lease, transfer, license or other disposition (or series of related sales, leases, licenses,
transfers or dispositions) of any property, assets or undertakings (including, for certainty, any Intellectual Property or other incorporeal
assets) (each a &ldquo;<B>disposition</B>&rdquo;) by or on behalf of such Person (including any disposition by means of a merger, amalgamation,
arrangement, consolidation or similar transaction) whereby any of the property, assets and undertaking of such Person becomes the property
of another Person.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Distributions</B>&rdquo;
means, with respect to any Person, any payment, directly or indirectly, by such Person: (a) of any dividends or distributions on any
Equity Interests, other than dividends or distributions payable in any Equity Interest; (b) on account of, or for the purpose of setting
apart any property for, a sinking or other analogous fund for, the purchase, redemption, retirement or other acquisition of any Equity
Interest of such Person; (c) of any other distribution (other than distributions in any Equity Interest) in respect of any Equity Interests
of such Person; (d) of any management, consulting or similar fee or compensation or any bonus payment or comparable payment, including
pursuant to any deferred share unit plan, restricted share unit plan or any similar stock option plan, or by way of gift or other gratuity,
in each case to the extent such payments are made in cash, to any Affiliate of such Person or to any director, officer or member of the
management of such Person or Affiliate of such Person, or (e) any payments with respect to any Debt that is subordinated to or junior
to the Obligations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>EBITDA</B>&rdquo;
means, for any period, Net Income for such period (A) increased by, to the extent reducing Net Income for such period, the sum of (without
duplication) and on a consolidated basis, (i) Interest Expense for such period; (ii) Income Tax Expense for such period;&nbsp;(iii) Depreciation
and Amortization Expense for such period; (iv) other non-cash items (excluding any such non-cash item to the extent that it represents
an accrual or reserve for potential cash items in any future period or amortization of a prepaid cash item that was paid for in a prior
period) but including, without limitation, non-cash adjustments related to purchase accounting; (v) losses on disposal of assets, impairment
of goodwill and incorporeal assets and any extraordinary, non-recurring or unusual non-cash items decreasing Net Income for such period
acceptable to the Lender; (vi) any unrealized foreign exchange losses or losses on Permitted Hedge Agreements; (vii) severance; and (viii)
long-term incentive compensation payable in cash; and (B) decreased by, to the extent increasing Net Income for such period, by the sum
of (without duplication) and on a consolidated basis, (i) non-cash items increasing Net Income (excluding any such non-cash item to the
extent that it represents the reversal of any accrual or reserve for potential cash item in any prior period); (ii) extraordinary or
non-recurring gains; (iii) net after tax gains or income from disposed or discontinued operations; and (iv) any unrealized foreign exchange
gains or gains on Permitted Hedge Agreements; all in accordance with GAAP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Elgin
Facility</B>&rdquo; means the facility located at the property municipally known as [redacted &ndash; address].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Eligible
Assignee</B>&rdquo; means any of (i) the government of Qu&eacute;bec, (ii) any direct or indirect subsidiary of the Lender, (iii) any
Person resulting from a reorganization or merger of the Lender to which the Lender&rsquo;s assets are transferred following its liquidation
or dissolution,&nbsp;(iv) any Person of which the majority of its members or directors are appointed by the government of Qu&eacute;bec
or by one of its ministers and (v) any Person controlled by the Lender, Lender Affiliates or any Person included in items (ii), (iii)
or (iv) of this definition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Encumbrance</B>&rdquo;
means, in respect of any Person, any mortgage, debenture, pledge, hypothec, legal hypothec, prior claim, statutory claim, privilege,
priority, resolutory clause, right of retention, lien, charge, assignment by way of security, deed of trust, encumbrance, deemed trust
or security interest granted or permitted by such Person or arising by operation of law, in respect of any of such Person&rsquo;s Property,
or any Capitalized Lease of Property by such Person as lessee or any other security agreement, trust or arrangement having the effect
of security for the payment of any debt, liability or obligation, and &ldquo;<B>Encumbrances</B>&rdquo; and &ldquo;<B>Encumbrancer</B>&rdquo;
will have corresponding meanings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Environmental
Laws</B>&rdquo; means all applicable Laws (including Permits and consent decrees as to which the Obligors are a party or otherwise subject,
and administrative orders of any Governmental Authority which may affect the Obligors, provided that in the case of guidelines or other
non-binding requirements they are customarily complied with by Persons prudently operating a similar business as the Obligors) relating
to public health and safety, protection of the environment (including protection of flora and fauna), the presence, handling, storage,
disposal, shipment, packing, sale, transportation, generation, use, treatment or Release of Hazardous Materials, above ground or underground
storage tanks and occupational health and safety.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Environmental
Liabilities</B>&rdquo; means, with respect to any Person, all liabilities, obligations, responsibilities, costs (including any response,
remedial and removal costs, investigation and feasibility study costs, capital costs, operation and maintenance costs), losses, damages
(including any punitive damages, property damages, natural resource damages, consequential damages, treble damages) and expenses (including
all reasonable fees, disbursements and expenses of counsel, experts and consultants), fines, penalties, sanctions and interest incurred
as a result of or related to any claim, suit, action, administrative order, investigation order (including judicial and administrative
orders), proceeding or demand by any Person, whether based in contract, extra-contractual liability, implied or express warranty, strict
liability, criminal or civil statute, regulation, equity or common law, including any arising under or related to any Environmental Laws,
Permits, or in connection with any Release or threatened Release or presence of a Hazardous Material whether on, at, in, under, from
or about or in the vicinity of any immovable or movable property.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Equity
Interests</B>&rdquo; means, with respect to any Person, any shares, interests, participations, rights in, or other equivalents (however
designated and whether voting and non-voting and whether or not carrying a residual right to participate in the earnings of the Person
or in the Person&rsquo;s assets on liquidation or dissolution) of, such Person&rsquo;s capital, including any interest in a partnership,
limited partnership or other similar Person and any beneficial interest on behalf on another as mandatary, in a trust, and any rights,
warrants, options or other rights exchangeable for or convertible into any of the foregoing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Equivalent
Amount</B>&rdquo; means with respect to any two currencies, the amount obtained in one such currency when an amount in the other currency
is converted into the first currency using the rate of exchange for such conversion as quoted by the Bank of Canada at the close of business
on the Business Day that such conversion is to be made (or, if such conversion is to be made before close of business on such Business
Day, then at close of business on the immediately preceding Business Day).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>ESHS
Consultant</B>&rdquo; means [redacted &ndash; commercially sensitive information] or such other consultant satisfactory to the Lender
and the Borrower, each acting reasonably.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Event
of Default</B>&rdquo; means any of the events described in Section 10.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Event
of Abandonment</B>&rdquo; means (a) a written announcement by the Borrower of a decision to abandon or indefinitely defer or the abandonment
of, the construction, completion or operation of a material portion of the Project for any reason, (b) the voluntary suspension or abandonment
of all or substantially all activities in respect of the Project for more than thirty</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(30)
consecutive days or (c) the Borrower, shall make any filing with a Governmental Authority giving notice of the intent or requesting authority
to abandon the construction, completion or operation of the Project for any reason.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Event
of Loss</B>&rdquo; means, with respect to any Property, any of the following: (a) any loss, destruction or damage of such Property or
(b) any condemnation, seizure, or taking, by exercise of the power of eminent domain, expropriation or otherwise, of such Property, or
confiscation of such Property or the requisition of the use of such Property (or any deed in lieu thereof).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Excess
Cash Flow</B>&rdquo; means, in respect of any Fiscal Year of the Borrower, an amount equal to</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">EBITDA
                                            for such period; minus</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(A)
                                            amounts paid in cash in respect of Taxes with respect to such period (excluding Taxes paid
                                            in such period where a certificate contemplated by the following clause (B) was previously
                                            delivered) and (B) Taxes that will be paid within six (6) months after the end of such period
                                            and for which reserves have been established; provided that Borrower shall deliver a certificate
                                            to the Lender not later than thirty (30) days after the end of such period certifying that
                                            such taxes will be paid within such six (6) month period; minus</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">cash
                                            Interest Expense for such period; plus</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">cash
                                            received from interest to the extent that such cash was not included in the calculation of
                                            EBITDA; plus</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">liquidated
                                            damages received in cash under any Material Project Contract during such period; minus</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">increases
                                            in Working Capital and long-term assets during such period; plus</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(g)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">decreases
                                            in Working Capital and long-term assets during such period; minus</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(A)
                                            Capital Expenditures paid in cash during such period, and (B) Capital Expenditures paid in
                                            cash after such period but prior to the date of payment of the Excess Cash Flow Prepayment
                                            Amount with respect to such period, provided that, in each case, such Capital Expenditures
                                            were not financed with proceeds of Debt or an equity issuance and provided that any amount
                                            so deducted shall not be deducted again in a subsequent applicable period; minus</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Capital
                                            Expenditures that the Borrower shall, during such period, become obligated to pay in cash
                                            but that are not made during such period, provided that (A) the Borrower shall deliver a
                                            certificate to the Lender, in substantially similar form and substance as the applicable
                                            certificate concurrently delivered to the Canada Lender under the Canada Loan Agreement,
                                            not later than ninety (90) days after the end of such applicable period, signed by an officer
                                            of the Borrower and certifying that such Capital Expenditures were made during the ninety
                                            (90) days following the applicable period, (B) any amount so deducted shall not be deducted
                                            again in a subsequent applicable period, and (C) such Capital Expenditures were not financed
                                            with proceeds of Debt or an equity issuance; minus</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(A)
                                            the sum of all scheduled payments of principal under this Agreement, the Canada Loan Agreement
                                            and [redacted &ndash; commercially sensitive information] paid in cash during such period
                                            and (B) the sum of all scheduled payments of principal under this Agreement, the Canada Loan
                                            Agreement and [redacted &ndash; commercially sensitive information] paid in cash after such
                                            period but prior to the date of payment of the Excess Cash Flow Prepayment Amount with respect
                                            to such period, provided that, in each case, such payments were not financed with proceeds
                                            of Debt or an equity issuance and provided that any amount so deducted shall not be deducted
                                            again in a subsequent applicable period.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Excess
Cash Flow Certificate</B>&rdquo; means an excess cash flow certificate substantially in the form attached hereto as Schedule C.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&ldquo;Excess
Cash Flow Prepayment Amount&rdquo;</B> means, for any applicable Fiscal Year, the Excess Cash Flow with respect to such Fiscal Year multiplied
by 50% (subject to the adjustment provided in Section <B>5.2.5</B>), provided that if the Excess Cash Flow with respect to any applicable
Fiscal Year is less than US$25,000,000 as confirmed by the applicable Excess Cash Flow Certificate, then the Excess Cash Flow Prepayment
Amount for such Fiscal Year shall be $0.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Excluded
Property</B>&rdquo; means [redacted &ndash; commercially sensitive information].</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Excluded
Subsidiaries</B>&rdquo; means, at any time, any Subsidiary of Telesat LEO Parent that is not a Material Subsidiary. For certainty, as
at the Closing Date, Telesat France SAS, an entity formed under the laws of France, and Lightspeed LEO Mexico S.A. de C.V., an entity
formed under the laws of Mexico, are Excluded Subsidiaries in each case until such time as it becomes a Material Subsidiary.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Excluded
Taxes</B>&rdquo; means, with respect to the Lender, (a) any Taxes imposed on or measured by its net income, capital gains or capital,
any franchise Taxes and any branch Tax, branch profits Tax or any similar Tax, in each case, which are imposed or levied by any jurisdiction
or any political subdivision of such jurisdiction solely as a result of the Lender (i) being organized under the laws of such jurisdiction
or any political subdivision of such jurisdiction, (ii) having its principal office or lending office in such jurisdiction, (iii) being
resident in such jurisdiction, (iv) carrying on business in such jurisdiction, or (v) having any other present or former connection with
such jurisdiction (other than a connection arising solely from the Lender having entered into, received payments under or performed its
obligations under this Agreement), (b) any Taxes imposed due to the Lender not dealing at Arm&rsquo;s Length with the Borrower or the
Guarantor, or due to the Lender being, or not dealing at Arm&rsquo;s Length with, a &ldquo;specified shareholder&rdquo; (within the meaning
of subsection 18(5) of the Tax Act) of the Borrower, (c) any withholding Taxes imposed on any amount payable to or for the account of
the Lender under FATCA, and (d) any Taxes imposed as a result of the failure of the Lender to comply with the provisions of Sections
12.2.5 and 12.2.6 of this Agreement. For greater certainty, Excluded Taxes in (a) above shall not include any tax under Part XIII of
the Tax Act.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><B>&ldquo;Executive Compensation
Restrictions&rdquo; </B>means each of the provisions relating to executive compensation restrictions set out in [redacted &ndash; commercially
sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>FATCA</B>&rdquo;
means section 1471 through 1474 of the Code, 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), any current or future regulations or official interpretations thereof, any
agreements entered into pursuant to section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted
pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities implementing such sections of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Final
Project Completion Date</B>&rdquo; means the date that the Final Telesat LEO Project is completed and [redacted &ndash; commercially
sensitive information] Satellites shall have been Delivered (as defined in the MDA Agreement) and/or launched (recognizing that some
Satellites may be held in reserve as ground spares and not launched) and the constellation shall be Operational.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Final
Telesat LEO Project</B>&rdquo; means the design, construction, testing, delivery, launch, Operation and/or maintenance of the Borrower&rsquo;s
low earth orbit satellite constellation of [redacted &ndash; commercially sensitive information] Satellites and associated infrastructure,
including:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">all
                                            earth stations used in connection with the Final Telesat LEO Project, including Landing Stations
                                            and terrestrial network segments;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">all
                                            expansions, additions, improvements and modifications thereto made from time to time, whether
                                            or not of a capital nature;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">all
                                            present and future corporeal property, corporeal assets, chattels, interests in lands (including
                                            the Immovable Property Interests), equipment, machinery, inventory, fixtures, buildings and
                                            other corporeal movable property of every description in each case owned, held, operated
                                            or maintained by the Obligors and related to or used in connection therewith;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">all
                                            present and future choses in action, contracts, agreements, books and records, computer tapes
                                            and disks, computer hardware and software, communications and control hardware and software,
                                            licences, receivables, claims (including the Collateral Accounts), Permits, trademarks, technology
                                            and know-how, all revenue of any kind or nature generated by the Final Telesat LEO Project,
                                            and other rights and benefits related to or in connection with the Final Telesat LEO Project
                                            in each case owned, held, operated or maintained by the Obligors, including the Project Contracts;
                                            and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            proceeds (both immediate and derivative) from any of the foregoing,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">all
                                            as to be designed, constructed, delivered, launched and Operated as contemplated in the Material
                                            Project Contracts.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Financial
Assistance</B>&rdquo; means, without duplication and with respect to any Person, (a) all loans granted by that Person and Contingent
Obligations incurred by that Person for the purpose of or having the effect of providing financial assistance to another Person or Persons,
including, without limitation, letters of guarantee, letters of credit, legally binding comfort letters (of the type that create a Contingent
Obligation), or indemnities issued in connection therewith, endorsements of bills of exchange (other than for collection or deposit in
the ordinary course of business) and obligations to make advances or otherwise provide financial assistance to any other entity, and
(b) all acquisitions of any Equity Interest or any other interest in a Person or investments made by that Person in another Person or
Persons.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Financial
Model</B>&rdquo; means the financial model originally prepared by the Borrower and provided to the Lender, as such financial model has
been amended and updated up to the Closing Date and is attached hereto as Schedule D.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Fiscal
Quarter</B>&rdquo; means each of the four (4) consecutive quarterly periods the last of which ends on December 31.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Fiscal
Year</B>&rdquo; means any period of four (4) consecutive Fiscal Quarters ending on December 31.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Floor</B>&rdquo;
means a rate of interest equal to 0% per annum.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Force
Majeure</B>&rdquo; means any act of God, strike, walkout or other industrial disturbance, act of public enemies, act or threat of terrorism,
war (declared or undeclared) and warlike events, blockade, insurrection, sabotage, riot, embargo, epidemic, pandemic and quarantine restrictions
(except the coronavirus disease (COVID-19) pandemic), catastrophic weather conditions (including, without limitation, hurricane, tornado
and typhoon) land slide, lightning, earthquake, storm, flood, washout, fire, explosion, mechanical failure, nuclear and radiation activity,
inability to obtain materials, order, restraint, or prohibition by any governmental authority, applicable Laws, orders, injunctions,
prohibitions or directions of any court of competent jurisdiction, and without limitation, any arrest and restraint of rulers and people,
civil disturbance, including environmental protests, explosions, and any other causes (except financial) not within the control of the
Borrower, so far as it is affected by such cause and by the exercise of due diligence, the Borrower was not able to avoid or overcome,
or any other circumstance that constitutes a &ldquo;Force Majeure Event&rdquo; under the MDA Agreement.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Funding
Agreement</B>&rdquo; means the funding agreement dated as of September 22, 2020 between His Majesty the King in Right of Canada and the
Borrower, as the same may be amended, restated, supplemented, replaced or otherwise modified from time to time.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Funding
Direct Agreements</B>&rdquo; means the Direct Agreements delivered in respect of [redacted &ndash; commercially sensitive information].</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>GAAP</B>&rdquo;
means generally accepted accounting principles in effect from time to time in Canada, as established or adopted by the Accounting Standards
Board (Canada) or any successor body, including the International Financial Reporting Standards.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Governmental
Authority</B>&rdquo; means the government of any nation, province, territory, municipality, state or other political subdivision of any
nation, any and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative,
judicial, regulatory or administrative functions of or pertaining to government, any quasi-governmental or self-regulatory organization
or instrumentality exercising any regulatory, expropriation or taxing authority under or for the account of any of the foregoing and
any corporation or other entity owned or controlled (through stock or capital ownership or otherwise) by any of the foregoing; provided,
however, that the Lender shall not be considered to be a &ldquo;Governmental Authority&rdquo;.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Ground
Segment Agreements</B>&rdquo; means any agreement to supply terrestrial Project related equipment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Guarantee</B>&rdquo;
means a guarantee of the Obligations of the Borrower granted by each Guarantor in favour of the Collateral Agent for the benefit of itself,
the Lender and the Pari Passu Secured Parties, in form and substance satisfactory to the Lender.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Guarantors</B>&rdquo;
means collectively the Canadian Guarantors and the US Guarantors and &ldquo;<B>Guarantor</B>&rdquo; means any one of them.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Hazardous
Materials</B>&rdquo; means:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            oil, flammable substances, explosives, radioactive materials, hazardous waste or substances,
                                            toxic waste or substances or any other waste, contaminants, materials or pollutants defined
                                            in or controlled or regulated by Environmental Laws, including those which may:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">pose
                                            a hazard, or are likely to pose a hazard, to the Immovable Property Interests, the natural
                                            environment (including flora and fauna) or to human health, or to any other property owned
                                            or controlled by the Obligors, or to Persons on or about the Immovable Property Interests
                                            or any other property owned or controlled by the Obligors; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">cause
                                            the Immovable Property Interests, or any other property owned or controlled by the Obligors,
                                            to be in violation of any Law;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">asbestos
                                            in any form which is or could become friable, urea formaldehyde foam insulation, transformers
                                            or other equipment which contain dielectric fluid containing levels of polychlorinated biphenyls
                                            in excess of limits prescribed by Law, or radon gas;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            chemical, material or substance defined in or regulated pursuant to Environmental Law, including
                                            those included in the definition of &ldquo;contaminant&rdquo;, &ldquo;pollutant&rdquo;, &ldquo;dangerous
                                            goods&rdquo;, &ldquo;deleterious substance&rdquo;, &ldquo;hazardous substances&rdquo;, &ldquo;hazardous
                                            wastes&rdquo;, &ldquo;hazardous materials&rdquo;, &ldquo;extremely hazardous wastes&rdquo;,
                                            &ldquo;restricted hazardous waste&rdquo;, &ldquo;special waste&rdquo; or &ldquo;toxic substance&rdquo;,
                                            &ldquo;waste&rdquo; or similar definitions under any Law; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            other chemical, material or substance, exposure to which, or Release of which is prohibited,
                                            limited or regulated by any Governmental Authority or which may or could pose a hazard to
                                            the occupants of the Immovable Property Interests, the natural environment (including flora
                                            and fauna) or human health, or to any other property owned or controlled by the Obligors,
                                            or to the owners or occupants of property adjacent to or surrounding the Immovable Property
                                            Interests, or any other property owned or controlled by the Obligors, or to any other Person
                                            coming upon the Immovable Property Interests or any other property owned or controlled by
                                            the Obligors or adjacent or surrounding property.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Hedge
Agreement</B>&rdquo; means an agreement, whether in the form of an ISDA Master Agreement, a futures contract, a swap transaction, an
option, a cap transaction, floor transaction, collar transaction, forward sale, put, or otherwise, designed for managing, mitigating
or eliminating risks relating to credit exposure, interest rates, currency or commodities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Hedge
Liabilities</B>&rdquo; means at any time and from time to time all net liabilities of the Borrower which are owing as at such time with
respect to hedging transactions entered into by the Borrower pursuant to any Permitted Hedge Agreement.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Immovable
Property Interests</B>&rdquo; means collectively, the interests of the Obligors in the Owned Immovable Property and Leased Immovable
Property.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&ldquo;Income
Tax Expense&rdquo; </B>means, with respect to the Borrower, for any period, the aggregate, without duplication and on a consolidated
basis, of all Taxes on the income of the Borrower for such period, determined in accordance with GAAP.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Indemnified
Taxes</B>&rdquo; means Taxes other than the Excluded Taxes.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Independent
Director</B>&rdquo; means a director that meets the criteria for independence under section 1.4 of National Instrument 52-110 Audit Committees.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Independent
Entity</B>&rdquo; means [redacted &ndash; commercially sensitive information].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Information</B>&rdquo;
has the meaning set forth in Section 15.1.1.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Initial
Interest Period</B>&rdquo; means, with respect to each Advance, the period commencing on the Advance Date and ending on the last Business
Day of the Fiscal Quarter in which such Advance occurred.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Initial
Outside Date</B>&rdquo; means [redacted &ndash; commercially sensitive information].</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Initial
Project Completion Date</B>&rdquo; means the date upon which the initial [redacted &ndash; commercially sensitive information] Satellites
of the Project shall have been launched and placed in services (which for greater certainty may include certain Satellites used as spares);
provided that, such date shall not in any event be later than the Initial Outside Date.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>In-Orbit
Third-Party Liability Insurance</B>&rdquo; means the policy of insurance specified in Section 3 of Schedule 8.1.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Insolvency
Event</B>&rdquo; means, with respect to any Person, that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">it
                                            has ceased paying its current obligations in the ordinary course of business as they generally
                                            become due, or generally not paying its debts or meeting its liabilities as the same generally
                                            become due, or suspending the conduct of its business, or admitting in writing its inability
                                            to pay its debts generally, or declaring any general moratorium on payment of its indebtedness
                                            or interest thereon, or proposing a compromise or arrangement between it and any of its creditors;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            aggregate of its Property is not, at a fair valuation, sufficient, or, if disposed of at
                                            a fairly conducted sale under legal process, would not be sufficient to enable payment of
                                            all of its obligations, due and accruing due;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">it
                                            has made an assignment of all or any part of its Property for the general benefit of its
                                            creditors, whether or not under the Bankruptcy and Insolvency Act (Canada), or institutes
                                            any other Insolvency Proceeding;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">it
                                            has instituted against it any Insolvency Proceeding, unless: (a) it is at all times vigorously
                                            contesting such Insolvency Proceeding in good faith; and (b) any order or relief granted
                                            therein is vacated, discharged, stayed or overturned on appeal within thirty (30) days from
                                            the granting thereof; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">take
                                            any action to authorize, approve, consent to, or assist any of the actions described above.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Insolvency
Legislation</B>&rdquo; means legislation in any applicable jurisdiction relating to bankruptcy, insolvency, reorganization, arrangement,
compromise or readjustment of debt, dissolution or winding-up, the enforcement by creditors of Encumbrances, or any similar legislation,
and specifically includes, for greater certainty, the <I>Bankruptcy and Insolvency Act </I>(Canada), the <I>Companies&rsquo; Creditors
Arrangement Act </I>(Canada), the <I>Winding-Up and Restructuring Act </I>(Canada), the <I>Bankruptcy Code </I>(United States), the <I>Canada
Business Corporations Act </I>and its provincial equivalents, and any provincial <I>Personal Property Security Act </I>and the <I>Civil
Code of Qu&eacute;bec</I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Insolvency
Proceeding</B>&rdquo; with respect to any Person means any proceeding, action, application, case or legal process commenced by or in
respect of such Person under any existing or future Applicable Law of any jurisdiction, domestic or foreign, relating to bankruptcy or
insolvency, or otherwise seeking:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">to
                                            adjudicate or declare it to be a bankrupt or insolvent person, or a declaration that an act
                                            of bankruptcy has occurred;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">liquidation,
                                            dissolution, winding-up, reorganization, administration, compromise, arrangement of debt,
                                            adjustment, protection, moratorium, relief of debtors, stay of proceedings of creditors generally
                                            (or any class of creditors), or composition of it or its debts under any Applicable Law relating
                                            to bankruptcy, insolvency, winding-up, reorganization, administration, plans of arrangement
                                            in respect of debt, proposals, relief with respect to its debts, or protection of debtors;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            appointment of a Receiver for it or for all or any substantial part of its Property;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            enforcement or exercise of any right or remedy under Applicable Law in respect of a security
                                            interest (whether contractual, statutory, or otherwise), hypothecs, mortgages, trusts or
                                            deemed trusts (whether contractual, statutory, or otherwise), liens, executions, levies,
                                            charges, or other financial or monetary claims, or creditors&rsquo; rights, whether or not
                                            they have attached or been perfected, registered or filed, against all or any substantial
                                            part of its assets; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            issuance of a warrant of attachment, execution, distraint or similar process against all
                                            or any substantial part of its assets,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">in
                                            each case whether pursuant to any Insolvency Legislation or otherwise.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Insurance</B>&rdquo;
means:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Pre-launch and Transit Insurance;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Launch Insurance;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            In-Orbit Third-Party Liability Insurance;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">property
                                            damage insurance for property other than Satellites;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Launch
                                            Liability Insurance; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            other insurance cover effected or maintained by the Obligors pursuant to Schedule 8.1.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Insurance
Consultant</B>&rdquo; means [redacted &ndash; commercially sensitive information] or such other Person appointed by the Canada Lender
to act as insurance consultant in connection with the Project and, provided that no Default or Event of Default has occurred and is continuing,
approved by the Borrower (such approval not to be unreasonably withheld). If at any time there is no Insurance Consultant, or the Insurance
Consultant is not in the opinion of the Lender discharging its duties and responsibilities hereunder, the Lender shall appoint a replacement
Insurance Consultant with the consent of the Borrower (provided that, if a Default or an Event of Default has occurred and is continuing,
no such consent is required), such consent not to be unreasonably withheld or delayed.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Intellectual
Property</B>&rdquo; means all trade secrets, know-how and other proprietary information; trademarks, trademark applications, internet
domain names, URLs, content of the various websites, all ecommerce and site traffic information, social media accounts and google analytics
accounts, service marks, trade dress, trade names, business names, designs, logos, slogans (and all translations, adaptations, derivations
and combinations of the foregoing) indicia and other source and/or business identifiers, all customer information, all goodwill associated
therewith and all registrations or applications for registrations which have heretofore been or may hereafter be filed throughout the
world; all copyrights; and copyright applications (including copyrights for computer programs) and all corporeal and incorporeal property
embodying the copyrights; unpatented inventions (whether or not patentable); all patents and patent applications which have been or may
hereafter be filed throughout the world; all industrial design applications and registered industrial designs which have been or may
hereafter be filed throughout the world; all renewals, reissues, continuations, continuations in part or extension of any of the foregoing;
license agreements related to any of the foregoing and income therefrom; all books, records, writings, literature, computer tapes or
disks, flow diagrams, specification sheets, blueprints, computer software, processes, source codes, object codes, executable code, data,
databases and other physical manifestations, embodiments or incorporations of any of the foregoing; ; all license fees, royalties, damages,
and payments now and hereafter due or payable under and with respect to the foregoing, including payments under all licenses entered
into in connection therewith and damages and payments for past, present, or future infringements thereof; all other intellectual property;
and all common law and other rights throughout the world in and to all of the foregoing.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Intellectual
Property Licenses</B>&rdquo; means, any licenses or other similar rights in or with respect to Intellectual Property owned or controlled
by any Obligor or any other Person, to which the Obligor is a party, including (x) any software license agreements (other than license
agreements for commercially available off-the-shelf software that is generally available to the&nbsp;public which have been licensed
to an Obligor pursuant standard form to end-user licenses),&nbsp;(y) the license agreements listed on Schedule 6.1.23 (as such Schedule
may be updated by the Borrower with written notice to Lender from time to time), and (z) the right to use any of the licenses or other
similar rights described in this definition in connection with the enforcement of the Lender&rsquo;s rights under the Loan Documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Intellectual
Property Security Agreements</B>&rdquo; means all intellectual property security agreements, including patent security agreements, copyright
security agreements and trademark security agreements executed and delivered by the Obligors, or any of them, and Lender, in each case,
in form and substance satisfactory to Lender.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Intercreditor
Agreement</B>&rdquo; means the collateral agency and intercreditor agreement dated as of the date hereof among the Collateral Agent,
the Obligors, the Lender, the Canada Lender, [redacted &ndash; commercially sensitive information], as such agreement may be amended,
restated, supplemented, replaced or otherwise modified from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&ldquo;Interest
Expense&rdquo; </B>of the Borrower means, for any period, without duplication and on a consolidated basis, the aggregate amount of interest
and other financing charges paid or payable by the Borrower, on account of such period with respect to Debt including interest, amortization
of discount and financing fees, commissions, discounts, the interest or time value of money component of costs related to factoring or
securitizing receivables or monetizing inventory and other fees and charges payable with respect to letters of credit, letters of guarantee,
standby fees, the interest component of Capitalized Leases, all as determined in accordance with GAAP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Interest
Hedge</B>&rdquo; means an agreement, whether in the form of an ISDA Master Agreement, a futures contract, a swap transaction, an interest
rate option, a cap transaction, floor transaction, collar transaction or otherwise, designed for managing, mitigating or eliminating
risks relating to interest rate fluctuations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Interest
Payment Date</B>&rdquo; means, in respect of each Advance, the last Business Day of each applicable Initial Interest Period and Interest
Period, provided that the Maturity Date or, if applicable, any earlier date on which the Loan Facility is fully cancelled or permanently
reduced in full, shall be an Interest Payment Date with respect to all Advances then outstanding under the Loan Facility.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Interest
Period</B>&rdquo; means (a) with respect to a Term CORRA Advance (or where a Benchmark Transition Event has occurred with respect to
Term CORRA Reference Rate, a Daily Compounded CORRA Advance), the period of approximately three (3) months commencing on and including
the last day of the Initial Interest Period and ending on and excluding the last day of the immediately following Fiscal Quarter, and
thereafter, each successive period of approximately three (3) months commencing on and including the last day of the prior Interest Period
and ending on and excluding the last day of the immediately following Fiscal Quarter; provided however that (i) if any Interest Period
would otherwise expire on a day that is not 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&nbsp;case such Interest Period shall end
on the next preceding Business Day, and (iii) no Interest Period shall extend beyond the Maturity Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Investment</B>&rdquo;
means, as applied to any Person (the &ldquo;investor&rdquo;), any direct or indirect purchase or other acquisition by the investor of,
or a beneficial interest on behalf of another as mandatary in, Equity Interests of any other Person, including any exchange of Equity
Interests for indebtedness, or any direct or indirect loan, advance (excluding for certainty any prepayment for goods and/or services
on standard market terms in the ordinary course of business) or capital contribution by the investor to any other Person, or any direct
or indirect purchase or other acquisition of bonds, notes, debentures or other debt securities of, any other Person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Investment
in Qu&eacute;bec</B>&rdquo; means collectively, all Capital Expenditures and Operating Expenditures invested and incurred by the Borrower
Entities (as defined in the Covenant Agreement) and the Parent Entities (as defined in the Covenant Agreement) directly, or indirectly
through their selected suppliers and subcontractors, in the Province of Qu&eacute;bec in the minimum amount of $2,000,000,000 from January
1, 2019 up to the Initial Project Completion Date as required under the Covenant Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>IP
Reorganization</B>&rdquo; means that certain corporate reorganization pertaining to the intellectual property rights of the Borrower
and Telesat Technology to occur following the date hereof, the details of which shall be provided by the Borrower to Lender prior to
the Borrower proceeding with such corporate reorganization.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>IT
Systems</B>&rdquo; means the computer, information technology, and data processing systems, facilities and services used or controlled
by an Obligor in the conduct of its business, including all software, systems hardware, networks, interfaces, platforms and related systems
and services.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Judgment
Conversion Date</B>&rdquo; has the meaning set forth in Section 15.4.1(b).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Judgment
Currency</B>&rdquo; has the meaning set forth in Section 15.4.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Landing
Station</B>&rdquo; means the gateway between the satellite and the ground network consisting of antennas to transmit and receive signals
from satellites, baseband modems, and network routers, and the supporting infrastructure to operate the equipment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Landlord
Access Agreement</B>&rdquo; means a consent agreement from each landlord, bailee or warehousemen of any Leased Immovable Property (other
than Specified Landing Stations) or other premises that are occupied by any Obligor or at which any of its property is located, substantively
in accordance with the form set out in Schedule E attached hereto or that is otherwise acceptable to the Lender, acting reasonably.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Launch</B>&rdquo;
means launch as defined in the applicable launch services agreement including, without limitation, the Launch Agreements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Launch
Agreements</B>&rdquo; means the [redacted &ndash; commercially sensitive information].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Launch
Contractor</B>&rdquo; means Space Exploration Technologies, Corp.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Launch
Insurance</B>&rdquo; means the policy of insurance specified in Section 1 of Schedule 8.1.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Launch
Liability Insurance</B>&rdquo; means the policy of insurance specified in Section 4 of Schedule 8.1.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Leased
Immovable Property</B>&rdquo; means the lands and premises, including any Landing Stations, leased by any of the Obligors on the Closing
Date required for the design, construction, testing, delivery, launch, Operation or maintenance of the Project or otherwise used by any
Obligor or necessary for the Project and described in Schedule 6.1.18 (as updated from time to time in accordance with this Agreement)
and includes lands and premises leased by any of the Obligors after the date hereof.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Leases</B>&rdquo;
means the lease agreements and all present and future leases, agreements to lease, offers to lease, letters of intent to lease, licences,
rights of use or occupancy, tenancy agreements and other similar agreements and instruments (including any option to renew and any purchase
rights contained therein) entered into by any Obligor, as amended, restated, supplemented, replaced or otherwise modified from time to
time, and each such agreement is a &ldquo;Lease&rdquo;.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Lender</B>&rdquo;
has the meaning set forth in the preamble to this Agreement and includes any Persons from time to time designated as a Lender in accordance
with Section 14.1, and includes each of their successors and permitted assigns.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Lender
Affiliates</B>&rdquo; means with respect to the Lender, (i) an Affiliate of such Lender, (ii) the government of Qu&eacute;bec, including
public officers (which includes ministers and any person employed in the public administration of the Province of Qu&eacute;bec), contractors,
representatives, mandataries or advisors retained by the public administration of the Province of Qu&eacute;bec, or (iii) any Person
that is engaged in making, purchasing, holding or otherwise investing in loans and similar extensions of credit in the ordinary course
of its business and is administered or managed by the Lender or an Affiliate of the Lender.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Lender&rsquo;s
Counsel</B>&rdquo; means the firm or firms acting as legal counsel to the Lender from time to time.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Liquidity</B>&rdquo;
means, at any time, the aggregate amount of cash and Cash Equivalents of the Borrower on a consolidated basis located in Canada that
are located in Collateral Accounts, are subject to a Blocked Account Agreement and are not subject to any Encumbrance other than Encumbrances
in favour of the Collateral Agent.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Loan
Documents</B>&rdquo; means this Agreement, the Blocked Accounts Agreement, the Security Documents, the Securityholder Agreement, the
Direct Agreements, the Intercreditor Agreement, the certificates representing the Warrants, the Warrant Agreement, the Covenant Agreement
and all present and future agreements delivered by the Obligors to the Lender pursuant to, or in respect of the agreements referred to
in this definition, and &ldquo;<B>Loan Document</B>&rdquo; means any one of the Loan Documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Loan
Facility</B>&rdquo; has the meaning set forth in Section 2.1.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Major
Counterparty</B>&rdquo; has the meaning set forth in Section 10.1(z).</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Material
Adverse Effect</B>&rdquo; means any event or occurrence of whatever nature that would reasonably be expected to result in a material
adverse effect on:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            business, assets, condition (financial or otherwise) or operations of the Obligors (taken
                                            as a whole) and/or the Project or, after the Final Project Completion Date, the Final Telesat
                                            LEO Project, as applicable;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            ability (financial or otherwise) of the Obligors (taken as a whole) to pay or perform or
                                            comply with any of their respective material obligations under the Loan Documents or the
                                            Material Project Contracts;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            validity, opposability, perfection or priority of the Encumbrances on the Collateral in favour
                                            of the Collateral Agent (other than, with respect to priority of the Encumbrances, subject
                                            only to Permitted Encumbrances that, pursuant to applicable Law, are entitled to a higher
                                            priority than the Encumbrances of the Collateral Agent);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            ability of the Lender or the Collateral Agent to enforce their respective material rights
                                            and remedies under any of the Loan Documents;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            validity or enforceability of any of the Loan Documents; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            remedies of the Collateral Agent or the Lender under the Security Documents or any other
                                            Loan Documents.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Material
Project Contracts</B>&rdquo; means, collectively, each contract and agreement that is material in any respect to the Project, as determined
by the Lender, acting reasonably, in consultation with the Borrower and the Technical Advisor including, without limitation, the contracts
and agreements set forth on Schedule 6.1.16 attached hereto, each Additional Material Project Contract and any replacement of any of
the foregoing.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Material
Project Counterparty</B>&rdquo; means a Person (other than an Obligor) that is a party to a Material Project Contract.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Material
Subsidiary</B>&rdquo; means, at any time, any Subsidiary of the Telesat LEO Parent (i) whose total assets (including its consolidated
subsidiaries) have a book value equal to or exceeding 5% of the Borrower&rsquo;s total assets, (ii) whose gross annual operating income
(including its consolidated subsidiaries) is equal to or exceeds 5% of the Borrower&rsquo;s gross annual consolidated operating income
in the year for which the Borrower&rsquo;s most recent consolidated financial statements were prepared, (iii) who owns any Intellectual
Property or any other assets material to the Project, (iv) who is party to any Material Project Contract, (v) who owns any Owned Immovable
Property, (vi) who leases any Leased Immovable Property, or (vii) any Subsidiary designated as a Material Subsidiary by the Borrower
for purposes of compliance with the requirements of Section 9.4.27.2 or otherwise by the Borrower.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Maturity
Date</B>&rdquo; means the date falling on the fifteenth year anniversary from the date of the initial Advance or, if such date is not
a Business Day, then the immediately preceding Business Day.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>MDA</B>&rdquo;
means MacDonald, Dettwiler and Associates Corporation, and its successors and assigns.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>MDA
Agreement</B>&rdquo; means [redacted &ndash; commercially sensitive information].</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>MDA
Event of Default</B>&rdquo; has the meaning [redacted &ndash; commercially sensitive information].</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Measurement
Period</B>&rdquo; means, as of any date of determination, the four consecutive Fiscal Quarters most recently ended.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Milestone
Certificate</B>&rdquo; means, in the case of each Advance, a certificate to be provided by the Borrower to the Lender substantially in
the form attached hereto as Schedule F which shall be in form and substance satisfactory to the Lender and approved by the Technical
Advisor in accordance with this Agreement.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Milestones</B>&rdquo;
means each of the milestones set out on Schedule G attached hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Monthly
Progress Reports</B>&rdquo; has the meaning given to such term in Section 9.2.1(v).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Moody&rsquo;s</B>&rdquo;
means Moody&rsquo;s Investors Service, Inc.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Net
Cash Proceeds</B>&rdquo; means: (a) in connection with any Disposition, the proceeds thereof in the form of cash and Cash Equivalents
(including any such proceeds actually received from deferred payments of principal pursuant to a note, a receivable or otherwise), net
of legal fees, accountants&rsquo; fees, investment banking fees, and other customary fees and expenses actually incurred in connection
therewith and net of taxes paid (after taking into account any available tax credits or deductions and any tax sharing arrangements);
and (b) in connection with any issuance or sale of Equity Interests or any incurrence of Debt, the cash proceeds received from such issuance
or incurrence, net of legal fees, investment banking fees, accountants&rsquo; fees, underwriting discounts and commissions and other
customary fees and expenses actually incurred in connection therewith.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Net
Income</B>&rdquo; means, for any period, the consolidated net income (or loss) of the Borrower on a consolidated basis for such period,
determined in accordance with GAAP.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Non-Arm&rsquo;s
Length</B>&rdquo; and similar phrases have the meaning attributed thereto in the <I>Income Tax Act </I>(Canada); and &ldquo;<B>Arm&rsquo;s
Length</B>&rdquo; has the opposite of such meaning.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Non-Consolidation
Opinions</B>&rdquo; has the meaning given to such term in Section 3.1.24.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Obligations</B>&rdquo;
means all of the present and future indebtedness, liabilities and obligations of any and every kind, nature or description whatsoever
(whether direct or indirect, joint or several or joint and several, absolute or contingent, matured or unmatured, in any currency and
whether as principal debtor, guarantor, surety or otherwise, including without limitation, any interest that accrues thereon after or
would accrue thereon but for the commencement of any case, proceeding or other action, whether voluntary or involuntary, relating to
an Insolvency Event of any Obligor, whether or not allowed or allowable as a claim in any such case, proceeding or other action), of
any Obligor owing to or in favour of the Lender (or&nbsp;assignee thereof) under, pursuant to, in connection with, relating to or with
respect to the Loan Facility, this Agreement and each of the other Loan Documents and any unpaid balance thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Obligors</B>&rdquo;
means the Borrower and the Guarantors.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Observer</B>&rdquo;
has the meaning given to such term in Section 13.1.1.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Officer&rsquo;s
Certificate</B>&rdquo; means a certificate executed by a Responsible Officer in his or her capacity as such.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>On-Orbit
Satellite Acceptance</B>&rdquo; means acceptance of each Satellite as set out in clause 8A of the MDA Agreement.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Open
Source Software</B>&rdquo; means any software that is identified as an &ldquo;open source license&rdquo; by the Open Source Initiative
(www.opensource.org/licenses) or any other licenses that substantially conforms to the Open Source Definition (www.opensource.org/osd),
including the GNU General Public License, the GNU Lesser General Public License, the GNU Affero General Public License, the Apache License,
the MIT License, and the BSD license.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Operate</B>&rdquo;
where used in relation to the Project or the Final Telesat LEO Project, as applicable, includes all aspects of operations and maintenance
of the Project or the Final Telesat LEO Project, as applicable, and all other activities associated therewith. &ldquo;<B>Operation</B>&rdquo;,
&ldquo;<B>Operated</B>&rdquo;, &ldquo;<B>Operational</B>&rdquo; and &ldquo;<B>Operating</B>&rdquo; have correlative meanings.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Operating
Budget</B>&rdquo; means a forward looking one year operating, maintenance and capital budget for the Project, in form and substance satisfactory
to the Lender, acting reasonably.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Organizational
Documents</B>&rdquo; means, with respect to any Person, such Person&rsquo;s articles or other charter documents, by-laws, unanimous shareholder
agreement, partnership agreement, joint venture agreement, operating agreement, limited liability company agreement or trust agreement,
as applicable, and any other similar agreements, documents and instruments relative to such Person, setting forth matters relating to
the governance of such Person, including the manner of election or duties of the directors, officers or managing members of such Person
or the designation, amount or relative rights, limitations and preferences of any Equity Interests of such Person.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Other
Taxes</B>&rdquo; means all present or future stamp or documentary taxes or any other similar excise or property taxes, charges or levies
arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of this Agreement
or any other Loan Document, but does not include Excluded Taxes.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Outside
Date</B>&rdquo; means April 30, 2034.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Owned
Immovable Property</B>&rdquo; means the immovable property, including any Landing Stations, owned by any of the Obligors on the Closing
Date required for the design, construction, testing, delivery, launch, Operation or maintenance of the Project or otherwise used by any
Obligor or necessary for the Project and legally described in Schedule 6.1.18 (as&nbsp;updated from time to time in accordance with this
Agreement) and includes immovable property acquired by any of the Obligors after the date hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Pari
Passu Financing Documents</B>&rdquo; means, collectively, [redacted &ndash; commercially sensitive information] and the Canada Loan Agreement.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Pari
Passu Secured Parties</B>&rdquo; means, collectively, the Canada Lender, [redacted &ndash; commercially sensitive information], and each
of their successors and assigns.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Payment
Account</B>&rdquo; means such accounts as may be notified by the Lender to the Borrower.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Pension
Plan</B>&rdquo; means any plan, program, policy arrangement or understanding that is a pension plan for the purposes of any Applicable
Law (whether or not registered under any such laws) which is maintained, administered or contributed to by the Borrower or any Subsidiary
in respect of any person&rsquo;s employment with the Borrower or any Subsidiary, and all related funding agreements, agreements, arrangements
and understandings in respect of, or related to, any benefits to be provided thereunder or the effect thereof on any other compensation
or remuneration of any employee.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Permits</B>&rdquo;
means, any permit, licence (including without limitation, Communication Licences), approval, consent, guideline, order, right, certificate,
registration, judgment, writ, injunction, award, determination, direction, decree, authorization, screening, assessment, franchise, privilege,
grant, waiver, exemption and other similar concession made by or under applicable Law of, by or from any Governmental Authority or otherwise
required pursuant to applicable Law including, without limitation, Environmental Laws (and shall include any required amendment or amendments).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Permitted
Debt</B>&rdquo; means, without duplication:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Obligations;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subordinated
                                            Debt;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Debt
                                            owed by an Obligor to another Obligor;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Purchase
                                            Money Security Interests and Capitalized Leases granted by the Obligors in a principal amount
                                            not to exceed $25,000,000 in the aggregate at any time, excluding obligations under leases
                                            for Leased Immovable Property;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">deferred
                                            purchase or payment price obligations incurred under [redacted &ndash; commercially sensitive
                                            information];</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Debt
                                            incurred under the Canada Loan so long as such Debt is subject to the Intercreditor Agreement
                                            and not in a principal amount in excess of $2,140,000,000;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Debt
                                            incurred under [redacted &ndash; commercially sensitive information];</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Hedge
                                            Liabilities under Permitted Hedge Agreements; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Debt
                                            incurred by the Borrower after the Project Completion Date for the purpose of Capital Expenditures
                                            required in order to design, develop, construct, install, launch, commercialize, own and
                                            Operate the additional Satellites required in order to achieve&nbsp;the Final Project Completion
                                            Date, in an amount and on terms satisfactory to the Lender, acting reasonably.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Permitted
Disposition</B>&rdquo; means any Disposition made by the Obligors (i) which, in the aggregate when combined with any other Disposition
made by the Obligors does not exceed $10,000,000 during the term of the Loan Facility; or (ii) in the ordinary course of business; or
(iii) of obsolete assets.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Permitted
Distributions</B>&rdquo; means each of the following provided that at the time of such Distribution, no Default or Event of Default shall
have occurred or will occur by the making of such Distribution:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Distributions
                                            by any Obligor (other than the Borrower) to any other Obligor;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Distributions
                                            made to Telesat LEO Parent for the sole purpose of paying administrative expenses of Telesat
                                            LEO Parent, up to $[redacted &ndash; commercially sensitive information] per Fiscal Year;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">payment
                                            of executive compensation and bonus payments to any director, officer or member of the management
                                            of an Obligor or an Affiliate of an Obligor not in contravention of the [redacted &ndash;
                                            commercially sensitive information];</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">payments
                                            made by any Obligor under the Telesat MSAs not to exceed (i) $[redacted &ndash; commercially
                                            sensitive information] in the aggregate for each of the Fiscal Years ended December 31, 2024
                                            and December 31, 2025, (ii) $[redacted &ndash; commercially sensitive information] in the
                                            aggregate for each of the Fiscal Years ended December 31, 2026 through December 31, 2029,
                                            and (iii) $[redacted &ndash; commercially sensitive information] in the aggregate for each
                                            Fiscal Year thereafter;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">payment
                                            in cash made by the Borrower under the Warrants and the Canada Warrants, in each case in
                                            accordance with the terms thereof;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">payments
                                            of any principal, interest and fees with respect to any Subordinated Debt, to the extent
                                            permitted by, and only if made in strict compliance with, the terms and conditions of the
                                            relevant subordination agreement entered into between the applicable Obligor, the subordinated
                                            lender and the Lender in respect thereof; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Distributions
                                            by any Obligor to the Excluded Subsidiaries to fund their operating expenses and liabilities,
                                            up to $1,000,000 in the aggregate per Fiscal Year (inclusive of any amount Invested in the
                                            Excluded Subsidiaries by any Obligor pursuant to Section 9.4.25).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Permitted
Encumbrances</B>&rdquo; means, in respect of any Person at any time, any one or more of the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Encumbrances
                                            for Taxes, assessments or government charges or levies not at the time due and delinquent
                                            or the validity of which is at the time being Contested in Good Faith;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">security
                                            given to a public utility or any other Governmental Authority when required by such utility
                                            or other Governmental Authority in connection with the operations of&nbsp;such Person in
                                            the ordinary course of its business and for the purpose of carrying on the same;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0pt 0pt -0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Purchase
                                            Money Security Interests and Capitalized Leases (to the extent they constitute Debt permitted
                                            by Section 9.4), excluding obligations under leases for Leased Immovable Property, securing
                                            or evidencing unpaid obligations not in excess of a principal amount of $25,000,000 (or the
                                            Equivalent Amount in other currencies) in the aggregate at any time;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">agreements
                                            with any municipal, provincial or federal governments or authorities and any public utilities
                                            or private suppliers of services, including (without limitation) subdivision agreements,
                                            servicing agreements, development agreements, site plan control agreements, engineering,
                                            grading or landscaping agreements and similar agreements and which do not materially adversely
                                            affect the use or intended use of the property;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">reservations,
                                            limitations, appropriations, provisos and conditions in the original grant from the Crown
                                            and statutory exceptions to title;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">inchoate
                                            or statutory Encumbrances of contractors, subcontractors, mechanics, workers, suppliers,
                                            material suppliers, carriers and others in respect of the construction, maintenance, repair
                                            or operation of the property, provided that:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            such Encumbrance is related to obligations not due or delinquent, such Encumbrance is not
                                            registered against title to the Immovable Property Interests by any Encumbrance claimant;
                                            or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            such Encumbrance is registered against title to the Immovable Property Interests by any Encumbrance
                                            claimant, the Borrower has advised the Lender in writing that it is acting diligently and
                                            in good faith to discharge or vacate any registered Encumbrance or to have withdrawn or cancelled
                                            any notice of Encumbrance, and that it is maintaining adequate holdbacks as required by the
                                            applicable Law in respect of such Encumbrance and further provided that in any event, such
                                            registered Encumbrance is discharged or vacated or such notice is withdrawn or cancelled
                                            by the applicable Encumbrance claimant in each case within 30 days of the initial registration
                                            or giving of notice, as applicable;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">undetermined
                                            or inchoate liens, rights of distress and charges incidental to current operations that have
                                            not at such time been filed, registered or exercised and of which the Lender has not been
                                            given notice, or that relate to obligations not due or payable, or if due, the validity of
                                            which is being Contested in Good Faith;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">zoning
                                            and building bylaws and ordinances, regulations and other restrictions affecting or controlling
                                            the use or development of the property made by public authorities provided that they have
                                            been complied with, or if not complied with, that any non compliance does not materially
                                            adversely affect the use or intended use of the property;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(k)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">restrictions,
                                            easements, rights of way, servitudes or other similar rights in land or immovable property
                                            granted to a utility, municipality or other utility service provider (including rights of
                                            way and servitudes for railways, sewers, drains, gas and oil pipelines, gas and water mains,
                                            electric light and power and telephone or telegraph&nbsp;or cable television conduits, poles,
                                            wires and cables) granted to or reserved by other Persons which in the aggregate do not materially
                                            impair the usefulness, in the operation of the business of such Person, of the property subject
                                            to such restrictions, easements, rights of way, servitudes or other similar rights;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(l)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Encumbrances
                                            created pursuant to the Security Documents;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(m)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">title
                                            defects or irregularities which are of a nature and in the aggregate do not materially impair
                                            the use or intended use of the Immovable Property Interests for the Project; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            other Encumbrances expressly consented to by the Lender.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Permitted
Hedge Agreement</B>&rdquo; means a Hedge Agreement entered into by the Borrower for bona fide purposes of an Interest Hedge or hedging
currency risk and not for speculative purposes that is in form and substance satisfactory to the Lender in its sole and absolute discretion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Permitted
Replacement Contract</B>&rdquo; means a replacement agreement for any Material Project Contract (or any portion thereof), other than
a Launch Agreement or the MDA Agreement, that is entered into:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">in
                                            compliance with Sections 6.1.14, 9.1.21, and 9.1.23;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">with
                                            a reputable and qualified Material Project Counterparty;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">upon
                                            reasonable and customary terms substantially similar to the Material Project Contract (or
                                            portion thereof) being replaced; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">upon
                                            terms that, taken together with all other Material Project Contracts, will not cause the
                                            Project to exceed the Project Budget or the Initial Outside Date.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">in
                                            the case of (b), (c) and (d), as confirmed by the Technical Advisor.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Person</B>&rdquo;
is to be broadly interpreted and includes an individual, a corporation, a limited liability company, an unlimited liability company,
a partnership, a trust, an incorporated organization, a joint venture, a financial institution, the government of a country or any political
subdivision of a country, or an agency or department of any such government, any other Governmental Authority and the executors, administrators
or other legal representatives of an individual in such capacity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Personal
Information</B>&rdquo; means any information about an identifiable individual.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>PIK
Interest</B>&rdquo; has the meaning set forth in Section 4.2.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Pre-launch
and Transit Insurance</B>&rdquo; means the policy of insurance specified in Section 2 of Schedule 8.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Prime
Rate</B>&rdquo; means, on any day, the interest rate expressed as a percentage rate per annum calculated on the basis of a 365 or 366
day year, as the case may be, equal to the greater of:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            interest rate announced or established by Bank of Canada on such date as its prime rate,
                                            being a reference rate for commercial loans in Canadian Dollars made in Canada; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Term
                                            CORRA for an interest period of one (1) month plus 1.00% per annum,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">in
                                            each case adjusted automatically with each announced, displayed, published or quoted change
                                            in such rate without the necessity of notice to the Borrower or any other Person, provided
                                            that, if the rate determined above shall ever be less than the Floor, such rate shall be
                                            deemed to be the Floor for purposes of this Agreement. Any change in the Prime Rate due to
                                            the change in &ldquo;prime rate&rdquo; or Term CORRA shall be effective on the effective
                                            date of such announcement or such change in Term CORRA, as applicable.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Prime
Rate Advance</B>&rdquo; means an Advance in Canadian Dollars bearing interest based on the Prime Rate and includes deemed Prime Rate
Advances provided for in Section 4.8.5.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Privacy
Law</B>&rdquo; means any Law that relates to the collection, use, disclosure, transfer or processing of personally identifiable information,
including without limitation, the <I>Personal Information Protection and Electronic Documents Act </I>(Canada), <I>the Act respecting
the protection of personal information in the private sector</I> (Qu&eacute;bec) and any comparable Law of any other jurisdiction in
which any Obligor operates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Progress
Report</B>&rdquo; has the meaning given to such term in Section 9.2.1(vi).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Prohibited
Act</B>&rdquo; means:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">offering,
                                            giving or agreeing to give or agrees to give the Lender or any Governmental Authority (or
                                            anyone employed by or acting on their behalf) or any of their respective directors, offices,
                                            employees, mandataries or officials, or to any family member of such persons, any gift or
                                            consideration of any kind as an inducement or reward:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">for
                                            doing or not doing, or for having done or not having done, any act in relation to the obtaining
                                            or performance of this Agreement or any other agreement with the Lender or any Governmental
                                            Authority in connection with the Project; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">for
                                            showing or not showing favour or disfavour to any person in relation to this Agreement or
                                            any other agreement with the Lender or any Governmental Authority in connection with the
                                            Project;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">provided
                                            that the foregoing shall not apply to the Obligors (or anyone employed by or acting on their
                                            behalf) providing consideration to the Lender or any Governmental Authority in the ordinary
                                            course, or as reasonably necessary, to fulfill or comply with the obligations and liabilities
                                            of the Obligors under this Agreement or any other agreement with the Lender or any Governmental
                                            Authority in connection with the Project;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">breaching
                                            or committing any offence under Applicable Law in respect of corrupt or fraudulent acts in
                                            relation to this Agreement or any other agreement with the Lender or any Governmental Authority
                                            in connection with the Project; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify; padding-right: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">defrauding
                                            or attempting to defraud or conspiring to defraud any Governmental Authority.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Project</B>&rdquo;
means the design, construction, testing, delivery, launch, Operation and/or maintenance of the Borrower&rsquo;s low earth orbit satellite
constellation of [redacted &ndash; commercially sensitive information] Satellites and associated infrastructure, including:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">all
                                            earth stations used in connection with the Project, including Landing Stations and terrestrial
                                            network segments;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">all
                                            expansions, additions, improvements and modifications thereto made from time to time, whether
                                            or not of a capital nature;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">all
                                            present and future corporeal property, corporeal assets, chattels, interests in lands (including
                                            the Immovable Property Interests), equipment, machinery, inventory, fixtures, buildings and
                                            other corporeal movable property of every description in each case owned, held, operated
                                            or maintained by the Obligors and related to or used in connection therewith;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">all
                                            present and future choses in action, contracts, agreements, books and records, computer tapes
                                            and disks, computer hardware and software, communications and control hardware and software,
                                            licences, receivables, claims (including the Collateral Accounts), Permits, trademarks, technology
                                            and know-how, all revenue of any kind or nature generated by the Project, and other rights
                                            and benefits related to or in connection with the Project in each case owned, held, operated
                                            or maintained by the Obligors, including the Project Contracts; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            proceeds (both immediate and derivative) from any of the foregoing,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">all
                                            as to be designed, constructed, delivered, launched and Operated as contemplated in the Material
                                            Project Contracts.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Project
Assets</B>&rdquo; means the present and future immovable and movable Property whether used in the Project or otherwise comprising the
Project or owned by any of the Obligors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Project
Budget</B>&rdquo; means the final budget for the Project Costs through the Initial Project Completion Date set out in Schedule H attached
hereto as at the Closing Date, which budget shall be adequate to pay all Project Costs estimated at the Closing Date and shall include
a contingency in an amount acceptable to the Lender, acting reasonably, after consulting with the Technical Advisor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Project
Completion</B>&rdquo; means the fulfillment of all of the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">MDA
                                            shall have Delivered [redacted &ndash; commercially sensitive information] satellites as
                                            per the terms of the MDA Agreement;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            On-Orbit Satellite Acceptance testing for at least [redacted &ndash; commercially sensitive
                                            information] Satellites shall have been completed;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">in
                                            the event that one or more Satellites have suffered total constructive loss during launch
                                            or failed On-Orbit Satellite Acceptance, that equivalent replacement Satellites have been
                                            Delivered, launched and are Operational;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">on-site
                                            acceptance (as described in the relevant Material Project Contract relating to the applicable
                                            earth station) of all earth stations used in connection with the Project including, without
                                            limitation, Landing Stations and terrestrial network segments, shall have occurred (as per
                                            the definition of on-site acceptance (or other analogous term) used in the relevant Material
                                            Project Contract relating to the provision of each earth station including, without limitation,
                                            Landing Stations and terrestrial network segments); and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            FSA2 (Enhanced Global Service) Milestone as defined in Schedule G shall have occurred.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Project
Completion Date</B>&rdquo; means the date upon which the Project shall be complete and all criteria necessary for Project Completion
have been fulfilled; provided that, such date shall not in any event be later than the Outside Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Project
Contracts</B>&rdquo; means:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Material Project Contracts; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify; padding-right: 71.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">all
                                            other contracts (other than the Loan Documents and the Canada Investment Agreements) entered
                                            into by any Obligor in connection with the Project.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Project
Costs</B>&rdquo; means all direct and indirect costs, without duplication, of the design, development, construction, installation, launch,
commercialization, ownership and start-up of the Project, including without limitation:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            cost of acquiring, developing, designing, engineering, procuring equipment, delivering, constructing,
                                            verification testing, launching, licensing, technical direction (including training personnel),
                                            preoperational testing, and start up, including all necessary contingencies for construction
                                            as reviewed by the Technical Advisor;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">all
                                            amounts incurred under Project Contracts prior to the Initial Project Completion Date;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">all
                                            interest costs and fees in respect of the Obligations and Permitted Debt up to the Initial
                                            Project Completion Date;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">all
                                            interest and financing costs of the Borrower incurred in connection with Purchase Money Security
                                            Interests and Capitalized Leases (to the extent they constitute Debt permitted by Section
                                            9.4.3) prior to the Initial Project Completion Date;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">all
                                            insurance costs and Taxes (but not including Taxes imposed on or measured by the net income
                                            or capital) accruing prior to the Initial Project Completion Date;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">feasibility
                                            and other study (including environmental impact assessment studies) costs actually incurred
                                            prior to the Initial Project Completion Date; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">all
                                            financing costs, including financial, legal (including legal costs incurred in connection
                                            with the negotiation of Project Contracts, the Canada Loan Agreement, this Agreement, the
                                            other Loan Documents and any and all other agreements or transactions pertaining to development,
                                            acquisition, procurement, construction and start-up of the Project and the obtaining of necessary
                                            Permits) and consulting fees and expenses (including fees and expenses of the Advisors and
                                            the Lender incurred&nbsp;before the Initial Project Completion Date) and upfront, arrangement
                                            and commitment fees, any fees or expenses relating to Permitted Hedge Agreement entered into
                                            by Obligors pursuant hereto, in each case, accruing prior to the Initial Project Completion
                                            Date.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Project
Schedule</B>&rdquo; means the &ldquo;Project Schedule&rdquo; attached hereto as Schedule I.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Property</B>&rdquo;
means, with respect to any Person, all or any portion of its undertaking, property and assets, both immovable and movable, corporeal
and incorporeal, including, for greater certainty, any Equity Interest in any other Person.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Proportionate
Basis</B>&rdquo; means, at any relevant time, the ratio of (a) the Commitment at such time, to (b) the total commitment of the Canada
Lender under the Canada Loan Agreement at such time plus the Commitment.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Proportionate
Repayment Basis</B>&rdquo; means, at any relevant time, the ratio of (a) the aggregate principal amount of Advances disbursed by the
Lender under this Agreement, to (b) the aggregate principal amount of advances disbursed by (i) the Canada Lender under the Canada Loan
Agreement and (ii) the Lender under this Agreement, in each case, taking into account any voluntary and mandatory repayments made by
the Borrower to the Lender or the Canada Lender, as applicable, prior to such time.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Purchase
Money Security Interests</B>&rdquo; means any Encumbrance given (whether or not to the transferor) or arising by operation of Law to
provide or secure or to provide any Obligor with funds to pay the whole or any part of the consideration for the acquisition of movable
property where:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            principal amount of such Encumbrance is not in excess of the cost to such Obligor of the
                                            movable property encumbered thereby;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">such
                                            Encumbrance was created prior to, at the time of or within 30 days after the acquisition
                                            of such movable property;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">such
                                            Encumbrance is secured only by the movable property being acquired by such Obligor;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">such
                                            movable property does not become affixed to the immovable property on which such movable
                                            property is located (except for the Immovable Property Interests); and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            absence of such movable property does not affect the performance or Operation of the Project,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">and
                                            includes the renewal, extension or refinancing of any such Encumbrance and of the indebtedness
                                            represented thereby upon the same property provided that the principal indebtedness secured
                                            thereby and the security therefor are not increased thereby.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Quarterly
Progress Reports</B>&rdquo; has the meaning given to such term in Section 9.2.1(vi).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Quebec
Headquarters</B>&rdquo; means the headquarters of the Borrower located at the property municipally known as [redacted &ndash; address].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Receiver</B>&rdquo;
means a trustee in bankruptcy, receiver, receiver and manager, interim receiver, administrative receiver, liquidator, provisional liquidator,
agent in bankruptcy, sequestrator, monitor, information officer, custodian, administrator or other similar official.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Regulatory
Advisor</B>&rdquo; means [redacted &ndash; commercially sensitive information] and its successors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Related
Parties</B>&rdquo; means, with respect to any Person, such Person&rsquo;s Affiliates and the directors, officers, employees, mandataries
and advisors of such Person and such Person&rsquo;s Affiliates, and &ldquo;<B>Related Party</B>&rdquo; means any one of them.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Release</B>&rdquo;
means releasing, spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, disposing, depositing
or dumping, or causing or permitting any of the foregoing to occur, into the natural environment whether inside or outside any structure,
container or building, of a Hazardous Materials.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Relevant
Governmental Body</B>&rdquo; means, the Bank of Canada, or a committee officially endorsed or convened by the Bank of Canada, or any
successor thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Required
Employees</B>&rdquo; means employees in the following groups: (i) Lightspeed Space Systems (satellite engineering, satellite operations
and program delivery), (ii) Lightspeed Network Operations, (iii) Lightspeed Developments (landing stations and user terminals, systems
engineering), (iv) Lightspeed IT Operations (IT project management, platform engineering, network operations software, systems operations,
LEO engineering),&nbsp;(v) Lightspeed Global sales, product and tech support, (vi) Lightspeed Government Solutions and (vii) Lightspeed
Regulatory.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Required
Insurance</B>&rdquo; means all policies of insurance required to be maintained by the Obligors pursuant to the Material Project Contracts
and pursuant to Article 8.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Requirements
of Environmental Law</B>&rdquo; means all applicable requirements of the common law or of statutes, regulations, by-laws, ordinances,
treaties, judgments and decrees, and (to the extent that they have the force of law) rules, policies, guidelines, orders, approvals,
notices, permits and directives of any applicable federal, territorial, provincial, state, regional, municipal or local judicial, regulatory
or administrative agency, board or other Governmental Authority in any jurisdiction in which any Obligor has operations or assets relating
to environmental or occupational health and safety matters (as they relate to exposure to a Hazardous Material) and the assets and undertaking
of any Obligor and the intended uses thereof in connection with such matters, including but not limited to, all such requirements relating
to: (a) the protection, preservation or remediation of the natural environment (the air, land, surface water or groundwater); (b) solid,
gaseous or liquid waste generation, handling, treatment, storage, disposal or transportation; (c) consumer, occupational or public safety
and health (as they relate to exposure to a Hazardous Material); and (d) Hazardous Material or conditions (matters that are prohibited,
controlled or otherwise regulated, such as contaminants, pollutants, toxic substances, dangerous goods, wastes, hazardous wastes, liquid
industrial wastes, hazardous materials, petroleum and other materials such as urea formaldehyde and polyurethane foam insulation, asbestos
or asbestos-containing materials,&nbsp;polychlorinated biphenyls (&ldquo;<B>PCBs</B>&rdquo;) or PCB contaminated fluids or equipment,
lead based paint, explosives, radioactive substances, petroleum and associated products, above ground and underground storage tanks or
surface impoundments).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Residual
Excess Cash Flow</B>&rdquo; means, with respect to any Fiscal Year, the amount of Excess Cash Flow for such Fiscal Year remaining after
payment by the Borrower of the Excess Cash Flow Prepayment Amount.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Responsible
Officer</B>&rdquo; means, with respect to any Person, any senior officer of such Person but, in any event, with respect to financial
matters, the chief financial officer, finance director, treasurer or controller of such Person. Any document delivered hereunder that
is signed by a Responsible Officer of Borrower shall be conclusively presumed to have been authorized by all necessary corporate action
on the part of Borrower and such Responsible Officer shall be conclusively presumed to have acted on behalf of Borrower.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>S&amp;P</B>&rdquo;
means S&amp;P Global Ratings, a division of S&amp;P Global Inc., its Affiliates and their respective successors.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Sanctioned
Person</B>&rdquo; means, at any time, any Person listed in any Sanctions-related list of designated Persons maintained by any Sanctions
Authority or any Person that is owned 50% or more by one or more Persons that are listed in any Sanctions-related list of designated
Persons maintained by any Sanctions Authority, in all cases, to the extent such list and the maintenance thereof would not violate Applicable
Law in Canada.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Sanctions</B>&rdquo;
means economic or financial sanctions or trade embargoes or restrictive measures enacted, imposed, administered or enforced from time
to time by (a) the Canadian government; (b) the U.S. government, including the Office of Foreign Assets Control of the U.S. Department
of the Treasury, the U.S. Department of State, or the U.S. Department of Commerce; (c) Australian government; (d) the European Union
or any of its member states; (e) His Majesty&rsquo;s Treasury; (f) New Zealand government; or (g) any other relevant Sanctions Authority.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Sanctions
Authority</B>&rdquo; means any of: (i) the Canadian government; (ii) the United States government; (iii) Australian government; (iv)
the United Kingdom; (v) New Zealand government; (vi) the government of a jurisdiction in which an Obligor or a Subsidiary of an Obligor
is registered or conducts business; or (vii) the respective governmental institutions, departments and agencies of any of the foregoing,
and &ldquo;<B>Sanctions Authorities</B>&rdquo; means all of the foregoing, collectively.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Satellite</B>&rdquo;
means any satellite owned by, leased to or for which a contract to purchase has been entered into by the Borrower or any other Obligor,
whether such satellite is in the process of manufacture, has been delivered for launch or is in orbit (whether or not in operational
service).</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Security
Documents</B>&rdquo; means all of the security documents outlined in Section 7.1 and all other items of security granted to the Collateral
Agent, for the benefit of itself, the Lender and the Pari Passu Secured Parties, at any time and from time to time to secure the present
and&nbsp;future indebtedness, liabilities and obligations (direct or indirect, absolute or contingent, joint or several or solidary)
of the Obligors hereunder or under any other Loan Document.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Securityholder
Agreement</B>&rdquo; means that certain securityholder agreement, in the form of Schedule N attached hereto, dated on or before the date
of the initial Advance among the Lender, the Canada Lender, the Borrower, Telesat Parent and Telesat LEO Parent, as may be amended, modified,
supplemented, extended, restated or replaced from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Separateness
Covenants</B>&rdquo; means each of the following covenants:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Borrower will conduct its business solely in its name and in a manner separate from each
                                            other Person so as not to mislead others with whom it is dealing and will use Commercially
                                            Reasonable Efforts to correct any known misunderstanding about its status as a separate legal
                                            entity;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Borrower will maintain its own cheques and stationery, separate and apart from any other
                                            Person;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Borrower will maintain its own books of account and business records separate from those
                                            of any other person, including separate financial statements;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Borrower will maintain its own bank accounts, separate from any other Person;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Borrower will pay its own operating expenses and liabilities from its own funds;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Borrower will maintain its assets in such a manner that it is not costly or difficult to
                                            segregate, ascertain or otherwise identify its individual assets from or against those of
                                            any other Person;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Borrower will not commingle or pool its assets, funds, liabilities or business functions
                                            with those of any other Person, provided that such restriction shall not prohibit the Borrower
                                            from receiving services pursuant to the Telesat MSAs;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Borrower will operate as a separate legal entity from any other Person and observe all corporate
                                            procedures and formalities to remain a legal entity separate and distinct from any Telesat
                                            Parent Entity, including without limitation, the holding of meetings, the recording and maintenance
                                            of minutes of such meetings and the recording of and maintenance of resolutions adopted at
                                            such meetings;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Borrower will maintain an Arm&rsquo;s-Length relationship with the Telesat Parent Entities
                                            and their Affiliates;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Borrower shall have access to adequate capital for the normal course obligations reasonably
                                            foreseeable in a business of its size and character and in light of its contemplated business
                                            operations provided that the foregoing shall not require any Telesat Parent Entity to make
                                            any capital contribution or loan to the Borrower;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(k)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Borrower will not provide any Financial Assistance to the Telesat Parent Entities and their
                                            Affiliates (other than any other Obligor);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(l)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Borrower will not induce third parties to rely on the creditworthiness of the Telesat Parent
                                            Entities in order to have third parties enter into contracts with the Borrower; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(m)</FONT></TD><TD STYLE="text-align: justify; padding-right: 71.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Borrower will not induce third parties to rely on the creditworthiness of the Borrower in
                                            order to have third parties enter into contracts with any Telesat Parent Entities.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>SpaceX
LPA</B>&rdquo; means [redacted &ndash; commercially sensitive information].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>SpaceX
LSA</B>&rdquo; means [redacted &ndash; commercially sensitive information].</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>SpaceX
Event of Default</B>&rdquo; has the meaning [redacted &ndash; commercially sensitive information].</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Specified
Landing Stations&rdquo;</B> means, (i) as of the Closing Date, the [redacted &ndash; commercially sensitive information] Landing Stations
set forth in Schedule 6.1.44, (ii) after the Closing Date, additional Landing Stations which, together with the Landing Stations referred
to in (i), represent [redacted &ndash; commercially sensitive information] of the Project&rsquo;s Landing Stations spread out geographically
as set forth in Schedule 6.1.44 and (iii) any Landing Station not already captured in (i) or (ii) that is required to be located in a
jurisdiction by the Governmental Authority of such jurisdiction.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Specified
Landing Station Access Agreement</B>&rdquo; means, in respect of a Specified Landing Station (that is not Owned Immovable Property),
the agreement entered into between the Collateral Agent and the applicable counterparty in respect of such Specified Landing Station
and Specified Landing Station Agreement, substantively in accordance with the form set out in Schedule J attached hereto or that is otherwise
acceptable to the Lender, acting reasonably.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Specified
Landing Station Agreement</B>&rdquo; means, in respect of a Specified Landing Station (that is not Owned Immovable Property), the agreement
entered into between an Obligor and a third party in respect of obtaining rights for, or access to the Specified Landing Station.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Strategic
Innovation Fund Agreement</B>&rdquo; means the Strategic Innovation Fund Agreement dated as of May 22, 2019 between His Majesty the King
in Right of Canada (as successor to Her Majesty the Queen in Right of Canada), Telesat Canada and the Borrower, as the same may be amended,
restated, supplemented, replaced or otherwise modified from time to time.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Subordinated
Debt</B>&rdquo; means any unsecured debt of an Obligor to a lender that is not an Undesirable Person where the proceeds of such debt
are used solely to pay costs or expenses related to the Project other than with respect to the initial [redacted &ndash; commercially
sensitive information] Satellites and that is subordinated and postponed to the repayment of the Loan Facility and the performance of
other Obligations in accordance with terms and conditions to be set forth in a subordination agreement acceptable to the Lender, acting
reasonably.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Subsidiary</B>&rdquo;
means, at any time, as to any Person, any other Person, if at such time the first mentioned Person owns, directly or indirectly, securities
or other ownership interests in such other Person having ordinary voting power to elect a majority of the board of directors or persons
performing similar functions for such other Person, and includes any other Person in like relationship to a Subsidiary of such first
mentioned Person. If no first mentioned Person is referred to, such Person is deemed to be the Borrower.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Tax</B>&rdquo;
or &ldquo;<B>Taxes</B>&rdquo; means all taxes, charges, fees, levies, imposts 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, immovable property and movable property taxes, and any other taxes, customs duties, fees, assessments, or similar charges in
the nature of a tax, including Canada Pension Plan and provincial pension plan contributions, unemployment insurance payments and workers&rsquo;
compensation premiums, together with any instalments with respect thereto, and any interest, fines and penalties with respect thereto,
imposed by any Governmental Authority (including federal, state, provincial, territorial, municipal and foreign Governmental Authorities),
and whether disputed or not.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Tax
Act</B>&rdquo; means the <I>Income Tax Act</I> (Canada).</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Technical
Advisor</B>&rdquo; means ArgoSat Consulting LLC and any successor technical advisor appointed by the Canada Lender to act as technical
consultant in connection with the Project and provided that no Default or Event of Default has occurred and is continuing, approved by
the Borrower (such approval not to be unreasonably withheld). If at any time there is no Technical Advisor, or the Technical Advisor
is not in the opinion of the Lender discharging its duties and responsibilities hereunder, the Lender shall appoint a replacement Technical
Advisor with the consent of the Borrower (provided that, if a Default or an Event of Default has occurred and is continuing, no such
consent is required), such consent not to be unreasonably withheld or delayed.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Technical
Advisor&rsquo;s Certificate</B>&rdquo; has the meaning ascribed to such term in Section 3.3.4.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Telesat
Canada</B>&rdquo; means Telesat Canada, a corporation incorporated under the federal laws of Canada and its successors and assigns.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Telesat
Canada Credit Agreement</B>&rdquo; means that certain credit agreement dated as of March 28, 2012, as amended by that certain amendment
no. 1 dated as of April 2, 2013, as further amended by that certain amendment no. 2 dated as of November 17, 2016, as further amended
by that certain amendment no. 3 dated as of December 19, 2016, as further amended by that certain amendment no. 4 dated as of February
1, 2017, as further amended by that certain amendment no. 5 dated as of April 26, 2018, as further amended by that certain amendment
no. 6 dated as of December 9, 2019, and as further amended by that certain amendment no. 7 dated as of May 9, 2023 among, <I>inter alios</I>,
Telesat Canada and Telesat LLC, as borrowers, the guarantors party thereto, the banks and other financial institutions party thereto
from time to time, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, as may be further amended, restated, supplemented,
replaced or otherwise modified from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Telesat
Canada Insolvency Event</B>&rdquo; means, with respect to any Person, that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">it
                                            has ceased paying its current obligations in the ordinary course of business as they generally
                                            become due, or generally not paying its debts or meeting its liabilities as the same generally
                                            become due, or suspending the conduct of its business, or declaring any general moratorium
                                            on payment of its indebtedness or interest thereon;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">it
                                            has made an assignment of all or any part of its Property for the general benefit of its
                                            creditors, whether or not under the Bankruptcy and Insolvency Act (Canada), or institutes
                                            any other Insolvency Proceeding; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">it
                                            has instituted against it any Insolvency Proceeding, unless: (a) it is at all times vigorously
                                            contesting such Insolvency Proceeding in good faith; and (b) any order or relief granted
                                            therein is vacated, discharged, stayed or overturned on appeal within thirty (30) days from
                                            the granting thereof.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Telesat
Canada Senior Debt</B>&rdquo; means the Debt of Telesat Canada owing under (i) that certain indenture dated as of October 11, 2019 between
Telesat Canada and Telesat LLC, as co-issuers, the guarantors party thereto, and The Bank of New York Mellon, as trustee, (ii) the Telesat
Canada Credit Agreement, (iii) that certain indenture dated as of December 6, 2019 between Telesat Canada and Telesat LLC, as co-issuers,
the guarantors party thereto, and The Bank of New York Mellon, as trustee, and the Notes Collateral Agents party thereto, and (iv) that
certain indenture dated as of April 27, 2021 between Telesat Canada and Telesat LLC, as co-issuers, the guarantors party thereto, and
The Bank of New York Mellon, as trustee, and the Notes Collateral Agents party thereto, each as may be amended, restated, supplemented,
replaced, refinanced or otherwise modified from time to time.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Telesat
Group</B>&rdquo; means Telesat Parent together with its Affiliates and Subsidiaries, which, for the purpose of clarity, does not include
the shareholders of the Telesat Parent.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Telesat
LEO Entities</B>&rdquo; means, Telesat LEO Parent, the Borrower and each Guarantor.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Telesat
LEO Parent</B>&rdquo; means Telesat LEO Holdings Inc., a corporation incorporated under the federal laws of Canada and its successors
and permitted assigns.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Telesat
LEO US</B>&rdquo; means Telesat LEO U.S. Inc., a corporation incorporated under the laws of State of Delaware and its successors and
permitted assigns.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Telesat
LEO US Holdings</B>&rdquo; means Telesat U.S. Services Holdings Corporation, a corporation incorporated under the laws of the State of
Delaware and its successors and permitted assigns.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Telesat
LEO US Services</B>&rdquo; means Telesat U.S. Services, LLC, a limited liability company incorporated under the laws of the State of
Delaware and its successors and permitted assigns.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Telesat
MSAs</B>&rdquo; means [redacted &ndash; commercially sensitive information].</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Telesat
Parent</B>&rdquo; means Telesat Corporation, a corporation incorporated under the laws of the Province of British Columbia and its successors
and permitted assigns.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Telesat
Parent Entities</B>&rdquo; means the Telesat Group, other than the Telesat LEO Entities.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Telesat
Spectrum</B>&rdquo; means Telesat Spectrum Corporation, a corporation incorporated under the federal laws of Canada and its successors
and permitted assigns.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Telesat
Spectrum Holdings</B>&rdquo; means Telesat Spectrum Holdings Corporation, a corporation incorporated under the federal laws of Canada
and its successors and permitted assigns.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Telesat
Technology</B>&rdquo; means Telesat Technology Corporation, a corporation incorporated under the federal laws of Canada and its successors
and permitted assigns.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Term
CORRA</B>&rdquo; means, for any calculation with respect to an Advance, the Term CORRA Reference Rate for a three (3) month tenor on
the day (such day, the &ldquo;<B>Periodic Term CORRA Determination Day</B>&rdquo;) that is two (2) Business Days prior to the first day
of such Interest Period, as such rate is published by the Term CORRA Administrator; provided, however, that if as of 1:00 p.m. (Toronto
time) on any Periodic Term CORRA Determination Day the Term CORRA Reference Rate for the applicable tenor has not been published by the
Term CORRA Administrator and a Benchmark Replacement Date with respect to the Term CORRA Reference Rate has not occurred, then Term CORRA
will be the Term CORRA Reference Rate for such tenor as published by the Term CORRA Administrator on the first preceding Business Day
for which such Term CORRA Reference Rate for such tenor was published by the Term CORRA Administrator so long as such first preceding
Business Day is not more than three (3) Business Days prior to such Periodic Term CORRA Determination Day; provided further that if Term
CORRA as so determined shall ever be less than the Floor, then Term CORRA shall be deemed to be the Floor.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Term
CORRA Administrator</B>&rdquo; means Candeal Benchmark Administration Services Inc., TSX Inc., or any successor administrator.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Term
CORRA Advance</B>&rdquo; means an Advance that bears interest at a rate determined by reference to Term CORRA.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Term
CORRA Reference Rate</B>&rdquo; means the forward-looking term rate based on CORRA.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Third
Party Permits</B>&rdquo; means any Permit required by a Material Project Counterparty in connection with the performance by such Material
Project Counterparty of its obligations to the Borrower or pursuant to the Material Project Contract to which the Material Project Counterparty
is a party, where the absence or breach of which would reasonably be expected to affect in a material and adverse way, the ability of
such Material Project Counterparty to perform its obligations under the applicable Material Project Contract.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Total
Compensation</B>&rdquo; has the meaning specified in the [redacted &ndash; commercially sensitive information].</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Total
Net Debt</B>&rdquo; means, as of any date of determination, (a) the aggregate principal amount of Debt of the Borrower and its Subsidiaries
outstanding on such date, determined on a consolidated basis in accordance with GAAP, minus (b) the aggregate amount of all cash and
Cash Equivalents held by the Borrower and the Guarantors as of such date in Collateral Accounts which are subject to Blocked Account
Agreements in favour of the Collateral Agent, on behalf of itself, the Lender and the Pari Passu Secured Parties, which aggregate amount
of cash and Cash Equivalents shall be determined without giving pro forma effect to any proceeds of Debt incurred on such date; and provided
that, Total Net Debt will not include&nbsp;obligations under Permitted Hedge Agreements, except any unpaid termination payments thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Total
Net Leverage Ratio</B>&rdquo; means, for any Measurement Period, the ratio of (i) Total Net Debt as of the last day of the relevant Measurement
Period to (ii) EBITDA for such Measurement Period.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Transaction
Documents</B>&rdquo; means, collectively, the Project Contracts, the Loan Documents, the Canada Investment Agreements and [redacted &ndash;
commercially sensitive information].</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Unadjusted
Benchmark Replacement</B>&rdquo; means the applicable Benchmark Replacement excluding the Benchmark Replacement Adjustment.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Undesirable
Person</B>&rdquo; means any Person: (i) which has a criminal or penal past, (ii) which has been convicted of one or more offences under
tax laws, securities laws or other Applicable Laws related to the awarding of public contracts, (iii) whose intervention in the Project
would have the effect of placing any Obligor in a situation of default with respect to the Lender or any Lender Affiliate, the Canada
Lender or its Affiliates, (iv) whose holding of Loans, or transacting with, would have the effect of negatively affecting the image or
reputation of the Lender, the Canada Lender or the Government of Canada, such determination to be made by the applicable entity acting
reasonably, (v) which is a Sanctioned Person, or (vi) which customarily acquires distressed debt with a view to potentially converting
the debt into equity and acquiring a stake in any Obligor, or that is a distressed debt fund, private equity fund or hedge fund that
is in the business of investing in poorly performing debt.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Unrestricted
Subsidiary</B>&rdquo; has the meaning specified in the Telesat Canada Credit Agreement.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>US
Guarantors</B>&rdquo; means Telesat LEO US, Telesat LEO US Holdings, Telesat LEO US Services and each Material Subsidiary of Telesat
LEO Parent organized or formed under the laws of the United States of America or any state thereof who becomes a Guarantor in accordance
with Section 7.8 of this Agreement.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Warrant
Agreement</B>&rdquo; means the warrant agreement in the form of Schedule O dated on or before the date of the initial Advance between
the Borrower and the Lender, as amended, restated, supplemented, replaced or otherwise modified from time to time.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Warrants</B>&rdquo;
means warrants to purchase common shares of the Borrower issuable to the Lender pursuant to the Warrant Agreement.</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0pt 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>Working
Capital</B>&rdquo; means as of any date of determination, for the Borrower and its Subsidiaries on a consolidated basis (a) current assets
(excluding cash and Cash Equivalents, deferred Taxes and accrued interest) minus (b) current liabilities (excluding the current portion
of long term indebtedness, outstanding revolving loans, the current portion of any indebtedness attributable to Capitalized Leases, deferred
Taxes and accrued interest); provided that increases or decreases in Working Capital shall be calculated without regard to any changes
in current assets or current liabilities as a result of (i) any reclassification in accordance with GAAP of assets or liabilities, as
applicable, between current and noncurrent,&nbsp;(ii) the effects of purchase accounting or (iii) any impacts from non-cash currency
translation adjustments, non-cash unrealized derivatives, non-cash reclassifications, interest, income taxes and dividends.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.2</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Headings</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
division of this Agreement into Articles and Sections and the insertion of headings are for convenience of reference only and will not
affect the construction or interpretation of this Agreement. The terms &ldquo;this Agreement&rdquo;, &ldquo;hereof&rdquo;, &ldquo;hereunder&rdquo;
and similar expressions refer to this Agreement and not to any particular Article, Section or other portion hereof and include any agreement
supplemental hereto. Unless something in the subject matter or context is inconsistent therewith, references herein to Articles and Sections
are to Articles and Sections of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.3</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Rules
                                            of Construction</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Words
importing the singular number only include the plural and <I>vice&nbsp;versa</I>, words importing the masculine gender include the feminine
and neuter genders and <I>vice&nbsp;versa</I>. The words &ldquo;include&rdquo;, &ldquo;includes&rdquo; and &ldquo;including&rdquo; shall
be interpreted as being followed by the phrase &ldquo;without limitation&rdquo;. The words &ldquo;will&rdquo;, &ldquo;shall&rdquo; and
&ldquo;must&rdquo; have the same meaning and effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.4</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Accounting
                                            Principles</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Where
the character or amount of any asset or liability or item of revenue or expense is required to be determined, or any consolidation or
other accounting computation is required to be made for the purpose of this Agreement or any Loan Document, such determination or calculation
will, to the extent applicable and except as otherwise specified herein or as otherwise agreed in writing by the parties, be made in
accordance with GAAP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.5</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Currency</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unless
otherwise specified in this Agreement, all references to dollar amounts (without further description) means Canadian Dollars.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.6</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Paramountcy</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
among the parties hereto, (i) in the event of a conflict in or between the provisions of this Agreement and the provisions of the Intercreditor
Agreement then, notwithstanding anything contained in this Agreement to the contrary, the provisions of the Intercreditor Agreement will
prevail and the provisions of this Agreement will be deemed to be amended to the extent necessary to eliminate such conflict, and (ii)
in the event of a conflict in or between the provisions of this Agreement and the provisions of any of the other Loan Documents (other
than the Intercreditor Agreement) then, notwithstanding anything contained in such other Loan Document (other than the Intercreditor
Agreement) to the contrary, the provisions of this Agreement will prevail and the provisions of such other Loan Document (other than
the Intercreditor Agreement) will be deemed to be amended to the extent necessary to eliminate such conflict. In particular, if any act
or omission of the Borrower is expressly permitted under (i) the Intercreditor Agreement but is expressly prohibited under this Agreement,
such act or omission will be permitted and (ii) this Agreement but is expressly prohibited under another Loan Document (other than the
Intercreditor Agreement), such act or omission will be permitted. If any act or omission is expressly prohibited under a Loan Document
(other than this Agreement), but this Agreement does not expressly permit such act or omission, or if any act is expressly required to
be performed under such Loan Document but this Agreement does not expressly relieve the Borrower from such performance, such circumstance
will not constitute a conflict in or between the provisions of this Agreement and the provisions of such other Loan Document.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.7</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Non-Business
                                            Days</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unless
otherwise expressly provided in this Agreement, whenever any payment is stated to be due on a day other than a Business Day, the payment
will be made on the immediately following Business Day. In the case of interest or fees payable pursuant to the terms of this Agreement,
the extension or contraction of time will be considered in determining the amount of interest and fees. Unless otherwise expressly provided
in this Agreement, whenever any action to be taken is stated or scheduled to be required to be taken on, or (except with respect to the
calculation of interest or fees) any period of time is stated or scheduled to commence or terminate on, a day other than a Business Day,
the action will be taken or the period of time will commence or terminate, as the case may be, on the immediately following Business
Day.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.8</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Statutory
                                            and Material Project Contract References</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any
reference in this Agreement to a statute refers to all rules and regulations made under it and any reference in this Agreement to any
act or statute or regulation (including any regulation of any Governmental Authority), or to any section of or any definition in any
act, statute or regulation (including any regulation of any Governmental Authority), will be deemed to be a reference to such act, statute
or regulation (including any regulation of any Governmental Authority) or section or definition, as amended, supplemented, substituted,
replaced or re-enacted from time to time. Any reference in this Agreement to an agreement, indenture, debenture or contract (including
without limitation a Material Project Contract) will be deemed to be a reference to such document as supplemented, amended, restated,
replaced or otherwise modified from time to time in accordance with the terms of this Agreement, unless otherwise provided herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.9</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Interest
                                            Payments and Calculations</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.9.1
All interest payments to be made under this Agreement will be paid without allowance or deduction for deemed re-investment or otherwise,
both before and after maturity and before and after default and/or judgment, if any, until payment of the amount on which such interest
is accruing, and interest will accrue on overdue interest, if any.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.9.2
Unless otherwise stated, wherever in this Agreement reference is made to a rate of interest or rate of fees &ldquo;per annum&rdquo; or
a similar expression is used, such interest or fees will be calculated on the basis of a calendar year of 365 days or 366 days, as applicable,
and using the nominal rate method of calculation, and will not be calculated using the effective rate method of calculation or on any
other basis that gives effect to the principle of deemed re-investment of interest.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.9pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.9pt 0pt 96.55pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.9pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.9.3
For the purposes of the <I>Interest Act </I>(Canada) and disclosure under such act, whenever interest to be paid under this Agreement
is to be calculated on the basis of any other period of time that is less than a calendar year, the yearly rate of interest to which
the rate determined pursuant to such calculation is equivalent is the rate so determined multiplied by the actual number of days in the
calendar year in which the same is to be ascertained and divided by such period of time. The Lender agrees that if requested in writing
by the Borrower it will calculate the nominal and effective per annum rate of interest on any Advance outstanding at the time of such
request and provide such information to the Borrower promptly following such request; provided that, any error in any such calculation,
or any failure to provide such information on request, shall not relieve the Borrower of any of its obligations under this Agreement
or any other Loan Document, nor result in any liability to the Lender.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.65pt 0pt 96.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.9.4
In calculating interest or fees payable under this Agreement for any period, unless otherwise specifically stated, the first day but
not the last day of such period will be included.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.10</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Rates</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Lender does not warrant or accept responsibility for, and shall not have any liability with respect to (a) the continuation of, administration
of, submission of, calculation of or any other matter related to the Prime Rate, Term CORRA, Daily Compounded CORRA, or any component
definition thereof or rates referred to in the definition thereof, or any alternative, successor or replacement rate thereto (including
any Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate
(including any Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, or have the same volume
or liquidity as, the Prime Rate, Term CORRA, Daily Compounded CORRA, or any other Benchmark prior to its discontinuance or unavailability,
or (b) the effect, implementation or composition of any Conforming Changes. The Lender and its affiliates or other related entities may
engage in transactions that affect the calculation of the Prime Rate, Term CORRA, Daily Compounded CORRA, any alternative, successor
or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto, in each case, in a manner adverse to the
Borrower. The Lender may select information sources or services in its reasonable discretion to ascertain the Prime Rate, Term CORRA,
Daily Compounded CORRA, or any other Benchmark, in each case pursuant to the terms of this Agreement, and shall have no liability to
the Borrower or any other Person for damages of any kind, including direct or indirect, special, punitive, incidental or consequential
damages, costs, losses or expenses (whether in extra-contractual liability, contract or otherwise and whether at law or in equity), for
any error or calculation of any such rate (or component thereof) provided by any such information source or service.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 92pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.11</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Determination
                                            by the Borrower; Knowledge</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
provisions contained herein requiring the Borrower to make a determination or assessment of any event or circumstance or other matter
to the best of its knowledge shall be deemed to require the Borrower to make all due inquiries and investigations as may be necessary
or prudent in the circumstances before making any such determination or assessment, and &ldquo;knowledge&rdquo; of the Borrower or any
other Obligor shall be deemed to mean the actual knowledge of any senior officer of the Borrower or such other applicable Obligor with
responsibility for the matter in question after making reasonable inquiries of the officers or employees of such Person who have primary
responsibility for administering the relevant matter.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.12</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Rank</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">None
of:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 92pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            fact that the Obligors are permitted to create or suffer to exist any Permitted Encumbrance
                                            or Permitted Debt;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            fact that any representation, warranty or covenant herein may make an exception for the existence
                                            of Permitted Encumbrances or Permitted Debt; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            fact that the Encumbrances created pursuant to the Security Documents are stated to be subject
                                            to, or are not required to rank in priority to, Permitted Encumbrances,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">shall
in any manner, nor in any cause or proceeding, directly or indirectly, be taken to constitute a subordination under this Agreement of
any Encumbrance created pursuant to the Security Documents to any Permitted Encumbrance or to any other Encumbrance or other obligation
whatsoever, or to mean that the Obligations are in any way subordinate or junior in right of payment to such Debt.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.9pt 0pt 92pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.13</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Common
                                            Law Interpretation</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
purposes of interpretation of this Agreement and for purposes of any Collateral located in any province, state, jurisdiction or territory
that is subject to the North America common law or charged by any Loan Document that is not governed by the Laws of the Province of Quebec,
and for all other purposes pursuant to which the interpretation or construction of a Loan Document may not be subject to the Laws of
the Province of Quebec or a court or tribunal exercising jurisdiction in the Province of Qu&eacute;bec, (a) &ldquo;movable property&rdquo;
shall be deemed to include &ldquo;personal property&rdquo;, (b) &ldquo;immovable property&rdquo; shall be deemed to include &ldquo;real
property&rdquo;, (c) &ldquo;corporeal property&rdquo; shall be deemed to include &ldquo;tangible property&rdquo;, (d) &ldquo;incorporeal
property&rdquo; shall be deemed to include &ldquo;intangible property&rdquo;, (e) &ldquo;movable hypothec&rdquo; shall be deemed to include
a &ldquo;security interest&rdquo;, (f) &ldquo;immovable hypothec&rdquo; shall be deemed to include a &ldquo;mortgage&rdquo;, (g) all
references to &ldquo;opposable&rdquo; or &ldquo;set up&rdquo; Encumbrances as against third parties shall be deemed to include a reference
to &ldquo;perfection&rdquo; of or &ldquo;perfected&rdquo; Encumbrances, (h) any &ldquo;right of compensation&rdquo; shall be deemed to
include &ldquo;right of offset&rdquo;, &ldquo;right of setoff&rdquo; or similar expression, (i) a &ldquo;mandatary&rdquo; shall be deemed
to include an &ldquo;agent&rdquo;, (k) &ldquo;legal hypothecs&rdquo; shall be deemed to include &ldquo;construction liens&rdquo;, (l)
&ldquo;solidary&rdquo; shall be deemed to include &ldquo;joint and several&rdquo;, (m) &ldquo;intentional or gross fault&rdquo; shall
be deemed to include &ldquo;gross negligence or willful misconduct&rdquo;, (n) &ldquo;ownership&rdquo; shall be deemed to include &ldquo;beneficial
ownership&rdquo;, (o) &ldquo;servitude&rdquo; shall be deemed to include &ldquo;easement&rdquo;, (p) &ldquo;prior claim&rdquo; shall
be deemed to include &ldquo;priority&rdquo;, (q) &ldquo;certificate of location and plan&rdquo; shall be deemed to include &ldquo;survey&rdquo;,
(r) &ldquo;absolute ownership&rdquo; shall be deemed to include &ldquo;fee simple title&rdquo;, and (s) &ldquo;rights resulting from
a lease&rdquo; shall be deemed to include &ldquo;leasehold interest&rdquo;.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 56pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 56pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.14</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Legal
                                            Representation</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Loan Documents have been negotiated by each party with the benefit of legal representation, and any rule of construction to the effect
that any ambiguities are to be resolved against the drafting party does not apply to the construction or interpretation of the Loan Documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.95pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.15</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Schedules</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
following are annexed hereto and incorporated by reference and deemed to be part hereof:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: -0.25in; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Schedule A</FONT></TD>
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT></TD>
    <TD STYLE="width: 65%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Notice of Request for Advance</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Schedule B</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Form of Compliance Certificate</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Schedule C</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Form of Excess Cash Flow Certificate</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Schedule D</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Financial Model</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Schedule E</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Form of Landlord Access Agreement</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Schedule F</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Form of Milestone Certificate</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Schedule G</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Milestones</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Schedule H</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Project Budget</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Schedule I</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Project Schedule</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Schedule J</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Form of Specified Landing Station Access Agreement</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Schedule K</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Form of Technical Advisor&rsquo;s Certificate</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Schedule L</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Amortization Schedule</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Schedule M</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Assignment Agreement</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Schedule N</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Form of Securityholder Agreement</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Schedule O</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Form of Warrant Agreement</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Schedule 6.1.8</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Litigation</FONT></TD>
    </TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Schedule 6.1.10</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 65%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ownership Structure and Equity
    Interests</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Schedule 6.1.16</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Material Project Contracts</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Schedule 6.1.17</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Permits</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Schedule 6.1.18</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Immovable Property Interests</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Schedule 6.1.19</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Locations of Collateral</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Schedule 6.1.20</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Environmental</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Schedule 6.1.23</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Intellectual Property</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Schedule 6.1.24</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Information Technology</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Schedule 6.1.26</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Taxes</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Schedule 6.1.32</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Benefit Plans and Pension Plans</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Schedule 6.1.33</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Non-Arm&rsquo;s Length Transactions</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Schedule 6.1.34</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Collateral Accounts</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Schedule 6.1.37</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Satellites</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Schedule 6.1.43</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Specified Landing Stations</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Schedule 8.1</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Insurance</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Schedule 8.10</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Form of Insurance Broker Letter of Undertaking</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Schedule 9.1.33</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Post-Closing Security Requirements</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Schedule 9.1.34</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Post-Closing ESG Requirements</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
2</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>THE
LOAN FACILITY</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.1</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Loan
                                            Facility</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subject
to the terms and conditions of this Agreement, the Lender hereby establishes in favour of the Borrower as of the Closing Date a senior
secured non-revolving delayed draw term loan facility in the principal amount of up to the Commitment (the &ldquo;<B>Loan Facility</B>&rdquo;)
to be made available in accordance with this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.2</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Purpose
                                            of Loan Facility</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Advances
under the Loan Facility will be used solely by the Borrower for capital investments, working capital and operational expenses in connection
with the Project.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.3</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Advances</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.3.1
The Borrower may request an Advance under the Loan Facility during the Availability Period by delivering an Advance Notice to the Lender
not later than 1:00 p.m. (Montreal time) fifteen (15) Business Days prior to the proposed Advance Date together with all other requirements
set out in Sections 3.1, 3.2 and 3.3, as applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.3.2
Advances will only be made available if all conditions precedent set out in Sections 3.1, 3.2 and 3.3, as applicable, have been satisfied
or waived by the Lender on or before the requested Advance Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.3.3
At no time shall the aggregate principal amount of all Advances outstanding hereunder (excluding for this purpose any PIK Interest) exceed
the Commitment. All Advances shall be in Canadian Dollars.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.3.4
At no time will the aggregate principal amount of all Advances requested or outstanding hereunder (excluding for this purpose any PIK
Interest) exceed:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.15pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            total amount of the Commitment;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Commitment on a Proportional Basis; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">20%
                                            of the Investment in Qu&eacute;bec total amount incurred up to such time as required under
                                            the Covenant Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.3.5
An Advance Notice given by the Borrower hereunder will be irrevocable and will oblige the Borrower to take the action contemplated on
the date specified therein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
3 <BR>
CLOSING CONDITIONS</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Conditions
                                            Precedent to the Closing Date</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
effectiveness of this Agreement and the obligations of the Lender hereunder, are subject to and conditional upon the following conditions
precedent being fulfilled to the satisfaction of the Lender, which conditions precedent are for the sole and exclusive benefit of the
Lender:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.95pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.1
this Agreement and each of the other Transaction Documents (other than the Blocked Account Agreements, the Deed of Hypothec, the Securityholder
Agreement, the Warrant Agreement, the Canada Warrant Agreement, the certificates representing the Warrants and the Funding Direct Agreements),
including all notices, share certificates, stock transfer forms and other ancillary documents required to be delivered pursuant to the
Security Documents, will have been executed and delivered by all parties thereto on or prior to the Closing Date and each shall be in
form and substance satisfactory to the Lender;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.65pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.65pt 0pt 96.55pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.65pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.2
the Lender shall have received certified copies of the Organizational Documents of the Obligors and Telesat Parent, the resolutions authorizing
the execution, delivery and performance of each Obligor&rsquo;s and Telesat Parent&rsquo;s obligations under the Loan Documents to which
it is a party and the transactions contemplated herein, and certificates as to the incumbency of the officers of each Obligor and Telesat
Parent;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.65pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.3
the Lender shall have received certified copies of all agreements which restrict or limit the powers of any Obligor or its directors
or officers not otherwise delivered under Subsection 3.1.2 of this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.9pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.4
the Lender shall have received certificates of status, compliance or good standing (or the local law equivalent), as applicable, of each
Obligor and Telesat Parent;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.5
the Lender shall have received certified copies of all consents, authorizations, approvals or permissions (each of which shall be in
full force and effect) of any Governmental Authorities or other third parties (including in connection with the Canada Investment Agreements)
required for the execution, delivery and performance of each Obligor&rsquo;s and Telesat Parent&rsquo;s obligations under the Transaction
Documents to which it is a party and the transactions contemplated therein as of the Closing Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.6
the Lender shall have received a currently dated Officer&rsquo;s Certificate of the Borrower:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.95pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.6.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">certifying
                                            the organizational chart of the Telesat Group;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.6.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">attaching
                                            certified copies of the Permits listed in Schedule 6.1.17 attached hereto (as at the Closing
                                            Date);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.6.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">attaching
                                            certified executed copies of the Material Project Contracts listed in Schedule 6.1.16 attached
                                            hereto (as at the Closing Date);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.6.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">certifying
                                            that all of the representations and warranties contained herein and all of the representations
                                            and warranties contained in each other Loan Document are true and correct in all material
                                            respects (it being understood and agreed that any representation or warranty that is qualified
                                            as to &ldquo;materiality,&rdquo; &ldquo;Material Adverse Effect&rdquo; or similar language
                                            shall be true and correct in all respects);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.6.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">certifying
                                            that no (A) Default or Event of Default, (B) &ldquo;Default&rdquo; or &ldquo;Event of Default&rdquo;
                                            (or similar terms) as defined in any Transaction Document, and (C) &ldquo;Default&rdquo;
                                            or &ldquo;Event of Default&rdquo; (or similar terms) as defined in any Core Material Project
                                            Contract, in each case, shall have occurred and be continuing on the Closing Date, nor shall
                                            any Default or Event of Default under any of the agreements referred to in clause (A) through
                                            (C) arise as a result of the Closing or the initial Advance made on the Closing Date; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.6.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">certifying
                                            that no event or circumstance has occurred and is continuing which has, or would reasonably
                                            be expected to have, a Material Adverse Effect;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.7
the Lender shall have received true, correct and complete copies of each Lease in effect as of the Closing Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.8
all financing statements or other registrations necessary or desirable to preserve, protect, perfect or set up the enforceability and
first priority of the Encumbrances created by the Security Documents, other than the Deed of Hypothec, (subject only to Permitted Encumbrances)
shall have been filed, entered or recorded in the applicable offices of public record, all in form and substance satisfactory to the
Lender, acting reasonably;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.9
releases and discharges (or written authorizations to discharge from the applicable Encumbrance holder in form acceptable to the Lender)
with respect to all Encumbrances which are not Permitted Encumbrances will have been delivered to the Lender;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.9pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.10
the Lender shall have received evidence of the opening of the Collateral Accounts;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.11
all Closing Direct Agreements required in connection with the Security Documents will have been obtained from the applicable Core Material
Project Contract Counterparties that are party to [redacted &ndash; commercially sensitive information];</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.95pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.12
all Specified Landing Station Access Agreements required in connection with any Specified Landing Stations as at the Closing Date will
have been obtained from the applicable third parties as determined to be necessary by the Lender, acting reasonably;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.9pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.13
satisfactory completion of due diligence by the Lender and its representatives (including business, financial, accounting, legal, tax,
regulatory and technical) of the Obligors, the Project and Telesat Parent, including, without limitation, receipt by the Lender of all
information relating to Intellectual Property, licences, capital structure, insurance, management structure (including Borrower&rsquo;s
Senior Management and the management team of the Project) and financial information related to the Obligors and the Project and such
information shall be accurate, complete and acceptable to the Lender in all material respects;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.6pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.14
all &ldquo;know your customer&rdquo;, anti-money laundering, anti-terrorism or similar identification information required by the Lender
shall have been provided by the Obligors and Telesat Parent, to the extent requested in writing of the Borrower at least five (5) days
prior to the Closing Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.15
the Lender shall have received the most recent unaudited consolidated financial statements of the Borrower and the most recent audited
consolidated financial statements of Telesat Parent;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.05pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.05pt 0pt 96.55pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.05pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.16
the Financial Model and the Project Budget (including the accuracy of the financial inputs and assumptions), shall be acceptable to the
Lender, acting reasonably;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.95pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.17
the Lender shall be satisfied with the terms and conditions of the Canada Loan (including the amortization thereof) and the Canada Warrants
and shall have received a fully executed copy of the Canada Loan Agreement and [redacted &ndash; commercially sensitive information]
which shall be in full force and effect and, for greater certainty, the Canada Loan Agreement shall confirm that the principal amount
of Canada Loan made available to the Borrower is $2,140,000,000;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.7pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.18
the Lender shall be satisfied with the terms and conditions of the Launch Agreements and the MDA Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.19
the Lender shall be satisfied with the terms and conditions of the equity contributions made by Telesat LEO Parent to the Borrower and
shall have received (i) confirmation from the Technical Advisor in the Technical Advisor&rsquo;s Certificate delivered on the Closing
Date that such equity contribution reflects the required equity sources in the Financial Model, and (ii) satisfactory evidence of receipt
by the Borrower of a cash equity contribution from Telesat LEO Parent in an amount of not less than US$[redacted &ndash; commercially
sensitive information] which for certainty shall include an account statement evidencing same;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 96.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.20
the Lender shall be satisfied in its sole discretion that on the Closing Date the Borrower will have cash on hand and irrevocable committed
financing sufficient to cover the initial [redacted &ndash; commercially sensitive information] satellites of the Project and to fund
the Project through to the Initial Project Completion Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.21
the Project Budget and the Project Schedule have been reviewed by the Technical Advisor and are in form and substance satisfactory to
the Lender, acting reasonably;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.05pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.22
the Lender shall have received all reports from the Advisors together with reliance letters in respect of same, which reports shall be
in form and substance satisfactory to the Lender, acting reasonably;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.9pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.23
currently dated legal opinions from (i) counsel to the Obligors and Telesat Parent, in respect of the Loan Documents delivered on the
Closing Date, and (ii) counsel to [redacted &ndash; commercially sensitive information];</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.9pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.24
(i) currently dated legal opinion from Canadian counsel to the Borrower with respect to non-consolidation (the &ldquo;<B>Canadian Non-Consolidation
Opinion</B>&rdquo;), and (ii) a memorandum from U.S. counsel to the Borrower with respect to non-consolidation (the &ldquo;<B>US Non-Consolidation
Memo</B>&rdquo; and together with the Canadian Non-Consolidation Opinion, the &ldquo;<B>Non-Consolidation Opinions</B>&rdquo;), each
in form and substance satisfactory to the Lender and Lender&rsquo;s Counsel, will have been delivered to the Lender and the Collateral
Agent as addressees;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.65pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.25
the Borrower shall have provided evidence satisfactory to the Lender that it owns, or has available to it (on terms satisfactory to the
Lender), all material assets, Permits and resources necessary to design, develop, construct, install, launch, commercialize, own and
Operate the Project, including all necessary rights to Intellectual Property developed or owned by the Telesat Group and their Affiliates
relating to the Project;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 96.55pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.26
the Borrower shall have provided evidence satisfactory to the Lender that all standard form contractor and employment agreements of the
Obligors existing as of the Closing Date shall include industry standard Intellectual Property provisions in favour of the Obligors;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.27
the Borrower shall have provided evidence satisfactory to the Lender that the Obligors are Unrestricted Subsidiaries under the terms
of the Telesat Canada Credit Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.05pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.28
the requirements outlined in prongs (b), (d), (f) and (h) of the definition of &ldquo;Independent Entity&rdquo; in Section 1.1 shall
have been completed and shall be satisfactory to the Lender in its sole discretion;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.29
the Lender shall not have become aware of any material information or other matter affecting the Obligors, Telesat Parent or any Core
Material Project Contract Counterparty which is inconsistent in a material and adverse manner with any information disclosed to the Lender
by such parties prior to the date hereof which has not been corrected by a later disclosure delivered to the Lender by such parties prior
to the Closing Date and all such information disclosed to the Lender by such parties shall be accurate and complete in all material respects;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.7pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.30
the Lender shall have received all required governmental and internal approvals required for the making of the Loan Facility and the
Lender shall have satisfied all required duties to consult;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.2pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.31
there shall not have been any changes to Applicable Law which would reasonably be expected to result in a Material Adverse Effect;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.32
the Borrower will have paid, or arrangements satisfactory to the Lender shall have been made to ensure that the Borrower will pay, all
fees and other charges due and payable by it (including without limitation, the examination fee referenced in Section 11.1.2), and all
reasonable and documented out-of-pocket expenses (including all reasonable legal fees, Advisor fees and other consultant or advisor fees)
incurred by or on behalf of the Lender in connection with this Agreement, the other Loan Documents and the transactions and other documents
contemplated by this Agreement; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1.33
the Lender will have received such additional evidence, documents or undertakings as the Lender will reasonably request to establish
the consummation of the transactions contemplated hereby and be satisfied, acting reasonably, as to the taking of all proceedings in
connection herewith in compliance with the conditions set forth in this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 96.55pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.2</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Conditions
                                            Precedent to Initial Advance</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
obligations of the Lender under this Agreement to make the initial Advance, are subject to and conditional upon satisfaction (or waiver
by the Lender) of all of the conditions precedent set out in Sections 3.1 and 3.3 and the following conditions precedent being fulfilled
to the satisfaction of the Lender by no later than the date that is thirty (30) days following the Closing Date, which conditions precedent
are for the sole and exclusive benefit of the Lender:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 56pt; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.2.1
the Deed of Hypothec, the Securityholder Agreement, the Warrant Agreement, the IQ Warrant Agreement, the certificates representing the
Warrants and the Canada Warrants, the Funding Direct Agreements and [redacted &ndash; commercially sensitive information], will have
been executed and delivered by all parties thereto and each shall be in form and substance satisfactory to the Lender;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 92pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.2.2
the Lender shall have received certificates of status, compliance or good standing (or the local law equivalent), as applicable, of each
Obligor and Telesat Parent;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.1pt 0pt 92pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.2.3
all financing statements or other registrations necessary or desirable to preserve, protect or perfect the enforceability and first priority
of the Encumbrances created by the Deed of Hypothec (subject only to Permitted Encumbrances) shall have been filed, entered or recorded
in the applicable offices of public record, all in form and substance satisfactory to the Lender, acting reasonably;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.1pt 0pt 92pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.2.4
the Lender shall have received evidence of all insurance required to be maintained pursuant to the Loan Documents as at the Closing Date,
naming the Collateral Agent as additional insured and first loss payee, as applicable;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.25pt 0pt 92pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.2.5
all Funding Direct Agreements required in connection with the Security Documents will have been obtained from the applicable Core Material
Project Contract Counterparties in respect of each Core Material Project Contract subject to such Funding Direct Agreement as determined
to be necessary by the Lender, acting reasonably;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 92pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.2.6
all Landlord Access Agreements required in connection with any Leased Immovable Property as at the Closing Date will have been obtained
from the applicable third parties as determined to be necessary by the Lender, acting reasonably;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.15pt 0pt 92pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.2.7
currently dated legal opinions from (i) counsel to the Obligors and Telesat Parent, with respect to, without limitation, the Deed of
Hypothec, the Warrant Agreement, the issuance of the Warrants and the common shares issuable upon exercise of the Warrants, the Securityholder
Agreement and the Funding Direct Agreements, (ii) counsel to each Core Material Project Contract Counterparty subject to a Funding Direct
Agreement in respect of its respective Core Material Project Contract(s) and its related Funding Direct Agreement(s)), (iii) counsel,
with respect to, the execution and delivery of the MDA Agreement, and (iv) such other special and local counsel as may be reasonably
required by the Lender, each in form and substance satisfactory to the Lender and Lender&rsquo;s counsel will have been delivered to
the Lender and the Collateral Agent as addressees, it being acknowledged that the Non-Consolidation Opinions need not be redelivered
or updated;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 92pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 92pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 92pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.2.8
the requirement outlined in prong (a) of the definition of &ldquo;Independent Entity&rdquo; shall have been completed and shall be satisfactory
to the Lender in its sole discretion;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 92pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.2.9
the Canada Lender shall have entered into financing arrangements with Export Development Canada pursuant to that certain credit agreement
to be entered into between the Canada Lender, as borrower, and Export Development Canada, on behalf of His Majesty in Right of Canada,
as lender;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.15pt 0pt 92pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.2.10
the Borrower will have paid, or arrangements satisfactory to the Lender shall have been made to ensure that the Borrower will pay, all
reasonable and documented out-of-pocket expenses (including all reasonable legal fees, Advisor fees and other consultant or advisor fees)
incurred by or on behalf of the Lender in connection with this Agreement, the other Loan Documents and the transactions and other documents
contemplated by this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 92pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.2.11
no transaction, event or other action shall have occurred since the date hereof that would have required the consent of the Lender pursuant
to the Securityholder Agreement or the Warrant Agreement had such agreement been entered into on the date hereof; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.1pt 0pt 92pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.2.12
the Lender will have received such additional evidence, documents or undertakings as the Lender, acting reasonably, will request to address
any new information that arises after the Closing Date and prior to the date of the initial Advance in connection herewith in compliance
with the conditions set forth in this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 92pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.3</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Conditions
                                            Precedent to All Advances</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
obligations of the Lender under this Agreement to make Advances are subject to and conditional upon the following conditions precedent
being fulfilled to the satisfaction of the Lender prior to each such Advance, which conditions precedent are for the sole and exclusive
benefit of the Lender:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.1pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.3.1
the Lender shall have received an Advance Notice in accordance with Section 2.3.1 and such Advance Notice shall comply with the conditions
set forth in Section 2.3.3 and Section 2.3.4;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.95pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.3.2
the Borrower shall have delivered a Milestone Certificate to the Lender and the Technical Advisor at least fifteen (15) Business Days
prior to the date of the proposed Advance, and such Milestone Certificate shall include the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.3.2.1
evidence satisfactory to the Lender: (A) of the achievement of each Milestone that is listed as a pre-requisite to the applicable Advance
as set out on Schedule G attached hereto; (B) that the aggregated Project Costs incurred to date are materially consistent with the Project
Budget; and (C) the estimated remaining Project Costs that are expected to be incurred to achieve Project Completion are materially consistent
with the Project Budget; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 134pt; text-align: justify; text-indent: 0.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.3.2.2
a certification from a Responsible Officer of the Borrower that (A) such Advance shall be utilized in payment of Project Costs set out
in the Project Budget, (B) the Initial Project Completion Date is reasonably expected to be achieved by the Initial Outside Date, and
(C) that the aggregate amount of Project Costs projected to be incurred in achieving the Initial Project Completion Date is not reasonably
expected to exceed the Available Funding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.05pt 0pt 134pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.05pt 0pt 134pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.05pt 0pt 134pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.3.3
Whenever an advance is requested by the Borrower under the Canada Loan Agreement, the Borrower will provide the Lender a copy of the
advance notice for such advance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">evidencing
                                            that the aggregate amount of all Advances under this Agreement does not exceed the Commitment
                                            on a Proportionate Basis; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)
                                            a milestone certificate delivered to the Canada Lender in form and substance substantially
                                            similar to the Milestone Certificate required to be delivered by the Borrower pursuant to
                                            Section 3.3.2 and (ii) a technical advisor&rsquo;s certificate delivered to the Canada Lender
                                            in form and substance substantially similar to the Technical Advisor&rsquo;s Certificate
                                            required to be delivered by the Borrower pursuant to Section 3.3.4;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.3.4
no later than ten (10) Business Days prior to a date of the proposed Advance, the Lender shall have received a certificate from the Technical
Advisor, substantially in the form of Schedule K attached hereto (the &ldquo;<B>Technical Advisor&rsquo;s Certificate</B>&rdquo;), containing
no material exceptions or qualifications that are unsatisfactory to the Lender, certifying (A) that the Technical Advisor has received
the most recent Progress Report required to have been delivered under this Agreement and that the information relating to the construction
of the Project contained in such report is correct and complete in all material respects, (B) that the aggregate amount of Project Costs
projected to be incurred in achieving the Initial Project Completion Date, as reviewed by the Technical Advisor, is not reasonably expected
to exceed the Available Funding, (C) that the Initial Project Completion Date can reasonably be expected to occur on or before the Initial
Outside Date, and (D) that the Borrower has achieved each Milestone that is listed as a pre-requisite to the applicable Advance as set
out on Schedule G;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.6pt 0pt 96.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.3.5
the Lender shall have received the most recent Progress Report required to have been delivered under Sections 9.2.1(v) and 9.2.1(vi);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.15pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.3.6
all of the representations and warranties contained herein and all of the representations and warranties contained in each other Loan
Document shall be true and correct in all material respects (it being understood and agreed that any representation or warranty that
is qualified as to &ldquo;materiality,&rdquo; &ldquo;Material Adverse Effect&rdquo; or similar language shall be true and correct in
all respects), in each case, on and as of the date of the Milestone Certificate and the date of Advance as though made on and as of each
such date (unless expressly stated to be made as of a specified date) and the Lender shall have received certificate from a Responsible
Officer of the Borrower so certifying to the Lender;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 96.55pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.3.7
no Default or Event of Default shall have occurred and be continuing or shall result from the Advance contemplated in the applicable
Advance Notice, and the Lender shall have received a certificate from a Responsible Officer of the Borrower so certifying to the Lender;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.3.8
no event or circumstance has occurred and is continuing which has, or would reasonably be expected to have, a Material Adverse Effect
and the Lender shall have received a certificate from a Responsible Officer of the Borrower so certifying to the Lender;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.3.9
the Borrower shall have paid or have arranged for payment (out of the proposed Advance) of all outstanding fees, expenses and other charges
then payable by it to the Lender under the Loan Documents including for certainty all fees and disbursements of its legal counsel and
Advisors that are due and payable at such time and which the Borrower is required to pay in accordance with the Loan Documents;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.3.10
all material Permits that under Applicable Law are required to be obtained, issued or effected on or prior to such date of Advance shall
have been duly obtained, issued or effected, shall be in full force and effect, free of non-standard conditions or requirements the effect
of which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, and not subject to pending
appeal;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.9pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.3.11
save and except if it has already been provided, the Lender shall have received true, correct and complete copies of each Lease in effect
as of the applicable Advance Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.3.12
save and except if it has already been provided, the Lender shall have received evidence of all insurance required to be maintained pursuant
to the Loan Documents as at the applicable Advance Date, naming the Collateral Agent as additional insured and first loss payee, as applicable;
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.95pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.3.13
save and except if it has already been provided, all Landlord Access Agreements required in connection with any Leased Immovable Property
and all Specified Landing Station Access Agreements required in connection with any Specified Landing Stations (other than Specified
Landing Stations that are Owned Immovable Property) as at the applicable Advance Date will have been obtained from the applicable third
parties as determined to be necessary by the Lender, acting reasonably.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.4</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Waiver</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
conditions set forth in Sections 3.1, 3.2 and 3.3 of this Agreement are inserted for the sole benefit of the Lender and may be waived
by the Lender, in whole or in part (with or without terms or conditions) in respect of any Advance without prejudicing the right of the
Lender at any time to assert such conditions in respect of any subsequent Advance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.9pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.9pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE
4</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PAYMENTS
OF INTEREST AND FEES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.1</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Interest
                                            on Advances</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.1.1
The Borrower shall pay interest on each Advance made by the Lender and such Advance shall bear interest (computed on the basis of a year
of three-hundred and sixty-five (365) days and actual days elapsed) at all times that such Advance is outstanding until maturity (whether
by acceleration or otherwise) on the unpaid principal amount thereof as follows: (i) during the Initial Interest Period, at a rate per
annum equal to the sum of the Applicable Margin plus the Term CORRA applicable to such Initial Interest Period (as determined in accordance
with Section 4.1.2 below) and (ii) during each Interest Period that such Advance is outstanding, at a rate per annum equal to the sum
of the Applicable Margin plus Term CORRA applicable to such Interest Period. Such interest shall be payable on the earlier of (i) each
Interest Payment Date, and (ii) when such Advance becomes due and payable in full pursuant to the provisions hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.6pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.1.2
Term CORRA applicable to the Initial Interest Period for any Advance shall be the Term CORRA in effect on the first Business Day of the
Fiscal Quarter in which the Initial Interest Period occurs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.2</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Interest
                                            Paid in Kind</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.2.1
Until the date that is six (6) months after the Initial Project Completion Date, interest payable on the Advances shall be added to the
principal amount of the Advances and accordingly, during that period, on each Interest Payment Date the interest payable in accordance
with Section 4.1 shall be paid by adding such accrued interest to the principal amount of such Advance (the &ldquo;<B>PIK Interest</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.2.2
Amounts representing PIK Interest that are added to the principal amount of an Advance shall thereafter constitute principal and bear
interest in accordance with Section 4.1 and, if applicable, Section 4.3, and otherwise be treated as part of the principal amount of
such Advance for all purposes of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.3</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Default
                                            Interest</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">At
all times that an Event of Default, other than a Benefit to Qu&eacute;bec Event of Default, has occurred which is continuing, the Borrower
shall pay additional interest on the Advances outstanding at a rate per annum equal to two percent (2%) per annum. For certainty, any
Benefit to Qu&eacute;bec Event of Default may result in an increase to the interest rate hereunder pursuant to the Covenant Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.4</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Warrants</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.4.1
As consideration for making available the Loan Facility to the Borrower, the Borrower shall grant to the Lender under and in accordance
with the terms of the Warrant Agreement, Warrants exercisable for common shares in the capital of the Borrower, to be issued irrevocably
by the Borrower to the Lender on or before the date of the initial Advance (being 64,805 Warrants), exercisable by the holder(s) thereof
in whole or in part at any time after the second anniversary of the date of issuance of the Warrants to the date that is ten (10) years
from the date of issuance of the Warrants (subject to vesting and the other terms of the Warrant Agreement) at an exercise price of $982.2713
(in United States Dollars) per common share (as adjusted in accordance with the terms of the Warrant Agreement, including, for greater
certainty, for actions occurring after the date hereof and prior to the date of issuance of the Warrants).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.05pt 0pt 92pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.05pt 0pt 92pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.05pt 0pt 92pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.4.2
The Borrower covenants and agrees that, in the event the IP Reorganization is completed, whether before or after the date of the initial
Advance hereunder, the number of Warrants shall be adjusted such that the Lender shall hold Warrants exercisable for 1.87% of the common
shares in the capital of the Borrower, on a fully-diluted basis after giving effect to the issuance of common shares pursuant to the
IP Reorganization and assuming the exercise of the Warrants and the Canada Warrants (after any corresponding adjustment to the Canada
Warrants), without any adjustment to the exercise price per common share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 92pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.5</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">No
                                            Set-Off, Deduction etc.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
payments (whether interest or otherwise) to be made by the Borrower or any other party to the Lender pursuant to this Agreement shall
be made in freely transferable, immediately available funds and without set-off, deduction or counterclaim of any kind whatsoever (whether
for deemed re-investment or otherwise) except to the extent required by Applicable Law, and if any such set-off or deduction is so required
and is made, the Borrower or other party will, as a separate and independent obligation to the Lender, be obligated to immediately pay
to the Lender all such additional amounts as may be required to fully indemnify and save harmless the Lender from such set-off or deduction
and will result in the effective receipt by the Lender of all the amounts otherwise payable to it in accordance with the terms of this
Agreement. For greater certainty, the Borrower will not be required to make any payment under this Section 4.4 in duplication of any
payment required to be made under Section 12.1 or 12.2.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.6</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Account
                                            of Record</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Lender will open and maintain books of account evidencing all Advances and all other amounts owing by the Borrower to the Lender hereunder.
The Lender will enter in the foregoing accounts details of all amounts from time to time owing, paid or repaid by the Borrower hereunder
and the amount of any PIK Interest. The information entered in the foregoing accounts will constitute <I>prima facie </I>evidence of
the obligations of the Borrower to the Lender hereunder with respect to all Advances and all other amounts owing by the Borrower to the
Lender hereunder. After a request by the Borrower, the Lender will promptly advise the Borrower of such entries made in the Lender&rsquo;s
books of account. The Lender may, but shall not be required to, provide an invoice to the Borrower of the amount of interest owing prior
to any Interest Payment Date, but the Lender shall have no liability for any failure to do so, nor shall any such failure have any effect
on the Borrower&rsquo;s obligation to make any interest payment hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.7</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Maximum
                                            Rate of Interest</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Notwithstanding
anything herein or in any of the other Loan Documents to the contrary, in the event that any provision of this Agreement or any other
Loan Documents would oblige the 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 or prohibited rate (as
such terms are construed under the <I>Criminal Code </I>(Canada) or any other Applicable Law), then notwithstanding such provision, such
amount or rate shall be deemed to have been adjusted with the same effect as if adjusted at the Closing Date 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
or prohibited rate, such adjustment to be effected to the extent necessary in each case, as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">by
                                            reducing any fees and other amounts which would constitute interest for the purposes of Section
                                            347 of the <I>Criminal Code </I>(Canada) or any other Applicable Law; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">by
                                            reducing the amount or rate of interest eligible under Article 4 of this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any
amount or rate of interest referred to in this Section 4.7 shall be determined in accordance with generally accepted actuarial practices
and principles over the maximum term of this Agreement (or over such shorter term as may be required by Section 347 of the <I>Criminal
Code</I> (Canada) or any other Applicable Law) and, in the event of a dispute, a certificate of a Fellow of the Canadian Institute of
Actuaries appointed by the Lender shall be conclusive for the purposes of such determination, absent manifest error.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.65pt 0pt 92pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.8</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Benchmark
                                            Replacement Setting</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.8.1
<B>Benchmark Replacement.</B> Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition
Event and its related Benchmark Replacement Date have occurred prior to any setting of the then-current Benchmark, then (x) if a Benchmark
Replacement is determined in accordance with clause (a) of the definition of &ldquo;Benchmark Replacement&rdquo; for such Benchmark Replacement
Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such
Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any party to, this Agreement
or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (b) of the definition of &ldquo;Benchmark
Replacement&rdquo; for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder
and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (Montreal time) on the fifth (5th) Business Day
after the date notice of such Benchmark Replacement is provided to the Borrower and the Lender without any amendment to, or further action
or consent of any party to, this Agreement or any other Loan Document. If the Benchmark Replacement is Daily Compounded CORRA, all interest
payments will be payable on the last day of each Initial Interest Period or Interest Period, as applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.65pt 0pt 96.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.65pt 0pt 96.55pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.65pt 0pt 96.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.8.2
<B>Benchmark Replacement Conforming Changes. </B>In connection with the use, implementation and administration of a Benchmark Replacement,
the Lender will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in
any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent
of any other party to this Agreement or any other Loan Document.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.8.3
<B>Notices; Standards for Decisions and Determinations. </B>The Lender will promptly notify the Borrower of (i) any occurrence of a Benchmark
Transition Event, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Conforming Changes in connection
with the use, administration, adoption or implementation of a Benchmark Replacement, (iv) the removal or reinstatement of any tenor of
a Benchmark pursuant to Section 4.8.4, and (v) the commencement of any Benchmark Unavailability Period. Any reasonable determination,
decision or election that may be made by the Lender pursuant to this Section 4.8.3, including any determination with respect to a tenor,
rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from
taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion
and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant
to this Section 4.8.3.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.9pt 0pt 96.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.8.4
<B>Unavailability of Tenor of Benchmark. </B>Notwithstanding anything to the contrary herein or in any other Loan Document, at any time
(including in connection with the implementation of a Benchmark Replacement), (i) if any then-current Benchmark is a term rate (including
the Term CORRA Reference Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service
that publishes such rate from time to time as selected by the Lender in its discretion, acting reasonably, or (B) the administrator of
such Benchmark or the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of
information announcing that any tenor for such Benchmark is not or will not be representative, then the Lender, acting reasonably, may
modify the definition of &ldquo;Interest Period&rdquo; (or any similar or analogous definition) for any Benchmark settings at or after
such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either
(A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or
will not, be representative for a Benchmark (including a Benchmark Replacement), then the Lender, acting reasonably, may modify the definition
of &ldquo;Interest Period&rdquo; (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate
such previously removed tenor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 96.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.8.5
<B>Benchmark Unavailability Period.</B> Upon the Borrower&rsquo;s receipt of notice of the commencement of a Benchmark Unavailability
Period with respect to a given Benchmark, the Borrower may revoke any pending request for an Advance that is of the type that have a
rate of interest determined by reference to the then-current Benchmark, to be made, converted or rolled over during any Benchmark Unavailability
Period and, failing that, the Borrower will be deemed to have converted any such request into a request for Prime Rate Advances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 96.55pt; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 96.55pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.9</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Compensation
                                            for Losses</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the event of (a) the payment of any principal of any Term CORRA Advance or Daily Compounded CORRA Advance, as applicable, prior to the
last day of any Initial Interest Period or Interest Period, as applicable (including as a result of an Event of Default), or (b) the
failure to borrow, continue or prepay any Advance on the date specified in any notice delivered pursuant hereto, then, in any such event,
the Borrower shall, after receipt of a written request by the Lender affected by any such event (which request shall set forth in reasonable
detail the basis for requesting such amount), compensate the Lender for the loss, cost and expense attributable to such event. A certificate
of the Lender setting forth any amount or amounts that the Lender is entitled to receive pursuant to this Section delivered to the Borrower
shall be presumptively correct absent manifest error. The Borrower shall pay the Lender the amount shown as due on any such certificate
within ten (10) days after receipt of such demand.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.10</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Market
                                            Disruption</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.10.1
Subject to Section 4.8.1, if, on or prior to the first day of any Initial Interest Period or Interest Period, as applicable, for any
Advance, as applicable:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.10.1.1
the making of any Advance has been made commercially impracticable;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.05pt 0pt 134pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.10.1.2
the Lender determines (which determination shall be conclusive and binding absent manifest error) that, &ldquo;Term CORRA&rdquo; or &ldquo;Daily
Compounded CORRA&rdquo;, as applicable, cannot be determined pursuant to the definition thereof, for reasons other than a Benchmark Transition
Event,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.9pt 0pt 134pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.10.1.3
the Lender determines that for any reason in connection with any request for an Advance or a continuation thereof that Term CORRA (or
where a Benchmark Transition Event has occurred with respect to Term CORRA Reference Rate, Daily Compounded CORRA) for any requested
Interest Period with respect to a proposed Advance does not adequately and fairly reflect the cost to the Lender&rsquo;s of making and
maintaining such Advance, or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.9pt 0pt 134pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.10.1.4
any change in any Applicable Law or in the interpretation or application thereof by any Governmental Authority, has made it illegal for
the Lender to make or maintain or to give effect to its obligations in respect of Term CORRA Advances (or where a Benchmark Transition
Event has occurred with respect to Term CORRA Reference Rate, Daily Compounded CORRA Advances) as contemplated hereby, then the Lender
shall provide at least four Business Days&rsquo; written notice to the Borrower.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 92pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.10.2
Upon delivery of such notice by the Lender to the Borrower under Section 4.8.1, any obligation of the Lender to make Term CORRA Advances
and any right of the Borrower to continue Term CORRA Advances shall be suspended (to the extent of the affected Term CORRA Advances or
affected Interest Periods) until the Lender revokes such notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 96.55pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 96.55pt; text-align: left; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 96.55pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.10.3
Upon receipt of such notice by the Lender to the Borrower under Section 4.8.1, (i) the Borrower may revoke any pending request for an
Advance of Term CORRA Advances (to the extent of the affected Term CORRA Advances or affected Interest Periods); or failing such revocation,
the Borrower will be deemed to have converted any such request into a request for an Advance of Prime Rate Advances in the amount specified
therein and (ii) any outstanding affected Term CORRA Advances will be deemed to have been converted, at the end of the applicable Initial
Interest Period or Interest Period, as applicable, into Prime Rate Advances, and upon any such conversion, the Borrower shall also pay
accrued interest on the amount so converted, together with any additional amounts required pursuant to Section 4.8.2.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 96.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
5<BR>
REPAYMENT</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 267.2pt 0pt 251.4pt; text-align: center; text-indent: -0.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.1</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Mandatory
                                            Repayment at Maturity</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subject
to the terms hereof and to Section <B>Error! Reference source not found.</B>, the Borrower will repay the Advances outstanding together
with all accrued interest, fees, and other amounts then unpaid by it with respect to such Advances, in full on the earliest to occur
of (i) the Maturity Date and (ii) the date of the acceleration of the Obligations pursuant to Section 10.2 of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.6pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.2</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Mandatory
                                            Prepayments</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.2.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Mandatory
                                            Prepayments from Proceeds of Equity Interests</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If,
after the Closing Date, any Obligor shall issue new Equity Interests (whether common or preferred stock or otherwise), other than (A)
Equity Interests issued by Telesat LEO Parent in connection with the employee equity awards not in contravention of this Agreement, (B)
Equity Interests issued by any Obligor (other than the Borrower) to any other Obligor, (C) Equity Interests issued pursuant to the Warrant
Agreement or the Canada Warrant Agreement, or (D) Equity Interests issued by the Borrower to Telesat LEO Parent or by Telesat LEO Parent
where (i) the proceeds of such issuance are used to pay costs or expenses related to the Project other than with respect to the initial
156 Satellites (which new Equity Interest shall be subject to the security requirements of Section 7.1) and (ii) provided that the holder
of such Equity Interests (and any Affiliate thereof) is not an Undesirable Person, the Borrower shall notify the Lender of the estimated
Net Cash Proceeds of such issuance to be received for the account of such Obligor in respect thereof, and promptly upon receipt by such
Obligor of Net Cash Proceeds of such issuance, subject to Section 5.2.6, the Borrower shall prepay the Obligations in an aggregate amount
equal to the Net Cash Proceeds of such issuance. The amount of each such prepayment shall be applied first to any accrued and unpaid
interest (including any PIK Interest) and second, to the amortization payments set out in Schedule L in inverse order of maturity. For
certainty, such prepayment shall not cure any Event of Default caused by the issuance of any Equity Interests.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 92pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 92pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 92pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.2.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Mandatory
                                            Prepayments from Proceeds of Debt</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If,
after the Closing Date, any Obligor shall incur any Debt or issue any debt securities, in each case which is not Permitted Debt, then
the Borrower shall promptly notify the Lender of such incurrence or issuance (including the amount of the estimated Net Cash Proceeds
to be received by such Obligor in respect thereof) and, promptly upon receipt by such Obligor of the Net Cash Proceeds of such issuance,
subject to Section 5.2.6, the Borrower shall prepay the Obligations in an aggregate amount equal to 100% of the amount of all such Net
Cash Proceeds. The amount of each such prepayment shall be applied first to any accrued and unpaid interest (including any PIK Interest)
and second, to the amortization payments set out in Schedule L in inverse order of maturity. For greater certainty, such prepayment shall
not cure any Event of Default caused by the incurrence or issuance of such Debt.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.9pt 0pt 92pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.2.3</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Mandatory
                                            Prepayments from Proceeds of Disposition</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
any Obligor sells, transfers or otherwise Disposes of any property (other than under a Permitted Disposition), then subject to Section
5.2.6, the Borrower shall promptly repay all Advances under the Loan Facility by an amount equal to 100% of the Net Cash Proceeds of
such Disposition that are not used by such Obligor to acquire new assets having similar function to those assets that are the subject
of such Disposition within 180 days of such Disposition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 92pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.2.4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Mandatory
                                            Repayment from Proceeds of Insurance</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Mandatory
repayments from proceeds of Insurance shall be made in accordance with the provisions of Section 8.9 of this Agreement. The amount of
each such repayment shall be applied first to any accrued and unpaid interest (including any PIK Interest) and second, to the amortization
payments set out in Schedule L in inverse order of maturity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.95pt 0pt 92pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.2.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Mandatory
                                            Prepayments from Excess Cash Flow</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
or prior to the last Business Day of the first Fiscal Quarter in each Fiscal Year (commencing with the Fiscal Quarter ending March 31<SUP>st
</SUP>immediately following the Fiscal Year in which the Initial Project Completion Date occurs), the Borrower shall deliver to the Lender
a completed Excess Cash Flow Certificate setting out the Excess Cash Flow for the most recently completed Fiscal Year. Upon delivery
of the foregoing Excess Cash Flow Certificate, subject to Section 5.2.6, the Borrower shall prepay the Obligations in the aggregate amount
equal to the Excess Cash Flow Prepayment Amount, provided that if the payment of Excess Cash Flow Prepayment Amount would cause the Borrower
to have less than the required minimum Liquidity required pursuant to Section 9.3.2, then the Borrower shall only be required to pay
such Excess Cash Flow amount that allows the Borrower to remain in compliance with Section 9.3.2, which shall be demonstrated to the
Lender&rsquo;s satisfaction in the Excess Cash Flow Certificate. The amount of each such prepayment shall be applied first to any accrued
and unpaid interest (including any PIK Interest) and second, to the amortization payments set out in Schedule L in inverse order of maturity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 92pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 92pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 92pt; text-align: justify"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.2.6</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Pro
                                            Rata Share with the Canada Lender</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Notwithstanding
the foregoing, so long as (i) any Obligations remain outstanding hereunder, or (ii) any obligations owing by any Obligor to the Canada
Lender under or in connection with the Canada Loan Agreement are outstanding, prior to making any mandatory prepayment or voluntary prepayment
to the Canada Lender under the Canada Loan Agreement, the Borrower shall inform the Lender in writing pursuant to subsection 9.2.2(xv)
or subsection 9.2.2(xiv), as applicable, and consult with the Lender to ensure that the amount of any mandatory prepayment or voluntary
prepayment, as applicable, to be paid to the Lender under this Agreement is on a Proportionate Repayment Basis and to the Canada Lender
under the Canada Loan Agreement is on a Canada Proportionate Repayment Basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.65pt 0pt 92pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.2.7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Application
                                            of Payments</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
amount of the Loans paid or prepaid may be reborrowed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 92pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.3</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Amortization</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Borrower shall make principal payments of the Loan Facility in semi-annual installments on the last Business Day of each applicable Fiscal
Quarter indicated in Schedule L, commencing with the first full Fiscal Quarter ending one (1) year after the Initial Project Completion
Date and continuing through and including the Fiscal Quarter ending ten years thereafter or immediately prior to the Maturity Date, whichever
is earlier, with the amount of each such principal installment to equal the amount set forth in Schedule L shown opposite the relevant
due date on such Schedule L. For certainty, any remaining Obligations shall be paid in full by the Borrower on the Maturity Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.65pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.4</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Voluntary
                                            Prepayments</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Borrower may, subject to the provisions of this Agreement and without premium or penalty, prepay Advances outstanding under the Loan
Facility (together with accrued and unpaid interest thereon) upon five (5) Business Days&rsquo; notice to the Lender, which shall be
irrevocable and binding on the Borrower and which shall specify the proposed date and aggregate principal amount of the prepayment. In
such case, the Borrower shall pay to the Lender in accordance with such notice the amount of such prepayment. Each partial prepayment
shall be in a minimum aggregate principal amount of $10,000,000 and an integral multiple of $1,000,000, provided that each time the Borrower
makes a voluntary prepayment of outstanding Advances under this Agreement, (i) the Borrower shall make a voluntary prepayment of outstanding
advances under the Canada Loan Agreement contemporaneously, and (ii) the amount of any voluntary prepayment to (A) the Lender under this
Agreement shall be on a Proportionate Repayment Basis and (B) the Canada Lender under the Canada Loan Agreement shall be on a Canada
Proportionate Repayment Basis. Unless otherwise specified by the Borrower in the applicable notice of prepayment required by the immediately
preceding sentences, such prepayment shall be applied first to any accrued and unpaid interest (including any PIK Interest) and second,
to the amortization payments set out in Schedule L in inverse order of maturity. If such voluntary prepayment is made prior to the Initial
Project Completion Date, the Borrower shall certify, as confirmed by the Technical Advisor, that it has Available Funding for the remaining
Project Costs to achieve the Initial Project Completion Date by no later than the Initial Outside Date and that no Default or Event of
Default would occur as a result thereof. If such voluntary prepayment is made after the Initial Project Completion Date but prior to
the Project Completion Date, the Borrower shall certify, as confirmed by the Technical Advisor, that, after giving effect to such prepayment,
it has sufficient funds for the remaining costs to achieve Project Completion by no later than the Outside Date and that no Default or
Event of Default would occur as a result thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.65pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.65pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.65pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.5</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Reduction
                                            or Cancellation of Commitment</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.5.1
The Lender shall have the right to cancel the Commitment if the conditions precedent to the initial Advance are not fulfilled or waived
in accordance with in Section 3.2.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.05pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.5.2
The Borrower shall have the right at any time and from time to time, upon ten (10) Business Days prior written notice to the Lender (or
such shorter period of time agreed to by the Lender), to request a reduction of, or a cancellation of a portion of, the Commitment without
premium or penalty and in whole or in part; provided that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.5.2.1
the Borrower may not request a reduction of the Commitment or a cancellation of a portion of the Commitment if such reduction or cancellation
would cause an Event of Default;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.65pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.5.2.2
the Commitment may not be reduced to an amount less than the sum of the aggregate principal amount of Advances then outstanding after
giving effect to such reduction and any payments made concurrently therewith;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.5.2.3
each time the Borrower requests a reduction of the Commitment or a cancellation of a portion of the Commitment under this Agreement,
(i) the Borrower shall request a reduction of the commitment or a cancellation of a portion of the commitment under the Canada Loan Agreement
contemporaneously, and (ii) the amount of any reduction of the Commitment or any cancellation of the Commitment, as applicable, under
this Agreement will be on a Proportionate Basis comparing to the amount of such contemporaneous reduction of the commitment or such contemporaneous
cancellation of the commitment, as applicable, under the Canada Loan Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.5.2.4
each time the Borrower requests a reduction of the commitment or a cancellation of a portion of the commitment under the Canada Loan
Agreement, (i) the Borrower shall inform the Lender in writing pursuant to subsection 9.2.2(xvi), (ii) the Borrower shall request a reduction
of the Commitment or a cancellation of a portion of the Commitment under this Agreement contemporaneously, and (iii) the amount of any
reduction of the commitment or any cancellation of the commitment, as applicable, under the Canada Loan Agreement will be on a Proportionate
Basis (the proportion applicable to the Canada Lender) comparing to the amount of such contemporaneous reduction of the Commitment or
such contemporaneous cancellation of the Commitment, as applicable, under this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 126.9pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 126.9pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 126.9pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.5.2.5
once reduced or cancelled, such reduced Commitment may not be increased and such cancelled portion of Commitment may not be reinstated;
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.5.2.6
the Borrower shall have delivered to the Lender a certificate executed by a Responsible Officer of the Borrower and countersigned by
the Technical Advisor confirming and providing sufficient evidence that, after giving effect to such reduction or cancellation, together
with any contemporaneous reduction or cancellation, on a Proportionate Basis, of the commitment under the Canada Loan Agreement, the
Available Funding is projected to be sufficient to achieve the Initial Project Completion Date on or before the Initial Outside Date
and that no Default or Event of Default would occur as a result thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.7pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.6</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Place
                                            of Payment of Principal, Interest and Fees</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.6.1
All payments by the Borrower under any Loan Document, unless otherwise expressly provided in such Loan Document, will be made by bank
transfer to the Lender in Canadian Dollars to the Payment Account, or at such other location as may be agreed upon by the Lender and
the Borrower, not later than 12:00 p.m. (Montreal time) for value on the date when due, and will be made in immediately available funds
without set-off, deduction or counterclaim.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.65pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.6.2
The Borrower shall pay to the Lender on written demand any amounts required to compensate the Lender for any actual loss suffered or
incurred by it as a result of (i) the failure of the Borrower to give any notice in the manner and at the times required by this Agreement;
(ii) the failure of the Borrower to effect an Advance in the manner and at the time specified in any Advance Notice; or (iii) the failure
of the Borrower to make a payment or a mandatory repayment in the manner and at the time specified in this Agreement. Written notice
as to the amount of any such loss submitted in good faith by the Lender to the Borrower shall be prima facie evidence of such amount.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
6 <BR>
REPRESENTATIONS AND WARRANTIES</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 157.15pt 0pt 173.6pt; text-align: left; text-indent: 84.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Representations
                                            and Warranties</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Each
Obligor makes the following representations and warranties to the Lender, all of which shall survive the execution and delivery of this
Agreement:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 56pt; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.1
<U>Existence and Qualification.</U> Each Obligor (i) has been duly incorporated, formed, amalgamated, merged or continued, as the case
may be, and is validly subsisting as a corporation, company, limited liability company, partnership or trust, under the laws of its jurisdiction
of formation, amalgamation, merger or continuance, as the case may; and (ii) is duly qualified, authorized to do business and in good
standing in each jurisdiction where the character of its properties or the nature of its activities makes such qualification necessary
except where the failure to have such qualification will not have a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 96.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 96.55pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 96.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.2
<U>Power and Authority</U>. Each Obligor has the full corporate, trust, company, limited liability company or partnership power and authority,
as the case may be, (i) to carry on its business as now being conducted and as proposed to be conducted by it, (ii) to own or hold under
lease or license or by way of servitudes, as the case may be, and operate the property it purports to own or hold under lease or license
or by way of servitudes, as the case may be, (iii) to execute, deliver and perform its obligations under the Loan Documents to which
it is a party and all other instruments and agreements delivered by it pursuant to any of the Loan Documents, (iv) to take all action
as may be necessary to consummate the transactions contemplated under the Loan Documents, and (v) to grant the Encumbrances provided
for in the Security Documents to which it is a party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.3
<U>Authorizations</U>. The execution and delivery of this Agreement, each other Loan Document and each Project Contract to which an Obligor
is or will be a party and the performance by it of its obligations hereunder and thereunder have been duly authorized by such Obligor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.05pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.4
<U>Enforceability</U>. This Agreement and each other Loan Document has been duly executed and delivered by each Obligor and constitutes,
and each other Loan Document and each Project Contract to which each Obligor, is or will be party when executed by it will constitute,
its legal, valid and binding obligation, enforceable against it, in accordance with its terms, subject only to the discretion that a
court may exercise in granting equitable remedies and any limitation under any Insolvency Legislation or other Laws affecting creditors&rsquo;
rights generally from time to time in effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.5
<U>Approvals</U>. All consents, licences, approvals and authorizations required by the Obligors in connection with the entry into, performance,
validity and enforceability of this Agreement, the other Loan Documents and the Project Contracts to which it is a party have been obtained
and are in full force and effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.9pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.6
<U>Security</U>. The Security Documents constitute a valid first priority Encumbrance on all present and after-acquired assets, property
and undertaking (both immovable and movable) of the Obligors (and for greater certainty, includes all Equity Interests and all Project
Assets but excludes the Excluded Property) in favour of the Collateral Agent for the benefit of the Lender (except for Permits which
by their nature are not assignable), subject only to Permitted Encumbrances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.7
<U>No Breach. </U>The execution and delivery by each Obligor of each of the Loan Documents to which it is a party and each Project Contract
to which it is or will be a party and the performance by it of its obligations hereunder and thereunder do not and will not (i) conflict
with or result in a breach of any of the terms, conditions or provisions of (A) its constating documents, (B) any Applicable Law, (C)
any material contractual restriction binding on or affecting it or its properties (including any such material contractual restriction
contained in the Material Project Contracts), or (D) any writ, judgment, injunction, determination or award which is binding on it; or
(ii) result in, or require or permit (A) the imposition of any Encumbrance (other than Permitted Encumbrances) on or with respect to
any properties now owned or hereafter acquired by it, or (B) the acceleration of the maturity of any of its Debt under any contractual
provision binding on or affecting it.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 96.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 96.55pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 96.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.8
<U>Litigation</U>. Other than as set out in Schedule 6.1.8, no Obligor has received notice of any action, litigation, subpoena, suit
or proceeding, arbitration or other labour or employment proceeding (whether or not purportedly on its behalf) and no Obligor is aware
of any pending or threatened action, litigation, subpoena, suit or proceeding, arbitration or other labour employment proceeding (whether
or not purportedly on its behalf) against or affecting the Project, the Intellectual Property or any Obligor, which could reasonably
be expected to have a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.9
<U>Insurance</U>. Each Obligor maintains the Required Insurance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.10
<U>Ownership Structure and Equity Interests</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.10.1
As of the date hereof, the ownership structure and Equity Interests of the Obligors and their subsidiaries are as set out in Schedule
6.1.10.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.05pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.10.2
As of the date hereof, the full organizational structure of the Telesat Group and their subsidiaries are as set out in Schedule 6.1.10.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.3pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.10.3
As of the date hereof, no Person has any agreement, option, right or privilege, whether by Law, pre-emptive or contractual, for the purchase
of any Equity Interests of any Obligor, other than the Warrants, the Canada Warrants and the Securityholder Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.65pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.11
<U>Financial Year End.</U> The financial year end of the Borrower is December 31.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.12
<U>Employees; Subsidiaries</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.12.1
The Obligors are in material compliance with all Applicable Laws respecting employment matters, including (without limitation) any provisions
relating to employment standards, pay equity and wages. There is not currently any material labour disruption or conflict involving the
Obligors, or directly affecting the Project. None of the Obligors are a party to a collective bargaining agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.7pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.12.2
No Obligors have any Subsidiaries that are not Obligors (other than the Excluded Subsidiaries) and no Obligor has any other Equity Interest
in or otherwise controls any voting stock of or has any direct or indirect ownership interest in, any other Person (other than Telesat
LEO Parent in respect of Telesat Technology) and has not been engaged in any joint venture or partnership with any other Person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.13
<U>Compliance with Laws</U>. Each Obligor is in compliance with all material Applicable Laws. No Obligor is aware of any basis that it
or the Project or the Immovable Property Interests may be, and no Obligors has received notice that it or the Project or the Immovable
Property Interests are alleged to be, in breach of any Permit or any Applicable Law applicable to it or the Project.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 96.55pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.14
<U>Anti-Corruption Laws and Sanctions</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.14.1
Each Obligor and each of its respective Subsidiaries maintains in effect, procedures, policies or codes of conduct intended to ensure
compliance by its directors, officers and employees with, in each case, Anti-Corruption Laws and Sanctions laws applicable to such Persons.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.14.2
The operations of each Obligor and each of its respective Subsidiaries are, and have been at all times, conducted in accordance with
applicable Anti-Money Laundering Laws, and with applicable Anti-Corruption Laws and Sanctions laws, and no action, suit, proceeding or
investigation under applicable Anti-Corruption Laws and Sanctions laws is pending or, to the knowledge of each Obligor, is threatened.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.6pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.14.3
Neither any Obligor, any Obligor&rsquo;s Subsidiaries nor, to the knowledge of the Borrower, any of the directors, officers, employees
or holders of a beneficial interest on behalf of another as mandatary in any Obligor or any Obligor&rsquo;s Subsidiaries is a Sanctioned
Person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.14.4
No part of the proceeds of any Advance will be used by any Obligor or any of its Subsidiaries (A) in furtherance of an offer, payment,
promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption
Laws, (B) for the purpose of funding (including payments made to) or financing any activities, investments, business or transaction of
or with any Person actually known to any Obligor or to any of its Subsidiaries to be a Sanctioned Person, or (C) in any manner that would
result in the violation of any Sanctions applicable to any Obligor or any of its Subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.15
<U>No Default</U>. None of the Obligors is in default under any agreement by which it is bound including, without limitation, the SpaceX
Agreement, the MDA Agreement, or any Pari Passu Financing Document, which could reasonably be expected to have a Material Adverse Effect,
and no Default or Event of Default has occurred and is continuing nor shall such a Default or Event of Default result from the entry
by the Borrower and each other Obligor into this Agreement and the other Loan Documents to which it is a party or the performance by
each of the Obligors of its obligations under this Agreement and the other Loan Documents to which it is a party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.16
<U>Material Project Contracts</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.16.1
The Material Project Contracts listed in Schedule 6.1.16 are (i) all of the Material Project Contracts that are in existence as of the
Closing Date, (ii) in full force and effect (except to the extent fully performed in accordance with their terms) and all conditions
precedent thereunder (including all conditions precedent to any warranty obligations thereunder) have been satisfied or waived except
as disclosed in writing to the Lender after the Closing Date in respect of matters which come to its attention after the Closing Date,
and (iii) are the only material contracts required to own, design, test, construct, deliver, launch, Operate and/or maintain the Project
as of the Closing Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.7pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.7pt 0pt 126.9pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.7pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.16.2
no Obligor is in breach in any material respect of any Material Project Contract to which it is party. No Obligor is aware of any material
breach of any Material Project Contract by any Material Project Counterparty except as disclosed in writing to the Lender after Closing
for matters which come to its attention after the Closing Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.16.3
no event of default or event that would constitute, with giving of notice or lapse of time, an event of default by a Material Project
Counterparty under any of the Material Project Contracts has occurred and is continuing which would reasonably be expected to have a
Material Adverse Effect;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.95pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.16.4
no Change Orders that would reasonably be expected to have a Material Adverse Effect or in excess of US$[redacted &ndash; commercially
sensitive information] individually and US$[redacted &ndash; commercially sensitive information] in the aggregate, have been issued under
the applicable Material Project Contracts, except for (i) Change Orders issued prior to the Closing Date and previously disclosed to
the Lender and (ii) Change Orders issued on or after the Closing Date in accordance with the provisions of this Agreement; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.16.5
the Lender has been provided with true, correct and complete copies of all of the Material Project Contracts, except for Additional Material
Project Contracts, which shall be provided to the Lender as soon as reasonably practical after the Borrower or other applicable Obligor
enters into such Additional Material Project Contracts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.17
<U>Permits</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.17.1
The Permits listed in Schedule 6.1.17 are all of the material Permits required by the Obligors and the Project pursuant to Applicable
Law, and are the only material Permits required to design, develop, construct, install, launch, commercialize, own and Operate the Project,
including for certainty, as may be needed to (i) operate the Borrower&rsquo;s terrestrial facilities, (ii) launch and Operate each Satellite
used in the Project; and (iii) transmit signals, in all cases, except as disclosed in writing to the Lender after the Closing Date in
respect of matters which come to the attention of the Borrower after the Closing Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.9pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.17.2
the Permits listed in Part I of Schedule 6.1.17 are in full force and effect as of the Closing Date and all conditions precedent thereunder
have been satisfied or waived except as disclosed as set out in Schedule 6.1.17 or as disclosed in writing to the Lender after the Closing
Date in respect of matters which come to its attention after the Closing Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.17.3
no Obligor is in breach of any Permit in any material respect;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.17.4
all Permits listed in Part II of Schedule 6.1.17 have been or are expected to be obtained in the normal course by the Borrower so as
to allow for the Initial Project Completion Date to occur on or before the Initial Outside Date and the Project Completion Date to occur
on or before the Outside Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.7pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.17.5
from and after the date of the Closing Date, the Lender has been provided with true, correct and complete copies of all of the Permits
required to design, develop, construct, install, launch, commercialize, own and Operate the Project; except for: (i) the Permits in Part
II of Schedule 6.1.17 and Additional Permits which shall be provided to the Lender as soon as reasonably practicable after the Borrower
obtains such other Permits; (ii) Permits which do not take the form of formal document issued to the Borrower as set out in Schedule
6.1.17; and (iii) Permits issued to third parties as set out in Schedule 6.1.17;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.7pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.17.6
except as set out in Schedule 6.1.17, the Project complies in all material respects with the specifications, plans and drawings submitted
to obtain the Permits referenced above; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.9pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.17.7
to the knowledge of the Borrower, each Third Party Permit: (i) has been obtained, or (ii) is expected to be obtained in a timely manner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.9pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.18
<U>Immovable Property Interests.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.18.1
Schedule 6.1.18 sets out all of the Owned Immovable Property and the Leased Immovable Property as at the Closing Date (as updated from
time to time in accordance with this Agreement); other than the Owned Immovable Property and the Leased Immovable Property, no Obligor
is the owner or lessee of, or under any agreement or option to own, any immovable property or any interest therein, and no Obligor has
corporeal assets having a book value in excess of Cdn.$[redacted &ndash; commercially sensitive information] (or the Equivalent Amount
in Canadian Dollars) at any location or that is material to the Project other than as disclosed in Schedule 6.1.18;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.18.2
the Leases listed in Schedule 6.1.18 (as updated from time to time in accordance with this Agreement) are in full force and effect as
of the Closing Date and, except as noted in Schedule 6.1.18, (i) notice of each Lease has been registered on title to the lands thereby
demised, (ii) the Leases have priority over all freehold mortgages affecting such lands or the freehold mortgagees have entered into
a non-disturbance agreement with respect to such lease. All locations that are material to the Project that are not Owned Immovable Property
are subject to a lease agreement (or other agreement satisfactory to the Lender) in favour of the Borrower in form and substance satisfactory
to the Lender; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.18.3
the Obligors have absolute ownership of the Owned Immovable Property and have good and marketable title thereto and Leased Immovable
Property, free and clear of all Encumbrances (except Permitted Encumbrances).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 126.9pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.19
<U>Locations of Collateral.</U> Except as disclosed in Schedule 6.1.19, all of the Collateral that constitutes corporeal movable property
and all of the Collateral that constitutes immovable property is located at or on the Owned Immovable Property and Leased Immovable Property.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.20
<U>Environmental.</U> Except as disclosed in Schedule 6.1.20, (a) no Obligor or any of its Subsidiaries is subject to any civil or criminal
proceeding relating to Requirements of Environmental Laws and is not aware of any investigation or threatened proceeding or investigation,
which if adversely determined, could reasonably be expected to have a Material Adverse Effect, (b) each Obligor and each of its Subsidiaries
has all material Permits, registrations and other authorizations required by the Requirements of Environmental Laws for the operation
of its business and the properties which it owns, leases or otherwise occupies, except where the failure to have same could not reasonably
be expected to have a Material Adverse Effect, (c) each Obligor and each of its Subsidiaries currently operates its business and its
Immovable Property Interests in compliance with all applicable Requirements of Environmental Laws, except where the failure to be in
compliance could not reasonably be expected to have a Material Adverse Effect, (d) no Hazardous Materials are stored or disposed of by
any Obligor or any of its Subsidiaries or otherwise used by any Obligor or any of its Subsidiaries in material violation of any applicable
material Requirements of Environmental Laws (including, without limitation, that there has been no Release of Hazardous Materials by
any Obligor or any of its Subsidiaries at, on or under any Immovable Property Interests now or previously owned or, to the knowledge
of the Borrower, leased by any Obligor or any of its Subsidiaries in violation of any applicable material Requirements of Environmental
Laws), (e) to the knowledge of the Borrower (i) all underground storage tanks now or previously located on any Immovable Property Interests
owned or leased by any Obligor or any of its Subsidiaries have been operated, maintained and decommissioned or closed, as applicable,
in material compliance with applicable Requirements of Environmental Law; and (ii) no immovable property or groundwater in, on or under
any Immovable Property Interest now or previously owned or leased by any Obligor or any of its Subsidiaries is or has been during the
such Obligor&rsquo;s or such Subsidiary&rsquo;s ownership or occupation of such property contaminated by any Hazardous Material, except
for any contamination that could not reasonably be expected to give rise to material liability under Requirements of Environmental Laws
that could reasonably be expected to have a Material Adverse Effect nor, to the best of its knowledge, is any such property named in
any list of hazardous waste or contaminated sites maintained under the Requirements of Environmental Law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.7pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.21
<U>Force Majeure</U>. No Force Majeure has occurred and is continuing except as has been disclosed to the Lender in writing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.05pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.22
<U>Sufficiency of Rights.</U> The services to be performed, the materials to be supplied and the property interests and contractual rights
(including rights of way and licences of occupation) and other rights granted to or held by the Borrower pursuant to the Material Project
Contracts, Immovable Property Interests and the Permits comprise all of the property interests and contractual rights necessary to design,
develop, construct, install, launch, commercialize, own and Operate the Project as contemplated by the Material Project Contracts and
the Financial Model in all material respects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.95pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.95pt 0pt 96.55pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.95pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.23
<U>Intellectual Property</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.23.1
Schedule 6.1.23 sets forth a complete list and a description as at the Closing Date (as updated from time to time in accordance with
this Agreement) of all (A) Intellectual Property (including patent, trademark, copyright, industrial design and domain name) registrations
and applications, owned or licensed by the Obligors and used in connection with the Project, along with (i) the name of the owner of
each such item of Intellectual Property, (ii) the jurisdiction in which each such item of Intellectual Property has been registered or
filed, and (iii) the applicable registration, application or serial number or similar identifier (&ldquo;<B>Registered Intellectual Property</B>&rdquo;);
and (B) all Intellectual Property, including proprietary software, that is not registered or subject to applications, but that is owned
or licensed by the Obligors and is material to the Project, along with the name of the owner of each such item of Intellectual Property.
The Obligors own or license, as applicable, such Intellectual Property free and clear of any Encumbrance (other than Permitted Encumbrances).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.7pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.23.2
Each Obligor owns exclusively or holds licenses in all of the Intellectual Property which it currently purports to own or license that
are necessary for the design, development, testing, construction, installation, launch, commercialization, ownership and Operation of
the Project.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.23.3
No Intellectual Property that is used in connection with the Project is owned by Telesat Canada or any Affiliate of the Borrower (other
than an Obligor).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.23.4
All current employees and all contractors who were involved in the creation or development of any Intellectual Property that is necessary
for or material to the design, development, testing, construction, installation, launch, commercialization, ownership and Operation of
the Project, have signed agreements containing assignment of Intellectual Property rights to an Obligor and industry standard obligations
of confidentiality. To each Obligor&rsquo;s knowledge, no employee or contractor is in violation of such agreements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.23.5
Except as set out in Schedule 6.1.23, there has been no disclosure by any Obligor to or access given by any Obligor to any Person of
material confidential information or trade secrets used in, necessary for or material to the design, development, construction, installation,
launch, commercialization, ownership and Operation of the Project, other than under an appropriate confidentiality or nondisclosure agreement
or contractual provision relating to confidentiality and nondisclosure, or where such disclosure or access would not reasonably be expected
to result in a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.23.6
For all Intellectual Property Licenses used in, necessary for or material to the design, development, construction, installation, launch,
commercialization, ownership and Operation of the Project, neither the Obligor or, to the knowledge of the Borrower, any other party
to such Intellectual Property Licenses is in violation of such Intellectual Property Licenses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 126.9pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.23.7
No rights to Intellectual Property material to the Project have been lost or are in jeopardy of being lost through actions or failure
to act by the Obligors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.15pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.23.8
All necessary material documents and certificates in connection with the Registered Intellectual Property have been filed with, and all
relevant fees have been paid to, the relevant patent, copyright, trademark or other authorities, as the case may be, for the purposes
of perfecting, prosecuting and maintaining the Registered Intellectual Property. There are no unpaid maintenance, annuity or renewal
fees currently overdue for any of the Registered Intellectual Property.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.23.9
To each Obligor&rsquo;s knowledge, no Person has infringed, violated or misappropriated or is currently infringing, violating or misappropriating
any Intellectual Property rights owned or licensed by such Obligor. No Intellectual Property or other proprietary right misappropriation,
infringement, or violation Claim has been brought against any Person by any Obligor, Telesat Canada or any other Affiliate of the Borrower.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.23.10
(i) To each Obligor&rsquo;s knowledge, such Obligor has never infringed or misappropriated and is not currently infringing or misappropriating
any Intellectual Property rights of any Person, and no product manufactured, used, distributed, licensed, or sold by or service provided
by such Obligor has ever infringed or misappropriated or is currently infringing or misappropriating any Intellectual Property rights
of any Person, and (ii) there are no infringement or misappropriation claims or proceedings pending, or to any Obligor&rsquo;s knowledge
after reasonable inquiry, threatened in writing against any Obligor, and no Obligor has received any written notice or other communication
of any actual or alleged infringement or misappropriation of any Intellectual Property rights of any Person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.23.11
To each Obligor&rsquo;s knowledge, all Registered Intellectual Property that is necessary for or material to the design, development,
construction, installation, launch, commercialization, ownership and Operation of the Project, is valid, subsisting and enforceable and
in compliance with all legal requirements, filings, and payments and other actions that are required to maintain such Intellectual Property
in full force and effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.23.12
The transactions contemplated by the Loan Documents and the design, development, construction, installation, launch, commercialization,
ownership and Operation of the Project as currently contemplated by the Borrower, will not materially violate or breach the terms of
any Intellectual Property License, or entitle any other party to any such Intellectual Property License to terminate or modify it in
a material way, or otherwise materially adversely affect any of the Obligor&rsquo;s rights under it.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.65pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.65pt 0pt 126.9pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.65pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.23.13
Each Obligor has taken all Commercially Reasonable Efforts to protect the Intellectual Property that is used in, necessary for or material
to the design, development, construction, installation, launch, commercialization, ownership and Operation of the Project and the business
of the Obligor as presently conducted and, to each Obligor&rsquo;s knowledge, no material rights to the Obligor&rsquo;s Intellectual
Property have been lost or are in jeopardy of being lost through failure to act by the Obligor. Each Obligor has implemented and monitored
industry standard measures with respect to technical, administrative and physical security to preserve and protect the availability,
security, integrity and non-disclosure of the confidential information and trade secrets of the Obligors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.23.14
No Obligor has granted access or a license to any of its source code that is necessary for or material to the design, development, construction,
installation, launch, commercialization, ownership and Operation of the Project, including any escrow arrangement for the storage and
conditional release of any of its source code. The Obligor has sufficiently documented source code enabling a reasonably skilled software
developer familiar with the applicable coding languages and technology used in development of the Obligor&rsquo;s proprietary Software
products, to understand such source code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.23.15
To the knowledge of the Borrower, no Open Source Software has been used in any manner that, with respect to Intellectual Property that
is used in, necessary for or material to the design, development, construction, installation, launch, commercialization, ownership and
Operation of the Project: (1) requires the disclosure or distribution of such Intellectual Property in source code form; (2) requires
the licensing of such Intellectual Property for the purpose of making derivative works; (3) imposes any restriction on the consideration
to be charged for the distribution of such Intellectual Property; (4) imposes any restriction on the Obligor from asserting its rights,
including patent and other intellectual property rights; or (5) imposes any other material limitation, restriction, or condition on the
right of the Obligor with respect to its use or distribution of such Intellectual Property.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.7pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.24
<U>Information Technology</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.24.1
All IT Systems are in good working condition to perform all computing, information technology and data processing operations necessary
for the Project and the operation of the business of the Obligor. Each Obligor has taken Commercially Reasonable Efforts in accordance
with industry standards to secure the IT Systems from unauthorized access or use by any Person and to promote the continued, uninterrupted
and error-free operation of the IT Systems. Except as set forth in Schedule 6.1.24, there have been no successful unauthorized access,
denial-of-service assault or other attack on the IT Systems.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.24.2
Each Obligor has in effect industry standard disaster recovery plans and procedures and business continuity plans and procedures, in
the event of any malfunction of or unauthorized access to any IT Systems. Each Obligor has taken Commercially Reasonable Efforts to provide
for the back-up of data and information critical to the conduct of its business in a commercially reasonable attempt to avoid disruption
to, or interruption in, the conduct of such business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 126.9pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.25
<U>Privacy Laws</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.25.1
Each Obligor has conducted and is conducting its business and the Project in compliance with all applicable Privacy Laws and in all material
respects with the respective internal and customer-facing privacy policies, including in connection with its collection, use and disclosure
of Personal Information. As of the date hereof, no Obligor nor any Subsidiary has received any written complaints or written notices
of any breach or violation of any such Privacy Laws. To the knowledge of each Obligor, in connection with the operation of its business
and the Project, all Personal Information:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">has
                                            been collected, retained, used or disclosed with the consent of each individual to which
                                            such Personal Information relates (if such consent is required under applicable Privacy Laws);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">has
                                            been used only for the purposes for which the Personal Information was initially collected
                                            or for a subsequent purpose for which consent was subsequently obtained; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">has
                                            been collected, retained, used or disclosed, as the case may be, for a purpose in respect
                                            of which consent may, under applicable Privacy Laws, be implied (if such consent is required
                                            under applicable Privacy Laws and has not been expressly received).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.25.2
To the extent that any Obligor or a Subsidiary has been subject to a breach involving Personal Information under its control, such Obligor
or Subsidiary has reported the breach to the applicable Governmental Authority where such reporting is required by Privacy Laws. Each
Obligor and each Subsidiary have kept records of any breach involving Personal Information, whether or not the breach is reportable to
a Governmental Authority under Privacy Laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.95pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.26
<U>Taxes</U>. Except as set forth on Schedule 6.1.26, each Obligor and each of its respective Subsidiaries has (a) paid all Taxes when
due, (b) made adequate provision for Taxes payable by it, (c) delivered, or caused to be delivered, when due, all required income Tax
and information returns to the appropriate Governmental Authorities, (d) withheld and collected all Taxes required to be withheld and
collected by it and remitted such Taxes when due to the appropriate Governmental Authorities, except where any such remittance is being
contested in good faith and by appropriate proceedings and an adequate reserve in accordance with GAAP has been established in its books
and records and (e) paid and discharged when due all obligations imposed upon it by statute which, if unpaid beyond the applicable due
date, might become an Encumbrance upon its property, except where any such obligations are being contested in good faith and by appropriate
proceedings and an adequate reserve in accordance with GAAP has been established in its books and records or otherwise satisfactory to
the Lender, acting reasonably, and no appeal or claim is, to the knowledge of the Borrower, being asserted or processed with respect
to such obligations. Except as set forth on Schedule 6.1.26, there is no material action, suit, proceeding, investigation, audit or claim
now pending, or to its knowledge, threatened by any Governmental Authority regarding any Taxes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.95pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.95pt 0pt 96.55pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.95pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.27
<U>Financial Statements</U>. All of the financial statements which have been furnished to the Lender in connection with this Agreement
are complete in all material respects and such financial statements fairly present the results of operations and financial position of
the Obligors as of the dates referred to therein and have been prepared on a Consolidated basis. All other financial information provided
to the Lender as of the date prepared were based on reasonable assumptions and expectations and represent reasonable good faith estimates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.7pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.28
<U>Liabilities</U>. No Obligor has any liabilities, whether accrued, absolute, contingent or otherwise, of any kind or nature whatsoever,
except (i) as disclosed in the financial statements most recently delivered under Section 9.2.1 of this Agreement; (ii) as incurred after
the date of such financial statements and as regards to Debt, are permitted to be incurred hereunder; (iii) as incurred in the ordinary
course of business of such Obligor; and (iv) for liabilities consented to by the Lender.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.9pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.29
<U>No Material Adverse Effect</U>. Since the later of the Closing Date and the date of the Borrower&rsquo;s most recent financial statements
provided to the Lender, there has not occurred any change (or any condition), event or development involving a prospective change in
its business, liabilities, operations, results of operations or assets which would reasonably be expected to have a Material Adverse
Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.30
<U>Information and the Financial Model.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            Obligors have provided to the Technical Advisor all of the relevant material information
                                            in their possession or to which it has access relating to the Project and the construction
                                            and Operation of the Project and the Borrower has reviewed the report of the Technical Advisor
                                            delivered pursuant to Section 3.1.22 or Section 3.3.4, as the case may be, and such report,
                                            based on the Borrower&rsquo;s review (excluding any information with respect to any opinions
                                            contained therein), is not incorrect in any material respect; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Each
                                            Financial Model delivered or required to be delivered by the Borrower pursuant to the terms
                                            of this Agreement (i) shall have been prepared by the Borrower in good faith and with due
                                            care, (ii) fairly present the expectations of the Borrower as to the matters covered thereby
                                            as of its date, (iii) is based on good faith reasonable assumptions as to all factual and
                                            legal matters material to the estimates therein (including interest rates and costs) at the
                                            time of delivery thereof, (iv) is consistent with the applicable provisions of the Transaction
                                            Documents and Applicable Law in all material respects and (v) there is no fact or circumstances
                                            with respect to such Financial Model (or the projections contained therein) or any of the
                                            assumptions made in connection therewith that would reasonably be expected to have a Material
                                            Adverse Effect.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.31
<U>Disclosure</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.31.1
The Obligors have disclosed to the Lender all agreements, instruments and corporate or other restrictions to which it is subject, and
all other matters known to it pertaining to the Obligors and the Project, in each case, that, individually or in the aggregate, would
reasonably be expected to be material to the Lender. None of the Loan Documents or any reports, financial statements, certificates or
other written information furnished by or on behalf of the Obligors contains any untrue statement of a fact pertaining to any Obligors
or the Project or omits to state a fact pertaining to any Obligors or the Project, which make the statements contained herein or therein,
in light of the circumstances under which they were made, misleading in any material respect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.31.2
As of the date it was stated to be given or as at the date it was delivered, each of the Project Budget and Operating Budget accurately
specifies in all material respects all material costs and expenses incurred and the Borrower&rsquo;s good faith estimate of all material
costs and expenses (including reasonable allowances for contingency expenses) anticipated by the Borrower to be incurred prior to the
Project Completion Date to develop, construct and finance the Project and to implement the Project in the manner contemplated by the
Transaction Documents. With respect to all projections and budgets (including the Project Budget and the Operating Budget) furnished
or to be furnished to the Lender or its consultants by or on behalf of the Borrower and the summaries of significant assumptions related
thereto, such projections, budgets and summaries of assumptions (i) have been prepared with due care and in good faith, (ii) fairly present
the expectations of the Borrower as to the matters covered thereby as of their date, (iii) are based on good faith reasonable assumptions
as to all factual and legal matters material to the estimates therein (including interest rates and costs) at the time of delivery thereof,
(iv) are consistent with the applicable provisions of the Transaction Documents and Applicable Law in all material respects, and in the
case of the Project Budget and Project Schedule and the Operating Budget, are consistent with the most recent Financial Model at the
time of delivery thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.7pt 0pt 126.9pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.32
<U>Benefit Plans and Pension Plans</U>. Except as disclosed in Schedule 6.1.32, no Obligor sponsors, administers, maintains or contributes
to a Pension Plan. For certainty, except as disclosed in Schedule 6.1.32, no Obligor sponsors, administers, maintains or contributes
to a Pension Plan which contains a defined benefit provision as defined in subsection 147.1(1) of the Tax Act. All Benefit Plans and
Pension Plans (i) are registered where required by, and are in good standing under, all Applicable Laws and (ii) that are intended to
qualify for special tax treatment meet all of the requirements for such treatment and has obtained all necessary approvals of all relevant
Governmental Authority. The Benefits Plans and Pension Plans, if any, have been administered and maintained in accordance with the Tax
Act and all other Applicable Law in all material respects. There have been no improper withdrawals or applications of the assets of the
Benefit Plans or Pension Plans. Each of the Benefit Plans and Pension Plans, if any, is funded in accordance with such Benefit Plans
and Pension Plans and Applicable Law, such that, except as disclosed in Schedule 6.1.32, with respect to each Pension Plan, no material
funding deficiency or unfunded liability exists or would reasonably be expected to exist under any such Pension Plan. No Benefit Plan
has any unfunded liabilities, determined in accordance with GAAP, that have not been fully accrued on the most recent unaudited consolidated
financial statements of the Borrower and the most recent audited consolidated financial statements for Telesat Parent or that will not
be fully offset by insurance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.6pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.6pt 0pt 96.55pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.6pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.33
<U>Non-Arm&rsquo;s Length Transactions</U>. All agreements, arrangements or transactions between the Borrower or any other Obligor, on
the one hand, and any Affiliate of or other Person not dealing at Arm&rsquo;s Length with such Obligor, on the other hand (other than
the Borrower or another Obligor), in existence at the date hereof are set forth on Schedule 6.1.33 or are otherwise permitted pursuant
to Section 9.4.20 of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.34
<U>Collateral Accounts</U>. Schedule 6.1.34 sets forth a complete list of all Collateral Accounts held by the Obligors as at the Closing
Date (as updated from time to time in accordance with this Agreement) and the details of the financial institutions where such Collateral
Accounts are held.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.35
<U>Excluded Subsidiaries</U>. As of the Closing Date, the Excluded Subsidiaries are not Material Subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.1pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.36
<U>Warrants.</U> The Borrower has duly authorized the creation and issuance of the Warrants and the Warrants, when issued on the Closing
Date, will be duly and validly issued, and the certificates representing the Warrants and the Warrant Agreement will be valid and enforceable
against the Borrower (except that enforceability of the Warrant Agreement may be limited by applicable Insolvency Legislation or other
Laws affecting creditors&rsquo; rights generally). The Borrower has reserved the common shares issuable upon the exercise of the Warrants
and, upon the exercise of the Warrants in accordance with the terms of the Warrant Agreement and the certificates representing the Warrants,
including without limitation, payment to the Borrower of the consideration due upon exercise thereof, such common shares will be duly
authorized and validly issued as fully paid and non-assessable common shares in the capital of the Borrower, and the holders will be
the legal and registered owners of such common shares free and clear of Encumbrances (except for any Encumbrances placed thereon by the
holders). The Warrants and common shares issuable upon exercise of the Warrants will be offered, issued, sold and delivered to the holders
in compliance with all Applicable Laws, including applicable securities laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.37
<U>Satellites</U>. Each of the Satellites owned by any of the Obligors is set out on Schedule 6.1.37 (as updated from time to time in
accordance with this Agreement) and sets forth for each Satellite that is in orbit the orbital slot and number and frequency band of
the transponder on such Satellite.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.9pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.9pt 0pt 96.55pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.9pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.38
<U>Single Purpose.</U> No Obligor has engaged in any business or activity other than the transactions contemplated by and is not a party
to, any agreement, contract, undertaking or commitment (absolute, accrued, contingent or otherwise and whether or not due) other than
in connection with the Project as contemplated by the Transaction Documents and activities associated therewith or incidental thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.9pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.39
<U>Separateness</U>. The Borrower is in compliance with the Separateness Covenants in all respects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.40
<U>Force Majeure.</U> No Force Majeure or other event that would excuse the Borrower or, to the Borrower&rsquo;s knowledge, any other
Material Project Counterparty, from the duty to perform any material obligation of such party under any Material Project Contract has
occurred and is continuing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.41
<U>Sufficiency of Funds</U>. The Borrower will have sufficient funds from the operation of the Project after the Initial Project Completion
Date to pay all remaining direct and indirect costs required in order to achieve the Project Completion Date no later than the Outside
Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.7pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.42
<U>Specified Landing Stations</U>. As of the Project Completion Date, the Specified Landing Stations are sufficient to Operate the Project
in accordance with the revenue projections outlined in the Financial Model.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.05pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.43
<U>Schedules</U>. The information contained in each Schedule attached hereto is as of the date hereof, or at the time a replacement thereof
is provided to the Lender pursuant hereto, will be true, correct and complete in all respects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.44
<U>Executive Compensation</U>. The Borrower has provided to the Lender an accurate and complete list of the Borrower and Telesat Parent&rsquo;s
named executive officers subject to [redacted &ndash; commercially sensitive information] for the Fiscal Year 2023.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.2</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Survival
                                            and Repetition of Representations and Warranties</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
representations and warranties made in Section 6.1 of this Agreement or any other Loan Document will survive the execution of this Agreement
and the other Loan Documents until the payment in full of all Obligations and will be deemed repeated as of the date of each Compliance
Certificate delivered pursuant to Section 9.2.1(iii) of this Agreement, as of the date of each Milestone Certificate delivered pursuant
to Section 3.3.2 of this Agreement, and as of the date of each Advance. The Borrower acknowledges that the Lender has relied upon all
representations and warranties in the making of the Advances and establishing the Loan Facility. In connection with the repetition of
such representations and warranties, the Borrower shall be required to update the disclosure contained in Schedules 6.1.8, 6.1.10, 6.1.16,
6.1.17, 6.1.18, 6.1.20, 6.1.23, 6.1.24, 6.1.34 and 6.1.37 (which it shall do with each Compliance Certificate that is delivered to the
Lender) necessary to correct any information in such Schedule or representation which has been rendered inaccurate thereby (and, in the
case of any supplements to any Schedule, such Schedule shall be appropriately marked to show the changes made therein); provided that
(i) no such supplement to any of the Schedules shall amend, supplement or otherwise modify such Schedule or corresponding representation,
or be or be deemed a waiver of any Default or Event of Default resulting from the matters disclosed therein, except as consented to by
the Lender in writing, and (ii) no supplement shall be required or permitted as to representations and warranties that relate solely
to the Closing Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 56pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 56pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 56pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE
7<BR>
SECURITY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 56pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>7.1</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Security</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.1.1
As general and continuing security for the payment and performance of the Obligations, the following security shall be granted to the
Collateral Agent, on behalf of itself, the Lender and the Pari Passu Secured Parties, in each case in form and substance satisfactory
to the Lender:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.95pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.1.1.1
a general security agreement executed by each Obligor in favour of the Collateral Agent, creating a first ranking security interest,
subject to Permitted Encumbrances, on all of the present and after acquired movable property of the Obligor, other than Excluded Property;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.1.1.2
Intellectual Property Security Agreements executed by each Obligor that owns Intellectual Property in favour of the Collateral Agent,
creating a first ranking security interest, subject to Permitted Encumbrances, on all of the Intellectual Property of such Obligor;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.05pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.1.1.3
a deed of movable hypothec executed by the Borrower in favour of the Collateral Agent, as hypothecary representative of itself, the Lender
and the Pari Passu Secured Parties, creating a first ranking hypothec, subject to Permitted Encumbrances, on the universality of all
movable property, rights and assets of the Borrower, present and future, corporeal and incorporeal;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.1.1.4
a Guarantee granted by each of the Guarantors in favour of the Collateral Agent;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.1pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.1.1.5
a pledge agreement executed by each Obligor in favour of the Collateral Agent pursuant to which such Obligor creates a first ranking
pledge and security interest in all of its right, title and interest in all of the Equity Interests held by such Obligor in any other
Obligor, Excluded Subsidiary or any other Person;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.05pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 1in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.1.1.6
an assignment of each Material Project Contract;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.1.1.7
a Direct Agreement from each applicable Core Material Project Contract Counterparty in respect of each Core Material Project Contract;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.1.1.8
an assignment of insurance in relation to all insurance policies of the Obligors;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.2pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.1.1.9
a leasehold mortgage in respect of any Leased Immovable Property of the Obligors, together with a Landlord Access Agreement with the
applicable landlord;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 126.9pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.1.1.10
a first ranking mortgage or immovable hypothec over any Owned Immovable Property of the Obligors, subject only to Permitted Encumbrances;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.1.1.11
in respect of any Owned Immovable Property that (i) has a property value equal to or greater than $1,000,000 or (ii) is a Specified Landing
Station, a customary lender&rsquo;s title insurance policy in form and substance (with acceptable endorsements, including any endorsements
relating to projects of this nature and such further customary endorsements that address contiguity) satisfactory to the Lender, and
in amounts acceptable to the Lender with respect to such Owned Immovable Property;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.1.1.12
a Specified Landing Station Access Agreement for each Specified Landing Station (other than a Specified Landing Station that is Owned
Immovable Property); and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.9pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.1.1.13
such security documents as required pursuant to Schedule 9.1.32 attached hereto in accordance with the timelines set out therein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.95pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.2</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Security
                                            to be held by Collateral Agent</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Lender acknowledges and agrees that, notwithstanding anything set forth herein, the Security Documents and all related documents, agreements
and instruments entered into or granted by the Obligors are granted to and are held by the Collateral Agent on behalf of itself, the
Lender and the Pari Passu Secured Parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.9pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.3</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Continued
                                            Perfection of Security</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Obligors shall take such action and execute and deliver to the Lender and the Collateral Agent such agreements, conveyances, deeds and
other documents and instruments as the Lender and the Collateral Agent shall reasonably request for the purpose of establishing, perfecting,
preserving and protecting the Security Documents and the Encumbrances of the Security Documents, in each case promptly upon request therefor
by the Collateral Agent and in form and substance satisfactory to the Lender acting reasonably.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.7pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.4</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Registrations
                                            and Renewals</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Obligors shall and hereby covenant to do all such acts, execute all such instruments and provide such further assurances as counsel to
the Collateral Agent or Lender&rsquo;s Counsel may reasonably request to ensure that the first priority of the Encumbrances created by
the Security Documents (subject only to applicable Permitted Encumbrances) executed and delivered to the Collateral Agent and the Lender
as contemplated hereby is duly protected and perfected by registration, filing or recordation of such Security Document or a financing
statement, caveat, security notice or other appropriate instrument at all offices and public registries where reasonably necessary to
the protection or perfection thereof and to so cooperate with the Collateral Agent and the Lender and the Lender&rsquo;s Counsel in renewing
or re-filing any registration, filing or recordation required hereby or by the Security Documents in order to preserve, protect and maintain
the priority of such Encumbrances from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.9pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.9pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.9pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.5</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Extensions,
                                            Etc.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Lender may grant extensions, take and give up securities, accept compositions, grant releases and discharges and otherwise deal with
the Obligors or any other Persons, sureties or securities as the Lender, in its sole discretion, may see fit, all without prejudice to
the liability of the Obligors or any other Person under the Loan Documents to which they are a party or the rights of the Collateral
Agent or the Lender under the Loan Documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.6</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">No
                                            Merger</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
taking of any Encumbrances as provided under this Agreement or any other Loan Document shall not operate by way of merger of any of the
obligations of the Obligors or any of their successors under this Agreement or any other Loan Document, or of any Encumbrance, guarantee,
indemnity, contract, promissory note, bill of exchange or security in any other form, whether or not similar to the foregoing, and no
judgment recovered by the Collateral Agent or the Lender shall operate by way of merger or in any way affect the Encumbrances provided
for in this Agreement and the other Loan Documents, which shall be in addition to and not in substitution for any other security now
or hereafter held by the Collateral Agent or the Lender whether for Obligations hereunder or under any other Loan Document. For greater
certainty, no judgment recovered by the Collateral Agent or the Lender shall operate by way of merger or in any way affect the obligation
of the Borrower to pay interest, fees and other amounts at the rates, times and manner as provided in this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.7</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">After-Acquired
                                            Property</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
Project Assets acquired by or on behalf of the Obligors after the date of execution of the Security Documents (collectively, &ldquo;<B>After-Acquired
Property</B>&rdquo;) will be subject to the Encumbrances of the Security Documents issued pursuant to Section 7.1, without any further
conveyance, mortgage, pledge, charge, assignment or other act on the part of such parties. Without limiting the effect of the preceding
sentence, the Obligors will from time to time execute and deliver, or cause to be executed and delivered, and the Collateral Agent will
register, all at the Borrower&rsquo;s expense, such instruments, including mortgages, trust deeds, assignments and security agreements
supplemental to the Security Documents, in form and substance satisfactory to the Lender, acting reasonably, as may be necessary or desirable
to ensure that the Security Documents as amended, restated, replaced, supplemented or otherwise modified constitutes in favour of the
Collateral Agent, for the benefit of itself, the Lender and the Pari Passu Secured Parties, an effective first priority Encumbrance over
such After-Acquired Property as required hereunder, subject only to Permitted Encumbrances which under applicable law rank in priority
thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.8</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">New
                                            Material Subsidiaries</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
at any time after the Closing Date, (i) any Obligor creates or acquires a Material Subsidiary that is wholly owned by such Obligor directly
or indirectly, (ii) any Excluded Subsidiary becomes a Material Subsidiary, or (iii) any Excluded Subsidiary is designated by the Borrower
as a Material Subsidiary for the purpose of compliance with the requirements of Section 9.4.27.2, the Borrower shall, or shall cause
any Obligor to, promptly, and in any event within 30 days of the occurrence of the events outlined in (i) and (ii) above:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.8.1
require such new Material Subsidiary to (i) execute and deliver to the Collateral Agent, on behalf of itself, the Lender and the Pari
Passu Secured Parties, a Guarantee, (ii) provide security to the Collateral Agent, for the benefit of itself, the Lender and the Pari
Passu Secured Parties, over all of its present and after acquired assets as required of all Obligors and described in Section 7.1, and
(iii) take all actions necessary or desirable to grant to the Collateral Agent, for the benefit of itself, the Lender and the Pari Passu
Secured Parties, a perfected and opposable security interest in the Collateral, subject only to Permitted Encumbrances, including the
filing, registration or recording of notices in such jurisdictions as may be required or as may be requested by the Collateral Agent;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.7pt 0pt 96.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.8.2
execute and deliver to the Collateral Agent, for the benefit of itself, the Lender and the Pari Passu Secured Parties, such agreements,
supplements, or amendments to any Loan Document as the Collateral Agent deems necessary or advisable to grant the Lender a perfected
and opposable first priority security interest in the Equity Interests of such new Material Subsidiary, subject only to Permitted Encumbrances;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.8.3
deliver to the Collateral Agent all certificates representing such Equity Interests, together with powers of attorney to transfer the
Equity Interests, in blank, executed by a duly authorized officer of the relevant Obligor;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.05pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.8.4
deliver to the Collateral Agent and the Lender an officer&rsquo;s certificate of such Material Subsidiary, with constating documents,
by-laws and appropriate resolutions attached; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.8.5
deliver to the Collateral Agent and Lender legal opinions relating to the matters described above, which opinions shall be in form and
substance and from counsel reasonably satisfactory to the Lender.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.9</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Collateral
                                            Accounts</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.9.1
The Parties acknowledge that the present and after-acquired movable property of the Obligors includes the Collateral Accounts, and that
the Collateral Agent, on behalf of itself, the Lender and the Pari Passu Secured Parties, has a first priority security interest in and
to the Collateral Accounts and all proceeds thereof, and that pursuant to the Blocked Account Agreements, the Collateral Agent has control
over the proceeds of such account upon an Event of Default, and that any financial institution that established such accounts will not
have any rights as a creditor of the Obligors, or in any other capacity, to any Encumbrance thereon or to claim any right of compensation
or similar right or remedy as against the Obligors or any Affiliate thereof in respect thereof, other than for fees and expenses owing
to such financial institution for the operation of such account or as otherwise agreed to in the account control or similar agreement
if consented to by the Lender, acting reasonably.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.05pt 0pt 96.55pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.05pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.9.2
Each Collateral Account shall be maintained as a segregated account separate and apart from each other account maintained by any Affiliate
of the Obligors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.05pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.9.3
Upon the occurrence and during the continuance of an Event of Default, no funds may be withdrawn or transferred from any Collateral Account
without the consent of the Lender.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE
8<BR>
INSURANCE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>8.1</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>General</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Borrower will maintain or cause to be maintained on its behalf, or on behalf of any other Obligor, with reputable insurers of good standing
having a credit rating of not less than A- VIII by A.M. Best&rsquo;s rating or A- by S&amp;P (or equivalent from another rating agency,
as deemed acceptable by the Lender), insurance with respect to its business and assets, in such amounts and against such liabilities,
casualties, risks and contingencies existing from time to time as required under Schedule 8.1. Such policies shall be obtained, maintained
and dealt with as set forth in this Article and Schedule 8.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>8.2</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Actions
                                            of the Collateral Agent</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
respect of the provisions set forth in this Article and Schedule 8.1, the Collateral Agent is acting without discretion and on the instruction
of the Lender and/or the Pari Passu Secured Parties in accordance with the terms of the Intercreditor Agreement and the other Secured
Obligations Documents (as defined in the Intercreditor Agreement) and any actions to be taken or discretion to be exercised by the Collateral
Agent shall be deemed to be actions taken or discretion exercised, as applicable, by the Collateral Agent on the instruction of the Lender
and/or the Pari Passu Secured Parties in accordance with the terms of the Intercreditor Agreement and the other Secured Obligations Documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>8.3</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Insurance
                                            Policies</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.3.1
All policies of insurance referred to in Section 8.1 (whether obtained by the Obligors or any Material Project Counterparty) shall show
the interests of the Collateral Agent as mortgagee and/or loss payee if its interests may appear under policies covering physical loss
or damage and the Collateral Agent as additional insured under liability policies (excluding automobile liability, US workers compensation
and professional liability) and shall provide that they shall not be cancelled, lapsed or materially altered without thirty (30) days&rsquo;
prior written notice to the Collateral Agent (other than for non-payment, which shall require fifteen (15) days&rsquo; prior written
notice after non-payment has occurred) to the Collateral Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.6pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.6pt 0pt 96.55pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.6pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.3.2
Unless otherwise amended from time to time with the consent of the Lender, all policies of insurance required hereunder shall be satisfactory
to the Insurance Consultant and shall include the endorsements, which shall be reasonable and available on commercially reasonable terms,
the Insurance Consultant considers advisable. In the event any insurance (including the limits or deductibles thereof) hereby required
to be maintained (other than insurance required by Law to be maintained) shall not be available on commercially reasonable terms in the
commercial insurance market, the Lender shall not unreasonably withhold its agreement to waive such requirement; provided, however, that
(i) the Obligors shall first request any such waiver in writing, which request shall be accompanied by written reports prepared by the
applicable Obligor and its insurance broker(s) certifying that such insurance is not available on commercially reasonable terms in the
commercial insurance market for projects of similar type and scale (and, in any case where the required amount is not so available, certifying
as to the maximum amount which is so available) and explaining in detail the basis for such conclusions, the form and substance of such
reports to be reasonably acceptable to the Lender. At any time after the granting of any such waiver (but not more than once every twelve
(12) months), the Lender may request, and the Borrower shall furnish to the Lender within thirty (30) days after such request, supplemental
reports acceptable to the Lender updating the prior reports and reaffirming such conclusion. Any such waiver shall be effective only
so long as such insurance shall not be available on commercially reasonable terms in the commercial insurance market, it being understood
that the failure of the Borrower to timely furnish any such supplemental report shall be conclusive evidence that such waiver is no longer
effective because such condition no longer exists.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 96.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.3.3
The Obligors will comply with all terms of all such insurance policies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.4</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Evidence
                                            of Insurance</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.4.1
The Obligors will, upon request by the Lender, deliver to the Lender and the Collateral Agent certificates of insurance issued by its
insurers or insurance broker(s) in form and substance satisfactory to the Lender, acting reasonably, together with a certificate from
the Borrower certifying that insurance policies have been obtained and listing all such insurance policies, and in addition shall evidence:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.05pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.75in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.4.1.1
the amounts of all insurance maintained;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.75in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.4.1.2
the amounts of premiums;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.75in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.4.1.3
the insurance company(s) or underwriter(s) carrying the insurance and percentage of risk if on a subscription basis;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.2pt 0pt 126.9pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.75in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.4.1.4
the credit rating of each insurer;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.75in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.4.1.5
the effective and expiration date of policies;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.75in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.4.1.6
that the insurance company(s) or underwriter(s) have provided (to the extent available and if required by the Insurance Consultant as
in effect on the date hereof):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">thirty
                                            (30) days&rsquo; notice of cancellation, lapse or material alteration in the policy (other
                                            than for non-payment, which shall require fifteen (15) days&rsquo; prior written notice after
                                            non-payment has occurred); and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">worldwide
                                            territorial limits for liability policies as required by the Insurance Consultant;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.75in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.4.1.7
to the extent the Obligors have waived their rights of recourse against the Collateral Agent, a waiver of subrogation in favour of the
Collateral Agent has been included as required by the Insurance Consultant; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.9pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.75in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.4.1.8
that loss payee and additional insured provisions have been duly endorsed as contemplated by this Article.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.4.2
The Obligors will provide to the Lender on request from time to time (but not more than once per calendar year) certified copies of all
insurance policies. Notwithstanding the foregoing, the Obligors will provide certificates or binders of insurance to the Insurance Consultant
and the Lender prior to the commencement of any work, or as specified in Schedule 8.1, such that the Insurance Consultant can confirm
that the Required Insurance for commencement of the work is in place.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.7pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.4.3
Prior to the Closing Date and thereafter on request of the Lender, acting reasonably, the Lender may retain, at the Borrower&rsquo;s
expense, the Insurance Consultant to review the certificates of insurance and certified copies of all insurance policies delivered hereunder
and to provide its opinion as to whether the insurance provided for in the subject certificates and policies of insurance complies in
all material respects with the provisions of this Article. The Obligors shall provide the Insurance Consultant with all information reasonably
requested by the Insurance Consultant to facilitate its reviews of such insurance certificates and policies and any other responsibilities
of the Insurance Consultant hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.7pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.4.4
The Obligors shall permit the Insurance Consultant to observe presentations to underwriters where issues relating to the insurance provisions
in this Agreement may arise. This shall include but not be limited to presentations during placement and claims.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.4.5
Neither the Lender nor the Collateral Agent shall have any obligation to verify any information or statement contained in the certificates
or opinions of the Insurance Consultant delivered to it pursuant to this Article or any duty to effect or maintain any insurance. Neither
the Lender nor the Collateral Agent shall be responsible for any loss by reason of the failure to maintain or insufficiency of any insurance
or by reason of the failure of any insurer to pay the full amount of any loss against which such insurer may have insured.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.4.6
The Obligors shall also provide to the Lender and the Collateral Agent evidence (which may include, without limitation, signed &ldquo;cover
notes&rdquo; &ldquo;certificates of insurance&rdquo; or &ldquo;binders of insurance&rdquo;) of the renewal of every policy of insurance
referred to in this Article at least fifteen (15) Business Days&rsquo; prior to the expiry of such policies of insurance and, if there
are any amendments in such renewal policies from the previous insurance or if the renewal insurance is a new policy of insurance, the
Obligors will forthwith provide the Lender and the Collateral Agent with all information required to be given pursuant to this Section
8.4 in connection with the annual certificate of insurance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.4.7
At the request of the Collateral Agent (acting on the written instructions of the Lender), the Obligors shall take all such action as
shall be so requested to assist the Collateral Agent in successfully asserting its first priority interest in proceeds from insurance
paid or payable to the Obligors with respect to the Collateral.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 96.55pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.5</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Payment
                                            of Premiums</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Obligors will pay punctually, or cause to be paid, all premiums payable for the insurance required by this Article and furnish to the
Lender and the Collateral Agent, upon request by the Lender, evidence of every such payment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.1pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.6</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Assignment</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
requested by the Lender, the Obligors will make reasonable commercial efforts to assign, or cause to be assigned, to the Collateral Agent
by a specific assignment all policies of insurance effected pursuant to this Article and all Claims thereunder, to be held by the Collateral
Agent as part of the Collateral.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.95pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.7</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Lender
                                            May Place Insurance</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
each Obligor does not keep, or cause to be kept, the insurance as required by this Article, or does not (if requested) assign, or cause
to be assigned, all of its rights under the policies of insurance as required hereunder, or does not produce to the Lender within thirty
(30) days of termination of any such insurance evidence of the renewal thereof, then the Lender may effect (or cause to be effected)
such insurance for such amount as such Obligor is required hereunder to maintain or, if no amount is specified herein, for such amount
as may be acceptable to the Lender, acting reasonably, in consultation with the Insurance Consultant; provided that the Lender shall
not be obliged to effect or maintain any such insurance or, in the event of effecting or maintaining any such insurance, to insure other
than the interest of the Collateral Agent (on behalf of the Lender) or to see to the payment of the premiums on any policy, and the Lender
shall not be liable or responsible for any loss arising out of any defect in any policy or the failure of any insurer to pay for any
loss thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.8</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuing
                                            Claims against Insurers</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.8.1
The Borrower shall promptly notify the Collateral Agent of any matter in respect of which it believes it may be entitled to claim under
the Insurances and, subject to Section 8.8.2 immediately below, shall diligently pursue such claim.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.8.2
In the event that the Borrower (acting reasonably) does not consider that it would be in the interest of the Project to pursue a claim
under any of the Insurances, it shall promptly notify the Collateral Agent of the same and must continue to comply with Section 8.8.1
above, unless and/or until the Collateral Agent advises the Borrower otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 96.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.9</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Use
                                            of Insurance Proceeds</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.9.1
The Obligors shall notify the Lender of any material casualty and keep the Lender timely apprised of all insurance claims. All proceeds
of Insurance shall be applied as provided in this Section 8.9.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 96.55pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.9.2
<U>Below $5,000,000.</U> Proceeds of Insurance of $5,000,000 or less paid or payable to any Obligor in respect of any single occurrence
of property damage will be made available directly to such Obligor to, if necessary, repair, rebuild or replace the damaged assets and
such Obligor hereby agrees that it shall apply any such proceeds for such purpose provided that no Default or Event of Default has occurred.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.7pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.9.3
<U>Over $<B>5,000,000</B></U><B>. </B>Provided that no Default or Event of Default has occurred, proceeds of Insurance of $5,000,000
or more paid or payable to any Obligor in respect of any single occurrence of property damage will be paid by the insurers directly to
the Collateral Agent or, if paid to such Obligor, such proceeds of Insurance shall be received by such Obligor only in trust for the
Collateral Agent, shall be segregated from other funds of such Obligor. Any such proceeds of Insurance may be used by any Obligor (and
the Collateral Agent shall release such proceeds of Insurance or authorize their use) to repair, rebuild or replace the damaged assets
upon satisfaction of the following conditions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 1in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.9.3.1
the damaged assets can be restored to a condition substantially equivalent to its condition immediately preceding the occurrence of the
damage in question in accordance with a budget constituting a good faith estimate of the cost of the proposed repairs/replacement, and
the Collateral Agent shall have received a certificate of the Borrower, confirmed by the Technical Advisor, to the effect that such budget
is a reasonable estimate of such costs and that the restoration of the damaged assets can, subject to force majeure, be substantially
completed within the period estimated by the Borrower;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 1in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.9.3.2
receipt by the Collateral Agent of:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a
                                            certificate of the Borrower stating that such proceeds of Insurance, together with other
                                            funds held or arranged by the Borrower (and which sources of funds, in the case of funds
                                            arranged and not yet held by the Borrower, are acceptable to the Lender, acting reasonably),
                                            are sufficient to repair, rebuild or replace fully the damage or destruction in respect of
                                            which the proceeds of Insurance are payable (together with the particulars thereof); and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: -0.25in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a
                                            covenant by the Borrower to repair, rebuild and replace fully the damage or destruction in
                                            respect of which the proceeds of Insurance are payable;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 1in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.9.3.3
the Lender, acting reasonably, is satisfied that there is either sufficient business interruption insurance or other financial support
available to the Borrower to allow the Borrower to pay its obligations during the repair, rebuild or replacement period such that no
payment default occurs during such period;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 1in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.9.3.4
the Borrower shall have received (and furnished evidence satisfactory to the Lender of such receipt) all consents necessary or desirable
to effect the proposed repairs, other than those to be obtained in the ordinary course of business and which are not at the relevant
time required to be outstanding given the stage of the Project but which the Borrower is reasonably assured of obtaining at the necessary
and appropriate time; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.95pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.95pt 0pt 126.9pt; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.95pt 0pt 126.9pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.95pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 1in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.9.3.5
the Borrower shall, pending completion of any repairs, replacement or rebuilding of the damaged assets, maintain the Material Project
Contracts in full force and effect (except where fully performed in accordance with the terms thereof), unless with respect to any Material
Project Contract, the Borrower indicates in a written notice to the Lender and the Collateral Agent its intention to obtain a Permitted
Replacement Contract.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.95pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.9.4
<U>Excess</U>. Insurance Proceeds paid or payable to the Borrower:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 1in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.9.4.1
not required to repair, rebuild or replace damaged asset; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 1in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.9.4.2
after the Borrower has restored the damaged assets to a condition substantially equivalent to its condition immediately preceding the
occurrence of the damage in question and the Borrower has paid the cost thereof; shall be available for application in accordance with
Section 8.9.2 or 8.9.3, as applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 128pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.9.5
<U>Business Interruption, Etc.</U> The procedure set forth above shall not apply to proceeds of business interruption insurance and delayed
start-up insurance, which proceeds shall be available for application in accordance with Section 8.9.2 or 8.9.3, as applicable<B>.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.9.6
<U>Total Loss.</U> In the event of a total loss (which term shall include actual total loss and constructive total loss) occurring under
the insurance policies maintained by (or cause to be maintained by) the Borrower, the Borrower will provide to the Lender and the Collateral
Agent prompt notice once such total loss has been determined, followed by a report as to adequacy of the insurance proceeds for rebuilding.
Within a specified period after receiving such notice, the Borrower shall offer to prepay the Loan Facility by an amount equal to the
net proceeds received and, if accepted by the Lender by way of ordinary resolution, the Borrower shall apply such proceeds to repayment
of the Loan Facility in accordance with Section 5.2.4. If the offer to prepay is not accepted by the Lender by way of ordinary resolution,
such proceeds shall be used for the repair, replacement or rebuilding in accordance with the procedures set out in this Section 8.9.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.10</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Brokers
                                            Letter of Undertaking</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Borrower&rsquo;s insurance broker shall provide the Brokers Letter of Undertaking, in the form set out in Schedule 8.10, no later than
thirty (30) days before the first Launch and at each annual renewal thereafter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.11</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Required
                                            Insurance Reports</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.11.1
The Insurance Consultant will provide the following reports:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 1in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.11.1.1
Prior to the Closing Date, the final insurance status report;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 1in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.11.1.2
Within 45 days of each anniversary of the Closing Date until the first Launch, a monitoring report evaluating the Borrower&rsquo;s compliance
with the terms of Schedule 8.1;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 1in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.11.1.3
No later than 60 days prior to the first Launch, an insurance report confirming that Launch, In-orbit Liability and Pre-launch Policies
are in place and compliant with the terms of Schedule 8.1; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.95pt 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 1in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.11.1.4
Within 45 days of each anniversary of the first Launch, a monitoring report evaluating the Borrower&rsquo;s compliance with Schedule
8.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 126.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.12</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Right
                                            of Recourse</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">To
the extent required in order to provide for the waiver of subrogation in Section 8.4.1.7, each Obligor hereby waives all its rights of
recourse against the Collateral Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 56pt; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
9<BR>
COVENANTS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 268.2pt 0pt 252.35pt; text-align: center; text-indent: -0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Positive
                                            Covenants</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Each
Obligor hereby covenants and agrees that, except as otherwise permitted by the prior written consent of the Lender, each Obligor will
and will cause each of its respective Subsidiaries, as applicable, to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.95pt 0pt 56pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.1
<U>Payment of Obligations.</U> Duly and punctually pay all Obligations under this Agreement and the other Loan Documents to which it
is a party according to the terms hereof and thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.2
<U>Use of Funds</U>. The Borrower shall use the proceeds of all Advances only for the purposes set forth in Section 2.2 of this Agreement.
The Borrower shall ensure that the aggregate amount of cash and Cash Equivalents in all Collateral Accounts maintained by the Borrower
or any Obligor shall not, (i) for the period commencing on September 30, 2024 and ending March 31, 2025, exceed $[redacted &ndash; commercially
sensitive information] at any given time for more than 10 Business Days after receipt by the Borrower of any Advance, and (ii) thereafter
exceed $[redacted &ndash; commercially sensitive information] at any given time for more than 10 Business Days after receipt by the Borrower
of any Advance, provided that the Borrower shall be entitled to request an Advance for any remaining Commitment not already disbursed
as part of the last scheduled Milestone regardless of the above limit on cash and Cash Equivalent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.3
<U>Conduct of Business and Maintenance of Existence</U>. Preserve and maintain its corporate, company, limited liability company, partnership
or trust existence and do all things necessary to own, design, construct, deliver, launch, Operate and maintain the Project and to carry
on its business and operations in its name and in a proper, efficient and businesslike manner, in accordance with good business practice
and maintain in good working order and condition (ordinary wear and tear excepted) all property necessary in the Operation of the Project,
except as otherwise permitted by Section 9.4.1 of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 96.55pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.4
<U>Compliance with Laws.</U> Comply in all material respects with all Applicable Laws (including Environmental Laws) applicable to it
or the Project and do all things necessary to obtain, renew and maintain in good standing from time to time and duly observe all valid
requirements of any Governmental Authority.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.05pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.5
<U>Payment of Taxes and Claims</U>. File as and when required by Applicable Law, all Tax returns, and pay and discharge before the same
shall become delinquent all Taxes imposed upon it or upon its property or any part thereof and all lawful claims (including claims for
labour, materials, supplies or services) which, if unpaid, might become an Encumbrance upon its property, except in each case any such
Tax or claim which is being Contested in Good Faith and by proper proceedings, provided that (x) adequate reserves are maintained in
accordance with GAAP, (y) enforcement of the contested Tax or claim remains effectively stayed during the time the Tax or claim is being
Contested in Good Faith, and (z) any Tax or claim determined to be due, together with any interest or penalties thereon, is promptly
paid when due after resolution of such Contest in Good Faith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.6
<U>Keeping of Books.</U> Keep proper and complete books of record and account, in which full and correct entries shall be made of all
financial transactions and its assets and business in accordance with GAAP and which shall be kept separate from those of any other Person
or entity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.95pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.7
<U>Insurance</U>. Maintain, or cause to be maintained, the Required Insurance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.8
<U>Maintain Properties.</U> Continuously and diligently pursue Project Completion, maintain, preserve, protect and keep the Project in
reasonable repair, working order and condition in accordance with the applicable Material Project Contracts, and make any necessary proper
repairs, renewals and replacements to the Project to ensure the Project is at all times maintained, preserved, protected and kept in
accordance with the foregoing and, subject to the Project Completion Date, maintain all corporeal property material to the conduct of
its business in good working order and condition (subject to ordinary wear and tear), which shall include, in the case of Satellites
(other than any Satellites yet to be launched), the provision of tracking, telemetry, control and monitoring of the Satellites in their
designated orbital positions in accordance with prudent and diligent standards in the commercial satellite industry.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.75pt 0pt 96.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.9
<U>Access to Information.</U> Provide the Lender (or its designee), its respective officers, employees, financial advisors, business
consultants, legal counsel, accountants and other agents and representatives, with all information reasonably requested by the Lender
(or its designee) from time to time concerning its business, operations and financial condition, and from time to time upon reasonable
written notice, during normal business hours and in a manner which does not materially interfere with its business, permit the Lender&rsquo;s
representatives to (i) visit and inspect the Project, (ii) examine and make copies of its financial books, accounts and records, including
but not limited to, accounts and records stored in computer data banks and computer software systems, and (iii) discuss its financial
affairs and its business with its senior officers and (in the presence of such of its representatives as it may designate and upon consent
of the Borrower not to be unreasonably withheld) its Auditor, <I>provided that</I> the Borrower shall not be obligated to (x) provide,
or cause to be provided, access or information to the extent that doing so would (A) violate Applicable Law, (B) violate an obligation
of confidentiality of the Borrower or any of its Subsidiaries owing to a third party, provided the Borrower shall use Commercially Reasonable
Efforts to obtain consent to disclosure that is restricted by any such written agreement and, with respect to any written agreement entered
into after the Closing Date, the Borrower shall use Commercially Reasonable Efforts to include terms that would allow the access contemplated
by this Section 9.1.9, or (C) reasonably jeopardize the protection of a solicitor-client privilege, or (y) disclose minutes of the deliberations
of the Borrower&rsquo;s Board (or any committees thereof) that relates directly to the Borrower&rsquo;s relationship, contractual or
otherwise, with the Lender or any of its Eligible Assignees or any actual or potential transactions between or involving the Borrower
and such Lender or any of its Eligible Assignees, or the evaluation of possible alternatives to such transactions or any other transactions
involving the Borrower, or any materials provided to the Borrower&rsquo;s Board (or any Committees thereof) in connection with such deliberations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.7pt 0pt 96.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.7pt 0pt 96.55pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.7pt 0pt 96.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
an Event of Default has occurred and is continuing, the Borrower will pay all reasonable expenses incurred by such representatives in
order to visit the Borrower&rsquo;s premises or attend at its and each other Obligor&rsquo;s principal office, as applicable, for such
purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.10
<U>Environmental Matters</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">conduct
                                            its operations and keep and maintain the Project and all Immovable Property Interests it
                                            owns, leases or controls in compliance in all material respects with all Environmental Laws
                                            and Permits;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">notify
                                            the Lender promptly after it becomes aware of any violation of Environmental Laws or Permits
                                            or any Release of Hazardous Materials on, at, in, under, above, to, from or about the Project
                                            or any of its Immovable Property Interests or of any order, directive, requirement, notice,
                                            warning or intention to issue an order under any Environmental Laws or Permits that is reasonably
                                            likely to result in material Environmental Liabilities; and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">promptly
                                            forward to the Lender a copy of any order, notice, request for information or any communication
                                            or report received by the Borrower in connection with any violation, breach, non-compliance
                                            or Release of Hazardous Materials or any other matter relating to any non-compliance with
                                            Environmental Laws or the Permits that would reasonably be expected to result in material
                                            Environmental Liabilities, in each case.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.11
<U>Project Assets</U>. Ensure that all Project Assets will be acquired and owned by the Borrower or the Obligors, as applicable, free
and clear of all Encumbrances (other than Permitted Encumbrances) and shall forthwith be made subject to the Encumbrances of the Security
Documents at the Borrower&rsquo;s expense in such manner as the Lender shall reasonably request and will ensure that its assets are not
inter-mingled with those of any other Person, including for certainty any Affiliate that is not an Obligor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.12
<U>Title</U>. Maintain and, as soon as reasonably practicable, defend and take all action necessary or advisable at any time and from
time to time to maintain and defend its legal and beneficial right, title and interest in and to all Project Assets and the priority
and enforceability of the Security Documents and the Encumbrances of the Security Documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.13
<U>Litigation</U>. Defend, and take all action necessary or advisable (as determined by the Borrower, acting reasonably), from time to
time to defend any claim, action, suit, investigation or other proceeding by any Governmental Authority or other Person or other legal
or administrative proceeding commenced against it or the Project that would be reasonable expected to cause a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.14
<U>Punctual Payment of Project Expenses</U>. Punctually pay out of its own funds (including funds advanced to it or invested in the Borrower)
all sums when due for the design, construction, testing, delivering, launching, Operation and maintenance of the Project unless the amount
due is subject to a bona fide dispute and is being Contested in Good Faith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.15
<U>Material Project Contracts</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.15.1
Maintain all Material Project Contracts required to own, design, construct, test, deliver, launch, Operate and maintain the Project;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.15.2
Comply in all material respects with the terms and conditions of each Material Project Contract;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.15.3
Diligently enforce and cause to be preserved and enforced their material rights and remedies under the Material Project Contracts, shall
contest, as appropriate, all Claims seeking to prevent the conduct of its business with respect to the Project and shall actively and
diligently protect in all material respects by appropriate and timely proceedings any prosecution of suits threatening the ownership,
design, construction, testing, delivering, launching, Operation and maintenance of the Project;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.15.4
Subject to compliance with Sections 9.4.13 and 9.4.16, the Obligors will promptly provide to the Lender from time to time (i)&nbsp;true
and complete copies of all Additional Material Project Contracts and Permitted Replacement Contracts entered into by any Obligor relating
to the Project after the Closing Date and (ii)&nbsp;any amendments to any Material Project Contract, in each case, provided that the
Obligors shall be entitled to redact all information in such contracts as required by Applicable Law;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.15.5
In connection with each Permitted Replacement Contract entered into by an Obligor after the date of this Agreement that replaces a Core
Material Project Contract existing on the date of this Agreement, the Obligors will cause the applicable Material Project Counterparty
thereto (A) to execute and deliver a Direct Agreement in form and substance satisfactory to the Lender, (B) to deliver a legal opinion
from its counsel with respect to such matters as the Lender (on the advice of its legal counsel) may reasonably request;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.15.6
For any Additional Material Project Contract with a cost in excess of US$[redacted &ndash; commercially sensitive information] over its
term, the Borrower shall cause its Material Project Counterparty thereto to execute and deliver a Direct Agreement in form and substance
satisfactory to the Lender and shall cause such Material Project Counterparty to deliver a legal opinion from its counsel with respect
to such matters as the Lender (on the advice of its legal counsel) may reasonably request; provided that in the case of a Specified Landing
Station Agreement, the Borrower shall cause the applicable counterparty to execute and deliver a Specified Landing Station Access Agreement
in the form attached as Schedule 9.1.15 hereto; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.15.7
For any Additional Material Project Contract with a cost equal to or less than US$[redacted &ndash; commercially sensitive information],
the Borrower will use Commercially Reasonable Efforts to cause its Material Project Counterparty thereto to execute and deliver a Direct
Agreement in form and substance satisfactory to the Lender and will use Commercially Reasonable Efforts to cause such Material Project
Counterparty to deliver a legal opinion from its counsel with respect to such matters as the Lender (on the advice of its legal counsel)
may reasonably request; provided that in the case of a Specified Landing Station Agreement, the Borrower shall cause the applicable counterparty
to execute and deliver a Specified Landing Station Access Agreement in the form attached as Schedule 9.1.15 hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.16
<U>MDA Agreement</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.16.1
Provide to the Lender true and complete copies of the MDA Agreement; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.16.2
Keep the Borrower and the Technical Advisor apprised of all material disputes arising under the MDA Agreement, including, without limitation,
any Dispute as defined in the MDA Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.17
<U>Permits</U>. Obtain all Permits (including Additional Permits) as and when required by Applicable Law to own, design, construct, deliver,
launch, Operate and maintain the Project, comply with all such Permits and do all things necessary to obtain, renew and maintain in good
standing, from time to time, all such Permits.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.18
<U>Immovable Property Interests</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.18.1
Obtain and maintain all Immovable Property Interests required to own, design, test, construct, deliver, launch, Operate and maintain
the Project. It will comply in all material respects with all agreements and documents relating to the Immovable Property Interests held
by it and do all things necessary to obtain, renew and maintain in good standing, from time to time all of its Immovable Property Interests.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.18.2
Ensure that the Immovable Property Interests which are capable of registration are properly registered against the certificates of title
to the applicable properties and shall promptly ensure the registration of all instruments necessary or desirable from time to time to
protect the priority and enforceability of such registrable Immovable Property Interests.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.18.3
At the request of the Lender (but subject to the terms of the Intercreditor Agreement), obtain a Landlord Access Agreement from each
landlord, bailee or warehousemen of premises that are occupied at any time and from time to time by any Obligor or at which any Project
Assets are located.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.18.4
Promptly defend and take all action necessary or advisable at any time and from time to time to maintain and defend the priority and
enforceability of such Immovable Property Interests and the instruments registered against the certificates of title to the Immovable
Property Interests.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.19
<U>Further Assurances</U>. Promptly upon the request of the Lender or the Collateral Agent:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.19.1
correct any material defect or error that may be discovered in any Loan Document or in the execution, acknowledgement, filing or recordation
thereof; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.19.2
do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts, deeds, conveyances,
pledge agreements, mortgages, deeds of trust, trust deeds, assignments, financing statements and continuations thereof, termination statements,
notices of assignments, transfers, certificates, assurances and other instruments as the Lender and the Collateral Agent, may reasonably
require from time to time in order to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">carry
                                            out more effectively the purposes of the Loan Documents;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">perfect,
                                            set up and maintain the validity, effectiveness and priority of the security interests intended
                                            to be created under the Security Documents and the other Loan Documents; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.19.3
assure, convey, grant, assign, transfer, preserve, protect and confirm more effectively to the Lender or the Collateral Agent, the rights
granted or now or hereafter intended to be granted to the Collateral Agent or the Lender under any Loan Document or under any other instruments
executed in connection with any Obligor to which any Obligor is or is to be a party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.20
<U>Know Your Customer.</U> Provide: (i)&nbsp;such documentation as is required for the Lender to comply with Applicable Law and maintain
and update information as reasonably requested by the Lender to satisfy related obligations, as they may change from time to time, and
(ii)&nbsp;such documentation as is reasonably required for the Lender to comply with &ldquo;Know Your Customer&rdquo; requirements, and
maintain and update information as reasonably requested by the Lender to satisfy related obligations, as they may change from time to
time, and any documentation and information requested by the Lender that is similar to that delivered by the Borrower to the Lender in
connection with the Closing Date shall be deemed &ldquo;reasonably&rdquo; required and &ldquo;reasonably&rdquo; requested.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.21
<U>Sanctions</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.21.1
Comply, and shall cause their respective directors, officers and employees to comply, at all times with all (i)&nbsp;Anti-Money Laundering
Laws, (ii)&nbsp;Anti-Corruption Laws, and (iii)&nbsp;Sanctions and the representations and warranties in respect of such matters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.21.2
Provide all information to the Lender and the Collateral Agent as may reasonably be requested by the Lender and the Collateral Agent
in order to enable the Lender and the Collateral Agent to demonstrate compliance with all applicable Anti-Money Laundering Laws, Anti-Corruption
Laws and Sanctions to the extent that the Lender or the Collateral Agent, as applicable, are requesting the same information from other
borrowers and customers generally.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.21.3
Provide the Lender and the Collateral Agent with notice promptly upon becoming aware of any violation of (i)&nbsp;Anti-Money Laundering
Laws, (ii)&nbsp;Anti-Corruption Laws, or (iii)&nbsp;Sanctions, with respect to themselves.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.22
<U>Cooperation</U>. Cooperate with each of the Technical Advisor, the ESHS Consultant, the Insurance Consultant and any other Advisor
to enable them to prepare their respective reports and to perform their other obligations to the Lender under the Loan Documents and
use its reasonable efforts to cause the applicable Material Project Counterparty to cooperate with each of the Technical Advisor, the
ESHS Consultant, the Insurance Consultant and any other Advisor in the performance of their duties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.23
<U>Goods and Services and Awarding Contracts</U>. (i)&nbsp;When awarding contracts or hiring personnel, the Obligors shall use a fair,
sound and non-discriminatory business process that results in competent and qualified contractors and personnel working on the Project;
and (ii)&nbsp;all goods and services in respect of the Project purchased by the Obligors shall be purchased or acquired at competitive
prices and on market terms, after deducting all trade discounts and similar items.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.24
<U>Pension Plans and Benefit Plans</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.24.1
administer and perform, in a timely fashion, all obligations to which the Obligors or any Subsidiary may become subject under the terms
of such plans and all Applicable Law, including the Tax Act, in respect of its Pension Plans and Benefit Plans, except where the failure
to so comply could not reasonably be expected to have a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.24.2
make all required contributions, in a timely fashion, to the Pension Plans in accordance with Applicable Law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.25
<U>Separateness Covenants</U>. Comply with the Separateness Covenants at all times.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.26
<U>Independent Entity</U>. Ensure that it (A) satisfies each requirement outlined in the definition of &ldquo;Independent Entity&rdquo;
strictly in accordance with the timelines set out therein and (B) maintains at all times thereafter the requirements outlined in the
definition of &ldquo;Independent Entity&rdquo;, such compliance to be satisfactory to the Lender in its sole discretion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.27
<U>Required Senior Management and Other Employees</U>. Upon the occurrence of any Event of Default (or similar term) as defined in the
Telesat Canada Senior Debt, ensure that any Senior Management or other employees required for continuity of the design, construction,
testing, delivery, launch, Operation and/or maintenance of the Project are employed by the Obligors and engaged in the business of the
Project at all times.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.28
<U>Intellectual Property</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.28.1
With respect to Intellectual Property that is necessary in or material to the design, construction, testing, delivery, launch, Operation
and/or maintenance of the Project, protect and diligently enforce and defend at such Obligor&rsquo;s expense its Intellectual Property,
including (with respect to any such Intellectual Property) (A)&nbsp;promptly suing for infringement, misappropriation, or dilution and
to recover any and all damages for such infringement, misappropriation, or dilution, and filing for opposition, interference, and cancellation
against conflicting Intellectual Property rights of any Person, in each case as it determines to be reasonable in its commercially reasonable
judgment, (B)&nbsp;to prosecute diligently any trademark application or service mark application that is part of any trademarks pending
as of the date hereof or hereafter until the termination of this Agreement, except as shall be consistent with commercially reasonable
business judgment of the Borrower and, if any Event of Default has occurred and is continuing, with the prior approval of Lender, (C)&nbsp;to
prosecute diligently any patent application that is part of any patents pending as of the date hereof or hereafter until the termination
of this Agreement, (D)&nbsp;to take all reasonable and necessary action to preserve and maintain all of such Obligor&rsquo;s trademarks,
patents, copyrights, Intellectual Property Licenses and other intellectual property rights, including paying all maintenance fees and
filing of applications for renewal, affidavits of use, and affidavits of non-contestability, and (E)&nbsp;to require all employees, consultants,
and contractors of each Obligor involved in the creation or development of such Intellectual Property to sign agreements containing assignment
of Intellectual Property rights and obligations of confidentiality. Each Obligor further agrees (F) not to abandon, forfeit or dedicate
to the public any Intellectual Property or Intellectual Property License that is necessary for or material to the ownership, design,
construction, delivering, launching and Operation of the Project; and to (G) promptly advise the Lender in writing of material infringements
of Obligor&rsquo;s Intellectual Property necessary in or material to the ownership, design, construction, delivering, launching and Operation
of the Project. Each Obligor hereby agrees to take the steps described in this Section&nbsp;9.1.28.1 with respect to all new or acquired
Intellectual Property to which it or any of its Subsidiaries is now or later becomes entitled that is necessary in or material to the
ownership, design, construction, delivering, launching and Operation of the Project.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.28.2
Acknowledges and agrees that the Lender shall have no duties with respect to any Intellectual Property of any Obligor. Without limiting
the generality of this Section&nbsp;9.1.28, each Obligor acknowledges and agrees that the Lender shall not be under any obligation to
take any steps necessary to preserve rights in the Collateral consisting of Intellectual Property against any other Person, but the Lender
may do so at its option from and after the occurrence and during the continuance of an Event of Default, and all expenses incurred in
connection therewith (including reasonable fees and expenses of attorneys and other professionals) shall be chargeable to the Borrower.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.28.3
On each date on which a Compliance Certificate is required to be delivered pursuant to Section&nbsp;9.2.1(iii) of this Agreement, the
Borrower shall provide the Lender with a written report of all new Registered Intellectual Property, including patents, trademarks and
copyrights that are registered or the subject of pending applications for registrations, and of all inbound Intellectual Property Licenses
that are necessary or material to the ownership, design, construction, delivering, launching and Operation of the Project, in each case,
which were acquired, registered, or for which applications for registration were filed by any Obligor during the fiscal period to which
such Compliance Certificate relates, and any statement of use or amendment to allege use filed in such period with respect to intent-to-use
trademark applications. In the case of any such registrations or applications therefor that were acquired by any Obligor and are necessary
or material to the ownership, design, construction, delivering, launching and Operation of the Project, each such Obligor shall promptly
file the necessary documents with the appropriate Governmental Authority identifying the applicable Obligor as the owner (or as a co-owner
thereof, if such is the case) of such Intellectual Property. In each of the foregoing cases, the applicable Obligor shall promptly, but
in any event within 30 days, after the Lender&rsquo;s request, cause to be prepared, executed, and delivered to Lender supplemental schedules
to the applicable Loan Documents to identify such Registered Intellectual Property, including patent, trademark and copyright registrations
and applications therefor (with the exception of trademark applications filed on an intent-to-use basis for which no statement of use
or amendment to allege use has been filed) and Intellectual Property Licenses as being subject to the security interests created under
the Loan Documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.28.4
Anything to the contrary in this Agreement notwithstanding, in no event shall any Obligor, either itself or through any mandatary, employee,
licensee, or designee, file an application for the registration of any copyright with any Intellectual Property office in the United
States or Canada without giving the Lender written notice thereof at least 5 Business Days prior to such filing and complying with Section&nbsp;9.1.28.1
and, if available, each such application for registration shall be filed on an &ldquo;expedited basis&rdquo;. Upon receipt from the applicable
Intellectual Property office of notice of registration of any copyright, each Obligor shall promptly (but in no event later than 5 Business
Days (or such longer period as agreed to by the Lender in writing in its sole discretion) following such receipt) notify the Lender of
such registration by delivering, or causing to be delivered, to the Lender, documentation sufficient for the Collateral Agent to perfect
or set up the Collateral Agent&rsquo;s Encumbrances on such copyright. If any Obligor acquires from any Person any copyright registered
with a Intellectual Property office in the United States or Canada or an application to register any copyright with any Intellectual
Property office in the United States or Canada, such Obligor shall promptly (but in no event later than 5 Business Days (or such longer
period as agreed to by the Lender in writing in its sole discretion) following such acquisition) notify the Lender of such acquisition
and deliver, or cause to be delivered, to the Lender, documentation sufficient for the Collateral Agent to perfect or set up the Collateral
Agent&rsquo;s Encumbrances on such copyright. In the case of such copyright registrations or applications therefor which were acquired
by any Obligor, each such Obligor shall promptly (but in no event later than 5 Business Days (or such longer period as agreed to by the
Lender in writing in its sole discretion) following such acquisition) file the necessary documents with the appropriate Governmental
Authority identifying the applicable Obligor as the owner (or as a co-owner thereof, if such is the case) of such copyrights.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.28.5
Each Obligor shall take reasonable steps to maintain the confidentiality of, and otherwise protect and enforce its rights in, the Intellectual
Property that is necessary in or material to the ownership, design, construction, delivering, launching and Operation of the Project,
including, as applicable (A)&nbsp;protecting the secrecy and confidentiality of its confidential information and trade secrets requiring
all current employees, consultants, licensees, vendors and contractors with access to such information to execute appropriate confidentiality
agreements, (B)&nbsp;taking actions reasonably necessary to ensure that no trade secret falls into the public domain, (C) implementing
industry standard security safeguards for its IT Systems to protect confidential information from authorized access, and (D)&nbsp;protecting
the secrecy and confidentiality of the source code of all software programs and applications of which it is the owner or licensee requiring
any licensees (or sublicensees) of such source code to enter into license agreements with commercially reasonable use and non-disclosure
restrictions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.28.6
All standard form contractor and employment agreements of the Obligors shall include industry standard Intellectual Property provisions
in favour of the Obligors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.29
<U>Personal Information</U>. Each Obligor and its Subsidiaries shall comply with applicable Privacy Laws in the course of collecting,
using and disclosing Personal Information. Each Obligor and its Subsidiaries shall protect and safeguard the Personal Information against
unauthorized collection, use or disclosure, as provided by applicable Privacy Laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.30
<U>Official Languages.</U> Agrees that any public acknowledgement of the Lender&rsquo;s public support for the Project will be expressed
in both official languages.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.31
<U>Integrity Requirements.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.31.1
In the promotion of activities under this Agreement and the Project, maintain ethical standards of business conduct, and shall not engage
in corrupt practices and will comply at all times with all Anti-Corruption Laws, conventions and treaties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.31.2
(i)&nbsp;Avoid any real and potential conflict of interest in the performance of its obligations under the Loan Documents and the Material
Project Contracts (provided that the Lender acknowledges that the Material Project Counterparty to the Telesat MSAs are members of the
Telesat Group and consents to the same); (ii)&nbsp;disclose to the Lender without delay any real and potential conflict of interest that
arises during the performance of its obligations under the Loan Documents and Material Project Contracts; and (iii)&nbsp;comply with
any reasonable requirements prescribed by the Lender to resolve any real and potential conflict of interest. For greater certainty, and
without limiting the generality of the foregoing, a conflict of interest includes a situation where anyone associated with the Obligors
owns or has an interest in an organization that is carrying out work related to the Project.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.31.3
Ensure that any equity holder in any of the Obligors, and to the Borrower&rsquo;s knowledge, any Material Project Counterparty undertaking
any part of the Project and any such Material Project Counterparty&rsquo;s Affiliates, directors, officers and employees are not persons
whose standing or activities (i)&nbsp;are inconsistent with the Lender&rsquo;s role and mandate; (ii)&nbsp;may compromise the reputation
or integrity of the Lender or government of Qu&eacute;bec; or (iii)&nbsp;are inconsistent with the nature of the Project, so as to negatively
affect public perception of the Project or have committed a Prohibited Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.31.4
In the event any Obligor breaches any of the provisions in Sections&nbsp;9.1.31.1, 9.1.31.2 or 9.1.31.3, such Obligor shall, within five
(5) Business Days of such breach, put forward a reasonable plan and schedule for diligently remedying such breach, which plan and schedule
shall specify in reasonable detail the manner in, and the latest date by, which such breach is proposed to be remedied (which may include
terminating the applicable subcontractor or other person who caused the breach), which date shall not be later than thirty (30) days
following the applicable breach, or if the applicable breach is not capable of being remedied in thirty (30) days then such longer period
as is acceptable to the Lender, acting reasonably. Thereafter, such Obligor shall achieve all elements of such plan and schedule in accordance
with its terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.32
<U>Post-Closing Security Deliverables</U>. Deliver to the Collateral Agent, in form and substance satisfactory to the Lender, each of
the items set forth on Schedule 9.1.32 attached hereto within the time periods set out therein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.33&nbsp;<U>Post-Closing
ESG Requirements</U>. Deliver to the Lender, in form and substance satisfactory to the Lender and the ESHS Consultant, each of the items
outlined in Schedule 9.1.33 attached hereto within the time periods set out in such Schedule 9.1.33.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.2</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Reporting
                                            Requirements</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">So
long as this Agreement is in force and except as otherwise permitted by the prior written consent of the Lender:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.2.1
Financial and Other Reporting</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Borrower will deliver to the Lender:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Annual
                                            Reports</U>. As soon as practical and in any event within 90&nbsp;days after the end of each
                                            Fiscal Year of the Borrower, a copy of the audited (without qualification) consolidated financial
                                            statements of the Borrower which will include the balance sheet and statements of income,
                                            retained earnings and changes in financial position, together with all supporting schedules,
                                            accompanied by&nbsp;an audit report of the Auditors, which report shall include an opinion
                                            of such Auditors which opinion shall not be qualified in any material respect and shall state
                                            that such financial statements were prepared in accordance with GAAP and that the audit by
                                            such Auditors in connection with such financial statements has been made in accordance with
                                            GAAP. The annual financial statements shall be accompanied by management&rsquo;s discussion
                                            and analysis in a form consistent with form 51-102F1 of National Instrument <I>51-102 &ndash;
                                            Continuous Disclosure Obligations</I>;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Quarterly
                                            Reports</U>. As soon as practicable and in any event within 45 days after the end of each
                                            Fiscal Quarter of the Borrower (other than the fourth Fiscal Quarter and beginning after
                                            the first full Fiscal Quarter completed after the Closing Date), a copy of the unaudited
                                            consolidated financial statements of the Borrower;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Compliance
                                            Certificate</U>. With each of the financial statements referred to in paragraphs&nbsp;(i)
                                            and (ii) above, a Compliance Certificate:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(A)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">demonstrating
                                            in reasonable detail compliance (showing all material calculations) with all financial covenants
                                            set out in Section&nbsp;9.3 of this Agreement;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(B)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">identifying
                                            any material financial events including, without limitation, Dispositions and Capital Expenditures;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(C)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">updating
                                            Schedules&nbsp;6.1.8, 6.1.10, 6.1.16, 6.1.17, 6.1.18, 6.1.20, 6.1.23, 6.1.24, 6.1.34 and
                                            6.1.37 as necessary;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(D)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">attaching
                                            a comparison of the results for the applicable period to the Project Budget or Operating
                                            Budget, as applicable, for the applicable period, including any relevant notes relating to
                                            key variances and extra-ordinary items; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(E)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">certifying
                                            and providing evidence that the Available Funding is sufficient to pay all Project Cost and
                                            to achieve the Initial Project Completion Date, and, for Compliance Certificates delivered
                                            after the Initial Project Completion Date, that the Borrower has sufficient funds from the
                                            Operations of the Project to pay all remaining direct and indirect costs in order to achieve
                                            Project Completion by the Outside Date.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Operating
                                            Budget</U>. Within 60&nbsp;days after the end of each Fiscal Year, an Operating Budget for
                                            the next Fiscal Year, together with a management discussion and comparison to past results.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Monthly
                                            Progress Reports.</U> Prior to the Project Completion Date, no later than twenty-one (21)
                                            days after the last day of each month and beginning after the first full month completed
                                            after the Closing Date, project progress reports from the Borrower (the &ldquo;<B>Monthly
                                            Progress Reports</B>&rdquo;), including:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(A)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">for
                                            all Monthly Progress Reports delivered prior to the Initial Project Completion Date, (i)&nbsp;estimate
                                            of the anticipated Initial Project Completion Date, (ii)&nbsp;a specific listing of Change
                                            Orders approved under the Project Contracts and reasons therefor and (iii)&nbsp;any occurrence
                                            that the Borrower is aware that could reasonably be expected to materially increase Project
                                            Costs or delay the Project Completion Date, in each case, in a manner inconsistent with the
                                            Project Budget and Project Schedule; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(B)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">for
                                            all Monthly Progress Reports delivered after the Initial Project Completion Date but prior
                                            to the Project Completion Date, (i)&nbsp;estimate of the anticipated Project Completion Date,
                                            (ii)&nbsp;a specific listing of Change Orders approved under the Project Contracts and reasons
                                            therefor and (iii)&nbsp;any occurrence that the Borrower is aware that could reasonably be
                                            expected to materially increase the costs to achieve the Project Completion Date or delay
                                            the Project Completion Date, in each case, in a manner inconsistent with the Project Budget
                                            and Project Schedule;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Borrower shall deliver each such Monthly Progress Report to the Technical Advisor concurrently with delivery thereof to the Lender.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Quarterly
                                            Progress Reports.</U> Prior to the Project Completion Date, no later than forty-five (45)
                                            days after the last day of each Fiscal Quarter, project progress reports from the Borrower
                                            (the &ldquo;<B>Quarterly Progress Reports</B>&rdquo; and collectively with the Monthly Progress
                                            Reports, the &ldquo;<B>Progress Reports</B>&rdquo;), including:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(A)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">for
                                            all Quarterly Progress Reports delivered prior to the Initial Project Completion Date, (i)
                                            estimate of anticipated Project Costs to achieve the Initial Project Completion Date (which
                                            will be confirmed by the Technical Advisor), (ii) aggregate amount of Project Costs spent
                                            to date, (iii) evidence of the Available Funding as of the date of such Progress Report,
                                            (iv) status of any pending material Permits set forth on Part II of Schedule 6.1.17, and
                                            (v) cumulative and physical progress and expenditure through the end of such Fiscal Quarter,
                                            together with a comparison of the same against the Project Budget and Project Schedule, provided
                                            that the Borrower&rsquo;s report shall set out the reasons for any variance between the actual
                                            expenditure through the end of the Fiscal Quarter and the Project Budget and Project Schedule;
                                            or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(B)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">for
                                            all Quarterly Progress Reports delivered after the Initial Project Completion Date but prior
                                            to the Project Completion Date, (i) estimate of anticipated remaining costs to achieve the
                                            Project Completion Date (which will be accompanied by written confirmation from the Technical
                                            Advisor that such information is correct and complete in all material respects), (ii) confirmation
                                            of the sources of funding available to satisfy the anticipated remaining costs to achieve
                                            the Project Completion Date and evidence thereof satisfactory to the Lender, (iii) status
                                            of any pending material Permits set forth on Part II of Schedule 6.1.17, and (iv) cumulative
                                            and physical progress and expenditure through the end of such Fiscal Quarter, together with
                                            a comparison of the same against the Project Budget and Project Schedule, provided that the
                                            Borrower&rsquo;s report shall set out the reasons for any variance between the actual expenditure
                                            through the end of the Fiscal Quarter and the Project Budget and Project Schedule.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Borrower shall deliver each such Quarterly Progress Report to the Technical Advisor concurrently with delivery thereof to the Lender.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(vii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Non-Consolidation
                                            Officer&rsquo;s Certificate</U>. Concurrently with the delivery of the financial statements
                                            referred to in (ii)&nbsp;above, an officer&rsquo;s certificate of the Borrower confirming
                                            (A)&nbsp;that there have been no adverse changes to any of the facts set out in the officer&rsquo;s
                                            certificate of the Borrower delivered on the Closing Date in connection with the Non-Consolidation
                                            Opinions, and (B)&nbsp;the Borrower is in compliance with all Separateness Covenants.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(viii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Board
                                            Packages</U>. As may be requested by the Lender, promptly and in any event within three (3)
                                            Business Days of any Board meeting, a copy of any Board Materials with respect to the Borrower
                                            delivered to the Board, or any committee thereof, provided that, any information in such
                                            materials that is protected by confidentiality (as shall be reasonably demonstrated by the
                                            Borrower to the Lender) shall be redacted.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ix)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Excess
                                            Cash Flow Certificate. </U>As soon as practical and in any event by no later than the last
                                            Business Day of the first Fiscal Quarter after each applicable Fiscal Year of the Borrower
                                            pursuant to Section 5.2.5, a completed Excess Cash Flow Certificate setting out the Excess
                                            Cash Flow for such applicable Fiscal Year.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(x)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted
                                            &ndash; commercially sensitive information].</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(xi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Other
                                            Information</U>. Promptly deliver to the Lender (i)&nbsp;such reporting, documents and information
                                            required by the Covenant Agreement, including without limitation, the annual audit report
                                            required thereunder assessing the Borrower&rsquo;s and the Telesat Parent&rsquo;s compliance
                                            with the Benefit to Qu&eacute;bec Covenants and confirming the Borrower&rsquo;s compliance
                                            with all financial covenants set out in Section&nbsp;9.3 of this Agreement and, if applicable,
                                            its obligation to pay Excess Cash Flow Prepayment Amount set out in Section&nbsp;5.2.5 of
                                            this Agreement, (ii) such information relating to the business, liabilities, operations,
                                            results of operations, assets or prospects of the Obligors or the Project and compliance
                                            by the Obligors with their obligations under the Loan Documents as the Lender may reasonably
                                            request from time to time, (iii) such information relating to the business, liabilities,
                                            operations, results of operations, assets or prospects of any member of the Telesat Group
                                            as the Lender may reasonably request from time to time and that, in the opinion of the Lender,
                                            is relevant to the Project, including the ownership of the Borrower or any Obligor, and (iv)
                                            such other materials as agreed to by the Lender and the Borrower from time to time.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.2.2
<U>Notice of Certain Events</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Borrower will promptly notify the Lender in writing of:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            Event of Default or any Default;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a
                                            SpaceX Event of Default, an MDA Event of Default, or any Event of Default or any Default
                                            under any Pari Passu Financing Documents;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            litigation, action, suit or proceeding that would reasonably be expected to result in expenses,
                                            liabilities or obligations of any Obligor in excess of $[redacted &ndash; commercially sensitive
                                            information] individually or in excess of $[redacted &ndash; commercially sensitive information]
                                            in the aggregate and the occurrence or non-occurrence of any material change or event relating
                                            thereto;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            termination, breach or receipt of written allegation of a material breach by any party or
                                            any material dispute under&nbsp;any Material Project Contract or Permit, and provide the
                                            Lender with copies of all material information relating to any of the foregoing;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            assignment, transfer or conveyance, or notice of any proposed assignment, transfer or conveyance,
                                            by a Material Project Counterparty to any other Person of its rights or obligations under
                                            any Material Project Contract to which it is a party;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            Change of Control or proposed Change of Control;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(vii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            &ldquo;Force Majeure&rdquo; under any Material Project Contract;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(viii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            cancellation or material change in the terms, coverages or amounts of any Required Insurance;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ix)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            event or circumstance constituting or that would reasonably be considered to constitute a
                                            Force Majeure that adversely affects the Project which would reasonably be expected to have
                                            a Material Adverse Effect;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(x)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            material notices, requests, directives or written communication relating to the Project received
                                            by an Obligor from any Governmental Authority;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(xi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            initiation of any expropriation proceedings involving the Project or any portion thereof;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(xii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            fact, circumstance, condition or occurrence at, on, or arising from, the Immovable Property
                                            Interests that results in material violation of any Environmental Law;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(xiii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            disclosure by any Obligor to or access given by any Obligor to any Person of confidential
                                            information or trade secrets used in, necessary for or material to the design, development,
                                            construction, installation, launch, commercialization, ownership and Operation of the Project,
                                            other than under an appropriate confidentiality or nondisclosure agreement or contractual
                                            provision relating to confidentiality and nondisclosure;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(xiv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            event or circumstance giving rise to the Borrower&rsquo;s obligation to make any mandatory
                                            prepayment under this Agreement or the Canada Loan Agreement, or any request received by
                                            the Borrower from the Canada Lender to make any mandatory prepayment under the Canada Loan
                                            Agreement and in each case, specifying the amount of such mandatory prepayment;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(xv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            voluntary prepayment under the Canada Loan Agreement that the Borrower intends to make and
                                            specifying the amount of such voluntary prepayment;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(xvi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            reduction of the commitment or cancellation of a portion of the commitment under the Canada
                                            Loan Agreement that the Borrower intends to request and specifying the amount of such reduction
                                            or cancellation, as applicable; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(xvii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            other information relating to an Obligor, the Project that the Lender may reasonably require
                                            in connection with the financial condition, business, property and operations of the Obligors
                                            or the Project.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.2.3
<U>Notices Under Material Project Contracts</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Borrower will promptly notify the Lender in writing of:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any
                                            Obligor being provided with a notice of a default with respect to any Material Project Contract,
                                            the Borrower shall provide as soon as reasonably possible thereafter, a copy of such notice
                                            to the Lender with a description of the applicable default and a report indicating the status
                                            of such default and the steps taken and to be taken (as applicable) to cure such default.
                                            If such default is not cured within 10 Business Days after the receipt by such Obligor of
                                            such default notice, the Borrower will so advise the Lender and thereafter will, in consultation
                                            with the Lender and the Technical Advisor, attempt to cure such default within the then remaining
                                            cure period available to the Obligor under the applicable agreement;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">milestones
                                            achieved or expected milestones not achieved under any Material Project Contract;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            insurance claims in excess of $1,000,000 either individually or in the aggregate;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            claim, demand, request, order, directive, judgment, notice, requirement, instruction, determination
                                            or suit, whether brought or threatened arising from or in relation to any Environmental Liability
                                            which has or would reasonably be expected to have a Material Adverse Effect;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">to
                                            the extent that there are events of material non-compliance with Environmental Law during
                                            a Fiscal Quarter which do not require notification under paragraph&nbsp;9.2.3(iv) above,
                                            the Borrower will provide to the Lender a report of such events at the same time as the Compliance
                                            Certificate under&nbsp;9.2.1(iii) above;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            intentional withholding of material compensation to any Material Project Counterparty under
                                            any Material Project Contract other than any holdback required to be made under the terms
                                            of such Material Project Contract or under any applicable Law;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(vii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">upon
                                            request, copies of all &ldquo;management letters&rdquo; or other material letters submitted
                                            by its Auditors in connection with the audited financial statements described in Section&nbsp;9.2.1
                                            raising issues associated with the audit of the Borrower;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(viii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a
                                            copy of any notice of default, event of default or non-compliance which is executed by, sent
                                            or received by the Borrower in connection with any Permitted Debt; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ix)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            event or circumstance that would reasonably be expected to have a Material Adverse Effect.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.3</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Financial
                                            Covenants</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Until
the full and final payment of the Obligations and the termination of this Agreement, the Borrower will ensure that it will:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.3.1
<U>Total Net Leverage Ratio</U>. Maintain at all times a Total Net Leverage Ratio, tested quarterly on that last day of each Fiscal Quarter,
of not more than the ratio listed opposite the applicable Fiscal Quarter set out in the table below:</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif">For the Fiscal Quarter ending 12 months after the
    Initial Project Completion Date</FONT></TD>
    <TD STYLE="width: 20%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.25:1.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">For the Fiscal Quarter ending 15 months after the Initial Project Completion
    Date</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.50:1.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">For the Fiscal Quarter ending 18 months after the Initial Project Completion
    Date</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.00:1.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">For the Fiscal Quarter ending 21 months after the Initial Project Completion
    Date</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.00:1.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">For the Fiscal Quarter ending 24 months after the Initial Project Completion
    Date and every Fiscal Quarter thereafter</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.50:1.00</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.3.2
<U>Minimum Liquidity</U>. Maintain at all times minimum Liquidity of not less than $100,000,000.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Negative
                                            Covenants</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Each
Obligor hereby covenants and agrees that, except as otherwise permitted by the prior written consent of the Lender, each Obligor will
not and will cause each of its respective Subsidiaries, as applicable, not to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.1
<U>Fundamental Changes</U>. Enter into any corporate (or other analogous) transaction (or series of transactions), whether by way of
arrangement, reorganization, consolidation, liquidation, amalgamation, merger or otherwise whereby all or substantially all of its undertaking
and assets would become the property of any other Person or, in the case of any amalgamation, the property of the continuing corporation
resulting from the amalgamation, or sell, lease or dispose of all or substantially all its assets, except for such transactions as are
among (i)&nbsp;the Borrower and any Subsidiary where the Borrower is the surviving entity or where all of such assets are transferred
to the Borrower, or (ii)&nbsp;the Guarantors (other than Telesat LEO Parent), if in each case, at the time of and immediately after giving
effect to such transaction (a)&nbsp;no Event of Default has occurred and be continuing, and (b)&nbsp;the Borrower delivers such documents
to the Lender as may be required by the Lender to confirm all of its Obligations under the Loan Documents and such other certificates
and opinions as may be required by the Lender.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.2
<U>Use of Funds</U>. The Borrower shall not use the proceeds of any Advance to [redacted &ndash; commercially sensitive information].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.3
<U>Debt</U>. Create, incur, assume, guarantee, suffer, permit to exist or otherwise become liable for any Debt, other than Permitted
Debt, provided that at the time of any incurrence of Permitted Debt, no Default or Event of Default (i)&nbsp;exists under this Agreement
or any other Loan Documents or (ii)&nbsp;will occur as a result of the issuance of such Permitted Debt.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.4
<U>Encumbrances</U>. Create, incur or otherwise permit to exist any Encumbrances on any of its Property, other than Permitted Encumbrances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.5
<U>Non-Consolidation</U>. Take any actions which would reasonably be expected to result in the Obligors being consolidated with any other
entity in any Insolvency Event or Insolvency Proceedings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.6
<U>Financial Assistance</U>. Permit any Obligor to become a &ldquo;Restricted Subsidiary&rdquo; under (or become otherwise liable for)
any part of the Telesat Canada Senior Debt or to provide any Financial Assistance to any Person other than a Guarantor (other than Telesat
LEO Parent).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.7
<U>Other Business</U>. Enter into any line of business other than the ownership, design, construction, testing, delivery, installation,
launch, Operation and/or maintenance of the Project, and the commercialization of the Project, and in the case of Telesat LEO Parent,
acting as the holding company of the Borrower.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.8
<U>Fiscal Year</U>. Change its Fiscal Year without the prior written consent of the Lender, not to be unreasonably withheld.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.9
<U>Dispositions</U>. Directly or indirectly consummate any Disposition other than any Permitted Disposition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.10
<U>Distributions</U>. Make any Distribution other than a Permitted Distributions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.11
<U>No Change in Project, Etc. </U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.11.1
Make or permit to be made any material change in the scope, design or nature of the Project or materially expand the Project; provided
that the Borrower may make or permit any such changes or expansions that do not: (i)&nbsp; in the aggregate, impair or delay the satisfaction
of the requirements for Project Completion, (ii)&nbsp;reduce the predicted capacity of the Project (defined here as the simulated throughput
of the full constellation of [redacted &ndash; commercially sensitive information] satellites, assuming that all satellites are fully
operational at the beginning of life, and while addressing the Financial Model), below [redacted &ndash; commercially sensitive information]
terabits per second, (iii) contravene the terms of the Covenant Agreement, and (iv)&nbsp;otherwise materially adversely affect any Permit,
the Material Project Contracts or the economic viability or performance of the Project; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.11.2
invest in, undertake, participate in or carry on any business or operations other than those related or ancillary, directly or indirectly,
to the Project.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.12
<U>[Redacted &ndash; commercially sensitive information] Plan under the MDA Agreement.</U> Enter into any [redacted &ndash; commercially
sensitive information] Plan (each as defined in the MDA Agreement) unless the Technical Advisor has reviewed any such Plan and the Lender,
in consultation with the Technical Advisor, has provided its approval in respect thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.13
<U>Amendment to Material Project Contracts</U>. Modify, supplement, amend, alter, repudiate, extend, replace, terminate, release, vary
or waive any default under, any Material Project Contract to which it is a party, exercise or omit to exercise any discretion under any
Material Project Contract or permit or consent to a change or cause or permit any material amendment, modification or variance to any
of the foregoing without the prior written consent of the Lender (in consultation with the Technical Advisor, as required) other than:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.13.1
routine or administrative modifications, or amendments to cure defective provisions which could not reasonably be expected to have a
Material Adverse Effect or otherwise be adverse to the interests of the Lender, which shall not require the consent or other approval
of the Lender;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.13.2
Change Orders that will not:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">together
                                            with all previous Change Orders under all Material Project Contracts, increase the Project
                                            Costs (i) by more than $[redacted &ndash; commercially sensitive information] (or such larger
                                            amount as consented to by the Lender from time to time) in the aggregate for the Project
                                            or (ii) to an amount that exceeds the Available Funding;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">or
                                            could not reasonably be expected to permit or result in any material adverse modification
                                            of, or impair the enforceability of any warranty under any Material Project Contract;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">or
                                            could not reasonably be expected to materially impair or reduce the ability of the Project
                                            to meet the Financial Model;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">be
                                            prohibited under any other Material Project Contract or could reasonably be expected to materially
                                            diminish the obligation of any Material Project Counterparty or the Obligors; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">or
                                            could not reasonably be expected to present a significant risk of the revocation, suspension,
                                            cancellation or material adverse modification of any Direct Agreement,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">provided
that, notwithstanding the above, the MDA Agreement may not be modified, supplemented, amended, altered, repudiated, extended, replaced,
terminated, released, varied or waived in any manner (except for a waiver which will not cause the Project to exceed the Project Budget
or the Initial Outside Date) without the prior written consent of the Lender.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.14
<U>Financing Documents</U>. Notwithstanding Section&nbsp;9.4.13, (i)&nbsp;modify, supplement, amend, alter, repudiate, extend, replace,
terminate, release, vary or waive any default under any of the Pari Passu Financing Documents ([redacted &ndash; commercially sensitive
information]) including, without limitation, any existing security or guarantees delivered to the Lender and the Pari Passu Secured Parties
(or any of them) on or prior to the Closing Date, or (ii)&nbsp;provide any additional security to the Lender and the Pari Passu Secured
Parties (or any of them) or cause any other Person to guarantee the Borrower&rsquo;s obligations to the Lender and the Pari Passu Secured
Parties (or any of them).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.15
<U>Material Project Contract Assignment</U>. Consent to the assignment by the Material Project Counterparty of any Material Project Contract
without Lender&rsquo;s consent, not to be unreasonably withheld.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.16
<U>No New Material Project Contracts</U>. None of the Obligors shall enter into any Additional Material Project Contracts without the
prior written consent of the Lender, provided that the consent of the Lender shall not be required with respect to an Additional Material
Project Contract if:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">it
                                            is in compliance with Sections 6.1.14, 9.1.21, and 9.1.23;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            aggregate consideration payable to the counterparty thereunder is less than US$[redacted
                                            &ndash; commercially sensitive information] in the aggregate over the term of such Additional
                                            Material Project Contract;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">it
                                            is entered into with a reputable and qualified Material Project Counterparty; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">is
                                            upon reasonable, customary and market terms that, when taken together with all other Material
                                            Project Contracts, will not cause the Project to exceed the Project Budget or the Initial
                                            Outside Date;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">as
confirmed, in (b) through (d) above by the Technical Advisor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.17
<U>Restrictive Agreements</U>. Other than this Agreement and the Pari Passu Financing Documents, enter into any agreement that would
limit its ability to effect any dividends or distributions or that would limit the ability of any Obligor to perform its obligations
under any Loan Document.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.18
<U>Amendments to Organizational Documents</U>. Amend any of its Organizational Documents in a manner that would be prejudicial to the
interests of the Lender under the Loan Documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.19
<U>Limitations on Name Change, Location of Assets, Jurisdiction of Incorporation or Formation and Chief Executive Office or Registered
Office</U>. Without providing the Lender with at least ten (10) Business Days prior written notice:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.19.1
change its name;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.19.2
change its jurisdiction of incorporation or formation, the laws governing its constating documents, or the statute under which it is
created or organized;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.19.3
change the jurisdiction in which its chief executive office or registered office is located; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.19.4
permit its corporeal Property to be located in any jurisdiction in which the Collateral Agent has not registered, perfected or set up
the security interests created by the Security Documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.20
<U>Non-Arm&rsquo;s Length Transactions</U>. Enter into any material transaction with parties with whom it does not deal at Arm&rsquo;s
Length, other than the transactions contemplated by the Telesat MSAs, unless (i) such transaction contains terms no less favourable to
such Obligor than those that would be included in an Arm&rsquo;s Length transaction entered into by a prudent Person with a non-affiliated
third party and (ii) the Lender shall have consented to such transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.21
<U>Abandonment</U>. Permit or cause an Event of Abandonment to occur, provided that shutdown or cessation of operation in the ordinary
course of business or due to construction scheduling or as a result of a casualty or for maintenance or repair shall not constitute abandonment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.22
<U>Settlement of Claims</U>. Settle or consent to any settlement by an Obligor of (a)&nbsp;any liquidated damages Claim or warranty Claim
or litigation in relation to the Project or any of its properties or assets individually in an amount greater than $[redacted &ndash;
commercially sensitive information], or (b)&nbsp;any liquidated damages Claims or warranty Claims or litigation in relation to the Project
or any of its properties or assets, in the aggregate, in an amount greater than $[redacted &ndash; commercially sensitive information]
in any rolling five year period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.23
<U>Bank Accounts</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.23.1
Open or maintain any bank accounts, other than the Collateral Accounts, unless the Borrower provides notice to the Lender and a Blocked
Account Agreement with respect to such bank account in form and substance satisfactory to the Lender, contemporaneously with the opening
of such bank account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.23.2
No Excluded Subsidiary shall maintain balances in excess of (i) $1,000,000 in the aggregate, or (ii) such higher amount as may be requested
by the Borrower from time to time and approved by the Lender in its sole and absolute discretion, in bank accounts held by such Excluded
Subsidiary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.23.3
Telesat US Services shall ensure that the amount of cash or Cash Equivalents held by it in any bank accounts shall not, at any time,
exceed US$[redacted &ndash; commercially sensitive information] in the aggregate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.24
<U>Hedge Agreements</U>. Enter into or permit to be outstanding at any time any Hedge Agreement unless such Hedge Agreement is a Permitted
Hedge Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.25
<U>Investments</U>. Make or permit to remain outstanding any Investments other than (i)&nbsp;Investments by an Obligor in another Obligor,
(ii)&nbsp;Cash Equivalents, (iii) Investments made after the Project Completion Date from Residual Excess Cash Flow, provided that the
aggregate amount of such Investments shall not exceed $[redacted &ndash; commercially sensitive information] over the term of this Agreement
and subject to the security requirements in Article&nbsp;7, and (iv) Investments by any Obligor in the Excluded Subsidiaries to fund
the Excluded Subsidiaries&rsquo; operating expenses and liabilities, provided that the aggregate amount of such Investments shall not
exceed $[redacted &ndash; commercially sensitive information] in any Fiscal Year (inclusive of any Permitted Distribution made by any
Obligor to the Excluded Subsidiaries).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.26
<U>Equity Issuances</U>. [Redacted &ndash; commercially sensitive information].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.27
<U>Subsidiaries</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.27.1
Other than the Subsidiaries in existence on the Closing Date, it will not form, own or have any Subsidiaries or otherwise own beneficially
on behalf of another as mandatary, an ownership interest in any Person, will not become a partner in any partnership or joint venture,
or enter into any profit-sharing or royalty agreement or similar arrangement whereby such Person&rsquo;s income or profits are shared
with any other Person, unless such Subsidiary is wholly-owned and, if or when such Subsidiary becomes a Material Subsidiary, such Subsidiary
becomes an Obligor hereunder in accordance with Section 7.8.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.27.2
Permit (i) the aggregate total assets of all Excluded Subsidiaries (including their respective consolidated subsidiaries) to have a book
value equal to or exceeding 7% of the Borrower&rsquo;s total assets, (ii) the aggregate gross annual operating income of all Excluded
Subsidiaries (including their respective consolidated subsidiaries) to be equal to or exceed 7% of the Borrower&rsquo;s gross annual
consolidated operating income in the year for which the Borrower&rsquo;s most recent consolidated financial statements were prepared.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.28
<U>Excluded Subsidiaries Shares</U>. Permit the Equity Interests of any Excluded Subsidiary to be certificated unless such Equity Interests
are delivered to the Collateral Agent within five (5) Business Days of such certification.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.29
<U>Immovable Property Interests</U>. Permit the discharge, transfer or postponement of any instrument registered against title to the
Immovable Property Interests.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.30
<U>Sale and Lease-Backs</U>. Directly or indirectly, become or remain liable as lessee or as a guarantor or other surety with respect
to any lease, whether an operating lease or Capitalized Lease of any property (whether immovable, movable or mixed), whether now owned
or hereafter acquired, (a)&nbsp;which it has sold or transferred or is to sell or transfer to any other Person or (b)&nbsp;which it intends
to use for substantially the same purpose as any other property which has been or is to be sold or transferred by it to any Person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4.31
<U>[Redacted &ndash; commercially sensitive information].</U> Directly or indirectly, make a decision about, take action on or implement
any changes to (i) the annual compensation (or any component thereof) of any of the named executive officers of the Borrower, any Obligor
or Telesat Parent that would be prohibited by the [redacted &ndash; commercially sensitive information], or (ii) any of the Executive
Compensation Restrictions set out in the [redacted &ndash; commercially sensitive information].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Lender
                                            May Perform Covenants.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
any Obligor shall fail to perform or observe any covenant or obligation on its part contained herein (including, for greater certainty,
the failure to cause the performance or observance by any Subsidiary thereof) or in any other Loan Document, the Lender may, in its sole
discretion acting reasonably, perform (or cause to be performed) any of the said covenants or obligations capable of being performed
by the Lender and, if any such covenant or obligation requires the payment or expenditure of money, the Lender may make such payment
or expenditures with its own funds or with money borrowed for that purpose (but the Lender shall be under no obligation to do so); provided
that the Lender shall first have provided written notice of its intention to the Borrower and a reasonable opportunity (not to exceed
five days, or such longer period as the Lender shall approve) to cure the failure. All amounts paid by the Lender pursuant to this Section&nbsp;9.5
shall be repaid by the Borrower to the Lender on demand therefor, shall form part of the Obligations and shall be secured by the Security
Documents. No payment or performance under this Section&nbsp;9.5 shall relieve the Borrower from any Event of Default.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Article&nbsp;10<BR>
DEFAULT</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.1</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Events
                                            of Default</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
occurrence of any one or more of the following events (each such event being herein referred to as an &ldquo;<B>Event of Default</B>&rdquo;)
will constitute a default under this Agreement:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            the Borrower fails to make when due, whether by acceleration or otherwise, any payment of
                                            principal required to be made under this Agreement or any other Loan Document; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            the Borrower fails to make when due, whether by acceleration or otherwise, (i)&nbsp;any payment
                                            of interest, or (ii)&nbsp;any payment of fees or costs or any other amount payable under
                                            this Agreement or any other Loan Document, and, in each case, that failure continues for
                                            three (3) Business Days after the due date thereof; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            any Obligor fails to perform or observe:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            term, condition, covenant or undertaking contained in Section&nbsp;9.3 or Section&nbsp;9.4;
                                            or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            other term, condition, covenant or undertaking contained in any Loan Document on its part
                                            to be observed or performed which is not otherwise specifically addressed in this Section&nbsp;10.1
                                            and that failure, if capable of being remedied, is not remedied within ten (10) Business
                                            Days after the earlier of (i) any Obligor obtaining knowledge thereof and (ii) notice thereof
                                            to the Borrower or such Obligor by the Lender, provided that (i) during such ten (10) Business
                                            Day period the applicable Obligor is proceeding diligently and in good faith to remedy such
                                            breach and (ii) such cure period shall not apply to any Benefit to Qu&eacute;bec Event of
                                            Default; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            any representation, warranty or statement which is made by the Borrower or any other Obligor
                                            in any Loan Document or which is contained in any certificate, written statement or written
                                            notice provided under or in connection with any Loan Document is untrue or incorrect when
                                            made or deemed to be made, except if, within thirty (30) days of the date on which any Obligor
                                            has knowledge of such representation, warranty or statement being untrue or misleading and
                                            is susceptible of being address or cured to the Lender&rsquo;s satisfaction, such Obligor
                                            eliminates or otherwise corrects such representation, warranty or statement; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            any Benefit to Qu&eacute;bec Event of Default occurs and the Lender has issued a Benefit
                                            to Qu&eacute;bec Default Notice; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            there has occurred a Material Adverse Effect; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            a SpaceX Event of Default, MDA Event of Default, or &ldquo;Event of Default&rdquo; (or similar
                                            term) (as defined in the Strategic Innovation Fund Agreement, the Funding Agreement or any
                                            Pari Passu Financing Document) occurs; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            any of the MDA Agreement or Launch Agreements is transferred, assigned or otherwise conveyed
                                            by the applicable Core Material Project Counterparty to any other Person and the Borrower
                                            or applicable Obligor consents to such transfer, assignment or conveyance and releases such
                                            Core Material Project Counterparty from its obligations under such Core Material Project
                                            Contract without the consent of the Lender or if such an assignment, transfer or conveyance
                                            occurs without the consent of the Borrower or applicable Obligor and by operation of law
                                            such Core Material Project Counterparty is released from its obligations under such Core
                                            Material Project Contract; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">until
                                            such time that the Borrower is an Independent Entity, if any &ldquo;Event of Default&rdquo;
                                            (or similar term) as defined in the Telesat Canada Senior Debt occurs; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            the Borrower fails to issue common shares when required under any Warrant Agreement, fails
                                            to pay when due the amount owing to the Lender upon exercise of the Cash Settlement Option
                                            under, and as defined in, the Warrant Agreement or fails to deliver any other proceeds to
                                            which the holder of the Warrants is entitled pursuant to the Warrant Agreement; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(k)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(A)&nbsp;any
                                            of the Security Documents (once executed and delivered) in any material respect fails to
                                            provide the Lender the Encumbrances, rights, titles, interests, remedies, powers or privileges,
                                            intended to be created thereby, or ceases to be in full force and effect, or the validity
                                            thereof or the applicability thereof to the Loan Facility or any other obligations purported
                                            to be secured or guaranteed thereby or any part thereof is disaffirmed by or on behalf of
                                            any Obligor or any other party thereto, or (B)&nbsp;the Encumbrances, rights, titles, interests,
                                            remedies, powers or privileges by the Security Documents otherwise cease to be first ranking
                                            security interests in favour of the Collateral Agent (subject to Permitted Encumbrances)
                                            on behalf of the Lender, and the applicable Obligor has failed to cure such default within
                                            seven (7) days of becoming aware of such fact, provided that such seven (7) day cure period
                                            shall not apply if a Material Adverse Effect shall have occurred during such period or in
                                            the case of any disaffirmation by any Obligor; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(l)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            any Obligor (i)&nbsp;fails to make any payment when such payment is due and payable to any
                                            Person in relation to any Debt (other than the Obligations or the Pari Passu Financing Documents)
                                            that in the aggregate principal amount then outstanding is in excess of $[redacted &ndash;
                                            commercially sensitive information]; or (ii)&nbsp;defaults in the observance or performance
                                            of any other agreement or condition in relation to any such Debt or contained in any instrument
                                            or agreement evidencing, securing or relating thereto and such default or other condition
                                            has not been remedied within any applicable grace period, or any other event occurs or condition
                                            exists, the effect of which default or other condition, if not remedied within any applicable
                                            grace period, would be to cause, or to permit the holder of such Debt then to declare, such
                                            Debt to become due prior to its stated maturity date; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(m)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">an
                                            Insolvency Event occurs in respect of the Borrower or any other Obligor (other than an immaterial
                                            Subsidiary);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(n)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">until
                                            such time that the Borrower is an Independent Entity, a Telesat Canada Insolvency Event occurs
                                            in respect of any member of the Telesat Group (other than an immaterial Subsidiary);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(o)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            an order of substantive consolidation affecting any of the Obligors is made by any court
                                            of competent jurisdiction; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(p)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            any Obligor denies any of its obligations under any Loan Document or claims any of the Loan
                                            Documents or any provisions thereof to be invalid or withdrawn in whole or in part; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(q)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            this Agreement or any of the other Loan Documents or any material provision of any of them
                                            becomes unenforceable, unlawful or is changed by virtue of legislation, by Governmental Authority
                                            or by order or judgment of a court of competent jurisdiction, and the Borrower or applicable
                                            Obligor does not, within seven (7) Business Days of receipt by the Borrower from the Lender
                                            of notice of such Loan Document or material provision becoming unenforceable, unlawful or
                                            being changed and being provided with any required new agreement or amendment for execution,
                                            replace such Loan Document with a new agreement that is in form and substance satisfactory
                                            to the Lender or amend such Loan Document to the satisfaction of the Lender; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(r)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            any secured creditor, encumbrancer or lienor, or any trustee, interim receiver, receiver,
                                            receiver and manager, administrative receiver, mandatary, bailiff or other similar official
                                            appointed by any secured creditor, encumbrancer or lienor, takes possession of, forecloses,
                                            seizes, retains, sells or otherwise disposes of, or otherwise proceeds to enforce security
                                            over, any part of the assets of the Borrower or any other Obligor or gives notice of its
                                            intention to do any of the foregoing; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(s)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            a final judgment or decree for the payment of money due has been obtained or entered against
                                            any Obligor in an amount, when combined with any other such judgment or decrees, is in an
                                            amount in excess of $[redacted &ndash; commercially sensitive information], and within 30
                                            days thereof, such judgment or decree has not been vacated, discharged or stayed pending
                                            appeal or the Borrower or such Obligor has not demonstrated to the satisfaction of the Lender
                                            that it has the financial ability to satisfy such judgement or decree without adversely affecting
                                            in any material way the Obligor&rsquo;s ability to perform its obligations under the Loan
                                            Documents; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(t)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            a Change of Control occurs; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(u)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            the Initial Project Completion Date has not occurred on or prior to the Initial Outside Date
                                            or the Project Completion Date has not occurred on or prior to the Outside Date, in each
                                            case unless agreed to in writing by the Lender; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            any party to a Launch Agreement or the MDA Agreement breaches any term thereof and such breach
                                            is not remedied or fully mitigated within the Applicable Cure Period, if any; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(w)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            party to a Core Material Project Contract, other than the ones referred to in Section 10.1(v),
                                            breaches any term thereof and such breach is not remedied or fully mitigated within the Applicable
                                            Cure Period, if any, unless within [redacted &ndash; commercially sensitive information]
                                            of such breach the Borrower cures such breach or replaces the applicable Core Material Project
                                            Contract with a Permitted Replacement Contract, provided that if such breach is incapable
                                            of being cured within such period and the Borrower is diligently pursuing the cure of such
                                            breach or the replacement of such Core Material Project Contract during such period, then
                                            such [redacted &ndash; commercially sensitive information] day period shall be extended by
                                            the Lender for an additional [redacted &ndash; commercially sensitive information] days;
                                            or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(x)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">before
                                            the Project Completion Date, if any Material Project Contract (other than a Core Material
                                            Project Contract) or any material provision thereof is repudiated, becomes unenforceable
                                            or terminated prior to its scheduled termination unless the Borrower cures such event or
                                            replaces the applicable Material Project Contract with a Permitted Replacement Contract within
                                            [redacted &ndash; commercially sensitive information] days, provided that if such Material
                                            Project Contract is incapable of being cured or replaced within the initial [redacted &ndash;
                                            commercially sensitive information] day period and the Borrower is diligently pursuing the
                                            curing or replacement of such Material Project Contract during such period, then such [redacted
                                            &ndash; commercially sensitive information] day period shall be extended by the Lender for
                                            an additional [redacted &ndash; commercially sensitive information] days; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(y)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">after
                                            the Project Completion Date, if any Material Project Contract (other than a Core Material
                                            Project Contract) or any material provision thereof is repudiated, becomes unenforceable
                                            or terminated prior to its scheduled termination unless the Borrower replaces the applicable
                                            Material Project Contract with a Permitted Replacement Contract within [redacted &ndash;
                                            commercially sensitive information] days, provided that if such Material Project Contract
                                            is incapable of being replaced within the initial [redacted &ndash; commercially sensitive
                                            information] day period and the Borrower is diligently pursuing the replacement of such Material
                                            Project Contract during such period, then such [redacted &ndash; commercially sensitive information]
                                            day period shall be extended by the Lender for an additional [redacted &ndash; commercially
                                            sensitive information] days; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(z)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            occurrence of a &ldquo;<B>Major Counterparty Insolvency Event</B>&rdquo;, which means any
                                            of the following events as they may apply to a Core Material Project Contract Counterparty
                                            (in each case for so long as they have any material outstanding obligations, including any
                                            warranty obligations, damages or other termination liabilities) under the applicable Core
                                            Material Project Contract (in this definition, a &ldquo;<B>Major Counterparty</B>&rdquo;)
                                            namely:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a
                                            Major Counterparty shall generally not pay its debts as such debts become due, or shall admit
                                            in writing its inability to pay its debts generally, or shall make a general assignment for
                                            the benefit of creditors;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            proceeding shall be instituted by or against a Major Counterparty seeking to adjudicate it
                                            a bankrupt or insolvent, or seeking liquidation, winding-up, reorganization, arrangement
                                            adjustment, protection, relief or composition of it or its debts under any Insolvency Legislation,
                                            or seeking the entry of an order for relief or the appointment of a Receiver for it or for
                                            any substantial part of its property, including without limitation any such proceeding under
                                            the <I>Companies&rsquo; Creditors Arrangement Act</I> (Canada) and, in the case of any such
                                            proceeding instituted against a Major Counterparty (but not instituted by such Major Counterparty),
                                            either such proceeding shall remain undismissed or unstayed for a period of forty-five (45)&nbsp;days
                                            or any of the actions sought in such proceeding (including without limitation the entry of
                                            an order for relief or the appointment of a receiver or trustee or other similar official
                                            for it or for any substantial part of its property) shall occur; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a
                                            Major Counterparty shall take any action to authorize any of the actions set forth above;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">provided
that in the even of any such occurrence in respect of a Major Counterparty, other than [redacted &ndash; commercially sensitive information],
if the Borrower has failed to replace the applicable Core Material Project Contract with a Permitted Replacement Contract and a new Major
Counterparty within [redacted &ndash; commercially sensitive information] days of such Major Counterparty Insolvency Event; and further
provided that if such Core Material Project Contract and new Major Counterparty is incapable of being replaced within the initial [redacted
&ndash; commercially sensitive information] day period and the Borrower is diligently pursuing the replacement of such Core Material
Project Contract and such new Major Counterparty during such period, then such [redacted &ndash; commercially sensitive information]
period shall be extended by the Lender for an additional [redacted &ndash; commercially sensitive information] days; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(aa)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            any Core Material Project Contract ([redacted &ndash; commercially sensitive information])
                                            is transferred, assigned or otherwise conveyed by the Core Material Project Counterparty
                                            to any other Person and the Borrower or applicable Obligor consents to such transfer, assignment
                                            or conveyance and releases such Core Material Project Counterparty from its obligations under
                                            such Core Material Project Contract without the consent of the Lender or if such an assignment,
                                            transfer or conveyance occurs without the consent of the Borrower or applicable Obligor and
                                            by operation of law such Core Material Project Counterparty is released from its obligations
                                            under such Core Material Project Contract; provided that if such Core Material Project Contract
                                            is incapable of being replaced within the initial [redacted &ndash; commercially sensitive
                                            information] day period and the Borrower is diligently pursuing the replacement of such Core
                                            Material Project Contract during such period, then such [redacted &ndash; commercially sensitive
                                            information] day period shall be extended by the Lender for an additional [redacted &ndash;
                                            commercially sensitive information] days; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(bb)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            any Permit necessary to construct or Operate the Project has been modified, revoked, withdrawn
                                            or not obtained and such modification, revocation, withdrawal or failure to obtain such Permit
                                            would reasonably be expected to have a Material Adverse Effect, provided however, that the
                                            foregoing shall not result in an Event of Default if the Borrower diligently pursues and
                                            obtains a replacement of such Permit within [redacted &ndash; commercially sensitive information]
                                            days after such material modification, revocation, withdrawal or failure to obtain such Permit,
                                            which [redacted &ndash; commercially sensitive information] day period will be extended for
                                            another [redacted &ndash; commercially sensitive information]days if the Borrower is working
                                            diligently and in good faith to obtain or replace such Permit during such [redacted &ndash;
                                            commercially sensitive information] day period and no Material Adverse Effect would reasonably
                                            be expected to occur as a result of such additional [redacted &ndash; commercially sensitive
                                            information] day period; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(cc)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            failure of a Material Project Counterparty to obtain a Third Party Permit or to obtain a
                                            Third Party Permit in a timely manner if the failure to so obtain such Third Party Permit
                                            would reasonably be expected to either (a)&nbsp;have a Material Adverse Effect, or (b)&nbsp;cause
                                            a delay such that Initial Project Completion Date would not reasonably be expected to occur
                                            on or prior to the Initial Outside Date, or the Project Completion Date would not reasonably
                                            be expected to occur on or prior to the Outside Date; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(dd)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">in
                                            the event of loss or damage to the Project resulting in insurance proceeds of more than $[redacted
                                            &ndash; commercially sensitive information], the insurance proceeds, together with other
                                            available funds held or arranged by the Borrower (and which sources of funds, in the case
                                            of funds arranged and not yet held by the Borrower, are acceptable to the Lender, in its
                                            discretion) are not sufficient to repair, rebuild or replace the damage or destruction in
                                            respect of which the insurance proceeds are payable, unless within [redacted &ndash; commercially
                                            sensitive information]&nbsp;days after written notice thereof has been given to the Borrower
                                            by the Lender:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Borrower eliminates the shortfall; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">initiates
                                            a review by the Technical Advisor and the Technical Advisor provides an opinion that the
                                            repair, rebuilding or replacement can be completed with the Insurance proceeds and other
                                            funds held or arranged by the Borrower (including the Loan Facility), including the contingency,
                                            the sources of which are acceptable to the Lender, in its discretion; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ee)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Borrower or any Obligor, as applicable, shall voluntarily cease all or substantially all
                                            activities:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">in
                                            the design, development, construction, installation, launch, commercialization or start-up
                                            of the Project for [redacted &ndash; commercially sensitive information] days prior to the
                                            Project Completion Date; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">in
                                            the Operation of the Project for [redacted &ndash; commercially sensitive information] days
                                            following the Project Completion Date; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ff)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            introduction of or change in the interpretation or application of, or any revocation or replacement
                                            of any Applicable Law has occurred which, in any case is likely to materially adversely affect
                                            the ability of any Obligor to meet its obligations under any Loan Document or Material Project
                                            Contract; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(gg)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            in the opinion of the Lender, acting reasonably, after consultation with the Technical Advisor,
                                            the amount of Project Costs projected to be incurred in achieving the Initial Project Completion
                                            Date, is expected to exceed the Available Funding; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(hh)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            an Event of Abandonment occurs.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.2</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Acceleration
                                            and Enforcement</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
any Event of Default occurs and is continuing (other than with respect to an Event of Default described in Section 10.1(e) to which Section
10.3 applies), the Lender will have no further obligation to make Advances to the Borrower and the outstanding principal amount of all
Advances and all other Obligations will, upon demand made by the Lender, become immediately due and payable with interest thereon at
the rate or rates determined as herein provided, to the date of actual payment thereof, all without notice, presentment, protest, additional
demand, notice of dishonour or any other demand or notice whatsoever, all of which are hereby expressly waived by the Borrower, the Loan
Facility will be terminated and Lender may take any such action as is required to protect the interests of the Lender in and to any portion
of the assets or undertaking subject to the Encumbrance granted pursuant to the Security Documents; provided, if any Event of Default
described in Section&nbsp;10.1(l) through Section 10.1(o) occurs, the Loan Facility (if not theretofore terminated) will automatically
terminate and the outstanding principal amount of all Advances and all other Obligations will automatically be and become immediately
due and payable, all without notice, presentment, protest, additional demand, notice of dishonour or any other demand or notice whatsoever,
all of which are hereby expressly waived by the Borrower. In such event, the Lender may, in its discretion, exercise any right or recourse
and/or proceed by any action, suit, remedy or proceeding against any of the Obligors and to protect the interest of the Lender in and
to any portion of the assets or undertaking subject to the Encumbrance granted pursuant to the Security Documents to the extent authorized
or permitted by law for the recovery of all the Obligations 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.3</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Remedies
                                            with respect to Defaults under Covenant Agreement</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
a Benefit to Qu&eacute;bec Event of Default described in Section&nbsp;10.1(e) above occurs and is continuing, the Lender may exercise
one or more of the remedies set out in Article 3 of the Covenant Agreement, including for certainty increasing the Applicable Margin
in accordance with the terms of the Covenant Agreement and/or declaring all Obligations hereunder to be immediately due and payable in
accordance with the provisions of Section 10.2 above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.4</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Remedies
                                            Cumulative and Waivers</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
greater certainty, it is expressly understood and agreed that the respective rights and remedies of the Lender hereunder or under the
Security Documents or any other Loan Document or instrument executed pursuant to this Agreement are cumulative and are in addition to
and not in substitution for any rights or remedies provided by law or by equity; and any single or partial exercise by the Lender of
any right or remedy for a default or breach of any term, covenant, condition or agreement contained in this Agreement, the Security Documents
or other Loan Document or other instrument executed pursuant to this Agreement will not be deemed to be a waiver of or alter, affect
or prejudice any other right or remedy or other rights or remedies to which the Lender may be lawfully entitled for such default or breach.
Any waiver by the Lender of the strict observance, performance or compliance with any term, covenant, condition or other matter contained
herein, any Security Documents or in any other Loan Document and any indulgence granted, by the Lender will not be established by conduct,
custom or course of dealing and will occur, if applicable, solely by an instrument in writing duly executed by the Lender.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.5</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Termination
                                            of Lender&rsquo;s Obligations</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
occurrence of an Event of Default that has not been waived by the Lender will relieve the Lender of all obligations to provide any further
Advances hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.6</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Perform
                                            Obligations</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
an Event of Default has occurred and is continuing and if the Borrower has failed to perform any covenant or agreement in the Loan Documents,
the Lender, may, but will be under no obligation to, perform any such covenant or agreement in any manner deemed fit by the Lender without
thereby waiving any rights to enforce the Loan Documents. The reasonable expenses (including any legal costs) paid by the Lender in respect
of the foregoing will be included as an Obligation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.7</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Third
                                            Parties</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
Person dealing with the Lender or any mandatary of the Lender will be concerned to inquire whether the powers which the Lender is purporting
to exercise have been exercisable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Article&nbsp;11<BR>
COSTS, EXPENSES AND INDEMNIFICATION</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.1</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Costs
                                            and Expenses</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.1.1
The Borrower will pay, promptly upon notice from the Lender, all reasonable costs and expenses of the Lender in connection with the preparation,
execution and delivery of this Agreement and the other documents to be delivered hereunder, and the administration of the Loan up to
and including the later of: (i) the Maturity Date and (ii) the irrevocable payment in full of the Obligations (including for certainty
expenses of the Lender under any services agreements between the Lender and any Lender Affiliate and costs and expenses incurred by the
Lender under any financing provided to the Lender in connection with this Agreement) whether or not any Advance has been made hereunder,
including without limitation, the reasonable fees and out-of-pocket expenses of Lender&rsquo;s Counsel with respect thereto and with
respect to advising the Lender as to its rights and responsibilities under this Agreement and the other Loan Documents and the reasonable
fees and out-of-pocket expenses of any advisors to the Lender (including for certainty any financial advisor, legal advisor, investment
bank, accounting firm and other Advisor).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.1.2
The Borrower acknowledges and agrees that the Lender has earned an examination fee for the Loan Facility in the amount of $[redacted
&ndash; commercially sensitive information] and that such fee is fully earned upon signature of this Agreement, shall not be refundable
for any reason whatsoever. The examination fee shall be payable directly from the proceeds of the initial Advance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.1.3
To the extent not already provided for in Section 11.1.1 above, the Borrower further agrees to pay all reasonable out-of-pocket costs
and expenses of the Lender and any of its advisors (including for certainty any financial advisor, legal advisor, investment bank, accounting
firm and other Advisor) in connection with (i) the preparation or review of waivers, consents, amendments and other similar documentation
requested by the Borrower, (ii) questions relating to the administration or interpretation of this Agreement and the other Loan Documents,
and (iii) the establishment of the validity and enforceability of this Agreement and the other Loan Documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.1.4
To the extent not already provided for in Sections 11.1.1 and 11.1.3 above, the Borrower further agrees to pay all costs and expenses
of the Lender and any of its advisors (including for certainty any financial advisor, legal advisor, investment bank, accounting firm
and other Advisor) in connection with (i) the preservation or enforcement of rights of the Lender under this Agreement and other Loan
Documents, (ii) the exercise of any right or remedy of any nature or kind contained herein or in any Loan Document including, without
limitation, all reasonable costs and expenses sustained by the Lender as a result of any failure by the Obligors to perform or observe
any of their obligations hereunder, and (iii) any prospective or actual Insolvency Event by or in respect of the Obligors and/or the
Telesat Group.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.2</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Indemnification
                                            by the Borrower</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.2.1
The Borrower shall indemnify the Lender and each Related Party of the Lender (each such Person being called an &ldquo;<B>Indemnitee</B>&rdquo;)
against, and hold each Indemnitee harmless from, any and all claims suffered or incurred by any Indemnitee or asserted against any Indemnitee
by any third party or by the Borrower arising out of, in connection with, or as a result of (i)&nbsp;the execution or delivery of this
Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance or non-performance
by the Borrower of its obligations hereunder or thereunder or the consummation or non-consummation of the transactions contemplated hereby
or thereby, (ii)&nbsp;any Advance or the use or proposed use of the proceeds therefrom, or (iii)&nbsp;any actual or prospective Claim
relating to any of the foregoing, whether based on contract, extra-contractual liability or any other theory, whether brought by a third
party or by the Borrower and regardless of whether any Indemnitee is a party thereto, provided that such indemnity shall not, as to any
Indemnitee, be available to the extent that such claims (x)&nbsp;are determined by a court of competent jurisdiction by final and non-appealable
judgment to have resulted from the negligence, criminal acts or omissions or wilful misconduct of such Indemnitee or (y)&nbsp;result
from a claim brought by the Borrower against an Indemnitee for breach of such Indemnitee&rsquo;s obligations hereunder or under any other
Loan Document, if the Borrower has obtained a final and non-appealable judgment in its favour relating to such claim as determined by
a court of competent jurisdiction, nor shall it be available in respect of matters specifically addressed in Sections&nbsp;11.1,&nbsp;12.1
and 12.2.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.2.2
A certificate of the Lender as to the amount of any such loss or expense will be <I>prima&nbsp;facie</I> evidence as to the amount thereof,
in the absence of manifest error. The agreements in this Section will survive the termination of this Agreement and repayment of the
Obligations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.3</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Specific
                                            Environmental Indemnification</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Borrower will defend and indemnify the Lender (and its Related Parties) and hold each of them harmless at all times from and against
any and all costs, losses, damages, expenses, judgments, suits, claims, awards, fines, sanctions and liabilities whatsoever (including
any reasonable out-of-pocket costs or expenses for preparing any necessary environmental assessment report or other such other reports)
by a third party against the Lender (and its Related Parties) or any of them related to or as a result of (i)&nbsp;any Release of any
Hazardous Materials in connection with the property or business of the Borrower or its Subsidiaries; and (ii)&nbsp;the remedial actions
(if any) taken by the Lender, in respect of such Release; or (iii)&nbsp;a failure by Borrower or its Subsidiaries to comply with Environmental
Law. The Borrower will have the sole right, at its expense, to control any such legal action or claim and to settle on terms and conditions
approved by the Borrower and approved by the party named in such legal action or claim of the Lender, provided that, if, in the opinion
of the Lender, the interests of the Lender, as applicable, are different from those of the Borrower in connection with such legal action
or claim, the Lender will have the sole right, at the Borrower&rsquo;s expense, to defend its own interests, provided that any settlement
of such legal action or claim will be on terms and conditions approved by the Borrower, acting reasonably. If the Borrower does not defend
the legal action or claim, the Lender will have the right to do so on its own behalf and on behalf of the Borrower, as the case may be,
at the expense of the Borrower. The defence and indemnity obligations contained throughout this Agreement will survive the termination
of this Agreement and repayment of the Obligations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.4</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Limitation
                                            of Liability</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.4.1
The Lender&rsquo;s liability to the Borrower and the other Obligors under this Agreement shall be strictly limited to its obligation
to make Advances to the Borrower under the Loan Facility on the terms and conditions set out in this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.4.2
To the fullest extent permitted by Applicable Laws, the Borrower shall not assert, and hereby waives, any claim against each Indemnitee,
on any theory of liability, for indirect, consequential, punitive, aggravated or exemplary damages (as opposed to direct damages) arising
out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby
(or any breach thereof), the transactions contemplated hereby or thereby, any Advance or the use of the proceeds thereof. No Indemnitee
shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it
through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan
Documents or the transactions contemplated hereby or thereby, provided such information or materials are distributed by such Indemnitee
in accordance with the provisions of this Agreement or any other Loan Document.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Article&nbsp;12<BR>
INCREASED COSTS AND TAXES</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.1</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Increased
                                            Costs</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.1.1
If any Change in Applicable Laws shall:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.1.1.1
impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets
of, deposits with or for the account of, or credit extended or participated in by, the Lender;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.1.1.2
subjects the Lender or cause the withdrawal or termination of a previously granted exemption with respect to, any Taxes or changes the
basis of taxation of payments due to the Lender or increases any existing Taxes on payments of amounts owing to the Lender (other than
(i)&nbsp;Taxes in respect of which additional amounts or indemnity payments are required to be paid pursuant to Section&nbsp;12.2, (ii)&nbsp;net
income, capital gain, franchise or branch Taxes described in Section&nbsp;(a) of the definition of Excluded Taxes, and (iii)&nbsp;Taxes
described in Section&nbsp;(b) of the definition of Excluded Taxes); or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.1.1.3
impose on the Lender or any applicable interbank market any other condition, cost or expense affecting this Agreement or Advances made
by the Lender;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">and
the result of any of the foregoing shall be to increase the cost to the Lender of making or maintaining any Advances (or of maintaining
its obligation to make any such Advance), or to reduce the amount of any sum received or receivable by the Lender hereunder (whether
of principal, interest or any other amount), then, upon request of the Lender, and subject to the Lender providing the certificate referred
to in Section&nbsp;12.1.2, the Borrower will pay to the Lender such additional amount or amounts as will compensate the Lender for such
additional costs incurred or reduction suffered.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.1.2
A certificate of the Lender delivered to the Borrower setting forth the amount or amounts necessary to compensate the Lender as specified
in Subsections&nbsp;12.1.1 (&ldquo;<B>Additional Compensation</B>&rdquo;), including a description of the event by reason of which it
believes it is entitled to such compensation, and supplying reasonable supporting evidence (including, in the event of a Change in Applicable
Laws, a photocopy of the Applicable Laws evidencing such change) and reasonable detail of the basis of calculation of the amount or amounts,
shall be conclusive evidence of the Lender&rsquo;s entitlement to such compensation and the amount thereof, absent manifest error. The
Borrower shall pay the Lender the amount shown as due on any such certificate within ten (10) Business Days after receipt thereof. In
the event the Lender subsequently recovers all or part of the Additional Compensation paid by the Borrower, it shall promptly repay an
equal amount to the Borrower. The obligation to pay such Additional Compensation for subsequent periods will continue until the earlier
of change in capital requirement or the lapse or cessation of the Change in Applicable Laws giving rise to the initial Additional Compensation.
The Lender shall make reasonable efforts to limit the incidence of any such Additional Compensation and seek recovery for the account
of the Borrower upon the Borrower&rsquo;s request at the Borrower&rsquo;s expense, provided the Lender in its reasonable determination
suffers no appreciable economic, legal or regulatory disadvantage and provided that the affected Lender shall not be required to make
available its tax returns (or any other information that it deems confidential) to the Borrower or any other Person or to arrange its
affairs in any particular manner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.1.3
Failure or delay on the part of the Lender to demand compensation pursuant to this Section shall not constitute a waiver of the Lender&rsquo;s
right to demand such compensation, except that the Borrower shall not be required to compensate the Lender pursuant to this Section for
any increased costs incurred or reductions suffered more than nine (9) months prior to the date that the Lender notifies the Borrower
of the Change in Applicable Laws giving rise to such increased costs or reductions and of the Lender&rsquo;s intention to claim compensation
therefor, unless the Change in Applicable Laws giving rise to such increased costs or reductions is retroactive, in which case the nine-month
period referred to above shall be extended to include the period of retroactive effect thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.2</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Taxes</FONT></TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.2.1
All payments by or on account of any obligation of the Borrower or any other Obligor hereunder or under any other Loan Document (in respect
of principal, interest or otherwise) shall be made in full without set off or counterclaim, and free of and without deduction or withholding
for any present or future Taxes, other than as required by Applicable Laws or administrative practice or policy of any applicable taxing
authority. If the Borrower, any Obligor or the Lender is required by Applicable Law or administrative practice or policy of any applicable
taxing authority to deduct or pay any Indemnified Taxes (including any Other Taxes) in respect of any payment by or on account of any
obligation of the Borrower or any other Obligor hereunder or under any other Loan Document, then (i)&nbsp;the sum payable shall be increased
by the Borrower or the applicable Obligor when payable as necessary so that after making or allowing for all required deductions and
payments (including withholding and deductions of Indemnified Taxes and Other Taxes applicable to additional sums payable under this
Section) the Lender receives an amount equal to the sum that would have been received had no such deductions or payments been required,
(ii)&nbsp;the applicable Obligor shall make any such deductions required to be made by it under Applicable Laws, and (iii)&nbsp;the applicable
Obligor shall timely pay the full amount required to be deducted to the relevant Governmental Authority in accordance with Applicable
Laws.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.2.2
Without limiting the provisions of Subsection&nbsp;12.2.1 above, the Obligors shall timely pay any Other Taxes to the relevant Governmental
Authority in accordance with Applicable Law, provided, however, that it will not be required to pay or discharge or to cause to be paid
or discharged any such amount so long as the validity or amount thereof is being contested in good faith by appropriate proceedings and
an adequate reserve in accordance with GAAP has been established in its books and records.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.2.3
The Borrower shall indemnify the Lender within thirty (30) days after written demand therefor, for the full amount of any Indemnified
Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this
Section) paid by the Lender and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or
not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate
as to the amount of such payment or liability delivered to the Borrower by the Lender shall be conclusive, absent manifest error. In
the event the Lender determines, in its sole discretion, that it has subsequently recovered all or part of the payment made under this
Section paid by the Borrower, it shall promptly repay an amount equal to the after-Tax amount of such recovery to the Borrower (provided
the Borrower agrees to repay the amount should any recovery be subsequently challenged or reversed by a Governmental Authority), provided
that the Lender shall not be required to make available its tax returns (or any other information that it deems confidential) to the
Borrower or any other Person or to arrange its affairs in any particular manner.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.2.4
As soon as practicable after any payment of Indemnified Taxes or Other Taxes by an Obligor to a Governmental Authority, the Borrower
shall deliver to the Lender the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment,
a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Lender.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.2.5
The Lender shall deliver to the Borrower, within the time reasonably requested by the Borrower, any form or document that may be reasonably
requested in writing by the Borrower or that may reasonably be required under the laws of the jurisdiction in which the Borrower is located
or any treaty to which such jurisdiction is a party, to allow the Borrower to make a payment under this Agreement without any deduction
or withholding for or on account of any Tax or with such deduction or withholding at a reduced rate, provided that the Lender is legally
entitled to complete, execute and deliver such documentation and in the Lender&rsquo;s judgment such completion, execution or submission
would not be in contravention of Applicable Laws or materially prejudice the Tax or commercial position of the Lender.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.2.6
If a payment made to the Lender under any Loan Document would be subject to 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 Code, as applicable),
the Lender shall deliver to the Borrower at the time or times prescribed by Law and at such time or times reasonably requested by the
Borrower such documentation prescribed by applicable Law (including as prescribed by section 1471(b)(3)(C)(i) of the Code) and such additional
documentation reasonably requested by the Borrower as may be necessary for the Borrower to comply with their obligations under FATCA
and to determine whether the Lender has complied with the Lender&rsquo;s obligations under FATCA or to determine the amount to deduct
and withhold from such payment. Solely for the purposes of this section of the Agreement, &ldquo;FATCA&rdquo; shall include any amendments
made to FATCA after the date of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Article&nbsp;13<BR>
BOARD OBSERVER RIGHTS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.1</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Observer
                                            Rights</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.1.1
The Borrower hereby grants to the Lender, the option and right, at any time and from time to time, provided that at such time there are
Obligations outstanding and/or the Lender or any Eligible Assignee is the holder of Warrants or common shares arising from the exercise
of the Warrants, to appoint a representative (the &ldquo;<B>Observer</B>&rdquo;) to attend in a non-voting, observer capacity, meetings
(including telephonic or videoconference meetings and meetings held in executive session) of the Board and any committees of the Board
(the &ldquo;<B>Committees</B>&rdquo;). The Observer may participate fully in discussions of all matters brought to the Board or Committee,
as the case may be, for consideration, but in no event shall the Observer (i)&nbsp;be deemed to be a member of the Board or any Committee;
(ii)&nbsp;without limitation of the obligations expressly set forth in this Article&nbsp;13, have or be deemed to have, or otherwise
be subject to, any duties (fiduciary or otherwise) to the Borrower or its shareholders; or (iii)&nbsp;have the right to propose or offer
any motions or resolutions to the Board or Committees. Upon request, the Borrower shall allow the Observer to attend Board or Committee
meetings by telephone, videoconference or other electronic communication.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.1.2
The Borrower shall provide to the Observer copies of all notices, minutes, consents, reports and other materials that it provides to
Board or Committee members, including any draft versions, proposed written consents, and exhibits and annexes to any such materials,
at the same time and in the same manner as such information is delivered to the Board or Committee members, whether delivered in advance
of, at or between meetings of the Board or Committee, as the case may be. Collectively, the information and materials referred to in
this Section&nbsp;13.1.2 are referred to as &ldquo;<B>Board Materials</B>&rdquo;. In the event that there is no Observer present at any
meetings of the Board or a Committee or the Lender has not appointed an Observer, the Borrower shall promptly and in any event within
three Business Days of any meetings of the Board or a Committee, provide the relevant Board Materials to the Lender.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.1.3
The Observer shall be entitled to receive, concurrently with the members of the Board (or a Committee thereof), notice of the intended
date, time and agenda of any meeting of the Board (or a Committee thereof) and copies of any Board Materials to be considered at such
meeting, but shall have no right to vote as a Director with respect to any matter. Notwithstanding anything herein to the contrary, the
Board (or a Committee thereof), in its reasonable discretion, may exclude the Observer from access to any Board Materials, meeting or
portion thereof if the Board concludes, acting reasonably and in good faith, that (i)&nbsp;such exclusion is reasonably necessary to
preserve the solicitor-client or litigation privilege between the Borrower and its counsel (provided that any such exclusion shall only
apply to such portion of such material or meeting which would be required to preserve such privilege); (ii)&nbsp;such Board Materials
or discussion relates directly to the Borrower&rsquo;s relationship, contractual or otherwise, with the Lender or any actual or potential
transactions between or involving the Borrower and the Lender; or (iii)&nbsp;such exclusion is necessary to avoid disclosure that is
restricted by any agreement to which the Borrower is a party or otherwise bound prior to the date of this Agreement (provided that (i)
the Borrower shall use commercially reasonable efforts to obtain consent to disclosure that is restricted by any such written agreement
and (ii) with respect to any written agreement entered into after the Closing Date, the Corporation shall use commercially reasonable
efforts to include terms that would allow the access contemplated by this Section 13.1.3).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.1.4
The parties agree that neither the Borrower nor any member of the Board or Committee shall be entitled to rely on any statements or views
expressed by the Observer in any Board or Committee meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.1.5
The Observer shall have the right to nominate a replacement Observer from time to time by delivery of written notice to the chairperson
of the Board; provided, that the Chairperson of the Board must receive such replacement notice at least five (5) days prior to a meeting
of the Board (or a Committee thereof) if any such replacement Observer is to be entitled to observe such meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.2</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Confidential
                                            Information</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.2.1
At the request of the Borrower, the Observer (other than employees or consultants of the Lender, if such employees or consultants are
already subject to confidentiality obligations with the Lender) shall execute a confidentiality agreement in a form and substance satisfactory
to the Board acting reasonably.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.2.2
The Borrower consents to the disclosure by the Observer to the Lender of the Board Information (as defined below), subject to the Lender&rsquo;s
obligations under Section&nbsp;13.2.3.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.2.3
The Lender acknowledges the confidential nature of the financial, operational and other information, reports and data to be provided
to the Observer pursuant to this Article&nbsp;13 (the &ldquo;<B>Board Information</B>&rdquo;) and agrees to hold, and to cause the Observer
to hold, the Information in confidence and to use, and to cause the Observer to use, the information only for purposes of the transactions
contemplated by the Loan Documents and monitoring and dealing with the Lender&rsquo;s rights thereunder and not to discuss or disclose
or allow access to, or transfer or transmit the Board Information to any Person, provided however that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.2.3.1
each of the Lender and the Observer may disclose all or any part of the Board Information if such disclosure is required by any Applicable
Law, including without limitation as required by the Access to Information Act or the <I>Act respecting access to documents held by public
bodies and the protection of personal information</I> (Qu&eacute;bec), to the extent of such requirement, or is required in connection
with any actual judicial, administrative or governmental proceeding, including, without limitation, proceedings initiated under or in
respect of this Agreement, provided that in any such circumstance the Lender and the Observer, as soon as reasonably practicable, will
advise the Borrower, unless prohibited by Applicable Law, of their obligation to disclose such Board Information in order to enable the
Borrower, if it so chooses, to attempt to ensure that any such disclosure is made on a confidential basis;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.2.3.2
each of the Lender and the Observer may disclose Board Information to each other, and to their respective counsel, affiliates (which
for greater certainty, includes, in the case of the Lender, the Lender Affiliates), mandataries, auditors, employees and advisors, provided
that the Person to whom the disclosure is made is informed of the confidential nature of such information and instructed to keep such
information confidential and to use the information only for the purposes set forth herein;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.2.3.3
each of the Lender and the Observer may disclose all or any part of the Board Information so as to enable the Lender or the Observer
to initiate any lawsuit against the Borrower or to defend any lawsuit commenced by the Borrower in respect of this Agreement, the issues
of which are directly or indirectly related to the Board Information, but only to the extent such disclosure is necessary or desirable
to the initiation or defence of such lawsuit;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.2.3.4
each of the Lender and the Observer may disclose Board Information to any Person with the prior written consent of the Borrower.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.2.4
Notwithstanding the foregoing, &ldquo;Board Information&rdquo; will not include any such information:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.2.4.1
which is or becomes readily available to the public (other than by a breach hereof) or which has been made readily available to the public
by the Borrower;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.2.4.2
which the Lender or the Observer can show was, prior to receipt thereof from the Borrower, lawfully in the Lender&rsquo;s or the Observer&rsquo;s
possession and not then subject to any obligation on its part to or for the benefit of the Borrower to maintain confidentiality;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.2.4.3
which the Lender or the Observer received from a third party, prior to receipt thereof from the Borrower, which was not, to the knowledge
of the Lender or the Observer after due enquiry, subject to a duty of confidentiality to or for the benefit of the Borrower at the time
the Board Information was so received; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.2.4.4
which the Lender or the Observer can show was, prior to receipt thereof from the Borrower, independently developed by the Lender or the
Observer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.3</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Expenses</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Borrower agrees to reimburse Lender promptly for reasonable out-of-pocket expenses incurred in connection with the Observer&rsquo;s attendance
at Board and Committee meetings; provided that all reimbursements payable by the Borrower under this Section&nbsp;13.3 shall be payable
in accordance with and subject to the Borrower&rsquo;s policies and practices with respect to director expense reimbursement then in
effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.4</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Indemnification;
                                            Advancement of Expenses</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.4.1
The Observer shall be entitled to advancement of expenses and rights to indemnification from the Borrower to the same extent provided
by the Borrower to its directors under the articles and by-laws of the Borrower as in effect on the date hereof or in the future (where
entitlements to advancement of expenses and rights to indemnification have been expanded in the future beyond what is provided for in
the articles and by-laws of the Borrower as in effect on the date hereof) and any indemnity agreement provided by the Borrower to any
of its directors in effect on the date hereof or in the future (where no such indemnity agreement is in effect on the date hereof or
where entitlements to advancement of expenses and rights to indemnification have been expanded in the future beyond what is provided
for in any indemnity agreement in effect on the date hereof). The Borrower acknowledges and agrees that the foregoing rights to indemnification
and advancement of expenses constitute third-party rights extended to the Observer by the Borrower and do not constitute rights to indemnification
or advancement of expenses as a result of the Observer serving as a director, officer, employee or mandatary of the Borrower. For greater
certainty, any restrictions under law on advancement of expenses and indemnification provided by the Borrower to its directors (including
where such restriction has been incorporated into the Organizational Documents of the Borrower or any indemnification agreement) shall
not apply to the entitlement to the advancement of expenses and rights to indemnification provided to the Observer hereunder except as
required by law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.4.2
During the period of an Observer&rsquo;s appointment hereunder, and thereafter for the duration of the applicable statute of limitations,
the Borrower shall cause to be maintained in effect a policy of liability insurance coverage for such Observer against liability that
may be asserted against or incurred by them in their capacity as an Observer which is equivalent in scope and amount to that provided
to the directors of the Borrower.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.5</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Assignment
                                            of Observer Right</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
an assignment of all, but not less than all, of the Lender&rsquo;s rights and obligations under this Agreement, the Lender will have
the discretionary right to assign its rights under this Article&nbsp;13 to the assignee under this Agreement. No such assignment will
be effective unless the assignee agrees in writing to be subject to and bound by all the terms and conditions of this Agreement. For
greater certainty, an assignment of less than all of the Lender&rsquo;s rights and obligations under this Agreement will not or otherwise
impair the Lender&rsquo;s rights under this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Article&nbsp;14<BR>
SUCCESSORS AND ASSIGNS AND ADDITIONAL LENDERS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.1</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Successors
                                            and Assigns</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.1.1
This Agreement and the other Loan Documents will be binding upon and enure to the benefit of the parties hereto and thereto and their
successors and any Assignee or transferee of some or all of the parties&rsquo; rights and obligations under this Agreement and the other
Loan Documents as permitted under this Section&nbsp;14.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.1.2
No Obligor shall assign or transfer all or any part of its rights or obligations under this Agreement or any other Loan Document without
the prior written consent of the Lender (which consent may be arbitrarily withheld).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.1.3
The Lender (an &ldquo;<B>Assignor</B>&rdquo;) may assign or transfer all or part of its rights in respect of the Loan Facility and the
Loan Documents to, and may have its corresponding obligations in respect thereof assumed by, any other Person (an &ldquo;<B>Assignee</B>&rdquo;)
at such times and upon such terms as it may deem fit, provided that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            the Assignee is an Eligible Assignee, no consent of the Borrower shall be required;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            the Assignee is not an Eligible Assignee, at any time prior to the occurrence of a Default
                                            or Event of Default that is continuing, the Borrower shall have provided its written consent
                                            to such assignment (which consent may not be unreasonably withheld);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">in
                                            all cases, the Assignor, the Assignee and the Borrower (if the consent of the Borrower is
                                            required) shall enter into an assignment and assumption agreement (the &ldquo;<B>Assignment
                                            Agreement</B>&rdquo;), substantially in the form of Schedule I, whereby, <I>inter alia,</I>
                                            the Assignee agrees to be bound by this Agreement and all Loan Documents relating to the
                                            obligations of the Lender in the place and stead of the Assignor to the extent that the rights
                                            and obligations of the Assignor have been assigned to and assumed by the Assignee;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">in
                                            all cases, upon execution of the Assignment Agreement by the Assignor, the Assignee and (if
                                            the consent of the Borrower is required) the Borrower, the assignment or transfer to the
                                            Assignee shall be effective upon the date provided in the Assignment Agreement, and the Assignee
                                            shall thereafter be and be treated as a Lender for all purposes of this Agreement and the
                                            other Loan Documents and shall be entitled to the full benefit hereof and thereof to the
                                            extent of such benefits as are transferred to it by the Assignor and subject to the obligations
                                            of the Assignor to the same extent as if the Assignee were an original party in respect of
                                            the rights and obligations transferred to and assumed by it, and the Assignor in respect
                                            of such assignment shall be released and discharged accordingly, other than in respect of
                                            claims of the Borrower against the Assignor relating to events or circumstances arising prior
                                            to such assignment, and all references to &ldquo;Lender&rdquo; hereunder shall be deemed
                                            to include the Assignee.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.1.4
The Borrower hereby consents to the disclosure of any Information to any potential lender, provided that the potential lender agrees
in writing to keep the Information confidential as required pursuant to Section&nbsp;15.1 hereof and to return or destroy such Information
if it does not become a Lender.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Article&nbsp;15<BR>
GENERAL</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.1</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Exchange
                                            and Confidentiality of Information</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.1.1
Without limiting the Lender&rsquo;s right to make public disclosure as provided in Section 15.17.2, the Lender acknowledges the confidential
nature of the financial, operational and other information, reports and data provided and to be provided to it by the Borrower pursuant
to this Agreement (the &ldquo;<B>Information</B>&rdquo;) and agrees to hold the Information in confidence and will not discuss or disclose
or allow access to, or transfer or transmit the Information to any Person, provided however that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Lender may disclose Information to the Lender Affiliates, financing sources and investors
                                            and to any permitted Assignees or Participants and to their respective counsel, agents, auditors,
                                            employees and advisors, provided that the Person to whom the disclosure is made is informed
                                            of the confidential nature of such Information and instructed to keep such information confidential;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Lender may disclose and discuss the Information with credit officers of any potential permitted
                                            Assignees for the purposes of assignment pursuant to Section&nbsp;14.1, provided that the
                                            Person to whom the disclosure is made is informed of the confidential nature of such information
                                            and instructed to keep such information confidential;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Lender may disclose all or any part of the Information on a confidential basis to any direct
                                            or indirect contractual counterparty or prospective counterparty to a Hedge Agreement, credit
                                            linked note or similar transaction, or such contractual counterparties&rsquo; or prospective
                                            counterparties&rsquo; professional advisors, provided that the Person to whom the disclosure
                                            is made is informed of the confidential nature of such information and instructed to keep
                                            such information confidential;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Lender may disclose all or any part of the Information so as to enable the Lender to initiate
                                            any lawsuit against the Borrower or to defend any lawsuit commenced by the Borrower in respect
                                            of the Loan Documents, the issues of which are directly or indirectly related to the Information,
                                            but only to the extent such disclosure is necessary or desirable to the initiation or defence
                                            of such lawsuit;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Lender may disclose all or any part of the Information on a confidential basis, with the
                                            prior written consent of the Borrower, to any insurance or re-insurance company for the purpose
                                            of obtaining insurance in respect of the Loan Facility, provided that the Person to whom
                                            the disclosure is made is informed of the confidential nature of such information and instructed
                                            to keep such information confidential;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Lender may disclose Information pursuant to Section 15.17; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">in
                                            order to ensure public transparency, the Lender may disclose (i)&nbsp;the name and description
                                            of the Borrower, (ii) the Closing Date, (iii) the country in which the loan transaction took
                                            place, (iv) the name of the Lender as a lender to the Borrower, (v) the terms of this Agreement
                                            and the other Loan Documents, including the Commitment made available to the Borrower, (vi)&nbsp;the
                                            general rationale used by the Lender to make decisions with respect to the terms of the Loan
                                            Documents, and (vii)&nbsp;the Borrower&rsquo;s performance or non-performance of its obligations
                                            under the Loan Documents.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.1.2
Notwithstanding the foregoing, &ldquo;<B>Information</B>&rdquo; will not include any such information:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            such disclosure is required by any Applicable Law, including without limitation as required
                                            by the <I>Access to Information Act </I>or <I>Act respecting access to documents held by
                                            public bodies and the protection of personal information (Qu&eacute;bec)</I>, to the extent
                                            of such requirement, or is required in connection with any actual judicial, administrative
                                            or governmental proceeding, including, without limitation, proceedings initiated under or
                                            in respect of this Agreement, provided that, in any such circumstance, the Lender will, as
                                            soon as reasonably practicable, advise the Borrower, unless prohibited by Applicable Law,
                                            of its obligation to disclose such Information in order to enable the Borrower, if it so
                                            chooses, to attempt to ensure that any such disclosure is made on a confidential basis;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">which
                                            is or becomes readily available to the public (other than by a breach hereof or by a breach
                                            of an obligation of confidentiality imposed on a permitted Assignee or Participant or other
                                            Person referred to in this Section) or which has been made readily available to the public
                                            by the Borrower;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">which
                                            the Lender can show was, prior to receipt thereof from the Borrower, lawfully in the Lender&rsquo;s
                                            possession and not then subject to any obligation on its part to or for the benefit of the
                                            Borrower to maintain confidentiality;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">which
                                            the Lender received from a third party, prior to receipt thereof from the Borrower, which
                                            was not, to the knowledge of the Lender after due enquiry, subject to a duty of confidentiality
                                            to or for the benefit of the Borrower at the time the Information was so received;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">is
                                            permitted in writing to be disclosed by the Borrower; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">which
                                            the Lender can show was, prior to receipt thereof from the Borrower, independently developed
                                            by the Lender.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.2</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Notice</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any
notice or communication to be given under this Agreement may be effectively given by delivering (whether by courier or personal delivery)
the same at the mailing addresses set out on the signature pages of this Agreement (or with respect to any Assignee pursuant to Section&nbsp;14.1,
to the mailing address provided by such Assignee to the Borrower and the Lender in connection with the applicable transfer or assignment
to such Assignee) or by electronic communication (including email) to the parties at the facsimile numbers or email addresses set out
on the signature pages of this Agreement (or with respect to any Assignee pursuant to Section&nbsp;14.1, to the facsimile number or email
address provided by such Assignee to the Borrower and the Lender in connection with the applicable transfer or assignment to such Assignee).
Any notice sent by electronic communication (including email) will be deemed to have been received on transmission if sent by any party
to this Agreement before 4:00&nbsp;p.m. (Montreal time) on a Business Day and, if not, on the next Business Day following transmission.
Any party may from time to time notify the other parties, in accordance with the provisions of this Section, of any change of its mailing
address, facsimile number or email address which, after such notification, until changed by like notice, will be the mailing address,
facsimile number or email address, as the case may be, of such party for all purposes of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.3</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Governing
                                            Law</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
Agreement will be governed by and construed in accordance with the laws of the Province of Qu&eacute;bec and the laws of Canada applicable
therein, without prejudice to or limitation of any other rights or remedies available under the laws of any jurisdiction where Property
or assets of the Borrower may be found.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.4</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Judgment
                                            Currency</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.4.1
If for the purpose of obtaining or enforcing judgment against the Borrower or any of its Subsidiaries in any court in any jurisdiction,
it becomes necessary to convert into any other currency (such other currency being hereinafter in this Section&nbsp;15.4 referred to
as the &ldquo;<B>Judgment Currency</B>&rdquo;) an amount due in Canadian Dollars under this Agreement, the conversion will be made at
the rate of exchange prevailing on the Business Day immediately preceding:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            date of actual payment of the amount due, in the case of any proceeding in the courts of
                                            the Province of Qu&eacute;bec or in the courts of any other jurisdiction that will give effect
                                            to such conversion being made on such date; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            date on which the judgment is given, in the case of any proceeding in the courts of any other
                                            jurisdiction (the date as of which such conversion is made pursuant to this Section&nbsp;15.4.1(b)
                                            being hereinafter in this Section&nbsp;15.4 referred to as the &ldquo;<B>Judgment Conversion
                                            Date</B>&rdquo;).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.4.2
If, in the case of any proceeding in the court of any jurisdiction referred to in Section&nbsp;15.4.1(b), there is a change in the rate
of exchange prevailing between the Judgment Conversion Date and the date of actual payment of the amount due, the Borrower will pay such
additional amount (if any, but in any event, not a lesser amount) as may be necessary to ensure that the amount paid in the Judgment
Currency, when converted at the rate of exchange prevailing on the date of payment, will produce the amount of Canadian Dollars, which
could have been purchased with the amount of Judgment Currency stipulated in the judgment or judicial order at the rate of exchange prevailing
on the Judgment Conversion Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.4.3
Any amount due from the Borrower under the provisions of Section&nbsp;15.4.2 will be due as a separate debt and will not be affected
by judgment being obtained for any other amounts due under or in respect of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.4.4
The term &ldquo;rate of exchange&rdquo; in this Section&nbsp;15.4 means the Equivalent Amount in Canadian Dollars.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.5</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Benefit
                                            of the Agreement</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
Agreement will enure to the benefit of and be binding upon the Borrower and the Lender and their respective permitted successors and
permitted assigns.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.6</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Severability</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any
provision of this Agreement which is prohibited or unenforceable in any jurisdiction will not invalidate the remaining provisions hereof
and any such prohibition or unenforceability in any jurisdiction will not invalidate or render unenforceable such provision in any other
jurisdiction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.7</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Whole
                                            Agreement</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">From
the Closing Date, this Agreement and the other Loan Documents supersede all prior agreements, undertakings, declarations, commitments,
representations, written or oral, in respect thereof. There are no representations, warranties, conditions, other agreements or acknowledgments,
whether direct or collateral, express or implied, binding on the Lender that form part of or affect this Agreement or any other Loan
Document, other than as expressed herein, or in such other Loan Document.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.8</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Further
                                            Assurances</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Borrower and the Lender will promptly cure any default by it in the execution and delivery of this Agreement, the Loan Documents or any
of the agreements provided for hereunder to which it is a party. The Borrower, at its expense, will promptly execute and deliver to the
Lender all such other and further documents, agreements, opinions, certificates and instruments in compliance with, or accomplishment
of the covenants and agreements of the Borrower hereunder or more fully to state the obligations of the Borrower as set forth herein
or to make any recording, file any notice or obtain any consent, all as may be reasonably necessary or appropriate in connection therewith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.9</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Waiver
                                            of Jury Trial</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">THE
BORROWER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
BASED ON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE
OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE LENDER OR THE BORROWER. THE BORROWER ACKNOWLEDGES AND AGREES THAT
IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION (AND EACH OTHER PROVISION OF EACH OTHER LOAN DOCUMENT TO WHICH IT
IS A PARTY) AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE LENDER ENTERING INTO THIS AGREEMENT AND EACH OTHER LOAN DOCUMENT.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.10</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Consent
                                            to Jurisdiction</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.10.1
The Borrower irrevocably submits to the non-exclusive jurisdiction of the courts of the Province of Qu&eacute;bec and hereby irrevocably
agrees that all claims in respect of such action or proceeding may be heard and determined in such court. The Borrower hereby irrevocably
waives, to the fullest extent it may effectively do so, the defence of an inconvenient forum to the maintenance of such action or proceeding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.10.2
The Borrower hereby irrevocably consents to the service of any and all process in such action or proceeding by the delivery of such process
to the Borrower at its address provided in accordance with Section&nbsp;15.2.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.11</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Time
                                            of the Essence</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Time
will be of the essence of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.12</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Electronic
                                            Execution</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
words &ldquo;execution&rdquo;, &ldquo;signed&rdquo;, &ldquo;signature&rdquo; and words of like import shall be deemed to include electronic
signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability
as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided
for in any Applicable Law, including Parts&nbsp;2 and 3 of the <I>Personal Information Protection and Electronic Documents Act</I> (Canada),
the <I>Electronic Commerce Act</I>, 2000 (Ontario) and other similar federal or provincial laws based on the <I>Uniform Electronic Commerce
Act</I> of the Uniform Law Conference of Canada or its <I>Uniform Electronic Evidence Act</I> as the case may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.13</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Counterparts</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
Agreement may be executed in any number of counterparts, each of which will be deemed to be an original and all of which taken together
will be deemed to constitute one and the same instrument, and it will not be necessary in making proof of this Agreement to produce or
account for more than one such counterpart.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.14</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Delivery
                                            by Facsimile or Other Electronic Transmission</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
Agreement may be executed and delivered by facsimile or other electronic transmission (in .pdf format) and each of the parties hereto
may rely on such facsimile or other electronic signature as though such facsimile or other electronic signature were an original signature.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.15</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Term
                                            of Agreement</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
Agreement shall remain in full force and effect until the termination of the Commitment and the payment and performance in full of all
of the Obligations, other than those Obligations of the Borrower to indemnify the Lender, including, without limitation, the indemnities
set forth in Sections&nbsp;4.6 and Article&nbsp;12, which shall survive and continue to be in full force and effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.16</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Anti-Money
                                            Laundering Legislation</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Borrower acknowledges that the Lender has certain anti-money laundering and anti-terrorism responsibilities under various laws and regulations
and that from time to time the Lender (including any permitted assignee) may request information in order to comply with Applicable Laws
and internal requirements (including any applicable &ldquo;know your customer&rdquo; or &ldquo;know your client&rdquo; requirements).
The Borrower will promptly provide the Lender such additional information as may be reasonably requested within 30 days of such request.
The Borrower shall also provide the Lender with prompt written notice of any change in the beneficial ownership, key officers or directors
of the Borrower after the date of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.17</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Public
                                            Disclosure</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.17.1
The Borrower agrees that neither it nor any of its Affiliates shall now or in the future issue any press release or other public disclosure
using the name of the Lender or any of their respective Affiliates or referring to this Agreement or any other Loan Document without
the prior written consent of the Lender, except to the extent that the Borrower or such Affiliate is required to do so under Applicable
Law (in which event the Borrower or such Affiliate shall consult with the Lender before issuing such press release or other public disclosure).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.17.2
The Borrower agrees that the Lender or the government of Qu&eacute;bec may make public announcements disclosing the principal parameters
of the transactions contemplated by this Agreement or the Transaction Documents, including, without limitation, the Borrower&rsquo;s
name, type of operation, location, the nature and amount of the investment contemplated by the Transaction Documents, and the number
of employees working for the Borrower; <U>provided</U> that reasonable notice and a copy of the proposed disclosure is provided to the
Borrower, and that reasonable consideration is given to any comments the Borrower may have.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.18</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Independence
                                            of Representations, Warranties and Covenants</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
representations and warranties made in and covenants under this Agreement shall be given independent effect so that (a)&nbsp;if a particular
representation and warranty is unqualified, the fact that another representation and warranty is qualified shall not affect the operation
of the former provision; and (b)&nbsp;if a particular action or condition is not permitted by any of such covenants, the fact that it
would be permitted by an exception to, or would otherwise be within the limitations of, another covenant shall not avoid the occurrence
of an Event of Default or Default if such action is taken or condition exists.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.19</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">No
                                            Fiduciary Duty</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Lender may have economic interests that conflict with those of the Borrower, its stockholders and/or its Affiliates. The Borrower agrees
that nothing in the Loan Documents or otherwise related to the transactions contemplated hereby will be deemed to create an advisory,
fiduciary or agency relationship or fiduciary or other implied duty between the Lender, on the one hand, and the Borrower, its stockholders
or its Affiliates, on the other hand. The parties hereto acknowledge and agree that the transactions contemplated by the Loan Documents(including
the exercise of rights and remedies hereunder and thereunder) are Arm&rsquo;s Length commercial transactions between the Lender, on the
one hand, and the Borrower, on the other hand, and in connection therewith and with the process leading thereto, (a) the Lender has not
assumed an advisory or fiduciary responsibility in favour of the Borrower, its stockholders or its Affiliates with respect to the transactions
contemplated hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether
the Lender has advised, is currently advising or will advise the Borrower, its stockholders or its Affiliates on other matters) or any
other obligation to the Borrower except the obligations expressly set forth in the Loan Documents and (b) the Lender is acting solely
as principal and not as the agent or fiduciary of the Borrower, its management, stockholders, Affiliates, creditors or any other Person.
The Borrower acknowledges and agrees that it has consulted its own legal and financial advisors to the extent it deemed appropriate and
that it is responsible for making its own independent judgment with respect to such transactions and the process leading thereto. The
Borrower agrees that it will not claim that the Lender has rendered advisory services of any nature or respect or owes a fiduciary or
similar duty to the Borrower, in connection with such transaction or the process leading thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>15.20</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Compliance
                                            with <I>Lobbying Act</I></B></FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Borrower represents and warrants:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">that
                                            it or Telesat Parent, as applicable, has filed all <I>Lobbying Act </I>returns required to
                                            be filed in respect of persons employed by the Borrower or Telesat Parent who communicate
                                            and/or arrange meetings with Public Office Holders as part of their employment duties, and
                                            that it will continue to do so;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">that
                                            neither it nor Telesat Parent has contracted with any person to communicate and/or arrange
                                            meetings with Public Office Holders for remuneration that is or would be contingent in any
                                            way upon the success of such person arranging meetings with Public Office Holders, or upon
                                            the approval of the Borrower&rsquo;s the Loan Facility, or upon any Advance paid or payable
                                            to the Borrower under this Agreement;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">that
                                            neither it nor Telesat Parent will contract with any person to communicate and/or arrange
                                            meetings with Public Office Holders for remuneration that is or would be contingent upon
                                            the success of such person arranging meetings with Public Office Holders, or upon any Advance
                                            paid or payable to the Borrower under this Agreement;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify">all
                                            persons who are or have been contracted by the Borrower or Telesat Parent to communicate
                                            and/or arrange meetings with Public Office Holders in respect of this Agreement are in full
                                            compliance with the registration and other requirements of the Lobbying Act; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: justify">it
                                            and Telesat Parent shall at all times ensure that any persons contracted to communicate and/or
                                            arrange meetings with Public Office Holders in respect of this Agreement are in full compliance
                                            with the requirements of the <I>Lobbying Act</I>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.21</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Members
                                            of the National Assembly of Qu&eacute;bec</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Borrower represents and warrants that no member of the National Assembly of Qu&eacute;bec will be admitted to any share or part of this
Agreement or to any benefit to arise therefrom.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.22</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">International
                                            Dispute</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Borrower waives any confidentiality rights to the extent such rights would impede the government of Qu&eacute;bec from fulfilling his
notification obligations to a world trade panel for the purposes of the conduct of a dispute, in which the government of Qu&eacute;bec
is a party or a third party intervener. The Lender is authorized to disclose the contents of this Agreement and any Loan Documents, whether
predating or subsequent to this Agreement, or of the transactions contemplated herein, where in the opinion of the Lender, such disclosure
is necessary to the defence of the government of Qu&eacute;bec&rsquo;s interests in the course of a trade remedy investigation conducted
by a foreign investigative authority, and is protected from public dissemination by the foreign investigative authority. The Lender shall
notify the Borrower of such disclosure.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.23</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Qu&eacute;bec</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Notwithstanding
anything in this Agreement to the contrary, the Lender shall only be bound by this Agreement in its capacity as a lender to the Corporation
and nothing in this agreement shall be binding on, create any obligation on the part of or fetter the regulatory authority of the Lender
or the government of Qu&eacute;bec in any other capacity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.24</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">English
                                            Language</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
parties acknowledge that this Agreement and all documents, notices and legal proceedings entered into, given or instituted pursuant hereto
or relating directly or indirectly hereto will be written in English. Notwithstanding the foregoing, a French version of this Agreement
will be provided to the Lender, before or within a reasonably delay after the closing of the transactions contemplated herein, by the
Borrower at the cost of the Borrower. For greater certainty, only the English version will bind the parties hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Les
parties reconnaissent que la pr&eacute;sente convention ainsi que tous documents ex&eacute;cut&eacute;s, avis donn&eacute;s et proc&eacute;dures
judiciaires intent&eacute;es, directement ou indirectement, relativement ou &agrave; la suite de la pr&eacute;sente convention, seront
r&eacute;dig&eacute;s en anglais. Nonobstant ce qui pr&eacute;c&egrave;de, une version fran&ccedil;aise de la pr&eacute;sente convention
devra &ecirc;tre fournie &agrave; Investissement Qu&eacute;bec, avant ou dans un d&eacute;lai raisonnable apr&egrave;s la cl&ocirc;ture
des transactions vis&eacute;es aux pr&eacute;sentes, par la soci&eacute;t&eacute; aux frais de cette derni&egrave;re. Pour plus de certitude,
seule la version anglaise liera les parties aux pr&eacute;sentes.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">[SIGNATURE
PAGES FOLLOW]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>IN
WITNESS WHEREOF</B> the parties hereto have executed this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>BORROWER:</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; address]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TELESAT LEO INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Attention:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; name]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Email:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; email]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; email]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash;
    signature]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; name]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; title]</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>GUARANTORS:</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; address]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TELESAT LEO HOLDINGS INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Attention:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; name]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Email:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; email]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; email]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash;
    signature]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; name]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; title]</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; address]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TELESAT TECHNOLOGY CORP.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Attention:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; name]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Email:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; email]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; email]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>

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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash;
    signature]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; name]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; title]</FONT></TD></TR>
  </TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; address]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TELESAT SPECTRUM HOLDINGS INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Attention:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; name]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Email:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; email]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; email]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash;
    signature]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; name]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; title]</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; address]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TELESAT SPECTRUM CORPORATION</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Attention:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; name]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Email:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; email]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; email]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash;
    signature]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; name]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; title]</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; address]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TELESAT LEO U.S. INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Attention:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; name]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Email:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; email]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; email]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash;
    signature]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; name]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; title]</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; address]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TELESAT U.S. SERVICES HOLDINGS CORPORATION</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Attention:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; name]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Email:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; email]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; email]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash;
    signature]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; name]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; title]</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; address]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TELESAT U.S. SERVICES, LLC</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Attention:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; name]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Email:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; email]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; email]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash;
    signature]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; name]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; title]</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>LENDER:</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; address]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>INVESTISSEMENT QU&Eacute;BEC</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Attention:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; name]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Email:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; email]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; email]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash;
    signature]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; name]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; title]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; signature]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; name]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted &ndash; title]</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">Execution
Version</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE
A</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>NOTICE
OF REQUEST FOR ADVANCE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 4pt; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TO:</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4pt; width: 88%; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Investissement
    Qu&eacute;bec, as lender (the &ldquo;<B>Lender</B>&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>RE:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Loan
    agreement dated as of September 13, 2024 (as amended, restated, supplemented, replaced or otherwise modified from time to time, the
    &ldquo;<B>Loan Agreement</B>&rdquo;) among, <I>inter alios</I>, Telesat LEO Inc., as borrower (the &ldquo;<B>Borrower</B>&rdquo;)
    and the Lender</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>DATE:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">[</FONT><FONT STYLE="font-family: Wingdings">n</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">]</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">All
                                            defined terms set forth, but not otherwise defined, in this notice shall have the respective
                                            meanings set forth in the Loan Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The Borrower hereby gives
irrevocable notice of its request under the Loan Facility for an Advance to be made on the date listed below, pursuant to Section 2.3.1
of the Loan Agreement as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">1.</TD><TD STYLE="text-align: justify">Type of Advance: Term CORRA for a period of three
                                            months.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">2.</TD><TD STYLE="text-align: justify">Amount of Advance: $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>(the
                                            &ldquo;<B>Requested Advance</B>&rdquo;).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">3.</TD><TD STYLE="text-align: justify">Proposed Advance Date: <U>&#9;</U>.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0in">The Borrower
hereby certifies as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">1.</TD><TD STYLE="text-align: justify">The aggregate amount of all Advances under the Loan
                                            Facility (inclusive of the Requested Advance) is $<U>&#9;</U>, which does not exceed 20%
                                            of the aggregate amount of all Investment in Qu&eacute;bec incurred and invested from January
                                            1, 2019 up to and including the Advance Date which is $<U>&#9;</U> (and 20% of such amount
                                            is $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">2.</TD><TD STYLE="text-align: justify"><B>[Concurrently with the disbursement of the Requested
                                            Advance, the Borrower will receive an advance in the amount $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                            </U>from the Canada Lender under the Canada Loan Agreement.] [NTD: To be included if applicable]</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">3.</TD><TD STYLE="text-align: justify"><B>[The aggregate amount of all advances (inclusive
                                            of the contemporaneous advance referenced in paragraph 2 immediately above) under the Canada
                                            Loan Agreement is $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
                                            and the undrawn portion of the loan facility under the Canada Loan Agreement is $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>.]
                                            [NTD: To be included if there is a contemporaneous advance under Canada Loan Agreement]</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">4.</TD><TD STYLE="text-align: justify">The representations and warranties in Section 6.1
                                            of the Loan Agreement and all of the representations and warranties contained in each other
                                            Loan Document remain true and correct in all material respects (it being understood and agreed
                                            that any representation or warranty that is qualified as to &ldquo;materiality,&rdquo; &ldquo;Material
                                            Adverse Effect&rdquo; or similar language shall be true and correct in all respects), in
                                            each case, on and as of the Advance Date as though made on and as of each such date (unless
                                            expressly stated to be made as of a specified date) as of the Advance Date.</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">5.</TD><TD STYLE="text-align: justify">No Default or Event of Default has occurred and is
                                            continuing or shall result from the Advance.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">6.</TD><TD STYLE="text-align: justify">No event or circumstance has occurred and is continuing
                                            which has, or would reasonably be expected to have, a Material Adverse Effect.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">7.</TD><TD STYLE="text-align: justify">All conditions precedent in Sections 3.1, 3.2 and
                                            3.3 of the Loan Agreement, as applicable, have been satisfied by the Borrower or waived by
                                            the Lender.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">8.</TD><TD STYLE="text-align: justify">The Milestone Certificate required to be delivered
                                            in connection with this notice of request for Advance pursuant to Section 3.3.2 of the Loan
                                            Agreement is attached as Annex I.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">9.</TD><TD STYLE="text-align: justify">The Technical Advisor&rsquo;s Certificate required
                                            to be delivered in connection with this notice of request for Advance pursuant to Section
                                            3.3.4 of the Loan Agreement is attached as Annex II.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-weight: normal">10.</FONT></TD><TD STYLE="text-align: justify">[The contemporaneous
                                            notice of request for advance delivered by the Borrower to the Canada Lender under the Canada
                                            Loan Agreement, accompanied by the milestone certificate and the technical advisor certificate
                                            required to be delivered in connection therewith, are attached as Annex III.] [NTD: To be
                                            included if there is a contemporaneous advance under Canada Loan Agreement]</TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dated
as of the first date written above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">TELESAT LEO
    INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: center; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 31%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Signature Page &ndash; Notice of Request for Advance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Annex
I &ndash; Milestone Certificate</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(see
attached)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Annex
II &ndash; Technical Advisor&rsquo;s Certificate</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(see
attached)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Annex
III &ndash; Notice of Request for Advance under Canada Loan Agreement</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(see
attached)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>[NTD:
To be included if there is a contemporaneous advance under Canada Loan Agreement]</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE
B</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>FORM
OF COMPLIANCE CERTIFICATE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 4pt; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TO:</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4pt; width: 84%; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Investissement
    Qu&eacute;bec, as lender (the &ldquo;<B>Lender</B>&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>RE:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Loan
    agreement dated as of September 13, 2024 (as amended, restated, supplemented, replaced or otherwise modified from time to time, the
    &ldquo;<B>Loan Agreement</B>&rdquo;) among, <I>inter alios</I>, Telesat LEO Inc., as borrower (the &ldquo;<B>Borrower</B>&rdquo;)
    and the Lender</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>DATE:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">[</FONT><FONT STYLE="font-family: Wingdings">n</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">]</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
undersigned, the <B>[insert title of Responsible Officer]</B> of the Borrower, hereby certifies, in that capacity and without personal
liability, that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">I
                                            have read and am familiar with the provisions of the Loan Agreement and have made such examinations
                                            and investigations, including a review of the applicable books and records of the Borrower
                                            as are necessary to enable me to express an informed opinion as to the matters set out herein
                                            and to furnish this Certificate.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">I
                                            have furnished this Certificate with the intent that it may be relied upon by the Lender
                                            as a basis for determining compliance by the Borrower with its covenants and obligations
                                            under the Loan Agreement and the other Loan Documents as of the date of this Certificate.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
                                            Certificate is being delivered in respect of the <B>[Fiscal Year][Fiscal Quarter]</B>, ending
                                            [</FONT><FONT STYLE="font-family: Wingdings">n</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">]
                                            </FONT>(the &ldquo;<B>Relevant Period</B>&rdquo;).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            representations and warranties in Section 6.1 of the Loan Agreement and all of the representations
                                            and warranties contained in each other Loan Document remain true and correct in all material
                                            respects (it being understood and agreed that any representation or warranty that is qualified
                                            as to &ldquo;materiality,&rdquo; &ldquo;Material Adverse Effect&rdquo; or similar language
                                            shall be true and correct in all respects), in each case, on and as of the date hereof as
                                            though made on and as of the date hereof (unless expressly stated to be made as of a specified
                                            date) <B>[except for the information attached hereto as Schedule[s] [6.1.8, 6.1.10, 6.1.16,
                                            6.1.17, 6.1.18, 6.1.20, 6.1.23, 6.1.24, 6.1.34, 6.1.37] which hereby replaces Schedule[s]
                                            [6.1.8, 6.1.10, 6.1.16, 6.1.17, 6.1.18, 6.1.20, 6.1.23, 6.1.24, 6.1.34, 6.1.37] attached
                                            to the Loan Agreement.]</B><SUP>1</SUP>.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Attached
                                            hereto as Exhibit A is a true and complete comparison of the results for the Relevant Period
                                            to the <B>[Project Budget/Operating Budget</B>] for the Relevant Period, including any relevant
                                            notes relating to key variances and extra-ordinary items.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><DIV STYLE="border-top: Black 1.5pt solid; font-size: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">To
                                            be included when there are any required updates to the disclosure in the applicable Schedules.</FONT></TD>
</TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
                                            at or for the Relevant Period, the following material financial events have occurred:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>&nbsp;</SUP></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings">n</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
                                            at or for the Relevant Period, the financial covenants as contained in Section 9.3 of the
                                            Loan Agreement are as follows and detailed calculations thereof are attached hereto:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding: 4pt; width: 39%; border: black 1pt solid"><B>Financial Covenant Tested</B></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4pt; width: 33%; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><B>Actual
    Amount or Ratio</B></TD>
    <TD STYLE="text-align: center; padding: 4pt; width: 28%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid"><B>Required
    Amount or Ratio</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Total Net Leverage
    Ratio<SUP>3</SUP></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">[</FONT><FONT STYLE="font-family: Wingdings">n</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">]</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">[</FONT><FONT STYLE="font-family: Wingdings">n</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">]</FONT><SUP>4</SUP></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Minimum Liquidity<SUP>5</SUP></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">[</FONT><FONT STYLE="font-family: Wingdings">n</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">]</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">[</FONT><FONT STYLE="font-family: Wingdings">n</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">]</FONT><SUP>6</SUP></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Attached
hereto as Exhibit B is the calculation worksheet as at or for the Relevant Period accurately sets out the information therein contained.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Attached
hereto as Exhibit C is the quarterly unaudited consolidated financial statements as at or for the Relevant Period which accurately set
out the information required by Section 9.2.1(ii) of the Loan Agreement.]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>[Attached
hereto as Exhibit C is the annual audited (without qualification) consolidated financial statements and reports which accurately sets
out the information required by Section 9.2.1(i) of the Loan Agreement.]</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            Available Funding is sufficient to pay all Project Cost and to achieve the Initial Project
                                            Completion Date, <B>[and, for Compliance Certificates delivered after the Initial Project
                                            Completion Date, that the Borrower has sufficient funds from the Operations of the Project
                                            to pay all remaining direct and indirect costs in order to achieve Project Completion by
                                            the Outside Date]</B>.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
                                            purposes of this Compliance Certificate, the consolidated financial statements of the Borrower
                                            as of <B>[most recent date]</B> delivered pursuant to Section 9.2.1(i) or 9.2.1(ii) of the
                                            Loan Agreement, as the case may be:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">are
                                            complete in all material respects and fairly present the results of operations and financial
                                            position of the Borrower on a consolidated basis as at the date thereof and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><DIV STYLE="border-top: Black 1.5pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><SUP>2</SUP></TD><TD STYLE="text-align: justify">Borrower to list any material financial
                                            events including, without limitation, Dispositions and Capital Expenditures.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><SUP>3</SUP></TD><TD STYLE="text-align: justify">Tested quarterly.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><SUP>4</SUP></TD><TD STYLE="text-align: justify">Add the required Total Net Leverage Ratio
                                            for the applicable fiscal quarter per Section 9.3.1 of the Loan Agreement.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><SUP>5</SUP></TD><TD STYLE="text-align: justify">Tested quarterly.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><SUP>6</SUP></TD><TD STYLE="text-align: justify">Add the required amount per Section 9.3.2
                                            of the Loan Agreement.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">have
                                            been prepared in accordance with GAAP consistently applied except that, in the case of quarterly
                                            unaudited financial statements, notes to the statements and audit adjustments required by
                                            GAAP are not included.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Since
such date, there has been no condition (financial or otherwise), event or change in the business, liabilities, operations, results of
operations, assets or prospects of either of the Borrower, or any of the Guarantors which constitutes or has a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">There
                                            have been no adverse changes to any of the facts set out in the officer&rsquo;s certificate
                                            of the Borrower delivered on the Closing Date in connection with the Non-Consolidation Opinions
                                            and the Borrower is in compliance with all Separateness Covenants.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
                                            Default or Event of Default has occurred and is continuing as of the date hereof.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Capitalized
terms in the Loan Agreement which appear herein without definitions shall have the meanings ascribed thereto in the Loan Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Signature
Page Follows]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dated
as of the first date written above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">TELESAT LEO
    INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="width: 31%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Signature Page &ndash; Form of Compliance Certificate</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">EXHIBIT
A</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Budget
Comparison</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal">See
attached.</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">EXHIBIT
B</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Calculation
Worksheet</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">See
attached.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>



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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">EXHIBIT
C</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Financial
Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">See
attached.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>



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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE
C</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>FORM
OF EXCESS CASH FLOW CERTIFICATE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 4pt; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TO:</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4pt; width: 84%; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Investissement
    Qu&eacute;bec, as lender (the &ldquo;<B>Lender</B>&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>RE:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Loan
    agreement dated as of September 13, 2024 (as amended, restated, supplemented, replaced or otherwise modified from time to time, the
    &ldquo;<B>Loan Agreement</B>&rdquo;) among, <I>inter alios</I>, Telesat LEO Inc., as borrower (the &ldquo;<B>Borrower</B>&rdquo;)
    and the Lender</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>DATE:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">[</FONT><FONT STYLE="font-family: Wingdings">n</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">]</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
undersigned, the <B>[insert title of Responsible Officer]</B> of the Borrower, hereby certifies, in that capacity and without personal
liability, that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: justify; width: 86%"><FONT STYLE="font-family: Times New Roman, Times, Serif">I
                                            have read and am familiar with the provisions of the Loan Agreement and have made such examinations
                                            and investigations, including a review of the applicable books and records of the Borrower
                                            as are necessary to enable me to express an informed opinion as to the matters set out herein
                                            and to furnish this Certificate.</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: justify; width: 86%"><FONT STYLE="font-family: Times New Roman, Times, Serif">I
                                            have furnished this Certificate with the intent that it may be relied upon by the Lender
                                            as a basis for determining the Excess Cash Flow Prepayment Amount and, if applicable, the
                                            amount of Residual Excess Cash Flow.</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="text-align: justify; width: 86%"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
                                            Certificate is being delivered in respect of the Fiscal Year, ending [</FONT><FONT STYLE="font-family: Wingdings">n</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">]</FONT><SUP>7
                                            </SUP>(the &ldquo;<B>Relevant Period</B>&rdquo;).</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="text-align: justify; width: 86%"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
                                            at or for the Relevant Period, the EBITDA as determined in accordance with the Loan Agreement
                                            for the most recently completed Fiscal Year was: $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
                                            calculated as follows:</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"></TD><TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: left; width: 82%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
                                            Income</FONT></TD>
    <TD STYLE="text-align: center; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">=$</FONT><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"></TD><TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: left; width: 82%"><FONT STYLE="font-family: Times New Roman, Times, Serif">increased
                                            by, to the extent reducing Net Income for such period, the sum of (without duplication) and
                                            on a consolidated basis:</FONT></TD>
    <TD STYLE="width: 10%"></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 8%"></TD><TD STYLE="width: 4%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify; width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Interest
                                            Expense for such period</FONT></TD>
    <TD STYLE="text-align: center; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">=$</FONT><FONT STYLE="font-family: Wingdings">n</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>7</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">To
                                            be delivered on the last Business Day of the first Fiscal Quarter in each Fiscal Year commencing
                                            the Fiscal Year immediately after the Fiscal Year in which the Initial Project Completion
                                            Date occurs.</FONT></TD>
</TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD>
    <TD STYLE="width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Income Tax Expense for such period</FONT></TD>
    <TD STYLE="text-align: center; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">=$</FONT><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Depreciation and Amortization Expense for such period;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">=$</FONT><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(iv)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">other non-cash items (excluding any such non-cash item to the extent
    that it represents an accrual or reserve for potential cash items in any future period or amortization of a prepaid cash item that
    was paid for in a prior period) but including, without limitation, non-cash adjustments related to purchase accounting;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">=$</FONT><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(v)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">losses on disposal of assets, impairment of goodwill and intangible
    assets and any extraordinary, non-recurring or unusual non-cash items decreasing Net Income for such period acceptable to the Lender</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">=$</FONT><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(vi)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">any unrealized foreign exchange losses or losses on Permitted Hedge
    Agreements</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">=$</FONT><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(vii)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">severance</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">=$</FONT><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(viii)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">long-term incentive compensation payable in cash</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">=$</FONT><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(i) + (ii) + (iii) + (iv) + (v) + (vi) + (vii) + (viii)</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">=$</FONT><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD>
    <TD STYLE="width: 82%"><FONT STYLE="font-family: Times New Roman, Times, Serif">decreased by, to the extent increasing Net Income
    for such period, the sum of (without duplication) and on a consolidated basis:</FONT></TD>
    <TD STYLE="text-align: center; width: 10%; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">=$</FONT><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD>
    <TD STYLE="width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif">non-cash items increasing Net Income (excluding any
    such non-cash item to the extent that it represents the reversal of any accrual or reserve for potential cash item in any prior period)</FONT></TD>
    <TD STYLE="text-align: center; width: 10%; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">=$</FONT><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD>
    <TD STYLE="padding-right: 2.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">extraordinary or non-recurring gains</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 2.3pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">=$</FONT><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">net after tax gains or income from disposed or discontinued operations</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">=$</FONT><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(iv)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">any unrealized foreign exchange gains or gains on Permitted Hedge Agreements</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">=$</FONT><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i) + (ii) + (iii) + (iv)</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 2.3pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">=$</FONT><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 2.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; padding-right: 2.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD>
    <TD STYLE="width: 82%; padding-right: 2.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">EBITDA = (a) + (b) &ndash;
    (c)</FONT></TD>
    <TD STYLE="text-align: center; width: 10%; padding-right: 2.3pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">=$</FONT><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.</FONT></TD><TD STYLE="text-align: justify; width: 86%"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
                                            at or for the Relevant Period, the Excess Cash Flow as determined in accordance with the
                                            Loan Agreement for the most recently completed Fiscal Year was: $__________, calculated as
                                            follows<SUP>8</SUP>:</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: -0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 2.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; padding-right: 2.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="width: 82%; padding-right: 2.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">EBITDA (from paragraph 4 above)</FONT></TD>
    <TD STYLE="text-align: center; width: 10%; padding-right: 2.3pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">=$</FONT><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"></TD><TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: left; width: 82%"><FONT STYLE="font-family: Times New Roman, Times, Serif">decreased
                                            by the sum of (without duplication):</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8%"></TD><TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify; width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(A)
                                            amounts paid in cash in respect of Taxes with respect to such period (excluding Taxes paid
                                            in such period where a certificate contemplated by the following clause (B) was previously
                                            delivered) and (B) Taxes that will be paid within six (6) months after the end of such period
                                            and for which reserves have been established; provided that Borrower shall deliver a certificate
                                            to the Lender not later than thirty (30) days after the end of such period certifying that
                                            such taxes will be paid within such six (6) month period</FONT></TD>
    <TD STYLE="text-align: center; width: 10%; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">=$</FONT><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8%"></TD><TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: left; width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif">cash
                                            Interest Expense for such period</FONT></TD>
    <TD STYLE="text-align: center; width: 10%; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">=$</FONT><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8%"></TD><TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD><TD STYLE="text-align: justify; width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif">increases
                                            in Working Capital and long-term assets during such period</FONT></TD>
    <TD STYLE="text-align: center; width: 10%; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">=$</FONT><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8%"></TD><TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iv)</FONT></TD><TD STYLE="text-align: justify; width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(A)
                                            Capital Expenditures paid in cash during such period, and (B) Capital Expenditures paid in
                                            cash after such period but prior to the date of payment of the Excess Cash Flow Prepayment
                                            Amount with respect to such period, provided that, in each case, such Capital Expenditures
                                            were not financed with proceeds of Debt or an equity issuance and provided that any amount
                                            so deducted shall not be deducted again in a subsequent applicable period</FONT></TD>
    <TD STYLE="text-align: center; width: 10%; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">=$</FONT><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8%"></TD><TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(v)</FONT></TD><TD STYLE="text-align: justify; width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Capital
                                            Expenditures that the Borrower shall, during such period, become obligated to pay in cash
                                            but that are not made during such period, provided that (A) the Borrower shall deliver a
                                            certificate to the Lender not later than ninety (90) days after the end of such applicable
                                            period, signed by an officer of the Borrower and certifying that such Capital Expenditures
                                            were made during the ninety (90) days following the applicable period, (B) any amount so
                                            deducted shall not be deducted again in a subsequent applicable period, and (C) such Capital
                                            Expenditures were not financed with proceeds of Debt or an equity issuance</FONT></TD>
    <TD STYLE="text-align: center; width: 10%; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">=$</FONT><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>8</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>NTD:
                                            </B>Section subject to finalizing &ldquo;Excess Cash Flow&rdquo; definition in the loan agreement.</FONT></TD>
</TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8%"></TD><TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(vi)</FONT></TD><TD STYLE="text-align: justify; width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(A)
                                            the sum of all scheduled payments of principal under this Agreement, the IQ Loan Agreement
                                            and the Launch Agreements paid in cash during such period and (B) the sum of all scheduled
                                            payments of principal under this Agreement, the IQ Loan Agreement and the Launch Agreements
                                            paid in cash after such period but prior to the date of payment of the Excess Cash Flow Prepayment
                                            Amount with respect to such period, provided that, in each case, such payments were not financed
                                            with proceeds of Debt or an equity issuance and provided that any amount so deducted shall
                                            not be deducted again in a subsequent applicable period</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">=$</FONT><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
                        <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)
                                            + (ii) + (iii) + (iv) + (v) + (vi)</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">=$</FONT><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR>
                        </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"></TD><TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: left; width: 82%"><FONT STYLE="font-family: Times New Roman, Times, Serif">increased
                                            by the sum of (without duplication):</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8%"></TD><TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify; width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif">cash
                                            received from interest to the extent that such cash was not included in the calculation of
                                            EBITDA</FONT></TD>
    <TD STYLE="text-align: center; width: 10%; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">=$</FONT><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8%"></TD><TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify; width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif">liquidated
                                            damages received in cash under any Material Project Contract during such period</FONT></TD>
    <TD STYLE="text-align: center; width: 10%; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">=$</FONT><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8%"></TD><TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD><TD STYLE="text-align: justify; width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif">decreases
                                            in Working Capital and long-term assets during such period</FONT></TD>
    <TD STYLE="text-align: center; width: 10%; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">=$</FONT><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8%"></TD><TD STYLE="width: 4%"></TD><TD STYLE="text-align: justify; width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)
                                            + (ii) + (iii)</FONT></TD>
    <TD STYLE="text-align: center; width: 10%; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">=$</FONT><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"></TD><TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: left; width: 82%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Excess
                                            Cash Flow = (a) &ndash; (b) + (c)</FONT></TD>
    <TD STYLE="text-align: center; width: 10%; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">=$</FONT><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.</FONT></TD><TD STYLE="text-align: justify; width: 86%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>A
                                            </B>= Liquidity &ndash; $100,000,000 (or such amount as set out in Section 9.3.2 of the Loan
                                            Agreement)<SUP>9</SUP></FONT></TD>
    <TD STYLE="text-align: center; width: 10%; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">=$</FONT><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.</FONT></TD><TD STYLE="text-align: justify; width: 86%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>B
                                            </B>= Excess Cash Flow</FONT></TD>
    <TD STYLE="text-align: center; width: 10%; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">=$</FONT><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.</FONT></TD><TD STYLE="text-align: justify; width: 86%"><FONT STYLE="font-family: Times New Roman, Times, Serif">C
                                            = A &ndash; (B x 0.50)<SUP>10</SUP></FONT></TD>
    <TD STYLE="text-align: center; width: 10%; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">=$</FONT><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.</FONT></TD><TD STYLE="text-align: justify; width: 86%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Excess
                                            Cash Flow Prepayment Amount<SUP>11</SUP></FONT></TD>
    <TD STYLE="text-align: center; width: 10%; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">=$</FONT><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>9</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
                                            A is negative, then the Excess Cash Flow Prepayment Amount is deemed to be $0.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>10</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
                                            B is less than $25,000,000 then Excess Cash Flow Prepayment Amount is deemed to be $0.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>11</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
                                            B is greater than or equal to $25,000,000 and C is zero or positive, then the Excess Cash
                                            Flow Prepayment Amount is equal to the (B x 0.50).</FONT></TD>
</TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<TD STYLE="width: 4%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.</FONT></TD><TD STYLE="text-align: justify; width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif">An
                                            excess cash flow certificate substantially similar to this Certificate is delivered concurrently
                                            to the Canada Lender under the Canada Loan Agreement.</FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 4%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.</FONT></TD><TD STYLE="text-align: justify; width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Attached
                                            hereto as Exhibit A is the calculation worksheet as at or for the Relevant Period accurately
                                            sets out the information therein contained.</FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Signature
Page Follows]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
B is greater than or equal to $25,000,000 and C is negative, then the Excess Cash Flow Prepayment Amount is equal to (B x 0.50) minus
the absolute value of C.</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dated
as of the first date written above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">TELESAT LEO
    INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="width: 31%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Signature
Page &ndash; Form of Excess Cash Flow Certificate</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">EXHIBIT
A</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Calculation
Worksheet</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">See
attached.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE
D</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">FINANCIAL
MODEL</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted
- commercially sensitive information].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE
E</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">FORM
OF LANDLORD ACCESS AGREEMENT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(see
attached)</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>LANDLORD
ACKNOWLEDGEMENT</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TO:</B></FONT></TD><TD STYLE="text-align: justify; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TELESAT
                                            LEO INC. </B>(together with its successors and permitted assigns, the &ldquo;<B>Tenant</B>&rdquo;)<SUP>1</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -1in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AND TO:</B></FONT></TD><TD STYLE="text-align: justify; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TSX
                                            TRUST COMPANY, as collateral agent (including its successors and assigns in such capacity,
                                            the &ldquo;Agent&rdquo;)</B></FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>RE:</B></FONT></TD><TD STYLE="text-align: justify; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Loan
                                            agreement dated as of September [</FONT><FONT STYLE="font-family: Wingdings">n</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">]</FONT>,
                                            2024 (as amended, restated, supplemented, replaced or otherwise modified from time to time,
                                            the &ldquo;<B>Canada Loan Agreement</B>&rdquo;) among, <I>inter alios</I>, Telesat LEO Inc.,
                                            as borrower (the &ldquo;<B>Borrower</B>&rdquo;), the guarantors from time to time party thereto,
                                            and 16342451 Canada Inc. (the &ldquo;<B>Canada Lender</B>&rdquo;)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -1in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AND RE:</B></FONT></TD><TD STYLE="text-align: justify; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Loan
                                            agreement dated as of September [</FONT><FONT STYLE="font-family: Wingdings">n</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">]</FONT>,
                                            2024 (as amended, restated, supplemented, replaced or otherwise modified from time to time,
                                            the &ldquo;<B>IQ Loan Agreement</B>&rdquo;) among, <I>inter alios</I>, the Borrower, as borrower,
                                            the guarantors from time to time party thereto, Investissement Quebec, as lender (&ldquo;<B>IQ</B>&rdquo;)</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -1in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AND RE:<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
AND RE:</B></FONT></TD><TD STYLE="background-color: Black; text-align: justify; width: 81%"><P STYLE="margin-top: 0; margin-bottom: 0"></P></TD>
    <TD STYLE="text-align: center; width: 9%">[Redacted - commercially sensitive information]</TD>
    </TR>

</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AND RE:</B></FONT></TD><TD STYLE="text-align: justify; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Lease
                                            agreement dated as of </FONT><FONT STYLE="font-family: Wingdings">n</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">between
                                            </FONT><FONT STYLE="font-family: Wingdings">n</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">(together
                                            with its successors, by amalgamation or otherwise, and permitted assigns, the &ldquo;<B>Landlord</B>&rdquo;)
                                            and the Tenant (the &ldquo;<B>Lease Agreement</B>&rdquo;) with respect to the premises located
                                            at [</FONT><FONT STYLE="font-family: Wingdings">n</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">]
                                            </FONT>(the &ldquo;<B>Property</B>&rdquo;)</TD></TR></TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -0.5in"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><DIV STYLE="border-top: Black 1.5pt solid; font-size: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Note:
                                            </B>Where the Borrower is the Tenant form can be updated to reference the Borrower in all
                                            places where &ldquo;Tenant&rdquo; is used.</FONT></TD>
</TR></TABLE>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>DATE:</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">[</FONT><FONT STYLE="font-family: Wingdings">n</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">]</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WHEREAS
</B>pursuant to the Lease Agreement, the Landlord leased to the Tenant the premises described therein (the &ldquo;<B>Leased Premises</B>&rdquo;),
located on the Property;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AND
WHEREAS </B>the Tenant has granted, as general and continuing security for the payment and performance of the Secured Obligations, a
security interest and assignment, mortgage and charge over all of its assets including, without limitation, the Tenant&rsquo;s interest
in the Lease Agreement and the Tenant&rsquo;s inventory, equipment, machinery, fixtures, and other personal and moveable property at
any time, now or later, located in or about the Leased Premises (collectively, the &ldquo;<B>Personal Property</B>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-indent: 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AND WHEREAS </B>it is a
condition precedent under each of the Canada Loan <FONT STYLE="font-size: 10pt">Agreement, the IQ Loan Agreement, <FONT STYLE="background-color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT> that the Tenant and the Landlord enter into this Agreement;</FONT></TD>
    <TD STYLE="width: 5pt"></TD><TD STYLE="padding-left: 4pt; text-align: center; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted
                                - commercially sensitive information]</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AND
WHEREAS </B>each of the Secured Parties has appointed and authorized the Agent to act as its collateral agent and attorney for the purpose
of holding security granted by the Tenant pursuant to the terms of that certain collateral agency and intercreditor agreement dated as
of </FONT><FONT STYLE="font-family: Wingdings">n</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">, 2024 among, <I>inter
alios</I>, the Borrower, the Tenant, the Secured Parties and the Agent (the &ldquo;<B>Collateral Agency and Intercreditor Agreement</B>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AND
WHEREAS </B>capitalized terms used herein without express definition shall, unless something in the subject matter or context is inconsistent
therewith, have the same meanings as are ascribed to such terms in the Collateral Agency and Intercreditor Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>NOW
THEREFORE</B>, in consideration of the foregoing recitals and for other good and valuable consideration, the receipt and adequacy of
which are acknowledged by the Landlord, the Landlord agrees as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Notice
                                            and Acknowledgement</U></B>. The Landlord hereby acknowledges, confirms and consents to the
                                            Tenant encumbering the Tenant&rsquo;s interest in the Lease Agreement, the Personal Property
                                            and the Leased Premises and (ii) that the Agent&rsquo;s security interest in the Personal
                                            Property (as extended, renewed, supplemented, amended and restated from time to time) will
                                            be in priority to any title or interest that the Landlord may at any time have therein, and
                                            the Landlord will not assert against any of the Personal Property any present or future title,
                                            lien, security interest, hypothec or encumbrance, including, without limitation, by way of
                                            rights of levy, distraint or distress for rent, all of which the Landlord hereby unconditionally
                                            subordinates in favour of the Agent. No Personal Property will constitute a fixture or become
                                            part of the Leased Premises.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Exercise
                                            of Remedies by the Agent.</U></B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Personal
                                            Property</U>. The Agent, at the direction of the Required Secured Parties and subject to
                                            the Landlord&rsquo;s rights under the Lease Agreement, may, with reasonable prior notice
                                            (including for up to 90 days following the termination of the Premises Agreement), enter
                                            the Leased Premises for the purpose of repossessing, removing, selling or otherwise dealing
                                            with any Personal Property (free of any rights and interest that the Provider may have and
                                            without being deemed to be in possession) provided that the Agent, on behalf of and upon
                                            prior funding and indemnity by the Secured Parties, will promptly pay for the repair of any
                                            damages to the Leased Premises as a result of such, removal, sale or other dealing with any
                                            such Personal Property; and provided, however, that the Agent and the Secured Parties shall
                                            not be liable to the Landlord for any diminution in value caused by the absence of any removed
                                            Personal Property or for any other matter except as specifically set forth herein.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Lease
                                            Agreement</U>. If the Tenant has possession of the Leased Premises the Agent or its agent,
                                            at the direction of the Required Secured Parties, may take possession of the Leased Premises
                                            for a period equal to the greater of the remainder of the unexpired term of the Lease Agreement
                                            (including any renewals provided for therein) or a period not to exceed ninety (90) days
                                            following the service of notice of default (the &ldquo;<B>Disposition Period</B>&rdquo;);
                                            provided that payments of base rent are made in accordance with the Lease Agreement and all
                                            other obligations of the Tenant under the Lease Agreement are complied with by the Agent,
                                            on behalf of the Secured Parties. If any injunction or stay is issued (including an automatic
                                            stay due to a bankruptcy proceeding) that prohibits the Agent from removing the Personal
                                            Property, the commencement or pendency of the Disposition Period shall be deferred until
                                            such injunction or stay is lifted or removed.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Status
                                            of Lease Agreement</U></B>. The Landlord hereby represents and warrants to the Agent and
                                            the Secured Parties (and acknowledges that the Agent and the Secured Parties are relying
                                            on the same) that: (a) the Landlord is duly formed and existing under the laws of its jurisdiction
                                            of formation; (b) the Lease Agreement is in full force and effect, is in good standing and
                                            except as provided in this Agreement, has not been amended, assigned or modified in any way;
                                            (c) the Landlord is not aware of any existing default or dispute by or between the Landlord
                                            and the Tenant under the Lease Agreement; and (d) all rent, payments and other fees under
                                            the Lease Agreement have been paid to the extent due and payable.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Amendment
                                            of Lease Agreement</U></B>. The Landlord shall not agree to any amendment, restatement, replacement,
                                            supplement or other modification of the Lease Agreement which would materially adversely
                                            affect the Agent's and the Secured Parties&rsquo; rights hereunder or interest in the Lease
                                            Agreement, or agree to any mutual termination or accept any surrender of the Lease Agreement,
                                            nor shall any such amendment, restatement, replacement, supplement, other modification or
                                            termination by the Tenant be effective, without the prior written consent of the Agent, acting
                                            at the direction of the Required Secured Parties.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Agent&rsquo;s
                                            Cure Rights under the Lease Agreement</U></B>. If there is a default by the Tenant under
                                            the Lease Agreement, the Agent, on behalf of the Secured Parties, will have the right (but
                                            not the obligation) to, within 30 days of receipt of written Notice from the Landlord of
                                            such default, cure any such default and the Landlord will accept any timely (for greater
                                            certainty, any cure effected within 30 days of receipt of written Notice shall be deemed
                                            to be timely) curative acts made by or on behalf of the Agent, at the direction of the Required
                                            Secured Parties, as if they had been made by the Tenant. If, however, the default is of a
                                            nature that is not reasonably curable by the Agent (including, without limitation, an Insolvency
                                            Event of the Tenant), then so long as the Agent complies with all provisions of the Lease
                                            Agreement requiring the payment of money by the Tenant and other provisions that may be performed
                                            by the Agent, the Landlord will not terminate or vary the Lease Agreement or the rights of
                                            the Tenant under the Lease Agreement. No action by the Agent or the Secured Parties pursuant
                                            to this Agreement shall be deemed to be an assumption by the Agent or the Secured Parties
                                            of any obligation under the Lease Agreement, and except as expressly provided in this Agreement,
                                            the Agent and the Secured Parties shall not have any obligation to the Landlord. Any prohibition
                                            on the Agent&rsquo;s right to cure, whether imposed by law or a court, will extend the Agent&rsquo;s
                                            cure period on a day for day basis.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Sale
                                            or Assignment</U></B>. The Agent, at the direction of and upon prior funding and indemnity
                                            by the Required Secured Parties, may sell or otherwise dispose of or assign the interest
                                            of the Tenant in the Lease Agreement or the Leased Premises pursuant to the terms of the
                                            Secured Obligations Documents provided that payment of rent and other money due under the
                                            Lease Agreement (other than any accelerated rent) are made in accordance with the Lease Agreement
                                            and any such sale or assignment is made with such consent as is required under the Lease
                                            Agreement for an assignment. Upon such assignment or sale with such consent, the Landlord
                                            shall release the Agent, on behalf of the Secured Parties, from all liabilities and obligations,
                                            if any, under the Lease Agreement. If the Agent acquires the Tenant&rsquo;s interest under
                                            a new lease agreement pursuant to Section 7 below, the Agent, at the direction of the Required
                                            Secured Parties, may assign the new lease agreement in accordance with the terms and conditions
                                            thereof.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>New
                                            Lease Agreement</U></B>. If the Lease Agreement is terminated for any reason before the end
                                            of its term, then the Landlord will, upon written request from the Agent made within 30 days
                                            of receiving notice from the Landlord of such termination, enter into a new lease agreement
                                            of the Leased Premises with the Agent. The new lease agreement will be on the same terms
                                            and conditions as the Lease Agreement (including, without limitation, any rights or options
                                            to renew or extend the terms of the lease agreement or acquire the Leased Premises) and will
                                            have the same priority as the Lease Agreement. The Landlord&rsquo;s obligation to enter into
                                            such a new lease agreement will be subject to the Agent, on behalf of and upon prior funding
                                            and indemnity by the Secured Parties, will (a) have cured all monetary defaults (other than
                                            any accelerated rents) and commenced, and diligently prosecuted, the cure for all reasonably
                                            curable non-monetary defaults; and (b) reimburse the Landlord for all reasonable and documented
                                            costs and expenses incurred in connection with entering into such new lease agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Foreclosure</U></B>.
                                            If the Agent, at the direction of the Required Secured Parties, becomes tenant under the
                                            Lease Agreement by means of foreclosure or assignment in lieu thereof, the Agent, on behalf
                                            of the Secured Parties, shall be liable under the Lease Agreement only for the period the
                                            Agent remains a party thereto, and for greater certainty, the Agent or any party who acquires
                                            the Tenant&rsquo;s interest in the Leased Premises from the Agent shall not be liable to
                                            perform the obligations imposed on the Tenant by the Lease Agreement which are incurred or
                                            accruing after the Agent or other party no longer has an interest in or possession of the
                                            Leased Premises, provided that any subsequent assignee or the Tenant shall assume and agree
                                            to be bound by all the terms and conditions of the Lease Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Landlord&rsquo;s
                                            Freehold Mortgagees and Transferees.</U></B> The Landlord shall not mortgage or sell its
                                            interest in the Leased Premises except to a purchaser or mortgagee that, before the effective
                                            date of the sale or freehold mortgage, enters into a written agreement with the Tenant and
                                            in favour of the Agent that is substantially in the form of this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Notices.
                                            </U></B>All notices to be given hereunder shall be in writing and all such notices may be
                                            made or served, personally with receipt acknowledged or by registered or certified mail,
                                            return receipt requested, postage prepaid, addressed to:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Provider at:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Wingdings">n</FONT></P>

<P STYLE="font: 10pt Wingdings; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Wingdings; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
  <TD STYLE="background-color: Black; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;<BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR></FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
  <TD STYLE="text-align: left; width: 37%; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Redacted
  - email address, commercial address and personal contact information]</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Wingdings; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
  <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
  <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted - email address, commercial address and personal
  contact information]</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
  <TD STYLE="background-color: Black; width: 60%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;<BR><BR></FONT></P>
                         <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
                         <BR> <BR></FONT></P></TD>
  <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Or
such other address, as the parties respectively may from time to time advise. Any such notice shall be deemed to have been duly given
or served on the date on which personally delivered, with receipt acknowledged, or, if served by registered letter, three (3) days after
mailing thereof, postage prepaid.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Modification;
                                            Waivers; Assignment.</U></B> This Agreement may not be amended or modified in any respect
                                            except by written instrument signed by the Tenant, the Landlord and the Agent (acting at
                                            the direction of the Required Secured Parties). Any waiver by the Agent shall be in writing.
                                            The rights of the Agent (including those of any Secured Party) under this Agreement may only
                                            be assigned in accordance with the requirements of the Collateral Agency and Intercreditor
                                            Agreement. The Tenant may not assign its obligations under this Agreement without the prior
                                            written consent of the Agent (acting at the direction of the Required Secured Parties) and
                                            the Landlord. The Landlord may not assign its obligations under this Agreement without the
                                            prior written consent of the Agent (acting at the direction of the Required Secured Parties)
                                            and the Tenant. Any permitted assignee of the Agent or a Secured Party shall be bound hereby,
                                            <I>mutatis mutandis</I>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Governing
                                            Law Attornment</U></B>. This Agreement is governed by and construed in accordance with the
                                            laws of the <B>[Province of Ontario and the federal laws of Canada] </B>applicable therein.
                                            Each of the Tenant, Landlord and the Agent on behalf of the Secured Parties, hereby irrevocably
                                            attorn and submit to the non-exclusive jurisdiction of the courts of the <B>[Province of
                                            Ontario]</B>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Benefit
                                            of the Agreement</U></B>. This Agreement shall be binding upon the successors and permitted
                                            assigns of the Tenant and the Landlord and shall benefit the successors and permitted assigns
                                            of the Agent and the Secured Parties.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>WAIVER
                                            OF SPECIAL DAMAGES</U></B>. THE LANDLORD HEREBY WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED
                                            BY LAW, ALL RIGHTS IT MAY HAVE TO CLAIM OR RECOVER FROM THE AGENT, IN ANY LEGAL ACTION OR
                                            PROCEEDING, ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES RELATED TO THIS AGREEMENT.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Severability</U></B>.
                                            If any provision of this Agreement is determined to be invalid or unenforceable in whole
                                            or in part, such invalidity or unenforceability shall attach only to such provision or part
                                            thereof and the remaining part of such provision and all other provisions hereof shall continue
                                            in full force and effect. To the extent permitted by Applicable Law the parties hereby waive
                                            any provision of law that renders any provision hereof prohibited or unenforceable in any
                                            respect.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">16.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Counterparts</U></B>.
                                            This Agreement may be executed in any number of counterparts, including by electronic or
                                            digital signature, each of which shall be deemed to be an original and all of which taken
                                            together shall be deemed to constitute one and the same instrument.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">17.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Rights
                                            of the Agent</U></B>. The rights, privileges, protections, immunities and benefits afforded
                                            to the Agent, including, without limitation, its right to be funded and indemnified, under
                                            the Collateral Agency and Intercreditor Agreement shall be afforded to the Agent for all
                                            purposes of this Agreement as if fully set forth herein mutatis mutandis. Notwithstanding
                                            anything contained herein to the contrary, the Agent shall not be obligated to take any discretionary
                                            action or exercise any discretionary rights or powers, including any obligation to provide
                                            any requests, consents, directions, determinations, acceptances, rejections or other similar
                                            actions pursuant to this Agreement unless it shall have first been so directed by the Required
                                            Secured Parties in accordance with the terms of the Collateral Agency and Intercreditor Agreement,
                                            and the Agent shall not be liable for any failure or delay in taking such actions resulting
                                            from any failure or delay by the Required Secured Parties in providing such directions.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">[<I>Signature
page follows</I>]</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">IN
WITNESS WHEREOF the undersigned has executed this agreement as of the date first written above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TELESAT LEO INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TSX TRUST COMPANY, as</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Collateral Agent</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[LANDLORD]</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">LANDLORD
ACKNOWLEDGEMENT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TO:</B></FONT></TD><TD STYLE="font-weight: bold; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TELESAT
                                            LEO INC. </B><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">(together
                                            with its successors and permitted assigns, the </FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal">&ldquo;Tenant&rdquo;<FONT STYLE="font-weight: normal">)<SUP>1</SUP></FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">AND TO:</FONT></TD>
    <TD STYLE="text-align: justify; font-weight: bold; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal">TSX
    TRUST COMPANY, as collateral agent (including its successors and assigns in such capacity, the </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal">&ldquo;Agent&rdquo;<FONT STYLE="font-weight: normal">)</FONT></FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>RE:</B></FONT></TD><TD STYLE="text-align: justify; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Loan
                                            agreement dated as of September [</FONT><FONT STYLE="font-family: Wingdings">n</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">]</FONT>,
                                            2024 (as amended, restated, supplemented, replaced or otherwise modified from time to time,
                                            the &ldquo;<B>Canada Loan Agreement</B>&rdquo;) among, <I>inter alios</I>, Telesat LEO Inc.,
                                            as borrower (the &ldquo;<B>Borrower</B>&rdquo;), the guarantors from time to time party thereto,
                                            and 16342451 Canada Inc. (the &ldquo;<B>Canada Lender</B>&rdquo;)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AND RE:</B></FONT></TD><TD STYLE="text-align: justify; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Loan
                                            agreement dated as of September [</FONT><FONT STYLE="font-family: Wingdings">n</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">]</FONT>,
                                            2024 (as amended, restated, supplemented, replaced or otherwise modified from time to time,
                                            the &ldquo;<B>IQ Loan Agreement</B>&rdquo;) among, <I>inter alios</I>, the Borrower, as borrower,
                                            the guarantors from time to time party thereto, Investissement Quebec, as lender (&ldquo;<B>IQ</B>&rdquo;)</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AND RE:<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
AND RE:<BR>
<BR>
<BR>
<BR>
<BR>
</B></FONT></TD><TD STYLE="background-color: Black; text-align: justify; width: 78%"><P STYLE="margin-top: 0; margin-bottom: 0"></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 10%; text-align: left">[Redacted - commercially sensitive information]</TD>
    </TR>

</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AND RE:</B></FONT></TD><TD STYLE="text-align: justify; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Lease
                                            agreement dated as of </FONT><FONT STYLE="font-family: Wingdings">n</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">between
                                            </FONT><FONT STYLE="font-family: Wingdings">n</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">(together
                                            with its successors, by amalgamation or otherwise, and permitted assigns, the &ldquo;<B>Landlord</B>&rdquo;)
                                            and the Tenant (the &ldquo;<B>Lease Agreement</B>&rdquo;) with respect to the premises located
                                            at [</FONT><FONT STYLE="font-family: Wingdings">n</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">]
                                            </FONT>(the &ldquo;<B>Property</B>&rdquo;)</TD></TR></TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><DIV STYLE="border-top: Black 1.5pt solid; font-size: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Note:
                                            </B>Where the Borrower is the Tenant form can be updated to reference the Borrower in all
                                            places where &ldquo;Tenant&rdquo; is used.</FONT></TD>
</TR></TABLE>


<!-- Field: Page; Sequence: 184 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>DATE:</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">[</FONT><FONT STYLE="font-family: Wingdings">n</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">]</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WHEREAS
</B>pursuant to the Lease Agreement, the Landlord leased to the Tenant the premises described therein (the &ldquo;<B>Leased Premises</B>&rdquo;),
located on the Property;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AND
WHEREAS </B>the Tenant has granted, as general and continuing security for the payment and performance of the Secured Obligations, a
security interest and assignment, mortgage and charge over all of its assets including, without limitation, the Tenant&rsquo;s interest
in the Lease Agreement and the Tenant&rsquo;s inventory, equipment, machinery, fixtures, and other personal and moveable property at
any time, now or later, located in or about the Leased Premises (collectively, the &ldquo;<B>Personal Property</B>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-indent: 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AND WHEREAS </B>it is a
condition precedent under each of the Canada Loan <FONT STYLE="font-size: 10pt">Agreement, the IQ Loan Agreement, <FONT STYLE="background-color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT> that the Tenant and the Landlord enter into this Agreement;</FONT></TD>
    <TD STYLE="width: 5pt"></TD><TD STYLE="padding-left: 4pt; text-align: center; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted
                                - commercially sensitive information]</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AND
WHEREAS </B>each of the Secured Parties has appointed and authorized the Agent to act as its collateral agent and attorney for the purpose
of holding security granted by the Tenant pursuant to the terms of that certain collateral agency and intercreditor agreement dated as
of </FONT><FONT STYLE="font-family: Wingdings">n</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">, 2024 among, <I>inter
alios</I>, the Borrower, the Tenant, the Secured Parties and the Agent (the &ldquo;<B>Collateral Agency and Intercreditor Agreement</B>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AND
WHEREAS </B>capitalized terms used herein without express definition shall, unless something in the subject matter or context is inconsistent
therewith, have the same meanings as are ascribed to such terms in the Collateral Agency and Intercreditor Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>NOW
THEREFORE</B>, in consideration of the foregoing recitals and for other good and valuable consideration, the receipt and adequacy of
which are acknowledged by the Landlord, the Landlord agrees as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Notice
                                            and Acknowledgement</U></B>. The Landlord hereby acknowledges, confirms and consents to the
                                            Tenant encumbering the Tenant&rsquo;s interest in the Lease Agreement, the Personal Property
                                            and the Leased Premises and (ii) that the Agent&rsquo;s security interest in the Personal
                                            Property (as extended, renewed, supplemented, amended and restated from time to time) will
                                            be in priority to any title or interest that the Landlord may at any time have therein, and
                                            the Landlord will not assert against any of the Personal Property any present or future title,
                                            lien, security interest, hypothec or encumbrance, including, without limitation, by way of
                                            rights of levy, distraint or distress for rent, all of which the Landlord hereby unconditionally
                                            subordinates in favour of the Agent. No Personal Property will constitute a fixture or become
                                            part of the Leased Premises.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT>.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Exercise
                                            of Remedies by the Agent.</U></B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Personal
                                            Property</U>. The Agent, at the direction of the Required Secured Parties and subject to
                                            the Landlord&rsquo;s rights under the Lease Agreement, may, with reasonable prior notice
                                            (including for up to 90 days following the termination of the Premises Agreement), enter
                                            the Leased Premises for the purpose of repossessing, removing, selling or otherwise dealing
                                            with any Personal Property (free of any rights and interest that the Provider may have and
                                            without being deemed to be in possession) provided that the Agent, on behalf of and upon
                                            prior funding and indemnity by the Secured Parties, will promptly pay for the repair of any
                                            damages to the Leased Premises as a result of such, removal, sale or other dealing with any
                                            such Personal Property; and provided, however, that the Agent and the Secured Parties shall
                                            not be liable to the Landlord for any diminution in value caused by the absence of any removed
                                            Personal Property or for any other matter except as specifically set forth herein.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Lease
                                            Agreement</U>. If the Tenant has possession of the Leased Premises the Agent or its agent,
                                            at the direction of the Required Secured Parties, may take possession of the Leased Premises
                                            for a period equal to the greater of the remainder of the unexpired term of the Lease Agreement
                                            (including any renewals provided for therein) or a period not to exceed ninety (90) days
                                            following the service of notice of default (the &ldquo;<B>Disposition Period</B>&rdquo;);
                                            provided that payments of base rent are made in accordance with the Lease Agreement and all
                                            other obligations of the Tenant under the Lease Agreement are complied with by the Agent,
                                            on behalf of the Secured Parties. If any injunction or stay is issued (including an automatic
                                            stay due to a bankruptcy proceeding) that prohibits the Agent from removing the Personal
                                            Property, the commencement or pendency of the Disposition Period shall be deferred until
                                            such injunction or stay is lifted or removed.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Status
                                            of Lease Agreement</U></B>. The Landlord hereby represents and warrants to the Agent and
                                            the Secured Parties (and acknowledges that the Agent and the Secured Parties are relying
                                            on the same) that: (a) the Landlord is duly formed and existing under the laws of its jurisdiction
                                            of formation; (b) the Lease Agreement is in full force and effect, is in good standing and
                                            except as provided in this Agreement, has not been amended, assigned or modified in any way;
                                            (c) the Landlord is not aware of any existing default or dispute by or between the Landlord
                                            and the Tenant under the Lease Agreement; and (d) all rent, payments and other fees under
                                            the Lease Agreement have been paid to the extent due and payable.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Amendment
                                            of Lease Agreement</U></B>. The Landlord shall not agree to any amendment, restatement, replacement,
                                            supplement or other modification of the Lease Agreement which would materially adversely
                                            affect the Agent's and the Secured Parties&rsquo; rights hereunder or interest in the Lease
                                            Agreement, or agree to any mutual termination or accept any surrender of the Lease Agreement,
                                            nor shall any such amendment, restatement, replacement, supplement, other modification or
                                            termination by the Tenant be effective, without the prior written consent of the Agent, acting
                                            at the direction of the Required Secured Parties.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Agent&rsquo;s
                                            Cure Rights under the Lease Agreement</U></B>. If there is a default by the Tenant under
                                            the Lease Agreement, the Agent, on behalf of the Secured Parties, will have the right (but
                                            not the obligation) to, within 30 days of receipt of written Notice from the Landlord of
                                            such default, cure any such default and the Landlord will accept any timely (for greater
                                            certainty, any cure effected within 30 days of receipt of written Notice shall be deemed
                                            to be timely) curative acts made by or on behalf of the Agent, at the direction of the Required
                                            Secured Parties, as if they had been made by the Tenant. If, however, the default is of a
                                            nature that is not reasonably curable by the Agent (including, without limitation, an Insolvency
                                            Event of the Tenant), then so long as the Agent complies with all provisions of the Lease
                                            Agreement requiring the payment of money by the Tenant and other provisions that may be performed
                                            by the Agent, the Landlord will not terminate or vary the Lease Agreement or the rights of
                                            the Tenant under the Lease Agreement. No action by the Agent or the Secured Parties pursuant
                                            to this Agreement shall be deemed to be an assumption by the Agent or the Secured Parties
                                            of any obligation under the Lease Agreement, and except as expressly provided in this Agreement,
                                            the Agent and the Secured Parties shall not have any obligation to the Landlord. Any prohibition
                                            on the Agent&rsquo;s right to cure, whether imposed by law or a court, will extend the Agent&rsquo;s
                                            cure period on a day for day basis.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">6.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Sale
                                 or Assignment</U></B>. The Agent, at the direction of and upon prior funding and indemnity by the Required
                                 Secured Parties, may sell or otherwise dispose of or assign the interest of the Tenant in the Lease
                                 Agreement or the Leased Premises pursuant to the terms of the Secured Obligations Documents provided
                                 that payment of rent and other money due under the Lease Agreement (other than any accelerated rent)
                                 are made in accordance with the Lease Agreement and any such sale or assignment is made with such consent
                                 as is required under the Lease Agreement for an assignment. Upon such assignment or sale with such consent,
                                 the Landlord shall release the Agent, on behalf of the Secured Parties, from all liabilities and obligations,
                                 if any, under the Lease Agreement. If the Agent acquires the Tenant&rsquo;s interest under a new lease
                                 agreement pursuant to Section 7 below, the Agent, at the direction of the Required Secured Parties,
                                 may assign the new lease agreement in accordance with the terms and conditions thereof.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">7.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>New Lease
                                 Agreement</U></B>. If the Lease Agreement is terminated for any reason before the end of its term, then
                                 the Landlord will, upon written request from the Agent made within 30 days of receiving notice from
                                 the Landlord of such termination, enter into a new lease agreement of the Leased Premises with the Agent.
                                 The new lease agreement will be on the same terms and conditions as the Lease Agreement (including,
                                 without limitation, any rights or options to renew or extend the terms of the lease agreement or acquire
                                 the Leased Premises) and will have the same priority as the Lease Agreement. The Landlord&rsquo;s obligation
                                 to enter into such a new lease agreement will be subject to the Agent, on behalf of and upon prior funding
                                 and indemnity by the Secured Parties, will (a) have cured all monetary defaults (other than any accelerated
                                 rents) and commenced, and diligently prosecuted, the cure for all reasonably curable non-monetary defaults;
                                 and (b) reimburse the Landlord for all reasonable and documented costs and expenses incurred in connection
                                 with entering into such new lease agreement</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">8.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Foreclosure</U></B>.
                                 If the Agent, at the direction of the Required Secured Parties, becomes tenant under the Lease Agreement
                                 by means of foreclosure or assignment in lieu thereof, the Agent, on behalf of the Secured Parties,
                                 shall be liable under the Lease Agreement only for the period the Agent remains a party thereto, and
                                 for greater certainty, the Agent or any party who acquires the Tenant&rsquo;s interest in the Leased
                                 Premises from the Agent shall not be liable to perform the obligations imposed on the Tenant by the
                                 Lease Agreement which are incurred or accruing after the Agent or other party no longer has an interest
                                 in or possession of the Leased Premises, provided that any subsequent assignee or the Tenant shall assume
                                 and agree to be bound by all the terms and conditions of the Lease Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">9.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Landlord&rsquo;s
                                 Freehold Mortgagees and Transferees.</U></B> The Landlord shall not mortgage or sell its interest in
                                 the Leased Premises except to a purchaser or mortgagee that, before the effective date of the sale or
                                 freehold mortgage, enters into a written agreement with the Tenant and in favour of the Agent that is
                                 substantially in the form of this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Notices.
                                            </U></B>All notices to be given hereunder shall be in writing and all such notices may be
                                            made or served, personally with receipt acknowledged or by registered or certified mail,
                                            return receipt requested, postage prepaid, addressed to:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Provider at:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
  <TD STYLE="background-color: Black; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;<BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR></FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
  <TD STYLE="text-align: left; width: 37%; vertical-align: bottom">[Redacted - email address, commercial address and personal contact
  information]</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>


<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2" STYLE="text-align: right">[Redacted - email address, commercial address and personal contact information]</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
  <TD STYLE="background-color: Black; width: 60%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;<BR><BR></FONT></P>
                         <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
                         <BR> <BR></FONT></P></TD>
  <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Or
such other address, as the parties respectively may from time to time advise. Any such notice shall be deemed to have been duly given
or served on the date on which personally delivered, with receipt acknowledged, or, if served by registered letter, three (3) days after
mailing thereof, postage prepaid.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Modification;
                                            Waivers; Assignment.</U></B> This Agreement may not be amended or modified in any respect
                                            except by written instrument signed by the Tenant, the Landlord and the Agent (acting at
                                            the direction of the Required Secured Parties). Any waiver by the Agent shall be in writing.
                                            The rights of the Agent (including those of any Secured Party) under this Agreement may only
                                            be assigned in accordance with the requirements of the Collateral Agency and Intercreditor
                                            Agreement. The Tenant may not assign its obligations under this Agreement without the prior
                                            written consent of the Agent (acting at the direction of the Required Secured Parties) and
                                            the Landlord. The Landlord may not assign its obligations under this Agreement without the
                                            prior written consent of the Agent (acting at the direction of the Required Secured Parties)
                                            and the Tenant. Any permitted assignee of the Agent or a Secured Party shall be bound hereby,
                                            mutatis mutandis.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Governing
                                            Law Attornment</U></B>. This Agreement is governed by and construed in accordance with the
                                            laws of the <B>[State of New York] </B>applicable therein. Each of the Tenant, Landlord and
                                            the Agent on behalf of the Secured Parties, hereby irrevocably attorn and submit to the non-exclusive
                                            jurisdiction of the courts of the <B>[State of New York]</B>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Benefit
                                            of the Agreement</U></B>. This Agreement shall be binding upon the successors and permitted
                                            assigns of the Tenant and the Landlord and shall benefit the successors and permitted assigns
                                            of the Agent and the Secured Parties.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>WAIVER
                                            OF SPECIAL DAMAGES</U></B>. THE LANDLORD HEREBY WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED
                                            BY LAW, ALL RIGHTS IT MAY HAVE TO CLAIM OR RECOVER FROM THE AGENT, IN ANY LEGAL ACTION OR
                                            PROCEEDING, ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES RELATED TO THIS AGREEMENT.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Severability</U></B>.
                                            If any provision of this Agreement is determined to be invalid or unenforceable in whole
                                            or in part, such invalidity or unenforceability shall attach only to such provision or part
                                            thereof and the remaining part of such provision and all other provisions hereof shall continue
                                            in full force and effect. To the extent permitted by Applicable Law the parties hereby waive
                                            any provision of law that renders any provision hereof prohibited or unenforceable in any
                                            respect.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">16.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Counterparts</U></B>.
                                            This Agreement may be executed in any number of counterparts, including by electronic or
                                            digital signature, each of which shall be deemed to be an original and all of which taken
                                            together shall be deemed to constitute one and the same instrument.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">17.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Rights
                                            of the Agent</U></B>. The rights, privileges, protections, immunities and benefits afforded
                                            to the Agent, including, without limitation, its right to be funded and indemnified, under
                                            the Collateral Agency and Intercreditor Agreement shall be afforded to the Agent for all
                                            purposes of this Agreement as if fully set forth herein mutatis mutandis. Notwithstanding
                                            anything contained herein to the contrary, the Agent shall not be obligated to take any discretionary
                                            action or exercise any discretionary rights or powers, including any obligation to provide
                                            any requests, consents, directions, determinations, acceptances, rejections or other similar
                                            actions pursuant to this Agreement unless it shall have first been so directed by the Required
                                            Secured Parties in accordance with the terms of the Collateral Agency and Intercreditor Agreement,
                                            and the Agent shall not be liable for any failure or delay in taking such actions resulting
                                            from any failure or delay by the Required Secured Parties in providing such directions.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">[<I>Signature
page follows</I>]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 189 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: -0.5in; margin-top: 0pt; margin-bottom: 0pt; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: -0.25in; margin-top: 0pt; margin-bottom: 0pt; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">IN
WITNESS WHEREOF the undersigned has executed this agreement as of the date first written above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TELESAT LEO INC. </B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:&nbsp;</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TSX TRUST COMPANY, as Collateral Agent</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:&nbsp;</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>[LANDLORD]</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:&nbsp;</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE
F</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>FORM
OF MILESTONE CERTIFICATE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 4pt; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TO:</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4pt; width: 84%; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Investissement
    Qu&eacute;bec, as lender (the &ldquo;<B>Lender</B>&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AND
    TO:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted
    - commercially sensitive information].</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>RE:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Loan
    agreement dated as of September 13, 2024 (as amended, restated, supplemented, replaced or otherwise modified from time to time, the
    &ldquo;<B>Loan Agreement</B>&rdquo;) among, <I>inter alios</I>, Telesat LEO Inc., as borrower (the &ldquo;<B>Borrower</B>&rdquo;)
    and the Lender</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AND
    RE:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Advance
    Notice dated as of </FONT><FONT STYLE="font-family: Wingdings">n</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">requesting
    an Advance in the amount of $</FONT><FONT STYLE="font-family: Wingdings">n</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">(the
    &ldquo;<B>Requested Advance</B>&rdquo;) with respect to period ending </FONT><FONT STYLE="font-family: Wingdings">n</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">(the
    &ldquo;<B>Relevant Period</B>&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>DATE:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">[</FONT><FONT STYLE="font-family: Wingdings">n</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">]</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
undersigned, the <B>[insert title of Responsible Officer]</B> of the Borrower, hereby certifies, in that capacity and without personal
liability, that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">I
                                            have read and am familiar with the provisions of the Loan Agreement and have made such examinations
                                            and investigations, including a review of the applicable books and records of the Borrower
                                            as are necessary to enable me to express an informed opinion as to the matters set out herein
                                            and to furnish this Certificate.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">I
                                            have furnished this Certificate with the intent that it may be relied upon by the Lender
                                            and the Technical Advisor as a basis for determining the condition precedent under Section
                                            <B>[3.2.2] </B>of the Loan Agreement in respect of the Requested Advance.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
                                            statements made in the applicable Advance Request delivered together with this Certificate
                                            are true and correct as of the date hereof.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            Requested Advance shall be utilized in payment of Project Costs set out in the Project Budget.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            commitment under the Canada Loan Agreement has not changed since the Closing Date.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>[The
                                            Requested Advance under the Loan Agreement is on a Proportionate Basis and the advance requested
                                            concurrently under the Canada Loan Agreement [is on a Proportionate Basis (the proportion
                                            applicable to the Canada Lender)] <U>OR</U> [would have been on a Proportionate Basis (the
                                            proportion applicable to the Canada Lender), but for the requirements under Section 2.3.4
                                            of the Loan Agreement.]]<FONT STYLE="font-size: 10pt"><SUP>12</SUP></FONT></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>12</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Note:
                                            Borrower to select, as applicable.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>[Attached
                                            hereto as Annex I is evidence (A) of the achievement of the applicable Milestone that is
                                            listed as a pre-requisite to the Requested Advance in Schedule G of the Loan Agreement, (B)
                                            that the aggregated Project Costs incurred to date are materially consistent with the Project
                                            Budget; and (C) that the estimated remaining Project Costs that are expected to be incurred
                                            to achieve Project Completion are materially consistent with the Project Budget.]<FONT STYLE="font-size: 10pt"><SUP>13</SUP></FONT></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            Initial Project Completion Date is reasonably expected to be achieved by the Initial Outside
                                            Date.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            aggregate amount of remaining Project Costs projected to be incurred in achieving the Initial
                                            Project Completion Date is not reasonably expected to exceed the Available Funding.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
                                            work orders, deficiency notices or orders to comply have been issued by any Governmental
                                            Authority relating to the Project or, if issued, have been satisfied or complied with and
                                            for which funds have been reserved in a Collateral Account, and no orders to cease development
                                            relating to the Project have been issued as of the date hereof by any Governmental Authority.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
                                            work on the Project requiring inspection as of the date hereof by any Governmental Authority
                                            having jurisdiction has been duly inspected and approved by such Governmental Authority and
                                            any certificates or notices required have been issued in connection therewith by such Governmental
                                            Authority.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            Borrower has paid in full all of its obligations due and payable under the Material Project
                                            Contracts as of the date hereof other than amounts subject to a good faith contest in respect
                                            of which no Encumbrances, other than Permitted Encumbrances, are registered and which unpaid
                                            amounts do not exceed $</FONT><FONT STYLE="font-family: Wingdings">n</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
                                            material Permits that under Applicable Law are required to be obtained, issued or effected
                                            on or prior to the date hereof to design, develop, construct, install, launch, commercialize,
                                            own and Operate the Project have been duly obtained, issued or effected, are in full force
                                            and effect, free of non-standard conditions or requirements the effect of which, individually
                                            or in the aggregate, could reasonably be expected to have a Material Adverse Effect, and
                                            are not subject to pending appeal and certified copies of all such Material Permits not previously
                                            delivered to the Lender are attached as Annex II hereto, except for Permits which do not
                                            take the form of a formal document issued to the Borrower and Permits issued to third parties.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>13</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Note:
                                            Not to be included in Milestone Certificate to be delivered on the date of the initial Advance.</FONT></TD>
</TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
                                            Material Project Contracts required to design, develop, construct, install, launch, commercialize,
                                            own and Operate the Project as of the date hereof are in full force and effect and certified
                                            copies of all such Material Project Contracts not previously delivered to the Lender are
                                            attached as Annex III hereto.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            Borrower and the Project are in material compliance with all Environmental Laws to the extent
                                            applicable to the Project.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">16.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            Borrower has delivered to the Lender true, correct and complete copies of each Lease in effect
                                            as of the date of the applicable Advance Notice.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">17.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            Borrower has delivered to the Lender evidence of all insurance required to be maintained
                                            pursuant to the Loan Documents as at the applicable Advance Date, naming the Collateral Agent
                                            as additional insured and first loss payee, as applicable.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">18.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
                                            Landlord Access Agreements required in connection with any Leased Real Property as at the
                                            date hereof have been obtained from the applicable third parties.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">19.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
                                            Specified Landing Station Access Agreements required in connection with any Specified Landing
                                            Station as at the date hereof have been obtained from the applicable third parties.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><SUP>&nbsp;</SUP></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">20<SUP>.</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>[In
                                            accordance with Section 9.1.2, the aggregate amount of cash and Cash Equivalents in all Collateral
                                            Accounts maintained by the Borrower or any Obligor is $[</B></FONT><B><FONT STYLE="font-family: Wingdings">n</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">]</FONT></B>].<SUP>14</SUP></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><DIV STYLE="border-top: Black 1.5pt solid; font-size: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>14</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Only
                                            required in respect of the first two draws (i.e. until the Borrower has spent the full amount
                                            of its equity requirement on Project Costs)</FONT></TD>
</TR></TABLE>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dated
as of the first date written above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">TELESAT LEO
    INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:&nbsp;</FONT></TD>
    <TD STYLE="width: 31%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Signature
Page &ndash; Milestone Certificate</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Annex
I &ndash; Evidence of achievement of applicable Milestone and evidence relating to the <BR>
consistency between the Project Costs and the Project Budget</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted
- commercially sensitive information].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Annex
II &ndash; Copies of all Material Permits not previously delivered to the Lender</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted
- commercially sensitive information].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Annex
III &ndash; Copies of all Material Project Contracts not previously delivered to the Lender</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted
- commercially sensitive information].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE
G</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">MILESTONES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted
- commercially sensitive information].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE
H</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">PROJECT
BUDGET</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted
- commercially sensitive information].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE
I</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">PROJECT
SCHEDULE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted
- commercially sensitive information].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE
J</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 71.15pt 0pt 55.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.15pt 0pt 55.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>FORM
OF SPECIFIED LANDING STATION ACCESS AGREEMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted
- commercially sensitive information].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 71.15pt 0pt 55.35pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE
K</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 71.15pt 0pt 55.35pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.15pt 0pt 55.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>FORM
OF TECHNICAL ADVISOR CERTIFICATE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; width: 16%; padding-left: 5.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TO:</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; text-align: justify; width: 84%; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Investissement
    Qu&eacute;bec, as lender (the &ldquo;<B>Lender</B>&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>RE:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; padding-left: 5.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Loan
    agreement dated as of September 13, 2024 (as amended, restated, supplemented, replaced or otherwise modified from time to time, the
    &ldquo;<B>Loan Agreement</B>&rdquo;) among, <I>inter alios</I>, Telesat LEO Inc., as borrower (the &ldquo;<B>Borrower</B>&rdquo;)
    and the Lender</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AND
    RE:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; padding-left: 5.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Advance
    Notice dated as of </FONT><FONT STYLE="font-family: Wingdings">n</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">requesting
    an Advance in the amount of $</FONT><FONT STYLE="font-family: Wingdings">n</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">(the
    &ldquo;<B>Requested Advance</B>&rdquo;) with respect to period ending </FONT><FONT STYLE="font-family: Wingdings">n</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">(the
    &ldquo;<B>Relevant Period</B>&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 0.05pt; padding-left: 5.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>DATE:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 0.05pt; padding-left: 5.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[</FONT><FONT STYLE="font-family: Wingdings">n</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">]</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
terms used herein but not otherwise defined herein shall have the meanings ascribed thereto in the Loan Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 78.1pt 0pt 56pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            Technical Advisor is the Lender&rsquo;s technical advisor and in such capacity has reviewed
                                            an Advance Notice dated as of </FONT><FONT STYLE="font-family: Wingdings">n</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">together
                                            with the applicable Milestone Certificate.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            Technical Advisor has received the most recent Progress Reports required to have been delivered
                                            by the Borrower under the Loan Agreement and has reviewed documentation provided by the Borrower
                                            on account of Project Costs set out in the Project Budget and has made, or caused to be made,
                                            such examinations or investigations as are, in our belief, necessary to enable us to make
                                            the statements or give the opinions contained or expressed in this Technical Advisor's Certificate,
                                            in accordance with the undersigned's responsibilities in such regard pursuant to the provisions
                                            of the Loan Agreement, including such inquiries of, or discussions with the Borrower and
                                            Material Project Counterparties as are, in our belief, necessary.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Based
                                            upon the foregoing, the Technical Advisor certifies and confirms that:</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">[The
                                            Technical Advisor has received evidence of in-kind or cash contributions made to the Borrower
                                            in an aggregate amount of $</FONT><FONT STYLE="font-family: Wingdings">n</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">.
                                            (the &ldquo;Initial Equity Contribution&rdquo;). The Initial Equity Contribution reflects
                                            the required equity sources in the Financial Model.]<FONT STYLE="font-size: 10pt">15</FONT></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            Technical Advisor has received all documentation and information, including, without limitation,
                                            (i) the applicable Progress Reports and Milestone Certificate from the Borrower, (ii) the
                                            applicable milestone certificate from the Borrower delivered under the Canada Loan Agreement,
                                            <B>[and (iii) screenshots or other evidence supporting the aggregate amount of cash and Cash
                                            Equivalents in all Collateral Accounts maintained by the Borrower or any Obligor,]<FONT STYLE="font-size: 10pt"><SUP>16
                                            </SUP></FONT></B>and has conducted all other due diligence that we have deemed reasonably
                                            necessary to substantiate and confirm the incurrence of and, if applicable, payment of the
                                            Project Costs for which the Requested Advance is requested and we are satisfied with the
                                            same, including that any payment to be made to any Material Project Counterparty from the
                                            Requested Advance is for actual work completed and such payment is required to be made in
                                            accordance with the terms of the applicable Material Project Contract.</FONT></TD>
</TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;<BR>
<BR>
<BR>
<BR>
<BR>
&nbsp;</FONT></TD>
</TR>
     </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Redacted - commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            most recent Progress Reports and the information contained therein relating to the construction
                                            of the Project is correct and complete in all material respects.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            Borrower has achieved each Milestone that is listed as a pre-requisite to the applicable
                                            Advance as set out on Schedule G of the Loan Agreement.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            aggregate amount of Project Costs incurred to date is $</FONT><FONT STYLE="font-family: Wingdings">n</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            estimated Project Costs to complete all remaining work are $</FONT><FONT STYLE="font-family: Wingdings">n</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
                                            Event of Abandonment has occurred in respect of the Project.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            amount of the Project Costs claimed (including any Project Costs in respect of which funds
                                            were not advanced under prior Advance Notices but which are due and payable as of the date
                                            hereof), when aggregated with all Project Costs previously paid, does not exceed the aggregate
                                            amount of all Project Costs shown to be paid by the date of the Requested Advance in the
                                            Financial Model.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            Project is progressing so that it may be completed by the Initial Project Completion Date
                                            and, in the Technical Advisor&rsquo;s opinion, it is reasonable to expect that the Initial
                                            Project Completion Date will be achieved on or prior to the Initial Outside Date.</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">OR</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Delays
in the progress of the Project, as described in the Progress Report delivered concurrently with this certificate, may result in the Project
not being completed by the Initial Project Completion Date; however, in the Technical Advisor&rsquo;s opinion, it is reasonable to expect
that the Initial Project Completion Date will be achieved on or prior to the Initial Outside Date.]<SUP>17</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<BR>
<BR>
<BR>
<BR>
&nbsp;&nbsp;</FONT></TD>
</TR>
     </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Redacted - commercially sensitive information].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            aggregate amount of the remaining Project Costs projected to be incurred in achieving the
                                            Initial Project Completion Date, as reviewed by the Technical Advisor, is not reasonably
                                            expected to exceed the Available Funding.</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">OR</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">[After
the funding of the Requested Advance the aggregate amount of the remaining Project Costs projected to be incurred in achieving the Initial
Project Completion Date, as reviewed by the Technical Advisor, is reasonably expected to exceed the Available Funding in the amount of
$</FONT><FONT STYLE="font-family: Wingdings">n</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">.]<FONT STYLE="font-weight: normal"><SUP>18</SUP></FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(k)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>[The
                                            Requested Advance under the Loan Agreement is on a Proportionate Basis and the advance requested
                                            concurrently under the Canada Loan Agreement [is on a Proportionate Basis (the proportion
                                            applicable to the Canada Lender)] <U>OR</U> [would have been on a Proportionate Basis (the
                                            proportion applicable to the Canada Lender), but for the requirements under Section 2.3.4
                                            of the Loan Agreement.]]<FONT STYLE="font-size: 10pt"><SUP>19</SUP></FONT></B></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
                                            Technical Advisor&rsquo;s Certificate is being delivered to the Lender pursuant to Section
                                            3.3.4 of the Loan Agreement and may be relied upon by the addressees hereof and their respective
                                            successors and assigns.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Signature
Page Follows]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="background-color: Black; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
&nbsp;&nbsp;</FONT></TD>
</TR>
     </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">[Redacted - commercially sensitive information].</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE
L <BR>
AMORTIZATION SCHEDULE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">See
attached.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Schedule
L</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; width: 50%; padding-left: 5.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Date
    Reference</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 50%; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.05pt; padding-left: 0.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Loan
    Amortization Percentage<FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 0.05pt; padding-left: 5.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fiscal
    Quarter of Initial Project Completion</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 0.25pt; padding-left: 0.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">-%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">+2
    Fiscal Quarters</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.1pt; padding-left: 0.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">-%<SUP>2</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">+4
    Fiscal Quarters</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">+6
    Fiscal Quarters</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">+8
    Fiscal Quarters</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">+10
    Fiscal Quarters</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 0.05pt; padding-left: 5.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">+12
    Fiscal Quarters</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 0.05pt; padding-left: 0.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">+14
    Fiscal Quarters</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">+16
    Fiscal Quarters</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">+18
    Fiscal Quarters</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">+20
    Fiscal Quarters</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">+22
    Fiscal Quarters</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">+24
    Fiscal Quarters</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 0.05pt; padding-left: 5.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">+26
    Fiscal Quarters</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 0.05pt; padding-left: 0.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">+28
    Fiscal Quarters</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">+30
    Fiscal Quarters</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">+32
    Fiscal Quarters</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">+34
    Fiscal Quarters</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">+36
    Fiscal Quarters</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 0.05pt; padding-left: 5.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">+38
    Fiscal Quarters</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 0.05pt; padding-left: 0.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">+40
    Fiscal Quarters</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.0%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>1:
Percentage Applicable to loan balance as of last day of +2 Fiscal Quarters after Initial Project Completion</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2:
Interest for first 6 months after Initial Project Completion Date continues to capitalize to loan principal</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 206 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE
M</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">ASSIGNMENT
AGREEMENT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
Assignment Agreement (this &ldquo;<B>Assignment Agreement</B>&rdquo;) is dated as of the Effective Date (referred to below) and is entered
into by and between the Assignor identified below (the &ldquo;<B>Assignor</B>&rdquo;) and the Assignee identified below (the &ldquo;<B>Assignee</B>&rdquo;).
Capitalized terms used but not defined herein shall have the meanings set forth in the Loan Agreement identified below (as amended, restated,
supplemented, replaced or otherwise modified from time to time, the &ldquo;<B>Loan Agreement</B>&rdquo;). The parties hereto hereby agree
to the Standard Terms and Conditions for Assignment Agreement (the &ldquo;<B>Standard Terms and Conditions</B>&rdquo;) specified in Annex
1 attached hereto which are incorporated herein by reference and made a part of this Assignment Agreement as if set forth in full herein.
The Assignee hereby acknowledges receipt of a copy of the Loan Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subject
to and in accordance with the Standard Terms and Conditions and the Loan Agreement, as of the Effective Date (as identified below), and
for an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases
and assumes from the Assignor, (a) all of the Assignor&rsquo;s rights and obligations as a Lender under the Loan Agreement, the Loan
Documents and any other documents or instruments delivered pursuant thereto to the extent related to the assigned amount and percentage
interest identified below of all of such outstanding rights and obligations of the Assignor under the Loan Facility identified below
and (b) to the extent permitted by applicable law, all suits, claims, causes of action and any other right of the Assignor (as a Lender)
against any Person, whether known or unknown, arising under or with respect to the Loan Agreement, any other Loan Document, any other
documents or instruments delivered pursuant thereto or the loan transactions governed thereby or otherwise based on or related to any
of the foregoing, including, but not limited to, contract claims, statutory claims, tort claims, malpractice claims and all other claims
at law or in equity with respect to the rights and obligations sold and assigned pursuant to clause (a) above (the rights and obligations
sold and assigned pursuant to clauses (a) and (b) above, collectively, the &ldquo;<B>Assigned Interest</B>&rdquo;). Such sale and assignment
is without recourse to the Assignor and, except as expressly provided in this Assignment Agreement, without representation or warranty
by the Assignor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD>
    <TD STYLE="width: 15%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Assignor:</B></FONT></TD>
    <TD STYLE="width: 80%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD>
    <TD STYLE="width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Assignee:</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;</U>[and
    is an [Affiliate] of [NAME OF LENDER]]</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD>
    <TD STYLE="text-align: justify; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Borrower:</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif">TELESAT LEO INC. (the <B>&ldquo;Borrower&rdquo;</B>)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.</FONT></TD>
    <TD STYLE="text-align: justify; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Lender:</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Investissement Qu&eacute;bec,
    as the lender under the Loan Agreement (the <B>&ldquo;Lender&rdquo;</B>)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.</FONT></TD>
    <TD STYLE="text-align: justify; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Loan Agreement:</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Loan Agreement dated as of September
    13, 2024, among, <I>inter alios</I>, the Borrower and the Lender</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 207 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.</FONT></TD><TD STYLE="width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Assigned
                                            Interest:</B></FONT></TD><TD STYLE="width: 77%"></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Loan Facility
    Assigned</B></FONT></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Aggregate
    Amount <BR> of Advances for all Lenders</B></FONT></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Amount
    of Advances Assigned</B></FONT></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Percentage
    of Advances Assigned</B></FONT></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; padding-bottom: 1.5pt; padding-left: 5.4pt"></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 5.4pt"></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 5.4pt"></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.</FONT></TD><TD STYLE="text-align: left; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Effective
                                            Date: [</B></FONT><B><FONT STYLE="font-family: Wingdings">n</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">]</FONT></B></TD>
                               <TD STYLE="text-align: left; width: 77%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Signature
Page Follows]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
terms set forth in this Assignment Agreement are hereby agreed to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top"><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ASSIGNOR</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">[NAME OF ASSIGNOR]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="font-size: 10pt"></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ASSIGNEE</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">[NAME OF ASSIGNEE]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="font-size: 10pt"></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Borrower hereby acknowledges receipt of the above Assignment Agreement <B>[and consents to the Assignee becoming a Lender] </B>under
the Loan Agreement to the extent of the Assigned Interests as evidenced by its signature below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TELESAT LEO INC.</B>, as borrower</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="font-size: 10pt"></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Signature
Page &ndash; Assignment Agreement</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>EXHIBIT
A</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ANNEX
1 TO ASSIGNMENT AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>STANDARD
TERMS AND CONDITIONS FOR ASSIGNMENT AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Representations
                                            and Warranties.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.1.
Assignor.</B> The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the
Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, and (iii) it has full power and authority, and has
taken all action necessary, to execute and deliver this Assignment Agreement and to consummate the transactions contemplated hereby;
and (b) except as set forth herein, makes no representation or warranty and assumes no responsibility with respect to (i) any statements,
representations or warranties made in or in connection with the Loan Agreement or any other Loan Document, (ii) the execution, validity,
legality, enforceability, sufficiency, genuineness or value of, or the perfection or priority of any lien or security interest created
or purported to be created under or in connection with, the Loan Agreement, any other Loan Document or any other instrument or document
furnished pursuant thereto or any collateral thereunder, (iii) the performance or observance by the Borrower, any of its Subsidiaries
or Affiliates or any other Person of any of their respective obligations under the Loan Agreement, any other Loan Document or any other
instrument or document furnished pursuant thereto or (iv) the financial condition of the Borrower, any of its Subsidiaries or Affiliates
or any other Person obligated in respect of the Loan Agreement or any other Loan Document.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.2.
Assignee.</B> The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary,
to execute and deliver this Assignment Agreement and to consummate the transactions contemplated hereby and to become a Lender under
the Loan Agreement, (ii) it meets all requirements of an Eligible Assignee under the Loan Agreement (subject to receipt of such consents
as may be required under the Loan Agreement), (iii) it shall be bound by the provisions of the Loan Agreement as a Lender thereunder
and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, from and after the Effective Date, (iv)
it is sophisticated regarding decisions to purchase assets such as those represented by the Assigned Interest and either it, or the Person
exercising discretion in making its decision to purchase the Assigned Interest, is experienced in acquiring assets of such type, and
(v) it has received a copy of the Loan Agreement and the other Loan Documents, together with (or been given the opportunity to receive)
copies of the most recent financial statements delivered pursuant to Section 10.2 thereof, as applicable, and such other documents and
information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment Agreement and to
purchase the Assigned Interest and, on the basis of such documents and information, it has made such analysis and decision independently
and without reliance on any other Lender; and (b) agrees that (i) it will, based on such documents and information as it shall deem appropriate
at the time, continue to make its own credit decisions in taking or refraining from taking action under the Loan Documents, independently
and without reliance on the Assignor or any other Lender and (ii) it will perform in accordance with their terms all of the obligations
that are required to be performed by it as a Lender under the Loan Agreement and the other Loan Documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 35.95pt"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.<FONT STYLE="font-size: 10pt">&nbsp;
</FONT>Payments.</B> From and after the Effective Date, the Borrower shall make all payments of principal, interest and fees in respect
of the Assigned Interest to the Assignee whether amounts which have accrued prior to the Effective Date or from and after the Effective
Date. Each of the Assignor and the Assignee agrees that it will hold in trust for the other party any interest, fees and other amounts
which it may receive to which the other party is entitled pursuant to this clause, and pay to the other party any such amounts which
it may receive promptly upon receipt. The Assignor and the Assignee shall make all appropriate adjustments in payments by the Lender
for periods prior to the Effective Date or with respect to the making of this assignment directly between themselves.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>3.<FONT STYLE="font-size: 10pt">&nbsp;
</FONT>General Provisions</B>. This Assignment Agreement shall be binding upon, and inure to the benefit of, the parties hereto and their
respective successors and assigns. This Assignment Agreement may be executed in any number of counterparts, which together shall constitute
one instrument. Delivery of an executed counterpart of a signature page of this Assignment Agreement by facsimile or in electronic (i.e.,
&quot;pdf&quot; or &quot;tif&quot;) format shall be effective as delivery of a manually executed counterpart of this Assignment Agreement.
This Assignment Agreement and the other Loan Documents and any claim, controversy, dispute or cause of action (whether in contract or
tort or otherwise) based upon, arising out of or relating to this Assignment Agreement [(except, as to any other Loan Document, as expressly
set forth therein)] and the transactions contemplated hereby and thereby shall be governed by, and construed in accordance with, the
law of the Province of Qu&eacute;bec.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE
N</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>FORM
OF SECURITYHOLDER AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted
- commercially sensitive information].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE
O</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>FORM
OF WARRANT AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted
- commercially sensitive information].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Execution
Version</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SCHEDULE
6.1.8</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>LITIGATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">None.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SCHEDULE
6.1.10</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>OWNERSHIP
STRUCTURE AND EQUITY INTERESTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted
- commercially sensitive information].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">ORGANIZATIONAL
CHART OF THE TELESAT GROUP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted
- commercially sensitive information].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SCHEDULE
6.1.16</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>MATERIAL
PROJECT CONTRACTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted
- commercially sensitive information].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SCHEDULE
6.1.17</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PERMITS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted
- commercially sensitive information].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SCHEDULE
6.1.18</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>IMMOVABLE
PROPERTY INTERESTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted
- commercially sensitive information].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SCHEDULE
6.1.19</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>LOCATIONS
OF COLLATERAL</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">None.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SCHEDULE
6.1.20</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ENVIRONMENTAL</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">None.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SCHEDULE
6.1.23</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>INTELLECTUAL
PROPERTY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted
- commercially sensitive information].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SCHEDULE
6.1.24</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>INFORMATION
TECHNOLOGY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted
- commercially sensitive information].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SCHEDULE
6.1.26</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TAXES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SCHEDULE
6.1.32</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>BENEFIT
PLANS AND PENSION PLANS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted
- commercially sensitive information].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SCHEDULE
6.1.33</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>NON-ARM&rsquo;S
LENGTH TRANSACTIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted
- commercially sensitive information].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SCHEDULE
6.1.34</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>COLLATERAL
ACCOUNTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted
- commercially sensitive information].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SCHEDULE
6.1.37</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SATELLITES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted
- commercially sensitive information].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SCHEDULE
6.1.43</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SPECIFIED
LANDING STATIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted
- commercially sensitive information].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SCHEDULE
8.1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>INSURANCE</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal">[Redacted
- commercially sensitive information].</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SCHEDULE
8.10</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>FORM
OF INSURANCE BROKERS LETTER OF UNDERTAKING</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal">[Redacted
- commercially sensitive information].</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SCHEDULE
9.1.32</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">POST-CLOSING
SECURITY REQUIREMENTS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deliver
to the Collateral Agent, in form and substance satisfactory to the Lender, each of the following items within the time periods set out
below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">within
                                            thirty (30) days following the Closing Date, the Collateral Agent shall have received Blocked
                                            Account Agreements granted by each Obligor in favour of the Collateral Agent for each Collateral
                                            Account maintained by the Obligors;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">within
                                            thirty (30) days following the acquisition of any Owned Immovable Property, the Collateral
                                            Agent shall have received a first ranking immovable hypothec and/or mortgage over such Owned
                                            Immovable Property granted by the applicable Obligor in favour of the Collateral Agent, subject
                                            only to Permitted Encumbrances;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">within
                                            thirty (30) days following the entering into of a lease for any Leased Immovable Property,
                                            the Collateral Agent shall have received (i) a Landlord Access Agreement from the landlord
                                            of such Leased Immovable Property, and (ii) a leasehold mortgage over such Leased Immovable
                                            Property granted by the applicable Obligor in favour of the Collateral Agent; and</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">within
                                            thirty (30) days following the entering into of an agreement for any Specified Landing Station
                                            (other than a Specified Landing Station that is Owned Immovable Property), the Collateral
                                            Agent shall have received (i) a Specified Landing Station Access Agreement, and (ii) a copy
                                            of the Specified Landing Station Agreement.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SCHEDULE
9.1.33</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">POST-CLOSING
ESG REQUIREMENTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Redacted
- commercially sensitive information].</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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