<SEC-DOCUMENT>0001193125-17-322250.txt : 20171027
<SEC-HEADER>0001193125-17-322250.hdr.sgml : 20171027
<ACCEPTANCE-DATETIME>20171027095601
ACCESSION NUMBER:		0001193125-17-322250
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20171027
FILED AS OF DATE:		20171027
DATE AS OF CHANGE:		20171027

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BIRKS GROUP INC.
		CENTRAL INDEX KEY:			0001179821
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-JEWELRY STORES [5944]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32635
		FILM NUMBER:		171158163

	BUSINESS ADDRESS:	
		STREET 1:		1240 SQUARE PHILLIPS
		CITY:			MONTREAL
		STATE:			A8
		ZIP:			H3B 3H4
		BUSINESS PHONE:		514-397-2592

	MAIL ADDRESS:	
		STREET 1:		1240 SQUARE PHILLIPS
		CITY:			MONTREAL
		STATE:			A8
		ZIP:			H3B 3H4

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Birks Group Inc.
		DATE OF NAME CHANGE:	20131003

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BIRKS & MAYORS INC.
		DATE OF NAME CHANGE:	20051115

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HENRY BIRKS & SONS INC
		DATE OF NAME CHANGE:	20020809
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d479426d6k.htm
<DESCRIPTION>6-K
<TEXT>
<HTML><HEAD>
<TITLE>6-K</TITLE>
</HEAD>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">6-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>REPORT OF
FOREIGN PRIVATE ISSUER </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT TO RULE <FONT STYLE="white-space:nowrap">13a-16</FONT> or
<FONT STYLE="white-space:nowrap">15d-16</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>UNDER THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the month of October, 2017 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission file number: <FONT STYLE="white-space:nowrap">001-32635</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>BIRKS GROUP INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Translation of Registrant&#146;s name into English) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2020
Robert-Bourassa Blvd. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Suite 200 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Montreal, Qu&eacute;bec </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Canada </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>H3A 2A5 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive office) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Indicate by check mark
whether the registrant files or will file annual reports under cover of Form <FONT STYLE="white-space:nowrap">20-F</FONT> or Form <FONT STYLE="white-space:nowrap">40-F.</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#9746;&nbsp;&nbsp;Form
<FONT STYLE="white-space:nowrap">20-F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9744;&nbsp;&nbsp;Form</FONT> <FONT STYLE="white-space:nowrap">40-F</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Indicate by check mark if the registrant is submitting the Form <FONT STYLE="white-space:nowrap">6-K</FONT> in paper as permitted by Regulation <FONT
STYLE="white-space:nowrap">S-T</FONT> Rule 101(b)(1):&nbsp;&nbsp;</B>&#9744;<B></B><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Note</B>: Regulation
<FONT STYLE="white-space:nowrap">S-T</FONT> Rule 101(b)(1) only permits the submission in paper of a Form <FONT STYLE="white-space:nowrap">6-K</FONT> if submitted solely to provide an attached annual report to security holders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Indicate by check mark if the registrant is submitting the Form <FONT STYLE="white-space:nowrap">6-K</FONT> in paper as permitted by Regulation <FONT
STYLE="white-space:nowrap">S-T</FONT> Rule 101(b)(7):&nbsp;&nbsp;</B>&#9744;<B></B><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Note</B>: Regulation
<FONT STYLE="white-space:nowrap">S-T</FONT> Rule 101(b)(7) only permits the submission in paper of a Form <FONT STYLE="white-space:nowrap">6-K</FONT> if submitted to furnish a report or other document that the registrant foreign private issuer must
furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant&#146;s &#147;home country&#148;), or under the rules of the home country exchange on which the
registrant&#146;s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant&#146;s security holders, and, if discussing a material event, has already
been the subject of a Form <FONT STYLE="white-space:nowrap">6-K</FONT> submission or other Commission filing on EDGAR. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>EXPLANATORY NOTE: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On October&nbsp;23, 2017, Birks Group Inc. (the &#147;Company&#148;) executed a CAD$85&nbsp;million (US$67.1 million) senior secured revolving credit facility
with Wells Fargo Canada Corporation (&#147;Wells Fargo&#148;). This senior secured revolving credit facility (the &#147;Credit Agreement&#148;) has a five year term maturing on October&nbsp;21, 2022 and replaces the Company&#146;s
US$110&nbsp;million revolver credit facility and its $31.0&nbsp;million term loan facility which have been repaid in full. The Credit Agreement also provides the Company with an option to increase the total commitments under the facility by up to
CAD$13.0&nbsp;million (US$10.3 million). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing description of the Credit Agreement does not purport to be complete and is qualified in its
entirety by reference to the Credit Agreement, a copy of which is filed as Exhibit 99.1 to this Form <FONT STYLE="white-space:nowrap">6-K.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On
October&nbsp;26, 2017, the Company issued a press release announcing the execution of the Credit Agreement. A copy of the press release is furnished as Exhibit 99.2 to this Form <FONT STYLE="white-space:nowrap">6-K.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information contained in Exhibit 99.2, shall not be deemed &#147;filed&#148; with the U.S. Securities and Exchange Commission nor incorporated by
reference in any registration statement filed by the Company under the Securities Act of 1933, as amended. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONTENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following documents of the Registrant are submitted herewith: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="94%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="d479426dex991.htm">Credit Agreement dated October&nbsp;23, 2017 </A></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">99.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="d479426dex992.htm">Press Release dated October&nbsp;26, 2017 </A></P></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="36%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="51%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">BIRKS GROUP INC.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:-2.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Registrant)</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">October&nbsp;27, 2017</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Miranda Melfi</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Miranda Melfi</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Vice President, Legal Affairs and Corporate Secretary</I></P></TD></TR>
</TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT INDEX </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="88%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; width:28.45pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:39.50pt; font-size:8pt; font-family:Times New Roman"><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>Exhibit&nbsp;99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d479426dex991.htm">Credit Agreement dated October&nbsp;23, 2017 </A></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>Exhibit 99.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d479426dex992.htm">Press release dated October&nbsp;26, 2017 </A></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d479426dex991.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT 99.1 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Execution Version </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em">


<IMG SRC="g479426snap0001.jpg" ALT="LOGO">
</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CREDIT
AGREEMENT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>by and among&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WELLS FARGO CANADA
CORPORATION,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>as Administrative
Agent,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE LENDERS THAT ARE PARTIES
HERETO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>as the
Lenders,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BIRKS GROUP
INC.,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>as
Borrower&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Dated as of October&nbsp;23,
2017&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">Page</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>1.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>DEFINITIONS AND CONSTRUCTION</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;1.1.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Definitions</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;1.2.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Accounting Terms</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;1.3.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;PPSA</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;1.4.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Construction</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;1.5.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Time References</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;1.6.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Schedules and Exhibits</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;1.7.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Exchange Rates; Currency Equivalents; Applicable Currency</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;1.8.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Quebec Interpretation</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>2.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>LOANS AND TERMS OF PAYMENT</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>4</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;2.1.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Revolving Loans</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;2.2.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;[Intentionally Omitted]</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;2.3.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Borrowing Procedures and Settlements</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;2.4.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Payments; Reductions of Commitments; Prepayments</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;2.5.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Promise to Pay; Promissory Notes</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;2.6.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Interest Rates and Letter of Credit Fee: Rates, Payments, and Calculations</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;2.7.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Crediting Payments</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;2.8.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Designated Account</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;2.9.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Maintenance of Loan Accounts; Statements of Obligations</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;2.10.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Fees</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;2.11.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Letters of Credit</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;2.12.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Non-Base Rate Option</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;2.13.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Capital Requirements</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;2.14.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Currencies</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;2.15.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B><B><I>Interest Act</I></B><B> (Canada); Criminal Rate of Interest; Nominal Rate of Interest</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;2.16.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Accordion</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>3.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>CONDITIONS; TERM OF AGREEMENT</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>38</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;3.1.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Conditions Precedent to the Initial Extension of Credit</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;3.2.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Conditions Precedent to all Extensions of Credit</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;3.3.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Maturity</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;3.4.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Effect of Maturity</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;3.5.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Early Termination by Borrower</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;3.6.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Post-Closing Covenants</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-i- </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(continued) </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">Page</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>4.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>REPRESENTATIONS AND WARRANTIES</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>39</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;4.1.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Due Organization and Qualification; Subsidiaries</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;4.2.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Due Authorization; No Conflict</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;4.3.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Governmental Consents</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;4.4.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Binding Obligations; Perfected Liens</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;4.5.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Title to Assets; No Encumbrances</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;4.6.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Litigation</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;4.7.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Compliance with Laws</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;4.8.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements; No Material Adverse Effect</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;4.9.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Solvency</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;4.10.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Canadian Pension Plan</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;4.11.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Environmental Condition</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;4.12.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Complete Disclosure</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;4.13.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B><B><I>Patriot Act;</I></B><B> Canadian AML and Anti-Terrorism Laws</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;4.14.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;4.15.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Payment of Taxes</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;4.16.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Margin Stock</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;4.17.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Governmental Regulation</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;4.18.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;OFAC</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;4.19.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Employee and Labor Matters</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;4.20.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Intellectual Property</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;4.21.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Eligible Accounts</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;4.22.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Eligible Inventory</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;4.23.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Location of Inventory and Equipment</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;4.24.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Inventory Records</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;4.25.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Hedge Agreements</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;4.26.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Credit Card Arrangements</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;4.27.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;No Defaults; Material Contracts</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;4.28.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Operations of Certain Subsidiaries</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>5.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>AFFIRMATIVE COVENANTS</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>46</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;5.1.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements, Reports, Certificates</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;5.2.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Reporting</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;5.3.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Existence</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-ii- </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(continued) </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">Page</TD>
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<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;5.4.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Maintenance of Properties</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
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<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;5.5.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Taxes</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;5.6.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Insurance</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
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<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;5.7.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Inspection</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
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<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;5.8.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Compliance with Laws and Material Contracts</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;5.9.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Environmental</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
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<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;5.10.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Disclosure Updates</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
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<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;5.11.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Formation of Subsidiaries</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;5.12.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Further Assurances</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50</TD>
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<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;5.13.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;[Intentionally Omitted]</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51</TD>
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<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;5.14.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Location of Inventory; Chief Executive Office, Etc.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51</TD>
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<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;5.15.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Bank Products</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51</TD>
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<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;5.16.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Hedge Agreements</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51</TD>
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<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;5.17.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Canadian Compliance</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51</TD>
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<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;5.18.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Credit Card Notifications</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52</TD>
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<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>6.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>NEGATIVE COVENANTS</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>52</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;6.1.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52</TD>
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<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;6.2.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Liens</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;6.3.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Restrictions on Fundamental Changes</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52</TD>
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<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;6.4.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Disposal of Assets</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53</TD>
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<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;6.5.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Nature of Business</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53</TD>
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<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;6.6.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Prepayments and Amendments</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;6.7.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Restricted Payments</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;6.8.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Accounting Methods</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;6.9.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Investments</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;6.10.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Transactions with Affiliates</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;6.11.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Use of Proceeds</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;6.12.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Limitation on Issuance of Equity Interests</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;6.13.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;[Intentionally Omitted]</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;6.14.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;[Intentionally Omitted]</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;6.15.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Canadian Employee Benefits</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;6.16.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Sale and Leaseback Transactions</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;6.17.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Negative Pledges</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-iii- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(continued) </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">Page</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;6.18.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Restrictions on Subsidiary Distributions</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>7.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>FINANCIAL COVENANT</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>59</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>8.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>EVENTS OF DEFAULT</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>59</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;8.1.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Payments</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;8.2.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Covenants</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;8.3.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Judgments</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;8.4.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Voluntary Bankruptcy, etc</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;8.5.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Involuntary Bankruptcy, etc</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;8.6.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Default Under Other Agreements</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;8.7.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Representations, etc</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;8.8.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Guarantee</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;8.9.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Security Documents</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;8.10.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Loan Documents</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;8.11.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Change of Control</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>9.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>RIGHTS AND REMEDIES</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>61</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;9.1.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Rights and Remedies</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;9.2.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Remedies Cumulative</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>10.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>WAIVERS; INDEMNIFICATION</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>62</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;10.1.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Demand; Protest; etc</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;10.2.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;The Lender Group&#146;s Liability for Collateral</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;10.3.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Indemnification</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>11.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>NOTICES</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>64</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>12.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER; JUDICIAL REFERENCE PROVISION</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>65</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>13.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>ASSIGNMENTS AND PARTICIPATIONS; SUCCESSORS</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>66</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;13.1.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Assignments and Participations</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;13.2.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Successors</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>14.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>AMENDMENTS; WAIVERS</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>71</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;14.1.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Amendments and Waivers</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">71</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;14.2.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Replacement of Certain Lenders</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;14.3.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;No Waivers; Cumulative Remedies</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>15.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>AGENT; THE LENDER GROUP</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>74</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;15.1.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Appointment and Authorization of Agent</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-iv- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(continued) </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">Page</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;15.2.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;[Intentionally Omitted]</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;15.3.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Liability of Agent</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;15.4.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Reliance by Agent</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;15.5.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Notice of Default or Event of Default</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;15.6.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Credit Decision</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;15.7.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Costs and Expenses; Indemnification</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;15.8.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Agent in Individual Capacity</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;15.9.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Successor Agent</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;15.10.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Lender in Individual Capacity</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;15.11.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Collateral Matters</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;15.12.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Restrictions on Actions by Lenders; Sharing of Payments</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;15.13.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Agency for Perfection</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;15.14.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Payments by Agent to the Lenders</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;15.15.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Concerning the Collateral and Related Loan Documents</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;15.16.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Field Examination Reports; Confidentiality; Disclaimers by Lenders; Other Reports and Information</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;15.17.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Several Obligations; No Liability</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;15.18.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Quebec Security</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>16.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>WITHHOLDING TAXES</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>83</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;16.1.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Payments</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;16.2.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Exemptions</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;16.3.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Reductions</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">86</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;16.4.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Refunds</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">86</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>17.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>GENERAL PROVISIONS</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>87</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;17.1.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Effectiveness</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;17.2.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Section Headings</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;17.3.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Interpretation</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;17.4.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Severability of Provisions</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;17.5.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Bank Product Providers</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;17.6.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Debtor-Creditor Relationship</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">88</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;17.7.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Counterparts; Electronic Execution</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">88</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;17.8.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Revival and Reinstatement of Obligations; Certain Waivers</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">88</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;17.9.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Confidentiality</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">89</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-v- </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(continued) </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="89%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">Page</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;17.10.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Survival</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;17.11.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B><B><I>Patriot Act;</I></B><B> Canadian Anti-Money Laundering &amp; Anti-Terrorism Legislation</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;17.12.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Integration</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">92</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;17.13.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Birks Group Inc. as Agent for Borrower</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">92</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;17.14.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;Judgment Currency</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">93</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;17.15.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;No Setoff</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">93</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-vi- </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBITS AND SCHEDULES </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="84%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit A-1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Form of Assignment and Acceptance</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit B-1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Form of Borrowing Base Certificate</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit B-4</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Form of Bank Product Provider Agreement</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit C-1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Form of Compliance Certificate</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit C-2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Form of Credit Card Notification</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit I-1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Form of Information Certificate</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit L-1</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Form of Non-Base Rate Notice</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;A-1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Agent&#146;s Canadian Account</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;A-2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Agent&#146;s US Account</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;A-3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Authorized Persons</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;C-1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Commitments</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;D-1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Canadian Designated Account(s)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;D-2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">US Designated Account(s)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;E-1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Eligible Inventory Locations</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;P-1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Permitted Investments</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;P-2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Permitted Liens</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;R-1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Real Property Collateral</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;1.1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Definitions</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;3.1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Conditions Precedent</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;3.6</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Conditions Subsequent</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;4.1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Capitalization of Borrower and its Subsidiaries</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;4.6(b)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Litigation</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;4.11</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Environmental Matters</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;4.14</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Permitted Indebtedness</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;4.19</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Employee and Labour Matters</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;4.20</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Intellectual Property</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;4.23</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Location of Inventory; Chief Executive Office</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;4.26</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Credit Card Arrangements</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;4.27</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Material Contracts</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;5.1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Financial Statements, Reports, Certificates</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;5.2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Collateral Reporting</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;6.5</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Nature of Business</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-vii- </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CREDIT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>THIS CREDIT AGREEMENT</B> (this &#147;<U>Agreement</U>&#148;), is entered into as of October&nbsp;23, 2017, by and among the lenders
identified on the signature pages hereof (each of such lenders, together with its successors and permitted assigns, is referred to hereinafter as a &#147;<U>Lender</U>&#148;, as that term is hereinafter further defined), <B>WELLS FARGO CANADA
CORPORATION</B>, a Nova Scotia unlimited company, as administrative agent for each member of the Lender Group and the Bank Product Providers (in such capacity, together with its successors and assigns in such capacity, &#147;<U>Agent</U>&#148;),
<B>BIRKS GROUP INC. </B>and together with each other Person organized under the laws of Canada or a province thereof that joins hereunder as a &#147;Borrower&#148; after the Closing Date in accordance with the terms hereof (each, a
&#147;<U>Borrower</U>&#148; and all references herein to &#147;Borrower&#148; shall include each such additional Borrower who so joins).<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The parties agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B></B>1.<B>
DEFINITIONS AND CONSTRUCTION. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.1. <U><B>Definitions</B></U>. Capitalized terms used in this Agreement shall have the meanings
specified therefor on <U>Schedule 1.1</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.2. <U><B>Accounting Terms</B></U>. All accounting terms not specifically defined herein
shall be construed in accordance with GAAP; <U>provided</U>, that if Administrative Borrower notifies Agent that Borrower requests an amendment to any provision hereof to eliminate the effect of any Accounting Change occurring after the Closing Date
or in the application thereof on the operation of such provision (or if Agent notifies Administrative Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given
before or after such Accounting Change or in the application thereof, then Agent and Borrower agrees that they will negotiate in good faith amendments to the provisions of this Agreement that are directly affected by such Accounting Change with the
intent of having the respective positions of the Lenders and Borrower after such Accounting Change conform as nearly as possible to their respective positions before such Accounting Change and, until any such amendments have been agreed upon and
agreed to by the Required Lenders, the provisions in this Agreement shall be calculated as if no such Accounting Change had occurred. When used herein, the term &#147;financial statements&#148; shall include the notes and schedules thereto. Whenever
the term &#147;Borrower&#148; is used in respect of a financial covenant or a related definition, it shall be understood to mean Borrower and its Subsidiaries on a consolidated basis, unless the context clearly requires otherwise. Notwithstanding
anything to the contrary contained herein, (a)&nbsp;all financial statements delivered hereunder shall be prepared, and all financial covenants contained herein shall be calculated, without giving effect to any election under the Statement of
Financial Accounting Standards No.&nbsp;159 (or any similar accounting principle) permitting a Person to value its financial liabilities or Indebtedness at the fair value thereof and (b)&nbsp;the term &#147;unqualified opinion&#148; as used herein
to refer to opinions or reports provided by accountants shall mean an opinion or report that is (i)&nbsp;unqualified, and (ii)&nbsp;does not include any qualification as to scope, going concern or similar items. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.3. <B><U>PPSA</U></B>. Any terms used in this Agreement that are defined in the PPSA shall be
construed and defined as set forth in the PPSA unless otherwise defined herein. Notwithstanding the foregoing, and where the context so requires, (i)&nbsp;any term defined in this Agreement by reference to the PPSA shall also have any extended,
alternative or analogous meaning given to such term in the Code, in all cases for the extension, preservation or betterment of the security granted by a Loan Party formed in the United States and rights of the Collateral located in the United
States, (ii)&nbsp;all references to Canada or to any subdivision, department, agency or instrumentality thereof shall be deemed to refer also to the United States of America or to any subdivision, department, agency or instrumentality thereof, and
(iii)&nbsp;all references to federal or state securities law of the United States shall be deemed to refer also to analogous applicable federal and provincial securities laws in Canada. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.4. <U><B>Construction</B></U>. Unless the context of this Agreement or any other Loan Document clearly requires otherwise, references to the
plural include the singular, references to the singular include the plural, the terms &#147;includes&#148; and &#147;including&#148; are not limiting, and the term &#147;or&#148; has, except where otherwise indicated, the inclusive meaning
represented by the phrase &#147;and/or.&#148; The words &#147;hereof,&#148; &#147;herein,&#148; &#147;hereby,&#148; &#147;hereunder,&#148; and similar terms in this Agreement or any other Loan Document refer to this Agreement or such other Loan
Document, as the case may be, as a whole and not to any particular provision of this Agreement or such other Loan Document, as the case may be. Unless the context of this Agreement or any other Loan Document clearly requires otherwise, references to
&#147;law&#148; means all international, foreign, federal, provincial, state and local statutes, treaties, rules, guidelines, regulations, by-laws, ordinances, decrees, codes and administrative or judicial or arbitral or administrative or
ministerial or departmental or regulatory precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable
administrative orders, directed duties, requests, licenses, authorizations and permits of any Governmental Authority. Section, subsection, clause, schedule, and exhibit references herein are to this Agreement unless otherwise specified. Any
reference in this Agreement or in any other Loan Document to any agreement, instrument, or document shall include all alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements,
thereto and thereof, as applicable (subject to any restrictions on such alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements set forth herein). The words &#147;asset&#148; and
&#147;property&#148; shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties. All references to &#147;province&#148; or like terms shall include &#147;territory&#148; and like
terms. Any reference herein or in any other Loan Document to the satisfaction, repayment, or payment in full of the Obligations shall mean (a)&nbsp;the payment or repayment in full in immediately available funds in the Applicable Currency of
(i)&nbsp;the principal amount of, and interest accrued and unpaid with respect to, all outstanding Loans, together with the payment of any premium applicable to the repayment of the Loans, (ii)&nbsp;all Lender Group Expenses that have accrued and
are unpaid regardless of whether demand has been made therefor, (iii)&nbsp;all fees or charges that have accrued hereunder or under any other Loan Document (including the Letter of Credit Fees and the Unused Line Fee) and are unpaid; <U>provided
</U>that such fees or charges shall not include fees and charges accrued pursuant to Letters of Credit that have been cash collateralized in accordance with the Letter of Credit Collateralization requirements under this Agreement and Bank Product
Obligations (other than Hedge Obligations) to the extent Bank Product Collateralization has been provided in respect thereof, (b)&nbsp;in the case of contingent </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-2- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
reimbursement obligations with respect to Letters of Credit, providing Letter of Credit Collateralization in the Applicable Currency, (c)&nbsp;in the case of obligations with respect to Bank
Products (other than Hedge Obligations), providing Bank Product Collateralization in the Applicable Currency, (d)&nbsp;the receipt by Agent of cash collateral in the Applicable Currency in order to secure any other contingent Obligations for which a
claim or demand for payment has been made on or prior to such time or in respect of matters or circumstances known to Agent or a Lender at such time that are reasonably expected to result in any loss, cost, damage, or expense (including legal
expenses to the extent payable pursuant to Section&nbsp;10.3), such cash collateral to be in such amount as Agent reasonably determines is appropriate to secure such contingent Obligations, but in no event greater than 103% of the face amount of
such claim or demand to the extent a specific amount has been claimed or demanded, (e)&nbsp;the payment or repayment in full in immediately available funds in the Applicable Currency of all other outstanding Obligations (including the payment of any
termination amount then applicable (or which would or could become applicable as a result of the repayment of the other Obligations) under Hedge Agreements provided by Hedge Providers) other than, in any case, (i)&nbsp;unasserted contingent
indemnification Obligations, (ii)&nbsp;any Bank Product Obligations (other than Hedge Obligations) that, at such time, are allowed by the applicable Bank Product Provider to remain outstanding without being required to be repaid or cash
collateralized, and (iii)&nbsp;any Hedge Obligations that, at such time, are allowed by the applicable Hedge Provider to remain outstanding without being required to be repaid, and (f)&nbsp;the termination of all of the Commitments of the Lenders.
Any reference herein to any Person shall be construed to include such Person&#146;s successors and assigns. Any requirement of a writing contained herein or in any other Loan Document shall be satisfied by the transmission of a Record. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.5. <U><B>Time References</B></U>. Unless the context of this Agreement or any other Loan Document clearly requires otherwise, all references
to time of day refer to Eastern standard time or Eastern daylight saving time, as in effect in Toronto, Ontario on such day. For purposes of the computation of a period of time from a specified date to a later specified date, the word
&#147;from&#148; means &#147;from and including&#148; and the words &#147;to&#148; and &#147;until&#148; each means &#147;to and including&#148;; <U>provided</U> that, with respect to a computation of fees or interest payable to Agent or any Lender,
such period shall in any event consist of at least one full day. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.6. <U><B>Schedules and</B> <B>Exhibits</B></U>. All of the schedules
and exhibits attached to this Agreement shall be deemed incorporated herein by reference. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.7. <U><B>Exchange Rates; Currency
Equivalents; Applicable Currency</B></U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) All references to &#147;Dollars&#148; or &#147;$&#148; shall mean Canadian Dollars unless
otherwise specified herein. For purposes of this Agreement and the other Loan Documents, the Canadian Dollar Equivalent of the Revolving Loans, Letters of Credit, other Obligations and other references to amounts denominated in a currency other than
Canadian Dollars shall be determined in accordance with the terms of this Agreement. Such Canadian Dollar Equivalent shall become effective as of such Revaluation Date for such Revolving Loans, Letters of Credit and other Obligations and shall be
the Canadian Dollar Equivalent employed in converting any amounts between the applicable currencies until the next Revaluation Date to occur for such Revolving Loans, Letters of Credit and other Obligations. Except as otherwise expressly provided
herein or in the applicable other Loan Document, the applicable amount of any currency for purposes of this Agreement and the other Loan Documents (including all calculations in connection with the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-3- </P>


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covenants, including the financial covenants) shall be the Canadian Dollar Equivalent thereof, and for the purpose of such calculations, comparisons, measurements or determinations, amounts
denominated in currencies other than Canadian Dollars shall be converted into the Canadian Dollar Equivalent of such amount on the date of calculation, comparison, measurement or determination. Notwithstanding the foregoing, for the purposes of
financial statements prepared by Borrower, the Canadian Dollar Equivalent of each amount in a currency other than Canadian Dollars shall be determined in accordance with GAAP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Wherever in this Agreement and the other Loan Documents in connection with a borrowing, conversion, continuation or prepayment of a
Revolving Loan or the issuance, amendment or extension of a Letter of Credit, an amount, such as a required minimum or multiple amount, is expressed in Canadian Dollars, but such Revolving Loan or Letter of Credit is denominated in US Dollars, such
amount shall be the relevant US Dollar Equivalent of such Canadian Dollar amount (rounded to the nearest US Dollar, with 0.5 of a unit being rounded upward). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.8. <U><B>Quebec Interpretation</B></U>. For all purposes of any assets, liabilities or entities located in the Province of Quebec and for
all purposes pursuant to which the interpretation or construction of this Agreement may be subject to the laws of the Province of Quebec or a court or tribunal exercising jurisdiction in the Province of Quebec, (a)&nbsp;&#147;personal property&#148;
shall include &#147;movable property&#148;, (b)&nbsp;&#147;real property&#148; shall include &#147;immovable property&#148;, (c)&nbsp;&#147;tangible property&#148; shall include &#147;corporeal property&#148;, (d)&nbsp;&#147;intangible
property&#148; shall include &#147;incorporeal property&#148;, (e)&nbsp;&#147;security interest&#148;, &#147;mortgage&#148; and &#147;lien&#148; shall include a &#147;hypothec&#148;, &#147;prior claim&#148; and a &#147;resolutory clause&#148;,
(f)&nbsp;all references to filing, registering or recording under the PPSA shall include publication under the Civil Code of Quebec, (g)&nbsp;all references to &#147;perfection&#148; of or &#147;perfected&#148; liens or security interest shall
include a reference to an &#147;opposable&#148; or &#147;set up&#148; lien or security interest as against third parties, (h)&nbsp;any &#147;right of offset&#148;, &#147;right of setoff&#146; or similar expression shall include a &#147;right of
compensation&#148;, (i)&nbsp;&#147;goods&#148; shall include &#147;corporeal movable property&#148; other than chattel paper, documents of title, instruments, money and securities, (j)&nbsp;an &#147;agent&#148; shall include a &#147;mandatary&#148;,
(k)&nbsp;&#147;construction liens&#148; shall include &#147;legal hypothecs&#148;, (l)&nbsp;&#147;joint and several&#148; shall include &#147;solidary&#148;, (m)&nbsp;&#147;gross negligence or willful misconduct&#148; shall be deemed to be
&#147;intentional or gross fault&#148;, (n)&nbsp;&#147;beneficial ownership&#148; shall include &#147;ownership on behalf of another as mandatary&#148;, (o)&nbsp;&#147;easement&#148; shall include &#147;servitude&#148;, (p)&nbsp;&#147;priority&#148;
shall include &#147;prior claim&#148;, (q)&nbsp;&#147;survey&#148; shall include &#147;certificate of location and plan&#148;, and (r)&nbsp;&#147;fee simple title&#148; shall include &#147;absolute ownership&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B></B>2.<B> LOANS AND TERMS OF PAYMENT. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.1. <U><B>Revolving Loans</B></U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Subject to the terms and conditions of this Agreement, and during the term of this Agreement, each Revolving Lender with a Revolver
Commitment agrees (severally, not jointly or jointly and severally) to make revolving loans in Canadian Dollars or US Dollars (as selected by Administrative Borrower) (&#147;<U>Revolving Loans</U>&#148;) to Borrower in an amount at any one time
outstanding not to exceed the Canadian Dollar Equivalent of the lesser of: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) such Lender&#146;s Revolver Commitment, and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-4- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) such Lender&#146;s Pro Rata Share of an amount equal to the lesser of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(A) the amount equal to (1)&nbsp;the Maximum Credit Amount less (2)&nbsp;the sum of (x)&nbsp;the Letter of Credit Usage at such time plus
(y)&nbsp;the principal amount of Swing Loans outstanding at such time, and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(B) the amount equal to the Borrowing Base as of such date
(based upon the Borrowing Base set forth in the most recent Borrowing Base Certificate delivered by Borrower to Agent) less the sum of (1)&nbsp;the Letter of Credit Usage at such time, plus (2)&nbsp;the principal amount of the Swing Loans
outstanding at such time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Amounts borrowed pursuant to this <U>Section&nbsp;2.1</U> may be repaid and, subject to the terms and
conditions of this Agreement, reborrowed at any time during the term of this Agreement. The outstanding principal amount of the Revolving Loans, together with interest accrued and unpaid thereon, shall constitute Obligations and shall be due and
payable on the Maturity Date or, if earlier, on the date on which they are declared due and payable pursuant to the terms of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Anything to the contrary in this <U>Section&nbsp;2.1</U> notwithstanding, Agent shall have the right (but not the obligation), in the
exercise of its Permitted Discretion, to establish and increase or decrease Receivable Reserves, Inventory Reserves, Bank Product Reserves, Canadian Priority Payable Reserves and other Reserves against the Borrowing Base; <U>provided</U>, that Agent
shall notify Borrower at least 5 Business Days prior to the date on which any such reserve is to be established or increased; <U>provided further</U>, that (A)&nbsp;Borrower may not obtain any new Revolving Loans (including Swing Loans) or Letters
of Credit to the extent that such Revolving Loan (including Swing Loans) or Letter of Credit would cause an Overadvance after giving effect to the establishment or increase of such reserve as set forth in such notice; (B)&nbsp;no such prior notice
shall be required for changes to any reserves established under this Agreement resulting solely by virtue of mathematical calculations of the amount of the Reserve in accordance with the methodology of calculation set forth in this Agreement or
previously utilized; (C)&nbsp;no such prior notice shall be required during the continuance of any Event of Default and (D)&nbsp;no such prior notice shall be required with respect to any Reserve established in respect of any consensual Lien that
has priority over Agent&#146;s Liens on the Collateral. The amount of any Receivable Reserve, Inventory Reserve, Bank Product Reserve, Canadian Priority Payables Reserve or other Reserve shall be established by Agent in its Permitted Discretion and
shall have a reasonable relationship to the event, condition, other circumstance, or fact that is the basis for such reserve and shall not be duplicative of any other Reserve established and currently maintained. No reserve shall be implemented with
respect to matters which are already specifically reflected as ineligible Accounts or Inventory or Credit Card Receivables. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Anything
to the contrary in this <U>Section&nbsp;2.1</U> notwithstanding, at no time shall the Canadian Dollar Equivalent of the Revolver Usage exceed the Maximum Credit Amount. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.2. <U><B>[Intentionally Omitted]</B></U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>2.3. <B><U>Borrowing Procedures and Settlements</U></B>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Procedure for Borrowing Revolving Loans. Each Borrowing shall be made by a written request by an Authorized Person delivered to Agent and
received by Agent no later than 1:00 p.m. (i)&nbsp;on the Business Day that is the requested Funding Date in the case of a request for a Base Rate Loan or, if available, a Swing Loan, and (ii)&nbsp;on the Business Day that is 3 Business Days prior
to the requested Funding Date in the case of a request for a Non-Base Rate Loan, specifying (A)&nbsp;the amount and type of such Borrowing, and in each case, whether in Canadian Dollars or US Dollars), and (B)&nbsp;the requested Funding Date (which
shall be a Business Day); <U>provided</U>, that Agent may, in its sole discretion, elect to accept as timely requests that are received later than 1:00 p.m. on the applicable Business Day. At Agent&#146;s election, in lieu of delivering the
above-described written request, any Authorized Person may give Agent telephonic notice of such request by the required time. In such circumstances, Borrower agrees that any such telephonic notice will be confirmed by Administrative Borrower in
writing within 24 hours of the giving of such telephonic notice, but the failure to provide such written confirmation shall not affect the validity of the request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <B>Making of Swing Loans. </B>In the case of a request for a Swing Loan by Administrative Borrower and so long as either (i)&nbsp;the
aggregate amount of Swing Loans made since the last Settlement Date, minus all payments or other amounts applied to Swing Loans since the last Settlement Date, plus the amount of the requested Swing Loan does not exceed 10% of the Maximum Credit
Amount, or (ii)&nbsp;the Swing Lender, in its sole discretion, agrees to make such Swing Loan notwithstanding the foregoing limitation, the Swing Lender shall make a Revolving Loan (any such Revolving Loan for the account of Borrower made by Swing
Lender pursuant to this <U>Section&nbsp;2.3(b)</U> being referred to as a &#147;<U>Swing Loan</U>&#148; and all such Revolving Loans for the account of Borrower by Swing Lender being referred to as &#147;<U>Swing Loans</U>&#148; available to
Borrower on the Funding Date applicable thereto by transferring immediately available funds in the Applicable Currency in the amount of such requested Borrowing to the Canadian Designated Account or US Designated Account, as applicable. Each Swing
Loan shall be deemed to be a Revolving Loan hereunder and shall be subject to all the terms and conditions (including <U>Section&nbsp;3</U>) applicable to other Revolving Loans except that all payments (including interest) on any Swing Loan shall be
payable to the Swing Lender solely for its own account. Subject to the provisions of <U>Section&nbsp;2.3(d)(ii)</U>, Swing Lender shall not make or be obligated to make any Swing Loan if Swing Lender has actual knowledge that (i)&nbsp;one or more of
the applicable conditions precedent set forth in <U>Section&nbsp;3</U> will not be satisfied or waived on the requested Funding Date for the Borrowing, or (ii)&nbsp;the requested Borrowing would exceed Excess Availability on such Funding Date. Swing
Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in <U>Section&nbsp;3</U> have been satisfied on the Funding Date applicable thereto prior to making any Swing Loan. The Swing Loans shall
constitute Revolving Loans and Obligations, and bear interest at the rate applicable from time to time to Revolving Loans in the Applicable Currency that are Base Rate Loans. Notwithstanding anything contained herein to the contrary, Swing Loans
shall not be available at any time that WF Canada is the only Lender. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(c) <B>Making of Revolving Loans</B>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) In the event that the Swing Lender is not obligated to make a Swing Loan, then after receipt of a request for a Borrowing pursuant to
<U>Section&nbsp;2.3(a)</U>, Agent shall notify the applicable Lenders by telecopy, telephone, email, or other electronic form of transmission, of the requested Borrowing; such notification to be sent on the Business Day that is 1 Business Day prior
to the requested Funding Date. If Agent has notified the applicable Lenders of a requested Borrowing on the Business Day that is 1 Business Day prior to the Funding Date, then each Lender with the applicable Revolving Commitment shall make the
amount of such Lender&#146;s Pro Rata Share of the requested Borrowing available to Agent in immediately available funds in the Applicable Currency, to Agent&#146;s US Account or Agent&#146;s Canadian Account, as applicable, not later than 10:00
a.m. on the Business Day that is the requested Funding Date. After Agent&#146;s receipt of the proceeds of such Revolving Loans from the applicable Lenders, Agent shall make the proceeds thereof available to Borrower on the applicable Funding Date
by transferring immediately available funds in the Applicable Currency equal to such proceeds received by Agent to the US Designated Account or the Canadian Designated Account, as applicable; <U>provided</U>, that, subject to the provisions of
<U>Section&nbsp;2.3(d)(ii)</U>, no Lender shall have an obligation to make any Revolving Loan, if (1)&nbsp;one or more of the applicable conditions precedent set forth in <U>Section&nbsp;3</U> will not be satisfied on the requested Funding Date for
the applicable Borrowing unless such condition has been waived, or (2)&nbsp;the requested Borrowing would exceed the Excess Availability on such Funding Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) Unless Agent receives notice from a Lender prior to 9:30 a.m. on the Business Day that is the requested Funding Date relative to a
requested Borrowing as to which Agent has notified the Lenders of a requested Borrowing that such Lender will not make available as and when required hereunder to Agent for the account of Borrower, the amount of that Lender&#146;s Pro Rata Share of
the Borrowing, Agent may assume that each Lender has made or will make such amount available to Agent in immediately available funds in the Applicable Currency on the Funding Date and Agent may (but shall not be so required), in reliance upon such
assumption, make available to Borrower, a corresponding amount. If, on the requested Funding Date, any Lender shall not have remitted the full amount that it is required to make available to Agent in immediately available funds in the Applicable
Currency and if Agent has made available to Borrower such amount on the requested Funding Date, then such Lender shall make the amount of such Lender&#146;s Pro Rata Share of the requested Borrowing available to Agent in immediately available funds
in the Applicable Currency, to Agent&#146;s Applicable Account, no later than 10:00 a.m. on the Business Day that is the first Business Day after the requested Funding Date (in which case, the interest accrued on such Lender&#146;s portion of such
Borrowing for the Funding Date shall be for Agent&#146;s separate account). If any Lender shall not remit the full amount that it is required to make available to Agent in immediately available funds in the Applicable Currency as and when required
hereby and if Agent has made available to Borrower such amount, then that Lender shall be obligated to immediately remit such amount to Agent, together with interest at the applicable Defaulting Lender Rate for each day until the date on which such
amount is so remitted. A notice submitted by Agent to any Lender with respect to amounts owing under this <U>Section&nbsp;2.3(c)(ii)</U> shall be conclusive, absent manifest error. If the amount that a Lender is required to remit is made available
to Agent, then such payment to Agent shall constitute such Lender&#146;s Revolving Loans for all purposes of this Agreement. If such amount is not made available to Agent on the Business Day following the Funding Date, Agent will notify
Administrative Borrower of such failure to fund and, upon demand by Agent, Borrower shall pay such amount in the Applicable Currency to Agent, together with interest thereon for each day elapsed since the date of such Borrowing, at a rate per annum
equal to the interest rate applicable at the time to the applicable Revolving Loans composing such Borrowing. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(d) <B>Protective Advances and Optional Overadvances</B>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) Any contrary provision of this Agreement or any other Loan Document notwithstanding, but subject to <U>Section&nbsp;2.3(d)(iv)</U>, at
any time (A)&nbsp;after the occurrence and during the continuance of a Default or an Event of Default, or (B)&nbsp;that any of the other applicable conditions precedent set forth in <U>Section&nbsp;3</U> are not satisfied or waived, Agent hereby is
authorized by Borrower and the Lenders, from time to time, in Agent&#146;s sole discretion, to make Revolving Loans to, or for the benefit of, Borrower, in each case, on behalf of the Revolving Lenders, that Agent, in its Permitted Discretion, deems
necessary or desirable (1)&nbsp;to preserve or protect the Collateral, or any portion thereof, or (2)&nbsp;to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations) (the Revolving Loans described in this
<U>Section&nbsp;2.3(d)(i)</U> shall be referred to as &#147;<U>Protective Advances</U>&#148;. The Protective Advances shall be made in Canadian Dollars or US Dollars, as determined by Agent. Notwithstanding the foregoing, the aggregate Canadian
Dollar Equivalent amount of all Protective Advances outstanding at any one time shall not exceed 10% of the Maximum Credit Amount (unless Required Lenders otherwise agree to a higher amount). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) Any contrary provision of this Agreement or any other Loan Document notwithstanding, but subject to <U>Section&nbsp;2.3(d)(iv)</U>, the
Lenders hereby authorize Agent or the Swing Lender, as applicable, and either Agent or the Swing Lender, as applicable, may, but is not obligated to, knowingly and intentionally, continue to make Revolving Loans (including Swing Loans) to Borrower
notwithstanding that an Overadvance exists or would be created thereby, so long as with respect to any such Revolving Loans, (i)&nbsp;after giving effect to any such Revolving Loans, the Canadian Dollar Equivalent of the outstanding Revolver Usage
does not exceed the Borrowing Base by more than 10% of the Maximum Credit Amount (unless Required Lenders otherwise agree to a higher amount), and (ii)&nbsp;after giving effect to such Revolving Loans, the Canadian Dollar Equivalent of the
outstanding Revolver Usage (except for and excluding amounts charged to the applicable Loan Account for interest, fees, or Lender Group Expenses) does not exceed the Maximum Credit Amount. In the event Agent obtains actual knowledge that the
Canadian Dollar Equivalent of the Revolver Usage exceeds the amounts permitted by the immediately foregoing provisions, regardless of the amount of, or reason for, such excess, Agent shall notify the Lenders as soon as practicable (and prior to
making any (or any additional) intentional Overadvances (except for and excluding amounts charged to the applicable Loan Account for interest, fees, or Lender Group Expenses) unless Agent determines that prior notice would result in imminent harm to
the Collateral or its value, in which case Agent may make such Overadvances and provide notice as promptly as practicable thereafter), and the Lenders with applicable Revolver Commitments thereupon shall, together with Agent, jointly determine the
terms of arrangements that shall be implemented with Borrower intended to reduce, within 30 days, the outstanding principal amount of the applicable Revolving Loans to Borrower to an amount permitted by the preceding sentence. In such circumstances,
if any Lender with a Revolver Commitment objects to the proposed terms of reduction or repayment of any Overadvance, the terms of reduction or repayment thereof shall be implemented according to the determination of the Required Lenders. In any
event: (x)&nbsp;if any unintentional Overadvance remains outstanding for more than 30 days, unless otherwise agreed to by the Required Lenders, Borrower shall immediately repay Advances in an amount sufficient to eliminate all such unintentional
Overadvances, and (y)&nbsp;after the date all such Overadvances have been eliminated, there must be at least 5 consecutive days before intentional Overadvances are made. The foregoing provisions </P>
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are meant for the benefit of the Lenders and Agent and are not meant for the benefit of Borrower, which shall continue to be bound by the provisions of <U>Section&nbsp;2.4(e)</U>. Each Lender
with a Revolver Commitment shall be obligated to make Revolving Loans in accordance with <U>Section&nbsp;2.3</U> in, or settle Overadvances made by Agent with Agent as provided in <U>Section&nbsp;2.3(e)</U> (or <U>Section&nbsp;2.3(g)</U>, as
applicable) for, the amount of such Lender&#146;s Pro Rata Share of any unintentional Overadvances by Agent reported to such Lender, any intentional Overadvances made as permitted under this <U>Section&nbsp;2.3(d)(ii)</U>, and any Overadvances
resulting from the charging to the applicable Loan Account of interest, fees, or Lender Group Expenses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) Each Protective Advance
and each Overadvance (each, &#147;<U>Extraordinary Advance</U>&#148;) shall be deemed to be a Revolving Loan hereunder. No Extraordinary Advance shall be eligible to be a Non-Base Rate Loan. Prior to Settlement with respect to Extraordinary
Advances, all payments on the Extraordinary Advances, including interest thereon, shall be payable to Agent solely for its own account. The Extraordinary Advances shall be repayable on demand, constitute Obligations hereunder, and bear interest at
the rate applicable from time to time to Revolving Loans in the Applicable Currency that are Base Rate Loans. The provisions of this <U>Section&nbsp;2.3(d)</U> are for the exclusive benefit of Agent, Swing Lenders and the Lenders, and are not
intended to benefit Borrower (or any other Loan Party) in any way. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) Notwithstanding anything contained in this Agreement or any
other Loan Document to the contrary, no Extraordinary Advance may be made by Agent if such Extraordinary Advance would cause the aggregate Canadian Dollar Equivalent principal amount of Extraordinary Advances outstanding to exceed an amount equal to
10% of the Maximum Credit Amount (unless Required Lenders otherwise agree to a higher amount). For the avoidance of doubt, nothing in this <U>Section&nbsp;2.3(d)</U> shall require any Lender to advance Revolving Loans in excess of such Lender&#146;s
Revolver Commitment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(e) <B>Settlement</B>. It is agreed that each Lender&#146;s funded portion of the Revolving Loans is intended
by the Lenders to equal, at all times, such Lender&#146;s Pro Rata Share of the outstanding Revolving Loans. Such agreement notwithstanding, Agent, Swing Lenders, and the other Lenders agree (which agreement shall not be for the benefit of Borrower)
that in order to facilitate the administration of this Agreement and the other Loan Documents, settlement among the Lenders as to the Revolving Loans (including the Swing Loans and the Extraordinary Advances) shall take place on a periodic basis in
accordance with the following provisions:<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) Agent shall request settlement (&#147;<U>Settlement</U>&#148;) with the Lenders on
a weekly basis, or on a more frequent basis if so determined by Agent in its sole discretion (1)&nbsp;on behalf of Swing Lender, with respect to the outstanding Swing Loans, (2)&nbsp;for itself, with respect to the outstanding Extraordinary
Advances, and (3)&nbsp;with respect to Loan Parties&#146; payments or other amounts received, as to each by notifying the Lenders by telecopy, telephone, or other similar form of transmission, of such requested Settlement, no later than 2:00 p.m. on
the Business Day immediately prior to the date of such requested Settlement (the date of such requested Settlement being the &#147;<U>Settlement Date</U>&#148;). Such notice of a Settlement Date shall include a summary statement of the amount of
outstanding Revolving Loans (including Swing Loans and Extraordinary Advances) for the period since the prior Settlement Date. Subject to the terms and conditions contained herein (including <U>Section&nbsp;2.3(g)</U>): (y)&nbsp;if the amount of the
Revolving Loans (including Swing Loans and Extraordinary Advances) made by a Lender that is not a Defaulting Lender </P>
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exceeds such Lender&#146;s Pro Rata Share of the Revolving Loans (including Swing Loans, and Extraordinary Advances) as of a Settlement Date, then Agent shall, by no later than 12:00 p.m. on the
Settlement Date, transfer in immediately available funds in the Applicable Currency to a deposit account of such Lender (as such Lender may designate), an amount such that each such Lender shall, upon receipt of such amount, have as of the
Settlement Date, its Pro Rata Share of the Revolving Loans (including Swing Loans and Extraordinary Advances); and (z)&nbsp;if the amount of the Revolving Loans (including the Swing Loans and Extraordinary Advances) made by a Lender is less than
such Lender&#146;s Pro Rata Share of the applicable Revolving Loans (including applicable Swing Loans and applicable Extraordinary Advances) as of a Settlement Date, such Lender shall no later than 12:00 p.m. on the Settlement Date transfer in
immediately available funds in the Applicable Currency to Agent&#146;s Applicable Account, an amount such that each such Lender shall, upon transfer of such amount, have as of the Settlement Date, its Pro Rata Share of the Revolving Loans (including
Swing Loans and Extraordinary Advances) and Revolving Loans (including Swing Loans and Extraordinary Advances). Such amounts made available to Agent under clause (z)&nbsp;of the immediately preceding sentence shall be applied against the amounts of
the applicable Swing Loans or Extraordinary Advances. If any such amount is not made available to Agent by any Lender on the Settlement Date applicable thereto to the extent required by the terms hereof, Agent shall be entitled to recover for its
account such amount on demand from such Lender together with interest thereon at the Defaulting Lender Rate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) In determining whether
a Lender&#146;s balance of the Revolving Loans (including Swing Loans and Extraordinary Advances) is less than, equal to, or greater than such Lender&#146;s Pro Rata Share of the Revolving Loans as of a Settlement Date, Agent shall, as part of the
relevant Settlement, apply to such balance the portion of payments applicable to such Obligations actually received in good funds by Agent with respect to principal, interest, fees payable by Borrower and allocable to the Lenders hereunder, and
proceeds of Collateral. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) Between Settlement Dates, Agent, to the extent Extraordinary Advances for the account of Agent or Swing
Loans for the account of a Swing Lender are outstanding, may pay over to Agent or such Swing Lender, as applicable, any payments or other amounts received by Agent, that in accordance with the terms of this Agreement would be applied to the
reduction of the Revolving Loans, for application to the Extraordinary Advances or the Swing Loans. Between Settlement Dates, Agent, to the extent no Extraordinary Advances or Swing Loans are outstanding, may pay over to the Swing Lender any
payments or other amounts received by Agent, that in accordance with the terms of this Agreement would be applied to the reduction of the Revolving Loans, for application to the Swing Lender&#146;s Pro Rata Share of the Revolving Loans. If, as of
any Settlement Date, payments or other amounts of the Loan Parties received since the then immediately preceding Settlement Date have been applied to Swing Lender&#146;s Pro Rata Share of the Revolving Loans other than to its Swing Loans, as
provided for in the previous sentence, Swing Lender shall pay to Agent for the accounts of the Lenders, and Agent shall pay to the Lenders (other than a Defaulting Lender if Agent has implemented the provisions of <U>Section&nbsp;2.3(g)</U>), to be
applied to the outstanding Revolving Loans of such Lenders, an amount such that each such Lender shall, upon receipt of such amount, have, as of such Settlement Date, its Pro Rata Share of the Revolving Loans. During the period between Settlement
Dates, a Swing Lender with respect to its Swing Loans, Agent with respect to Extraordinary Advances, and each Lender with respect to the Revolving Loans other than Swing Loans and Extraordinary Advances, shall be entitled to interest at the
applicable rate or rates payable under this Agreement on the daily amount of funds employed by such Swing Lender, Agent, or the Lenders, as applicable. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) Anything in this <U>Section&nbsp;2.3(e)</U> to the contrary notwithstanding, in the event
that a Lender is a Defaulting Lender, Agent shall be entitled to refrain from remitting settlement amounts to the Defaulting Lender and, instead, shall be entitled to elect to implement the provisions set forth in <U>Section&nbsp;2.3(g)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(f) <B>Notation</B>. Agent, as a non-fiduciary agent for Borrower, shall maintain a register showing in the Applicable Currency the
principal amount of the Revolving Loans, owing to each Lender, including Swing Loans owing to the Swing Lender, and Extraordinary Advances owing to Agent, and the interests therein of each Lender, from time to time and such register shall, absent
manifest error, conclusively be presumed to be correct and accurate.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(g) <B>Defaulting Lenders</B>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) Notwithstanding the provisions of <U>Section&nbsp;2.4(b)(ii)</U>, Agent shall not be obligated to transfer to a Defaulting Lender any
payments made by or on behalf of any Loan Party to Agent for the Defaulting Lender&#146;s benefit or any proceeds of Collateral that would otherwise be remitted hereunder to the Defaulting Lender, and, in the absence of such transfer to the
Defaulting Lender, Agent shall transfer any such proceeds of Collateral or payments pertaining to or securing Obligations, (i)&nbsp;first, to Agent, to the extent of any Extraordinary Advances that were made by Agent and that were required to be,
but were not, paid by the Defaulting Lender, (ii)&nbsp;second, to Swing Lender to the extent of any Swing Loans that were made by Swing Lender and that were required to be, but were not, paid by the Defaulting Lender, (iii)&nbsp;third, to Issuing
Lender, to the extent of the portion of a Letter of Credit Disbursement that was required to be, but was not, paid by the Defaulting Lender, (iv)&nbsp;fourth, to each Non-Defaulting Lender ratably in accordance with its Revolver Commitments (but, in
each case, only to the extent that such Defaulting Lender&#146;s portion of a Revolving Loan (or other funding obligation) was funded by such other Non-Defaulting Lender), (v)&nbsp;fifth, at Borrower&#146;s request (so long as no Event of Default
exists and the conditions set forth on <U>Section&nbsp;3.2</U> are satisfied), the funding of any Revolving Loans in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, or reasonably
determined by the Agent, (vi)&nbsp;sixth, in Agent&#146;s sole discretion, to a suspense account maintained by Agent, the proceeds of which shall be retained by Agent and may be made available to be re-advanced to or for the benefit of Borrower
(upon the request of Administrative Borrower and subject to the conditions set forth in <U>Section&nbsp;3.2</U>) as if such Defaulting Lender had made its portion of Revolving Loans (or other funding obligations) hereunder, and (vii)&nbsp;seventh,
from and after the date on which all other Obligations have been paid in full, to such Defaulting Lender in accordance with tier (A)(13) of <U>Section&nbsp;2.4(b)(ii)</U>. Subject to the foregoing, Agent may hold and, in its discretion, re-lend to
Borrower for the account of such Defaulting Lender the amount of all such payments received and retained by Agent for the account of such Defaulting Lender. Solely for the purposes of voting or consenting to matters with respect to the Loan
Documents (including the calculation of Pro Rata Share in connection therewith) and for the purpose of calculating the fees payable under <U>Section&nbsp;2.10</U>, such Defaulting Lender shall be deemed not to be a &#147;Lender&#148; and such
Lender&#146;s Commitment shall be deemed to be zero; <U>provided</U>, that the foregoing shall not apply to any of the matters governed by <U>Section&nbsp;14.1(a)(i)</U> through (iii). The provisions of this <U>Section&nbsp;2.3(g)</U> shall remain
effective with respect to such </P>
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Defaulting Lender until the earlier of (y)&nbsp;the date on which all of the Non-Defaulting Lenders, Agent, Issuing Lenders, and Borrower shall have waived, in writing, the application of this
<U>Section&nbsp;2.3(g)</U> to such Defaulting Lender, or (z)&nbsp;the date on which such Defaulting Lender makes payment of all amounts that it was obligated to fund hereunder, pays to Agent all amounts owing by Defaulting Lender in respect of the
amounts that it was obligated to fund hereunder, and, if requested by Agent, provides adequate assurance of its ability to perform its future obligations hereunder (on which earlier date, so long as no Event of Default has occurred and is
continuing, any remaining cash collateral held by Agent pursuant to <U>Section&nbsp;2.3(g)(ii)</U> shall be released to Borrower). The operation of this <U>Section&nbsp;2.3(g)</U> shall not be construed to increase or otherwise affect the Commitment
of any Lender, to relieve or excuse the performance by such Defaulting Lender or any other Lender of its duties and obligations hereunder, or to relieve or excuse the performance by Borrower of its duties and obligations hereunder to Agent, Issuing
Lenders, or to the Lenders other than such Defaulting Lender. Any failure by a Defaulting Lender to fund amounts that it was obligated to fund hereunder shall constitute a material breach by such Defaulting Lender of this Agreement and shall entitle
Borrower, at their option, upon written notice by Administrative Borrower to Agent, to arrange for a substitute Lender to assume the Commitments and Loans of such Defaulting Lender and the Commitments and Loans of any Affiliate of such Defaulting
Lender, such substitute Lender to be reasonably acceptable to Agent. In connection with the arrangement of such a substitute Lender, the Defaulting Lenders shall have no right to refuse to be replaced hereunder, and agree to execute and deliver a
completed form of Assignment and Acceptance in favor of the substitute Lender (and agree that they shall be deemed to have executed and delivered such document if they fail to do so) subject only to being paid its share of the outstanding
Obligations (other than Bank Product Obligations, but including (1)&nbsp;all interest, fees, and other amounts that may be due and payable in respect thereof, and (2)&nbsp;an assumption of its Pro Rata Share of its participation in the Letters of
Credit); <U>provided</U>, that any such assumption of the Commitments and Loans of such Defaulting Lenders shall not be deemed to constitute a waiver of any of the Lender Groups&#146; or Borrower&#146;s rights or remedies against any such Defaulting
Lender arising out of or in relation to such failure to fund. In the event of a direct conflict between the priority provisions of this <U>Section&nbsp;2.3(g)</U> and any other provision contained in this Agreement or any other Loan Document, it is
the intention of the parties hereto that such provisions be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the
terms and provisions of this <U>Section&nbsp;2.3(g)</U> shall control and govern. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) If any Swing Loan or Letter of Credit is
outstanding at the time that a Lender becomes a Defaulting Lender then: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(A) such Defaulting Lender&#146;s Swing Loan Exposure and Letter
of Credit Exposure shall be reallocated among the applicable Non-Defaulting Lenders in accordance with their respective Pro Rata Shares but only to the extent (x)&nbsp;the sum of all Non-Defaulting Lenders&#146; Revolver Usage plus such Defaulting
Lender&#146;s Swing Loan Exposure and US Letter of Credit Exposure does not exceed all Non-Defaulting Lenders&#146; Revolver Commitments does not exceed the total of all Non-Defaulting Lenders&#146; Revolver Commitments, and (y)&nbsp;the conditions
set forth in <U>Section&nbsp;3.2</U> are satisfied at such time; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(B) if the reallocation described in clause (A)&nbsp;above cannot, or can only partially, be
effected, Borrower shall within one Business Day following notice by the Agent (x)&nbsp;first, prepay such Defaulting Lender&#146;s Swing Loan Exposure (after giving effect to any partial reallocation pursuant to clause (A)&nbsp;above) and
(y)&nbsp;second, cash collateralize such Defaulting Lender&#146;s applicable Letter of Credit Exposure (after giving effect to any partial reallocation pursuant to clause (A)&nbsp;above), pursuant to a cash collateral agreement to be entered into in
form and substance reasonably satisfactory to the Agent, for so long as such Letter of Credit Exposure is outstanding; <U>provided</U>, that Borrower shall not be obligated to cash collateralize any Defaulting Lender&#146;s Letter of Credit Exposure
if such Defaulting Lender is also an the Issuing Lender; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(C) if Borrower cash collateralizes any portion of such Defaulting
Lender&#146;s Letter of Credit Exposure pursuant to this <U>Section&nbsp;2.3(g)(ii)</U>, Borrower shall not be required to pay any Letter of Credit Fees to Agent for the account of such Defaulting Lender pursuant to <U>Section&nbsp;2.6(b)</U> with
respect to such cash collateralized portion of such Defaulting Lender&#146;s Letter of Credit Exposure during the period such Letter of Credit Exposure is cash collateralized; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(D) to the extent the Letter of Credit Exposure of the Non-Defaulting Lenders is reallocated pursuant to this <U>Section&nbsp;2.3(g)(ii)</U>,
then the Letter of Credit Fees payable to the Non-Defaulting Lenders pursuant to <U>Section&nbsp;2.6(b)</U> shall be adjusted in accordance with such Non-Defaulting Lenders&#146; Letter of Credit Exposure; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(E) to the extent any Defaulting Lender&#146;s Letter of Credit Exposure is neither cash collateralized nor reallocated pursuant to this
<U>Section&nbsp;2.3(g)(ii)</U>, then, without prejudice to any rights or remedies of any Issuing Lender or any Lender hereunder, all Letter of Credit Fees that would have otherwise been payable to such Defaulting Lender under
<U>Section&nbsp;2.6(b)</U> with respect to such portion of such Letter of Credit Exposure shall instead be payable to the applicable Issuing Lender until such portion of such Defaulting Lender&#146;s Letter of Credit Exposure is cash collateralized
or reallocated; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(F) so long as any Lender is a Defaulting Lender, Swing Lender shall not be required to make any Swing Loan and Issuing
Lender shall not be required to issue, amend, or increase any Letter of Credit, in each case, to the extent (x)&nbsp;the Defaulting Lender&#146;s Pro Rata Share of such Swing Loans or Letter of Credit cannot be reallocated pursuant to this
<U>Section&nbsp;2.3(g)(ii)</U> or (y)&nbsp;the Swing Lender or Issuing Lender, as applicable, has not otherwise entered into arrangements reasonably satisfactory to the Swing Lender or Issuing Lender, as applicable, and Borrower to eliminate such
Swing Lender&#146;s or Issuing Lender&#146;s risk with respect to the Defaulting Lender&#146;s participation in such Swing Loans or Letters of Credit; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(G) Agent may release any cash collateral provided by Borrower pursuant to this <U>Section&nbsp;2.3(g)(ii)</U> to the Issuing Lender and
Issuing Lender may apply any such cash collateral to the payment of such Defaulting Lender&#146;s Pro Rata Share of any Letter of Credit Disbursement that is not reimbursed by Borrower in respect of its Letter of Credit Obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(h) <B>Independent Obligations</B>. All Revolving Loans (other than Swing Loans and Extraordinary Advances) shall be made by the
Lenders contemporaneously and in accordance with their Pro Rata Shares. It is understood that (i)&nbsp;no Lender shall be responsible for any failure by any other Lender to perform its obligation to make any Revolving Loan (or other extension of
credit) hereunder, nor shall any Commitment of any Lender be increased or decreased as a result of any failure by any other Lender to perform its obligations hereunder, and (ii)&nbsp;no failure by any Lender to perform its obligations hereunder
shall excuse any other Lender from its obligations hereunder.<B> </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>2.4. <B><U>Payments; Reductions of Commitments; Prepayments</U></B>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(a) <B>Payments by Borrower</B>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) Except as otherwise expressly provided herein, all payments by Borrower shall be made to Agent&#146;s Applicable Account for the account
of the Lender Group and shall be made in immediately available funds in the Applicable Currency, no later than 1:30 p.m. on the date specified herein. Any payment received by Agent later than 1:30 p.m. shall be deemed to have been received (unless
Agent, in its sole discretion, elects to credit it on the date received) on the following Business Day and any applicable interest or fee shall continue to accrue until such following Business Day. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) Unless Agent receives notice from Administrative Borrower prior to the date on which any payment is due to the Lenders that Borrower
will not make such payment in full as and when required, Agent may assume that Borrower has made (or will make) such payment in full to Agent on such date in immediately available funds and Agent may (but shall not be so required), in reliance upon
such assumption, distribute to each Lender on such due date an amount equal to the amount then due such Lender. If and to the extent Borrower does not make such payment in full to Agent on the date when due, each Lender severally shall repay to
Agent on demand such amount distributed to such Lender, together with interest thereon at the Defaulting Lender Rate for each day from the date such amount is distributed to such Lender until the date repaid. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(b) <B>Apportionment and Application</B>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) So long as no Application Event has occurred and is continuing and except as otherwise provided herein with respect to Defaulting
Lenders, all principal and interest payments received by Agent shall be apportioned ratably among the Lenders (according to the unpaid principal balance of the Obligations to which such payments relate held by each Lender) and all payments of fees
and expenses received by Agent (other than fees or expenses that are for Agent&#146;s separate account or for the separate account of Issuing Lender) shall be apportioned ratably among the Lenders having a Pro Rata Share of the type of Commitment or
Obligation to which a particular fee or expense relates. Subject to <U>Section&nbsp;2.4(b)(iv)</U> and <U>Section&nbsp;2.4(e)</U>, all payments to be made hereunder by Borrower shall be remitted to Agent and all such payments, and all proceeds of
Collateral securing Obligations received by Agent, shall be applied, so long as no Application Event has occurred and is continuing and except as otherwise provided herein with respect to Defaulting Lenders, to reduce the balance of the Revolving
Loans outstanding and, thereafter, to Borrower (to be wired to the Canadian Designated Account or US Designated Account, as applicable) or such other Person entitled thereto under applicable law. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) At any time that an Application Event has occurred and is continuing and except as
otherwise provided herein with respect to Defaulting Lenders, all payments remitted to Agent and all proceeds of Collateral received by Agent shall be applied as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(A) All payments in respect of Obligations and all proceeds of Collateral securing the Obligations received by Agent shall be applied as
follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(1) <U>first</U>, to pay any Lender Group Expenses (including cost or expense reimbursements) or indemnities then due to Agent
under the Loan Documents in respect of Obligations, until paid in full, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(2) <U>second</U>, to pay any fees or premiums then due to Agent
under the Loan Documents in respect of Obligations until paid in full, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(3) <U>third</U>, to pay interest due in respect of all
Protective Advances until paid in full, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(4) <U>fourth</U>, to pay the principal of all Protective Advances until paid in full, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(5) <U>fifth</U>, ratably, to pay any Lender Group Expenses (including cost or expense reimbursements) or indemnities then due to any of the
Lenders under the Loan Documents in respect of Obligations, until paid in full, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(6) <U>sixth</U>, ratably, to pay any fees or premiums
then due to any of the Lenders under the Loan Documents in respect of Obligations until paid in full, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(7) <U>seventh</U>, to pay
interest accrued in respect of the Swing Loans until paid in full, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(8) <U>eighth</U>, to pay the principal of all Swing Loans until paid
in full, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(9) <U>ninth</U>, ratably, to pay interest accrued in respect of the Revolving Loans (other than Protective Advances) until
paid in full, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(10) <U>tenth</U>, ratably </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:21%; font-size:10pt; font-family:Times New Roman">i. to pay the principal of all Revolving Loans until paid in full, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:21%; font-size:10pt; font-family:Times New Roman">ii. to Agent, to be held by Agent, for the benefit of Issuing Lender (and for the ratable benefit of each of the Lenders that have an
obligation to pay to Agent, for the account of Issuing Lender, a share of each Letter of Credit Disbursement), as cash collateral in an amount up to 103% of the Letter of Credit Usage relating to Canadian Dollar-denominated Letters of Credit and
108% of then existing Letter of Credit Usage relating to US Dollar-denominated Letters of Credit (to the extent permitted by applicable law, such cash collateral shall be applied to the reimbursement of any Letter of Credit Disbursement as and when
such disbursement occurs and, if a Letter of Credit expires undrawn, the cash collateral held by Agent in respect of such Letter of Credit shall, to the extent permitted by applicable law, be reapplied pursuant to this
<U>Section&nbsp;2.4(b)(ii)</U>, beginning with tier (A)(1) hereof), </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:21%; font-size:10pt; font-family:Times New Roman">iii. ratably, up to the amount (after taking into account any amounts previously paid pursuant
to this clause iii. during the continuation of the applicable Application Event) of the most recently established Bank Product Reserve, which amount was established prior to the occurrence of, and not in contemplation of, the subject Application
Event, to (I)&nbsp;ratably to the Bank Product Providers of Bank Products (based on the Bank Product Reserve, if any, established for each Bank Product of such Bank Product Provider) up to the amounts then certified by the applicable Bank Product
Provider to Agent (in form and substance reasonably satisfactory to Agent) to be due and payable to such Bank Product Provider on account of Bank Product Obligations, and (II)&nbsp;with any balance to be paid to Agent, to be held by Agent, for the
ratable benefit (based on the Bank Product Reserve established for each Bank Product) of the Bank Product Providers for Bank Products, as cash collateral (which cash collateral may be released by Agent to the applicable Bank Product Provider and
applied by such Bank Product Provider to the payment or reimbursement of any amounts due and payable with respect to Bank Product Obligations owed to the applicable Bank Product Provider as and when such amounts first become due and payable and, if
and at such time as all such Bank Product Obligations are paid or otherwise satisfied in full, the cash collateral held by Agent in respect of such Bank Product Obligations shall be reapplied pursuant to this <U>Section&nbsp;2.4(b)(ii)</U>,
beginning with tier (A)(1) hereof), </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman"><B></B>(11) <B><U>[Intentionally Omitted]</U></B>,<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(12) <U>twelfth</U>, to pay any other Obligations other than Obligations owed to Defaulting Lenders (including being paid, ratably, to the
Bank Product Providers on account of all amounts then due and payable in respect of Bank Product Obligations, with any balance to be paid to Agent, to be held by Agent, for the ratable benefit of the Bank Product Providers, as cash collateral (which
cash collateral may be released by Agent to the applicable Bank Product Provider and applied by such Bank Product Provider to the payment or reimbursement of any amounts due and payable with respect to Bank Product Obligations owed to the applicable
Bank Product Provider as and when such amounts first become due and payable and, if and at such time as all such Bank Product Obligations are paid or otherwise satisfied in full, the cash collateral held by Agent in respect of such Bank Product
Obligations shall be reapplied pursuant to this <U>Section&nbsp;2.4(b)(ii)</U>, beginning with tier (A)(1) hereof), </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(13)
<U>thirteenth</U>, ratably to pay any Obligations owed to Defaulting Lenders; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(14) <U>fourteenth</U>, to Borrower (to be wired to
the Canadian Designated Account or US Designated Account, as applicable) or such other Person entitled thereto under applicable law. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman"><B></B>(B) [<B>Intentionally Omitted</B>]<B> </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-16- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:21%; font-size:10pt; font-family:Times New Roman">(iii) Agent promptly shall distribute to each Lender, pursuant to the applicable wire
instructions received from each Lender in writing, such funds as it may be entitled to receive, subject to a Settlement delay as provided in <U>Section&nbsp;2.3(e)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:21%; font-size:10pt; font-family:Times New Roman">(iv) In each instance, so long as no Application Event has occurred and is continuing, <U>Section&nbsp;2.4(b)(ii)(A)</U> shall not apply to
any payment made by Borrower to Agent and specified by Administrative Borrower to be for the payment of specific Obligations then due and payable (or prepayable) under any provision of this Agreement or any other Loan Document. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:21%; font-size:10pt; font-family:Times New Roman">(v) For purposes of <U>Section&nbsp;2.4(b)(ii)</U>, &#147;paid in full&#148; of a type of Obligation means payment in cash or immediately
available funds of all amounts owing on account of such type of Obligation, including interest accrued after the commencement of any Insolvency Proceeding, default interest, interest on interest, and expense reimbursements, irrespective of whether
any of the foregoing would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:21%; font-size:10pt; font-family:Times New Roman">(vi) In the event of a
direct conflict between the priority provisions of this <U>Section&nbsp;2.4</U> and any other provision contained in this Agreement or any other Loan Document, it is the intention of the parties hereto that such provisions be read together and
construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, if the conflict relates to the provisions of <U>Section&nbsp;2.3(g)</U> and this
<U>Section&nbsp;2.4</U>, then the provisions of <U>Section&nbsp;2.3(g)</U> shall control and govern, and if otherwise, then the terms and provisions of this <U>Section&nbsp;2.4</U> shall control and govern. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <B>Reduction of Commitments</B>. The Revolver Commitments shall terminate on the Maturity Date. Borrower may reduce the Revolver
Commitments without premium or penalty other than payment of the Applicable Revolver Reduction Premium pursuant to the Fee Letter, to an amount (which may be zero) not less than the sum of (A)&nbsp;the Revolver Usage as of such date, plus
(B)&nbsp;the principal amount of all Revolving Loans not yet made as to which a request has been given by Borrower under <U>Section&nbsp;2.3(a)</U>, plus (C)&nbsp;the amount of all Letters of Credit not yet issued as to which a request has been
given by Administrative Borrower pursuant to <U>Section&nbsp;2.11(a)</U>. Each such reduction shall be in an amount which is not less than&nbsp;$5,000,000 (unless the applicable Revolver Commitments are being reduced to zero and the amount of the
applicable Revolver Commitments in effect immediately prior to such reduction are less than&nbsp;$5,000,000), shall be made by providing not less than 10 Business Days prior written notice to Agent, and shall be irrevocable. Once reduced, the
Revolver Commitments may not be increased except to the extent of any Available Increase Amount then available. Each such reduction of the applicable Revolver Commitments shall reduce the applicable Revolver Commitments of each Lender
proportionately in accordance with its ratable share thereof. Any notice delivered pursuant to this Section&nbsp;2.4(c) may state that such notice is conditioned upon the effectiveness of a third party transaction, in which case such notice may be
revoked (by written notice to Agent on or prior to the specified effective date of termination) if such effectiveness does not occur. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(d) <B>Optional Prepayments</B>. Borrower may prepay the principal of any Revolving Loan at any time in whole or in part, without
premium or penalty.<B> </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-17- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <B>Mandatory Prepayments</B>. If, at any time, (A)&nbsp;the Canadian Dollar Equivalent of the
Revolver Usage on such date exceeds (B)&nbsp;the lesser of the Borrowing Base reflected in the Borrowing Base Certificate most recently delivered by Borrower to Agent and the Maximum Credit Amount (other than an excess arising solely as a result of
fluctuations in exchange rates that does not continue for more than one Business Day), then Borrower shall, within one Business Day, prepay the Obligations in accordance with <U>Section&nbsp;2.4(f)(i)</U> in an aggregate amount equal to the amount
of such excess. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(f) <B>Application of Payments</B>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) Each prepayment pursuant to <U>Section&nbsp;2.4(e)</U> shall, (A)&nbsp;so long as no Application Event shall have occurred and be
continuing, be applied, <I>first</I>, to the outstanding principal amount of the Revolving Loans until paid in full, and <I>second</I>, to cash collateralize the Letters of Credit in an amount equal to 103% of the then existing Letter of Credit
Usage relating to Canadian Dollar-denominated Letters of Credit and 108% of the then existing Letter of Credit Usage relating to US Dollar-denominated Letters of Credit, and (B)&nbsp;if an Application Event shall have occurred and be continuing, be
applied in the manner set forth in <U>Section&nbsp;2.4(b)(ii)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) No prepayment applied to the Revolving Loans or to cash
collateralize Letter of Credit Usage under <U>Section&nbsp;2.4(f)(i)</U> shall result in a reduction in the Maximum Credit Amount; <U>provided</U>, that if an Event of Default exists, Required Lenders may elect for any such prepayment applied to
Obligations to result in a permanent reduction of the Maximum Credit Amount. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>2.5. <B><U>Promise to Pay; Promissory
Notes</U></B>.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Borrower agrees to pay the Lender Group Expenses owing by Borrower on the earlier of (i)&nbsp;the first day of
the month following the date on which the applicable Lender Group Expenses were first incurred or (ii)&nbsp;the date on which demand therefor is made by Agent (it being acknowledged and agreed that any charging of such costs, expenses or Lender
Group Expenses to the applicable Loan Account pursuant to the provisions of <U>Section&nbsp;2.6(d)</U> shall be deemed to constitute a demand for payment thereof for the purposes of this subclause (ii)). Borrower promises to pay all of the
Obligations (including principal, interest, premiums, if any, fees, costs, and expenses (including Lender Group Expenses)) owing by Borrower in full on the Maturity Date or, if earlier, on the date on which such Obligations (other than the Bank
Product Obligations) become due and payable pursuant to the terms of this Agreement. Borrower agrees that their obligations contained in the first sentence of this <U>Section&nbsp;2.5(a)</U> shall survive payment or satisfaction in full of all other
Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Any Lender may request that any portion of its Commitments or the Loans made by it be evidenced by one or more
promissory notes. In such event, Borrower shall execute and deliver to such Lender the requested promissory notes payable to the order of such Lender in a form furnished by Agent and reasonably satisfactory to Borrower. Thereafter, the portion of
the Commitments and Loans evidenced by such promissory notes and interest thereon shall at all times be represented by one or more promissory notes in such form payable to the order of the payee named therein. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-18- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.6. <U><B>Interest Rates and Letter of Credit Fee: Rates, Payments, and Calculations</B></U>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <B>Interest Rates</B>. Except as provided in <U>Section&nbsp;2.6(c)</U>, all Loans, and all Obligations (except for undrawn Letters
of Credit) that have been charged to a Loan Account pursuant to the terms hereof, shall bear interest as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) if the relevant
Obligation is a Non-Base Rate Loan in Canadian Dollars, at a per annum rate equal to the CDOR Rate plus the Non-Base Rate Margin, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) if
the relevant Obligation in a Non-Base Rate Loan in US Dollars. at a per annum ratio equal to the LIBOR Rate plus the Non-Base Rate Margin, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) if the relevant Obligation is a Base Rate Loan in Canadian Dollars, at a per annum rate equal to the Canadian Base Rate plus the Base
Rate Margin, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) if the relevant Obligation is a Base Rate Loan in US Dollars, at a per annum rate equal to the US Base Rate plus the
Base Rate Margin, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(v) otherwise, at a per annum rate equal to the Canadian Base Rate (if such Obligation is denominated in Canadian
Dollars) plus the Base Rate Margin or the US Base Rate (if such Obligation is denominated in US Dollars) plus the Base Rate Margin. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)
<B>Letter of Credit Fee</B>. Borrower shall pay to Agent, for the ratable account of the Revolving Lenders with a Revolver Commitment, a Letter of Credit fee (the &#147;<U>Letter of Credit Fees</U>&#148;) (which fee shall be in addition to the
fronting fees and commissions, other fees, charges and expenses set forth in <U>Section&nbsp;2.11(k)</U>) with respect to the Letter of Credit Usage, that shall accrue at a per annum rate equal to (i)&nbsp;the Non-Base Rate Margin times the Letter
of Credit Usage in the case of standby Letters of Credit; and (ii)&nbsp;the Non-Base Rate Margin less 0.50% in the case of commercial Letters of Credit. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <B>Default Rate</B>. Upon the occurrence and during the continuation of an Event of Default and at the election of the Required Lenders,
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) all Loans, and all Obligations (except for undrawn Letters of Credit) that have been charged to the Loan Account pursuant to the
terms hereof, shall bear interest at a per annum rate equal to 2 percentage points above the per annum rate otherwise applicable thereunder, and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) the Letter of Credit Fee shall be increased to 2 percentage points above the per annum rate otherwise applicable hereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <B>Payment</B>. Except to the extent provided to the contrary in <U>Section&nbsp;2.10</U>, <U>Section&nbsp;2.11(k)</U> or
<U>Section&nbsp;2.12(a)</U>, (i)&nbsp;all interest, all Letter of Credit Fees and all other fees payable hereunder or under any of the other Loan Documents shall be due and payable, in arrears, on the first day of each month, and (ii)&nbsp;all costs
and expenses payable hereunder or under any of the other Loan Documents, and all Lender Group Expenses shall be due and payable on the earlier of (x)&nbsp;the first day of the month following the date on which the applicable costs, expenses, or
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-19- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Lender Group Expenses were first incurred or (y)&nbsp;the date on which demand therefor is made by Agent (it being acknowledged and agreed that any charging of such costs, expenses or Lender
Group Expenses to the applicable Loan Account pursuant to the provisions of the following sentence shall be deemed to constitute a demand for payment thereof for the purposes of this subclause (y)). Borrower hereby authorizes Agent, from time to
time without prior notice to Borrower, to charge to the Loan Account (A)&nbsp;on the first day of each month, all interest accrued during the prior month on the Revolving Loans hereunder, (B)&nbsp;on the first day of each month, all Letter of Credit
Fees accrued or chargeable hereunder during the prior month, (C)&nbsp;as and when incurred or accrued, all fees and costs provided for in <U>Section&nbsp;2.10(a)</U> or <U>(c)</U>&nbsp;and owing by Borrower, (D)&nbsp;as and when due and payable, all
other fees payable hereunder or under any of the other Loan Documents by Borrower, (E)&nbsp;as and when incurred or accrued, the fronting fees and all commissions, other fees, charges and expenses provided for in <U>Section&nbsp;2.11(k)</U>, as
applicable, owing by Borrower, (F)&nbsp;as and when incurred or accrued, all other Lender Group Expenses owing by Borrower, and (G)&nbsp;as and when due and payable all other payment obligations payable under any Loan Document or any Bank Product
Agreement (including any amounts due and payable to the Bank Product Providers in respect of Bank Products) owing by Borrower. Agent shall endeavor to provide prompt notice to the Administrative Borrower after any costs and expenses described in
this Section&nbsp;2.6(d) are charged to the Loan Account; provided that (x)&nbsp;any failure to give or delay in giving such notice shall not relieve Borrower of their obligation to pay such costs and expenses, (y)&nbsp;delivery of such notice shall
not be required during the continuance of any Event of Default, and (z)&nbsp;the Agent shall have no liability, in any event, for failing to deliver such notice. All amounts (including interest, fees, costs, expenses, Lender Group Expenses, or other
amounts payable hereunder or under any other Loan Document or under any Bank Product Agreement) charged to the applicable Loan Account shall thereupon constitute Revolving Loans hereunder for the account of Borrower, shall constitute Obligations
hereunder of Borrower, and shall initially accrue interest at the rate then applicable to Base Rate Loans in the Applicable Currency (unless and until converted into Non-Base Rate Loans in accordance with the terms of this Agreement). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <B>Computation</B>. All interest and fees chargeable under the Loan Documents (other than amounts accruing at the Base Rate or CDOR Rate)
shall be computed on the basis of a 360 day year. All interest and fees chargeable under the Loan Documents accruing at the Base Rate or the CDOR Rate shall be computed on the basis of a 365 or 366 for the actual number of days elapsed in the period
during which the interest or fees accrue. In the event the Base Rate is changed from time to time hereafter, the rates of interest hereunder based upon the Base Rate automatically and immediately shall be increased or decreased by an amount equal to
such change in the Base Rate. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) <B>Intent to Limit Charges to Maximum Lawful Rate</B>. In no event shall the interest rate or rates
payable under this Agreement, plus any other amounts paid in connection herewith, exceed the highest rate permissible under any law that a court of competent jurisdiction shall, in a final determination, deem applicable. Subject to
<U>Section&nbsp;2.15,</U> Borrower and the Lender Group, in executing and delivering this Agreement, intend legally to agree upon the rate or rates of interest and manner of payment stated within it; <U>provided</U>, that, anything contained herein
to the contrary notwithstanding, if such rate or rates of interest or manner of payment exceeds the maximum allowable under applicable law, then, ipso facto, as of the date of this Agreement, Borrower are and shall be liable only for the payment of
such maximum amount as is allowed by law, and payment received from Borrower in excess of such legal maximum, whenever received, shall be applied to reduce the principal balance of the applicable Obligations to the extent of such excess. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-20- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.7. <U><B>Crediting Payments</B></U>. The receipt of any payment item by Agent shall not be
required to be considered a payment on account unless such payment item is a wire transfer of immediately available funds in the Applicable Currency made to Agent&#146;s Applicable Account or unless and until such payment item is honored when
presented for payment. Should any payment item not be honored when presented for payment, then Borrower shall be deemed not to have made such payment and interest shall be calculated accordingly. Anything to the contrary contained herein
notwithstanding, any payment item shall be deemed received by Agent only if it is received into Agent&#146;s Applicable Account on a Business Day on or before 1:30 p.m. If any payment item is received into Agent&#146;s Applicable Account on a
non-Business Day or after 1:30 p.m. on a Business Day (unless Agent, in its sole discretion, elects to credit it on the date received), it shall be deemed to have been received by Agent as of the opening of business on the immediately following
Business Day. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.8. <U><B>Designated Account</B></U>. Agent is authorized to make the Revolving Loans, and Issuing Lender is authorized to
issue the Letters of Credit, under this Agreement based upon telephonic or other instructions received from anyone purporting to be an Authorized Person or, without instructions, if pursuant to <U>Section&nbsp;2.6(d)</U>. Borrower agrees to
establish and maintain the US Designated Account and Canadian Designated Account with the Designated Account Bank for the purpose of receiving the proceeds of the Revolving Loans requested by or on behalf of Borrower and made by Agent or the
applicable Lenders hereunder. Unless otherwise agreed by Agent and Borrower, any Revolving Loan or Swing Loan requested by or on behalf of Borrower and made by Agent or the Lenders hereunder shall be made to the Canadian Designated Account. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.9. <U><B>Maintenance of Loan Accounts; Statements of Obligations</B></U>. Agent shall maintain accounts on its books in the name of Borrower
(with respect to Canadian Dollars, the &#147;<U>Canadian Loan Account</U>&#148; and with respect to US Dollars, the &#147;<U>US Loan Account</U>&#148;) on which Borrower will be charged with all Revolving Loans (including Extraordinary Advances and
Swing Loans) made by Agent, Swing Lender, or the Lenders to Borrower or for Borrower&#146;s account, the Letters of Credit issued or arranged by a Issuing Lender for Borrower&#146;s account, and all other payment Obligations hereunder or under the
other Loan Documents, including, accrued interest, fees and expenses, and Lender Group Expenses of Borrower with respect thereto. Agent shall maintain an account on its books in the name of Borrower (the &#147;<U>Canadian Loan Account</U>&#148;) on
which Borrower will be charged with all Revolving Loans (including Extraordinary Advances and Swing Loans) made by Agent, Canadian Swing Lender, or the Lenders to Borrower or for Borrower&#146;s account, the Letters of Credit issued or arranged by
an Issuing Lender for Borrower&#146;s account, and all other payment Obligations hereunder or under the other Loan Documents, including, accrued interest, fees and expenses, and Lender Group Expenses of Borrower with respect thereto. In accordance
with <U>Section&nbsp;2.7</U>, the applicable Loan Account will be credited with all payments received by Agent from Borrower or for Borrower&#146;s account. Agent shall make available to Administrative Borrower monthly statements regarding the Loan
Accounts, including the principal amount of the Revolving Loans, interest accrued hereunder, fees accrued or charged hereunder or under the other Loan Documents, and a summary itemization of all charges and expenses constituting Lender Group
Expenses accrued hereunder or under the other Loan Documents, and each such statement, absent manifest error, shall be conclusively presumed to be </P>
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correct and accurate and constitute an account stated between Borrower and the Lender Group unless, within 60 days after Agent first makes such a statement available to Administrative Borrower,
Administrative Borrower shall deliver to Agent written objection thereto describing the error or errors contained in such statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.10. <B><U>Fees</U></B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)
<B>Agent&#146;s Fees</B>. Borrower shall pay to Agent, for the account of Agent, unless otherwise indicated, as and when due and payable under the terms of the Fee Letter, the fees set forth in the Fee Letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <B>Unused Line Fees</B>. Borrower shall pay to Agent, for the ratable account of the Revolving Lenders (other than Defaulting Lenders)
with a Revolver Commitment, an unused line fee (the &#147;<U>Unused Line Fee</U>&#148;) in an amount equal to the Applicable Unused Line Fee Percentage per annum times the result of (i)&nbsp;the aggregate amount of the Revolver Commitments, less
(ii)&nbsp;the average amount of the Revolver Usage during the immediately preceding month (or portion thereof), which Unused Line Fee shall be due and payable in arrears on the first day of each month from and after the Closing Date up to the first
day of the month prior to the date on which the Obligations are paid in full and on the date on which the Obligations are paid in full. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <B>Field Examination and Other Fees</B>. Borrower shall pay to Agent, field examination, appraisal, and valuation fees and charges, as and
when incurred or chargeable, as follows (i)&nbsp;reasonable and documented out-of-pocket expenses (including travel, meals, and lodging)) if it elects to employ the services of one or more third Persons to perform field examinations of Borrower or
its Subsidiaries, to establish electronic collateral reporting systems, to appraise the Collateral (including Eligible Accounts), or any portion thereof, or to assess Borrower&#146;s or its Subsidiaries&#146; business valuation; <U>provided</U>,
that so long as no Event of Default shall have occurred and be continuing, Borrower shall not be obligated to reimburse Agent for more than 2 field examinations of each Loan Party during any calendar year, or more than 2 appraisals of Inventory of
each Loan Party during any 12-month period; <U>provided further</U>, <U>however</U>, that if Excess Availability is less than 15% of the Line Cap for a period of 5 consecutive Business Days at any time during any 12-month period, then Borrower shall
be obligated to reimburse Agent for an additional field examination of each Loan Party during such 12-month period and for an additional appraisal of Inventory of each Loan Party during such 12-month period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.11. <B>Letters of Credit</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Subject to the terms and conditions of this Agreement, upon the request of Administrative Borrower made in accordance herewith, and prior
to the Maturity Date, Issuing Lender agrees to issue, or, if Issuing Lender is WF Canada, to cause an Underlying Issuer (including as Issuing Lender&#146;s agent) to issue, a requested Letter of Credit for the account of Borrower. If Issuing Lender
is WF Canada, it may, at its option, elect to cause an Underlying Issuer to issue a requested Letter of Credit. If WF Canada makes such election, it agrees that it will enter into arrangements relative to the reimbursement of such Underlying Issuer
(which may include, among other means, by becoming an applicant with respect to such Letter of Credit or entering into undertakings or other arrangements that provide for reimbursement of such Underlying Issuer with respect to such drawings under
Letter of Credit; each such obligation or </P>
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undertaking, irrespective of whether in writing, a &#147;<U>Reimbursement Undertaking</U>&#148;) with respect to Letters of Credit issued by such Underlying Issuer for the account of Borrower. By
submitting a request to Issuing Lender for the issuance of a Letter of Credit, Administrative Borrower shall be deemed to have requested that (x)&nbsp;Issuing Lender issue the requested Letter of Credit or (y)&nbsp;in the case in which WF Canada is
the Issuing Lender, an Underlying Issuer issue the requested Letter of Credit (and, in such case, to have requested WF Canada to issue a Reimbursement Undertaking with respect to such requested Letter of Credit). Each request for the issuance of a
Letter of Credit, or the amendment, renewal, or extension of any outstanding Letter of Credit, shall be made in writing by an Authorized Person and delivered to Issuing Lender via telefacsimile or other electronic method of transmission reasonably
acceptable to Issuing Lender and reasonably in advance of the requested date of issuance, amendment, renewal, or extension. Each such request shall be in form and substance reasonably satisfactory to Issuing Lender and (i)&nbsp;shall specify
(A)&nbsp;the amount of such Letter of Credit and whether such Letter of Credit to be issued in Canadian Dollars, US Dollars, English Pounds or Euros, (B)&nbsp;the date of issuance, amendment, renewal, or extension of such Letter of Credit,
(C)&nbsp;the proposed expiration date of such Letter of Credit, (D)&nbsp;the name and address of the beneficiary of the Letter of Credit, and (E)&nbsp;such other information (including, the conditions to drawing, and, in the case of an amendment,
renewal, or extension, identification of the Letter of Credit to be so amended, renewed, or extended) as shall be necessary to prepare, amend, renew, or extend such Letter of Credit, and (ii)&nbsp;shall be accompanied by such Issuer Documents as
Agent, Issuing Lender or Underlying Issuer may request or require, to the extent that such requests or requirements are consistent with the Issuer Documents that Issuing Lender or Underlying Issuer generally requests for Letters of Credit in similar
circumstances. Issuing Lender&#146;s records of the content of any such request will be conclusive, absent manifest error. Anything contained herein to the contrary notwithstanding, Issuing Lender may, but shall not be obligated to, issue a Letter
of Credit that supports the obligations of Borrower in respect of (x)&nbsp;a lease of real property to the extent that the face amount of such Letter of Credit exceeds the highest rent (including all rent-like charges) payable under such lease for a
period of one year, or (y)&nbsp;an employment contract to the extent that the face amount of such Letter of Credit exceeds the highest compensation payable under such contract for a period of one year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Issuing Lender shall have no obligation to issue a Letter of Credit or a Reimbursement Undertaking in respect of a Letter of Credit, in
either case, if any of the following would result after giving effect to the requested issuance: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) the Canadian Dollar Equivalent of
the Letter of Credit Usage would exceed&nbsp;$20,000,000, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) the Canadian Dollar Equivalent of the Letter of Credit Usage would exceed
the Maximum Credit Amount less the Canadian Dollar Equivalent of the outstanding amount of Revolving Loans, or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) the Canadian Dollar
Equivalent of the Letter of Credit Usage would exceed the Borrowing Base at such time less the outstanding principal balance of the Canadian Dollar Equivalent of the Revolving Loans at such time. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-23- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) In the event there is a Defaulting Lender as of the date of any request for the issuance of a
Letter of Credit, the Issuing Lender shall not be required to issue or arrange for such Letter of Credit or any applicable Reimbursement Undertaking to the extent (i)&nbsp;the Defaulting Lender&#146;s Letter of Credit Exposure with respect to such
Letter of Credit or any applicable Reimbursement Undertaking may not be reallocated pursuant to <U>Section&nbsp;2.3(g)(ii)</U>,&nbsp;the Issuing Lender has not otherwise entered into arrangements reasonably satisfactory to it and Borrower to
eliminate the Issuing Lender&#146;s risk with respect to the participation in such Letter of Credit or any applicable Reimbursement Undertaking of the Defaulting Lender, which arrangements may include Borrower cash collateralizing such Defaulting
Lender&#146;s Letter of Credit Exposure in accordance with <U>Section&nbsp;2.3(g)(ii)</U>. Additionally, Issuing Lender shall have no obligation to issue a Letter of Credit or a Reimbursement Undertaking in respect of a Letter of Credit if
(A)&nbsp;any order, judgment, or decree of any Governmental Authority or arbitrator shall, by its terms, purport to enjoin or restrain Issuing Lender from issuing such Letter of Credit or a Reimbursement Undertaking or Underlying Issuer from issuing
such Letter of Credit, or any law applicable to Issuing Lender or Underlying Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over Issuing Lender or Underlying Issuer shall
prohibit or request that Issuing Lender or Underlying Issuer refrain from the issuance of letters of credit generally or such Letter of Credit or Reimbursement Undertaking, as applicable, in particular, (B)&nbsp;the issuance of such Letter of Credit
or Reimbursement Undertaking would violate one or more policies of Issuing Lender or Underlying Issuer applicable to letters of credit generally, or (C)&nbsp;amounts demanded to be paid under any Letter of Credit will or may not be in Canadian
Dollars, US Dollars, British Pounds or Euros. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Any Issuing Lender (other than WF Canada or any of its Affiliates) shall notify Agent in
writing no later than the Business Day immediately following the Business Day on which such Issuing Lender issued any Letter of Credit or Reimbursement Undertaking; <U>provided</U> that (i)&nbsp;until Agent advises any such Issuing Lender that the
provisions of <U>Section&nbsp;3.2 </U>are not satisfied, or (ii)&nbsp;unless the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by Agent and such Issuing Lender, such Issuing Lender shall be
required to so notify Agent in writing only once each week of the Letters of Credit or Reimbursement Undertaking issued by such Issuing Lender during the immediately preceding week as well as the daily amounts outstanding for the prior week, such
notice to be furnished on such day of the week as Agent and such Issuing Lender may agree. Each Letter of Credit shall be in form and substance reasonably acceptable to Issuing Lender and Underlying Issuer, including the requirement that the amounts
payable thereunder must be payable in Canadian Dollars, US Dollars, British Pounds or Euros. If Issuing Lender makes a payment under a Letter of Credit or a Reimbursement Undertaking, Borrower shall jointly and severally pay to Agent an amount equal
to the applicable Letter of Credit Disbursement on the Business Day such Letter of Credit Disbursement is made and, in the absence of such payment, the amount of the Letter of Credit Disbursement immediately and automatically shall be deemed to be a
Revolving Loan in US Dollars for any Letter of Credit issued in US Dollars and in Canadian Dollars for any Letter of Credit issued in another currency (notwithstanding any failure to satisfy any condition precedent set forth in
<U>Section&nbsp;3</U>) in an amount equal to the Canadian Dollar Equivalent thereof and, initially, shall bear interest at the rate then applicable to Revolving Loans in the applicable currency that are Base Rate Loans. If a Letter of Credit
Disbursement is deemed to be a Revolving Loan hereunder, Borrower&#146;s obligation to pay the amount of such Letter of Credit Disbursement to Issuing Lender shall be automatically converted into an obligation to pay the resulting Revolving Loan.
Promptly following receipt by Agent of any payment from Borrower pursuant to this paragraph, Agent shall distribute such payment to Issuing Lender or, to the extent that any Revolving Lenders have made payments pursuant to
<U>Section&nbsp;2.11A(e)</U> to reimburse Issuing Lender, then to such Revolving Lender and Issuing Lender as their interests may appear. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-24- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Promptly following receipt of a notice of a Letter of Credit Disbursement pursuant to
<U>Section&nbsp;2.11(d)</U>, each Revolving Lender agrees to fund its Pro Rata Share of any Revolving Loan deemed made pursuant to <U>Section&nbsp;2.11(d)</U> on the same terms and conditions as if Administrative Borrower had requested the amount
thereof as a Revolving Loan and Agent shall promptly pay to Issuing Lender the amounts so received by it from the Revolving Lenders. By the issuance of a Letter of Credit or Reimbursement Undertaking (or an amendment, renewal, or extension of a
Letter of Credit or Reimbursement Undertaking) and without any further action on the part of Issuing Lender or the Revolving Lenders, Issuing Lender shall be deemed to have granted to each Revolving Lender with a Revolver Commitment, and each
Revolving Lender with a Revolver Commitment shall be deemed to have purchased, a participation in each Letter of Credit issued by Issuing Lender and each Reimbursement Undertaking, in an amount equal to its Pro Rata Share of such Letter of Credit or
Reimbursement Undertaking, and each such Revolving Lender agrees to pay to Agent, for the account of Issuing Lender, such Revolving Lender&#146;s Pro Rata Share of any Letter of Credit Disbursement made by Issuing Lender under the applicable Letter
of Credit or Reimbursement Undertaking. In consideration and in furtherance of the foregoing, each Revolving Lender with a Revolver Commitment hereby absolutely and unconditionally agrees to pay to Agent, for the account of Issuing Lender, such
Revolving Lender&#146;s Pro Rata Share of each Letter of Credit Disbursement made by Issuing Lender and not reimbursed by Borrower on the date due as provided in <U>Section&nbsp;2.11(d)</U>, or of any reimbursement payment that is required to be
refunded (or that Agent or Issuing Lender elects, based upon the advice of counsel, to refund) to Borrower for any reason. Each Revolving Lender with a Revolver Commitment acknowledges and agrees that its obligation to deliver to Agent, for the
account of Issuing Lender, an amount equal to its respective Pro Rata Share of each Letter of Credit Disbursement pursuant to this <U>Section&nbsp;2.11(e)</U> shall be absolute and unconditional and such remittance shall be made notwithstanding the
occurrence or continuation of an Event of Default or Default or the failure to satisfy any condition set forth in <U>Section&nbsp;3</U>. If any such Revolving Lender fails to make available to Agent the amount of such Revolving Lender&#146;s Pro
Rata Share of a Letter of Credit Disbursement as provided in this Section, such Revolving Lender shall be deemed to be a Defaulting Lender and Agent (for the account of Issuing Lender) shall be entitled to recover such amount on demand from such
Revolving Lender together with interest thereon at the Defaulting Lender Rate until paid in full. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) Borrower agrees to indemnify, defend
and hold harmless each Letter of Credit Related Person (to the fullest extent permitted by law) from and against any Letter of Credit Indemnified Costs, which arise out of or in connection with, or as a result of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) any Letter of Credit or any pre-advice of its issuance or Reimbursement Undertaking; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) any transfer, sale, delivery, surrender or endorsement of any Drawing Document at any time(s) held by any such Letter of Credit Related
Person in connection with any Letter of Credit or Reimbursement Undertaking; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-25- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) any action or proceeding arising out of, or in connection with, any Letter of Credit or
Reimbursement Undertaking (whether administrative, judicial or in connection with arbitration), including any action or proceeding to compel or restrain any presentation or payment under any Letter of Credit or Reimbursement Undertaking, or for the
wrongful dishonor of, or honoring a presentation under, any Letter of Credit; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) any independent undertakings issued by the beneficiary
of any Letter of Credit; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(v) any unauthorized instruction or request made to Issuing Lender or Underlying Issuer in connection with any
Letter of Credit or Reimbursement Undertaking or requested Letter of Credit or Reimbursement Undertaking or error in computer or electronic transmission; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(vi) an adviser, confirmer or other nominated person seeking to be reimbursed, indemnified or compensated in connection with any Letter of
Credit or Reimbursement Undertaking; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(vii) any third party seeking to enforce the rights of an applicant, beneficiary, nominated person,
transferee, assignee of Letter of Credit proceeds or holder of an instrument or document; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(viii) the fraud, forgery or illegal action of
parties in connection with a Letter of Credit or Reimbursement Undertaking other than the Letter of Credit Related Person; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ix) Issuing
Lender&#146;s or Underlying Issuer&#146;s performance of the obligations of a confirming institution or entity that wrongfully dishonors a confirmation in connection with a Letter of Credit; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(x) the acts or omissions, whether rightful or wrongful, of any present or future de jure or de facto governmental or regulatory authority or
cause or event beyond the control of the Letter of Credit Related Person related to a Letter of Credit or Reimbursement Undertaking; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">in each case,
including that result from the Letter of Credit Related Person&#146;s own negligence; <U>provided</U>, <U>however</U>, that such indemnity shall not be available to any Letter of Credit Related Person claiming indemnification under clauses
(i)&nbsp;through (x)&nbsp;above to the extent that such Letter of Credit Indemnified Costs may be determined in a final, non-appealable judgment of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of
the Letter of Credit Related Person claiming indemnity. Borrower hereby agrees to pay the Letter of Credit Related Person claiming indemnity on demand from time to time all amounts owing under this <U>Section&nbsp;2.11(f)</U>. If and to the extent
that the obligations of Borrower under this <U>Section&nbsp;2.11(f)</U> are unenforceable for any reason, Borrower agrees to make the maximum contribution to the Letter of Credit Indemnified Costs permissible under applicable law. This
indemnification provision shall survive termination of this Agreement and all Letters of Credit and Reimbursement Undertaking. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) The liability of Issuing Lender (or any other Letter of Credit Related Person) under, in
connection with or arising out of any Letter of Credit (or pre-advice) or Reimbursement Undertaking, regardless of the form or legal grounds of the action or proceeding, shall be limited to direct damages suffered by Borrower that are caused
directly by Issuing Lender&#146;s gross negligence or willful misconduct in (i)&nbsp;honoring a presentation under a Letter of Credit that on its face does not at least substantially comply with the terms and conditions of such Letter of Credit,
(ii)&nbsp;failing to honor a presentation under a Letter of Credit that strictly complies with the terms and conditions of such Letter of Credit or (iii)&nbsp;retaining Drawing Documents presented under a Letter of Credit. Each Issuing Lender and
Underlying Issuer shall be deemed to have acted with due diligence and reasonable care if such Person&#146;s conduct is in accordance with Standard Letter of Credit Practice or in accordance with this Agreement. Borrower&#146;s aggregate remedies
against Issuing Lender and any other Letter of Credit Related Person for wrongfully honoring a presentation under any Letter of Credit or wrongfully retaining honored Drawing Documents shall in no event exceed the aggregate amount paid by Borrower
to Issuing Lender in respect of the honored presentation in connection with such Letter of Credit under <U>Section&nbsp;2.11(d)</U>, plus interest at the rate then applicable to Revolving Loans in the applicable currency that are Base Rate Loans
hereunder. Borrower shall take action to avoid and mitigate the amount of any damages claimed against Issuing Lender or any other Letter of Credit Related Person, including by enforcing their rights against the beneficiaries of the Letters of
Credit. Any claim by Borrower under or in connection with any Letter of Credit shall be reduced by an amount equal to the sum of (x)&nbsp;the amount (if any) saved by Borrower as a result of the breach or alleged wrongful conduct complained of; and
(y)&nbsp;the amount (if any) of the loss that would have been avoided had Borrower taken all reasonable steps to mitigate any loss, and in case of a claim of wrongful dishonor, by specifically and timely authorizing Issuing Lender or Underlying
Issuer to effect a cure. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) Administrative Borrower is responsible for preparing or approving the final text of the Letter of Credit as
issued by Issuing Lender or Underlying Issuer, irrespective of any assistance Issuing Lender or Underlying Issuer may provide such as drafting or recommending text or by Issuing Lender&#146;s or Underlying Issuer&#146;s use or refusal to use text
submitted by Administrative Borrower. Borrower is solely responsible for the suitability of the Letter of Credit for Borrower&#146;s purposes. With respect to any Letter of Credit containing an &#147;automatic amendment&#148; to extend the
expiration date of such Letter of Credit, each of Issuing Lender and Underlying Issuer, in its sole and absolute discretion, may give notice of nonrenewal of such Letter of Credit and, if Borrower does not at any time want such Letter of Credit to
be renewed, Administrative Borrower will so notify Agent and Issuing Lender at least 15 calendar days before Issuing Lender or Underlying Issuer is required to notify the beneficiary of such Letter of Credit or any advising bank of such nonrenewal
pursuant to the terms of such Letter of Credit. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) Borrower&#146;s reimbursement and payment obligations under this
<U>Section&nbsp;2.11</U> are absolute, unconditional and irrevocable and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever, including: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) any lack of validity, enforceability or legal effect of any Letter of Credit, any Reimbursement Undertaking or this Agreement or any term
or provision therein or herein; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-27- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) payment against presentation of any draft, demand or claim for payment under any Drawing
Document that does not comply in whole or in part with the terms of the applicable Letter of Credit or which proves to be fraudulent, forged or invalid in any respect or any statement therein being untrue or inaccurate in any respect, or which is
signed, issued or presented by a Person or a transferee of such Person purporting to be a successor or transferee of the beneficiary of such Letter of Credit; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) Issuing Lender or any of its branches or Affiliates or Underlying Issuer or any of its branches or Affiliates being the beneficiary of
any Letter of Credit; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) Issuing Lender or any correspondent or Underlying Issuer or any correspondent honoring a drawing against a
Drawing Document up to the amount available under any Letter of Credit even if such Drawing Document claims an amount in excess of the amount available under the Letter of Credit; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(v) the existence of any claim, set-off, defense or other right that Borrower or any of its Subsidiaries may have at any time against any
beneficiary, any assignee of proceeds, Issuing Lender, Underlying Issuer or any other Person; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(vi) any other event, circumstance or
conduct whatsoever, whether or not similar to any of the foregoing that might, but for this <U>Section&nbsp;2.11(i)</U>, constitute a legal or equitable defense to or discharge of, or provide a right of set-off against, Borrower&#146;s or any of its
Subsidiaries&#146; reimbursement and other payment obligations and liabilities, arising under, or in connection with, any Letter of Credit, whether against Issuing Lender, Underlying Issuer, the beneficiary or any other Person; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(vii) the fact that any Default or Event of Default shall have occurred and be continuing; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>provided</U>, <U>however</U>, that subject to <U>Section&nbsp;2.11(g)</U> above, the foregoing shall not release Issuing Lender or Underlying Issuer from
such liability to Borrower as may be finally determined in a final, non-appealable judgment of a court of competent jurisdiction against Issuing Lender or Underlying Issuer following reimbursement or payment of the obligations and liabilities,
including reimbursement and other payment obligations, of Borrower to Issuing Lender arising under, or in connection with, this <U>Section&nbsp;2.11</U> or any Letter of Credit or Reimbursement Undertaking or its correspondent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) Without limiting any other provision of this Agreement, Issuing Lender and each other Letter of Credit Related Person (if applicable) shall
not be responsible to Borrower for, and Issuing Lender&#146;s rights and remedies against Borrower and the obligation of Borrower to reimburse Issuing Lender for each drawing under each Letter of Credit and each Reimbursement Undertaking shall not
be impaired (except in the case of the gross negligence or willful misconduct of the Issuing Lender or any of its Affiliates as finally determined in a court of competent jurisdiction) by: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) honor of a presentation under any Letter of Credit that on its face substantially complies with the terms and conditions of such Letter of
Credit, even if the Letter of Credit requires strict compliance by the beneficiary; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) honor of a presentation of any Drawing Document that appears on its face to have been
signed, presented or issued (A)&nbsp;by any purported successor or transferee of any beneficiary or other Person required to sign, present or issue such Drawing Document or (B)&nbsp;under a new name of the beneficiary; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) acceptance as a draft of any written or electronic demand or request for payment under a Letter of Credit, even if nonnegotiable or not
in the form of a draft or notwithstanding any requirement that such draft, demand or request bear any or adequate reference to the Letter of Credit; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) the identity or authority of any presenter or signer of any Drawing Document or the form, accuracy, genuineness or legal effect of any
Drawing Document (other than Issuing Lender&#146;s or Underlying Issuer&#146;s determination that such Drawing Document appears on its face substantially to comply with the terms and conditions of the Letter of Credit); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(v) acting upon any instruction or request relative to a Letter of Credit or requested Letter of Credit that each of Issuing Lender and
Underlying Issuer in good faith believes to have been given by a Person authorized to give such instruction or request; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(vi) any errors,
omissions, interruptions or delays in transmission or delivery of any message, advice or document (regardless of how sent or transmitted) or for errors in interpretation of technical terms or in translation or any delay in giving or failing to give
notice to Borrower; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(vii) any acts, omissions or fraud by, or the insolvency of, any beneficiary, any nominated person or entity or any
other Person or any breach of contract between any beneficiary and Borrower or any of the parties to the underlying transaction to which the Letter of Credit relates; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(viii) assertion or waiver of any provision of the ISP or UCP that primarily benefits an issuer of a letter of credit, including any
requirement that any Drawing Document be presented to it at a particular hour or place; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ix) payment to any paying or negotiating bank
(designated or permitted by the terms of the applicable Letter of Credit) claiming that it rightfully honored or is entitled to reimbursement or indemnity under Standard Letter of Credit Practice applicable to it; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(x) acting or failing to act as required or permitted under Standard Letter of Credit Practice applicable to where Issuing Lender or
Underlying Issuer has issued, confirmed, advised or negotiated such Letter of Credit, as the case may be; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(xi) honor of a presentation
after the expiration date of any Letter of Credit notwithstanding that a presentation was made prior to such expiration date and dishonored by Issuing Lender or Underlying Issuer, as applicable, if subsequently Issuing Lender or Underlying Issuer,
as applicable, or any court or other finder of fact determines such presentation should have been honored; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(xii) dishonor of any presentation that does not strictly comply or that is fraudulent, forged
or otherwise not entitled to honor; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(xiii) honor of a presentation that is subsequently determined by Issuing Lender or Underlying
Issuer, as applicable, to have been made in violation of international, federal, provincial, state or local restrictions on the transaction of business with certain prohibited Persons. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) Borrower shall pay immediately upon demand to Agent for the account of Issuing Lender as non-refundable fees, commissions, and charges (it
being acknowledged and agreed that any charging of such fees, commissions, and charges to the Canadian Loan Account pursuant to the provisions of <U>Section&nbsp;2.6(d)</U> shall be deemed to constitute a demand for payment thereof for the purposes
of this <U>Section&nbsp;2.11(k)</U>): (i)&nbsp;a fronting fee which shall be imposed by Issuing Lender upon the issuance of each Letter of Credit of 0.125%&nbsp;per annum of the face amount thereof, <I><U>plus</U></I> (ii)&nbsp;any and all other
customary commissions, fees and charges then in effect imposed by, and any and all reasonable and documented expenses incurred by, Issuing Lender or Underlying Issuer, or by any adviser, confirming institution or entity or other nominated person,
relating to Letters of Credit, at the time of issuance of any Letter of Credit and upon the occurrence of any other activity with respect to any Letter of Credit (including transfers, assignments of proceeds, amendments, drawings, renewals or
cancellations). Notwithstanding the foregoing, if Issuing Lender is a Person other than WF&nbsp;Canada, all fronting fees payable in respect of Letters of Credit issued by such Issuing Lender shall be paid by Borrower immediately upon demand
directly to such Issuing Lender for its own account. Borrower shall also pay directly to Underlying Issuer all of its fees, commissions and charges. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l) If by reason of (x)&nbsp;any Change in Law, or (y)&nbsp;compliance by Issuing Lender or any other member of the Lender Group or Underlying
Issuer with any direction, request, or requirement (irrespective of whether having the force of law) of any Governmental Authority or monetary authority including, Regulation D of the Board of Governors as from time to time in effect (and any
successor thereto): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) any reserve, deposit, or similar requirement is or shall be imposed or modified in respect of any Letter of
Credit or any Reimbursement Undertaking issued or caused to be issued hereunder or hereby, or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) there shall be imposed on Issuing
Lender or any other member of the Lender Group or Underlying Issuer any other condition regarding any Letter of Credit or any Reimbursement Undertaking, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">and the result of the foregoing is to increase, directly or indirectly, the cost to Issuing Lender or any other member of the Lender Group or Underlying Issuer
of issuing, making, participating in, or maintaining any Letter of Credit or to reduce the amount receivable in respect thereof, then, and in any such case, Agent may, at any time within a reasonable period after the additional cost is incurred or
the amount received is reduced, notify Administrative Borrower, and Borrower shall pay within 30 days after demand therefor, such amounts as Agent may specify to be necessary to compensate Issuing Lender or any other member of the Lender Group or
Underlying Issuer for such additional cost or reduced receipt, together with interest on such amount from the date of such demand until payment in full thereof at the rate then applicable to Revolving Loans in the
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-30- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
applicable currency that are Base Rate Loans hereunder; <U>provided</U>, that (A)&nbsp;Borrower shall not be required to provide any compensation pursuant to this <U>Section&nbsp;2.11(l)</U> for
any such amounts incurred more than 180 days prior to the date on which the demand for payment of such amounts is first made to Administrative Borrower, and (B)&nbsp;if an event or circumstance giving rise to such amounts is retroactive, then the
180-day period referred to above shall be extended to include the period of retroactive effect thereof. The determination by Agent of any amount due pursuant to this <U>Section&nbsp;2.11(l)</U>, as set forth in a certificate setting forth the
calculation thereof in reasonable detail, shall, in the absence of manifest or demonstrable error, be final and conclusive and binding on all of the parties hereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(m) Unless otherwise expressly agreed by Issuing Lender and Borrower when a Letter of Credit is issued, (i)&nbsp;the rules of the ISP shall
apply to each standby Letter of Credit, and (ii)&nbsp;the rules of UCP shall apply to each commercial Letter of Credit. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(n) In the event
of a direct conflict between the provisions of this <U>Section&nbsp;2.11</U> and any provision contained in any Issuer Document, it is the intention of the parties hereto that such provisions be read together and construed, to the fullest extent
possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this <U>Section&nbsp;2.11</U> shall control and govern. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.12. <U><B>Non-Base Rate Option</B></U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <B>Interest and Interest Payment Dates</B>. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have
the option, subject to <U>Section&nbsp;2.12(b) </U>below (the &#147;<U>Non-Base Rate Option</U>&#148;) to have interest on all or a portion of the Revolving Loans be charged (whether at the time when made (unless otherwise provided herein), upon
conversion from a Base Rate Loan to a Non-Base Rate Loan, or upon continuation of a Non-Base Rate Loan as a Non-Base Rate Loan) at a rate of interest based upon the Non-Base Rate. Interest on Non-Base Rate Loans shall be payable on the earliest of
(i)&nbsp;the last day of the Interest Period applicable thereto; <U>provided</U>, that, subject to the following clauses (ii)&nbsp;and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month
intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period), (ii)&nbsp;the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii)&nbsp;the date
on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower has properly exercised the Non-Base Rate Option with respect thereto, the interest rate applicable to such
Non-Base Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing, at the written election of the Required
Lenders, Borrower no longer shall have the option to request that Revolving Loans bear interest at a rate based upon the Non-Base Rate; provided that, for the avoidance of doubt, any Revolving Loans that are Non-Base Rate Loans as the time of such
election shall continue as Non-Base Rate Loans until the end of the applicable Interest Period (and shall then automatically convert to Base Rate Loans of the same type). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <B>Non-Base Rate Election</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) Borrower may, at any time and from time to time, so long as Borrower has not received a notice from Agent (which notice Agent may elect to
give or not give in its discretion unless Agent is directed to give such notice by the Required Lenders, in which case, it shall give the notice to Borrower), after the occurrence and during the continuance of an Event of Default, to terminate the
right of Borrower to exercise the Non-Base Rate Option during the continuance of such Event of Default, elect to exercise the Non-Base Rate Option by Administrative Borrower notifying Agent prior to 11:00 a.m. at least 3 Business Days prior to the
commencement of the proposed Interest Period (the &#147;<U>Non-Base Rate Deadline</U>&#148;). The election of the Non-Base Rate Option by Borrower for a permitted portion of the Revolving Loans, and an Interest Period pursuant to this Section, shall
be made by delivery by Administrative Borrower to Agent of a Non-Base Rate Notice received by Agent before the Non-Base Rate Deadline, or by telephonic notice from Administrative Borrower received by Agent before the Non-Base Rate Deadline (to be
confirmed by delivery to Agent of a Non-Base Rate Notice received by Agent prior to 5:00 p.m. on the same day). Promptly upon its receipt of each such Non-Base Rate Notice, Agent shall provide a copy thereof to each of the affected Lenders. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) Each Non-Base Rate Notice shall be irrevocable and binding on Borrower. In connection with each Non-Base Rate Loan, Borrower shall
indemnify, defend, and hold Agent and the Lenders harmless against any loss, cost, or expense actually incurred by Agent or any Lender (excluding any loss of anticipated profits and excluding any differential on applicable margin on funds so
redeployed (in each case, other than breakage costs or any fees associated therewith)) as a result of (A)&nbsp;the payment of any principal of such Non-Base Rate Loan other than on the last day of an Interest Period applicable thereto (including as
a result of an Event of Default), (B)&nbsp;the conversion of such Non-Base Rate Loan other than on the last day of the Interest Period applicable thereto, or (C)&nbsp;the failure to borrow, convert, continue or prepay any Non-Base Rate Loan on the
date specified in any Non-Base Rate Notice delivered pursuant hereto (such losses, costs, or expenses, &#147;<U>Funding Losses</U>&#148;). A certificate of Agent or a Lender delivered to Administrative Borrower setting forth in reasonable detail any
amount or amounts that Agent or such Lender is entitled to receive pursuant to this <U>Section&nbsp;2.12</U> shall be conclusive absent manifest error. Borrower, if such Non-Base Rate Loan is a Revolving Loan, shall pay such amount to Agent or the
Lender, as applicable, within 30 days of the date of its receipt of such certificate. If a payment of a Non-Base Rate Loan on a day other than the last day of the applicable Interest Period would result in a Funding Loss, Agent may, in its sole
discretion at the request of Administrative Borrower, hold the amount of such payment as cash collateral in support of the Obligations until the last day of such Interest Period and apply such amounts to the payment of the applicable Non-Base Rate
Loan on such last day, it being agreed that Agent has no obligation to so defer the application of payments to any Non-Base Rate Loan and that, in the event that Agent does not defer such application, Borrower shall be obligated to pay any resulting
Funding Losses. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) Unless Agent, in its sole discretion, agrees otherwise, Borrower shall have not more than 10 Non-Base Rate Loans in
effect at any given time. Borrower may only exercise the Non-Base Rate Option for proposed Non-Base Rate Loans of at least $500,000. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)
<B>Conversion</B>. Borrower may convert Non-Base Rate Loans to Base Rate Loans in the Applicable Currency at any time; <U>provided</U>, that in the event that Non-Base Rate </P>
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Loans are converted or prepaid on any date that is not the last day of the Interest Period applicable thereto, including as a result of any prepayment through the required application by Agent of
any payments or proceeds of Collateral in accordance with <U>Section&nbsp;2.4(b)</U> or for any other reason, including early termination of the term of this Agreement or acceleration of all or any portion of the Obligations pursuant to the terms
hereof, Borrower shall indemnify, defend, and hold Agent and the Lenders and their Participants harmless against any and all Funding Losses in accordance with <U>Section&nbsp;2.12(b)(ii)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <B>Special Provisions Applicable to Non-Base Rate</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) The Non-Base Rate may be adjusted by Agent with respect to any Lender on a prospective basis to take into account any additional or
increased costs to such Lender of maintaining or obtaining any eurodollar deposits, Canadian Dollar deposits or increased costs (other than Taxes which shall be governed by <U>Section&nbsp;16</U>), in each case, due to changes in applicable law
occurring subsequent to the commencement of the then applicable Interest Period, including any Changes in Law (including any changes in Tax laws (except changes of general applicability in corporate income Tax laws)) and changes in the reserve
requirements imposed by the Board of Governors, which additional or increased costs would increase the cost of funding or maintaining loans bearing interest at the Non-Base Rate. In any such event, the affected Lender shall give Administrative
Borrower and Agent notice of such a determination and adjustment and Agent promptly shall transmit the notice to each other Lender and, upon its receipt of the notice from the affected Lender, Administrative Borrower may, by notice to such affected
Lender (A)&nbsp;require such Lender to furnish to Administrative Borrower a statement setting forth in reasonable detail the basis for adjusting such Non-Base Rate and the method for determining the amount of such adjustment, or (B)&nbsp;repay the
Non-Base Rate Loans of such Lender with respect to which such adjustment is made (together with any amounts due under <U>Section&nbsp;2.12(b)(ii)</U>). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) In the event that any change in market conditions or any Change in Law shall at any time after the date hereof, in the reasonable opinion
of any Lender, make it unlawful or impractical for such Lender to fund or maintain Non-Base Rate Loans or to continue such funding or maintaining, or to determine or charge interest rates at the Non-Base Rate, such Lender shall give notice of such
changed circumstances to Agent and Administrative Borrower and Agent promptly shall transmit the notice to each other Lender and (y)&nbsp;in the case of any Non-Base Rate Loans of such Lender that are outstanding, the date specified in such
Lender&#146;s notice shall be deemed to be the last day of the Interest Period of such Non-Base Rate Loans, and interest upon the Non-Base Rate Loans of such Lender thereafter shall accrue interest at the rate then applicable to Base Rate Loans, and
(z)&nbsp;Borrower shall not be entitled to elect the Non-Base Rate Option until such Lender determines that it would no longer be unlawful or impractical to do so. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <B>No Requirement of Matched Funding</B>. Anything to the contrary contained herein notwithstanding, neither Agent, nor any Lender, nor
any of their Participants, is required actually to acquire eurodollar deposits or Canadian Dollar deposits to fund or otherwise match fund any Obligation as to which interest accrues at the Non-Base Rate. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.13. <U><B>Capital Requirements</B></U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) If, after the date hereof, any Issuing Lender or any Lender reasonably determines that (i)&nbsp;any Change in Law regarding capital or
reserve requirements for banks or bank holding companies, or (ii)&nbsp;compliance by such Issuing Lender or such Lender, or their respective bank holding companies, with any guideline, request or directive of any Governmental Authority regarding
capital adequacy (whether or not having the force of law), has the effect of reducing the return on such Issuing Lender&#146;s, such Lender&#146;s, or such holding companies&#146; capital as a consequence of such Issuing Lender&#146;s or such
Lender&#146;s commitments hereunder to a level below that which such Issuing Lender, such Lender, or such holding companies could have achieved but for such Change in Law or compliance (taking into consideration such Issuing Lender&#146;s, such
Lender&#146;s, or such holding companies&#146; then existing policies with respect to capital adequacy and assuming the full utilization of such entity&#146;s capital) by any amount deemed by such Issuing Lender or such Lender to be material, then
such Issuing Lender or such Lender may notify Administrative Borrower and Agent thereof. Following receipt of such notice, Borrower agrees to pay such Issuing Lender or such Lender on demand the amount of such reduction of return of capital as and
when such reduction is determined, payable within 30 days after presentation by such Issuing Lender or such Lender of a statement in the amount and setting forth in reasonable detail such Issuing Lender&#146;s or such Lender&#146;s calculation
thereof and the assumptions upon which such calculation was based (which statement shall be deemed true and correct absent manifest error). In determining such amount, such Issuing Lender or such Lender may use any reasonable averaging and
attribution methods. Failure or delay on the part of such Issuing Lender or any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Issuing Lender&#146;s or such Lender&#146;s right to demand such
compensation; <U>provided</U> that Borrower shall not be required to compensate any Issuing Lender or a Lender pursuant to this Section for any reductions in return incurred more than 180 days prior to the date that such Issuing Lender or such
Lender notifies Administrative Borrower of such Change in Law giving rise to such reductions and of such Lender&#146;s intention to claim compensation therefor; <U>provided further</U> that if such claim arises by reason of the Change in Law that is
retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) If any
Issuing Lender or any Lender requests additional or increased costs referred to in <U>Section&nbsp;2.11(l)</U> or <U>Section&nbsp;2.12(d)(i)</U> or amounts under <U>Section&nbsp;2.13(a)</U> or sends a notice under <U>Section&nbsp;2.12(d)(ii)</U>
relative to changed circumstances (such Issuing Lender or Lender, an &#147;<U>Affected Lender</U>&#148;), then such Affected Lender shall use reasonable efforts to promptly designate a different one of its lending offices or to assign its rights and
obligations hereunder to another of its offices or branches, if (i)&nbsp;in the reasonable judgment of such Affected Lender, such designation or assignment would eliminate or reduce amounts payable pursuant to <U>Section&nbsp;2.11(l)</U>,
<U>Section&nbsp;2.12(d)(i)</U> or <U>Section&nbsp;2.13(a)</U>, as applicable, or would eliminate the illegality or impracticality of funding or maintaining Non-Base Rate Loans and (ii)&nbsp;in the reasonable judgment of such Affected Lender, such
designation or assignment would not subject it to any material unreimbursed cost or expense and would not otherwise be materially disadvantageous to it. Borrower agrees to pay all reasonable out-of-pocket costs and expenses incurred by such Affected
Lender in connection with any such designation or assignment. If, after such reasonable efforts, such Affected Lender does not so designate a different one of its lending offices or assign its rights to another of its offices or branches so as to
eliminate Borrower&#146;s obligation to pay any future amounts to such Affected Lender pursuant to <U>Section&nbsp;2.11(l)</U>, <U>Section&nbsp;2.11(1)</U>, <U>Section&nbsp;2.12(d)(i)</U> </P>
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or <U>Section&nbsp;2.13(a)</U>, as applicable, or to enable Borrower to obtain Non-Base Rate Loans, then Administrative Borrower (without prejudice to any amounts then due to such Affected Lender
under <U>Section&nbsp;2.11(l)</U>, <U>Section&nbsp;2.12(d)(i)</U> or <U>Section&nbsp;2.13(a)</U>, as applicable) may, unless prior to the effective date of any such assignment the Affected Lender withdraws its request for such additional amounts
under <U>Section&nbsp;2.11(l)</U>, <U>Section&nbsp;2.12(d)(i)</U> or <U>Section&nbsp;2.13(a)</U>, as applicable, or indicates that it is no longer unlawful or impractical to fund or maintain Non-Base Rate Loans, may designate a different Issuing
Lender or substitute a Lender, in each case, reasonably acceptable to Agent to purchase the Obligations owed to such Affected Lender (and its Affiliates) and such Affected Lender&#146;s (and its Affiliates&#146;) commitments hereunder (a
&#147;<U>Replacement Lender</U>&#148;), and if such Replacement Lender agrees to such purchase, such Affected Lender (and its Affiliates) shall assign to the Replacement Lender its Obligations and commitments, and upon such purchase by the
Replacement Lender, which such Replacement Lender shall be deemed to be &#147;Issuing Lender&#148; or a &#147;Lender&#148; (as the case may be) for purposes of this Agreement and such Affected Lender shall cease to be an &#147;Issuing Lender&#148;
or a &#147;Lender&#148; (as the case may be) for purposes of this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Notwithstanding anything herein to the contrary, the
protection of <U>Sections 2.11(l)</U>, <U>2.12(d)</U>, and 2.13 shall be available to each Issuing Lender and each Lender (as applicable) regardless of any possible contention of the invalidity or inapplicability of the law, rule, regulation,
judicial ruling, judgment, guideline, treaty or other change or condition which shall have occurred or been imposed, so long as it shall be customary for Issuing Lenders or Lenders affected thereby to comply therewith. Notwithstanding any other
provision herein, neither any Issuing Lender nor any Lender shall demand compensation pursuant to this <U>Section&nbsp;2.13</U> if it shall not at the time be the general policy or practice of such Issuing Lender or such Lender (as the case may be)
to demand such compensation in similar circumstances under comparable provisions of other credit agreements, if any. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.14.
<U><B>Currencies</B></U>. The Revolving Loans and other Obligations (unless such other Obligations expressly provide otherwise) shall be made and repaid in Canadian Dollars. The Revolving Loans shall be denominated in Canadian Dollars or US Dollars
(as selected by Administrative Borrower in accordance with <U>Section&nbsp;2.3</U> at the time such Revolving Loan is requested) except (a)&nbsp;Protective Advances made by Agent shall be denominated in Canadian Dollars or US Dollars (as selected by
Agent), (b)&nbsp;Letters of Credit may be issued in Canadian Dollars, US Dollars, British Pounds or Euros, and (c)&nbsp;Revolving Loans charged to the Applicable Loan Account pursuant to <U>Section&nbsp;2.6</U> to pay fees, interest, expenses and
other amounts shall be denominated in the Applicable Currency of such fees, interest, expenses and other amounts. All Obligations denominated in Canadian Dollars shall be repaid in Canadian Dollars and all Obligations denominated in US Dollars shall
be repaid in Canadian Dollars. Payments made in a currency other than the currency in which the applicable Obligations are denominated may be accepted by the Agent in its sole discretion and, if so accepted, Borrower agrees that the Agent may
convert the payment made to the currency of the applicable Obligations at the applicable Spot Rate in accordance with its normal practices. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.15. <B></B><B><I><U>Interest Act</U> (Canada); </I></B><B>Criminal Rate of Interest; Nominal Rate of Interest</B><B><I></I></B><B></B>.
Notwithstanding anything to the contrary contained in this Agreement or in any other Loan Document: </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) whenever interest payable by Borrower is calculated on the basis of a period which is less
than the actual number of days in a calendar year, each rate of interest determined pursuant to such calculation is, for the purposes of the <I>Interest Act</I> (Canada), equivalent to such rate multiplied by the actual number of days in the
calendar year in which such rate is to be ascertained and divided by the number of days used as the basis of such calculation, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) in no
event shall the aggregate &#147;interest&#148; (as defined in Section&nbsp;347 of the <I>Criminal Code</I> (Canada), as the same shall be amended, replaced or re-enacted from time to time (the &#147;<U>Criminal Code Section</U>&#148;)) payable
(whether by way of payment, collection or demand) by Borrower to Agent or any Lender under this Agreement or any other Loan Document exceed the effective annual rate of interest on the &#147;credit advanced&#148; (as defined in that section) under
this Agreement or such other Loan Document lawfully permitted under that section and, if any payment, collection or demand pursuant to this Agreement or any other Loan Document in respect of &#147;interest&#148; (as defined in that section) is
determined to be contrary to the provisions of that section and the amount of such payment or collection shall be refunded by Agent and Lenders to Borrower with such &#147;interest&#148; deemed to have been adjusted with retroactive effect to the
maximum amount or rate of interest, as the case may be, as would not be so prohibited by the Criminal Code Section to result in a receipt by Agent or such Lender of interest at a rate not in contravention of the Criminal Code Section, such
adjustment to be effected, to the extent necessary, as follows: firstly, by reducing the amounts or rates of interest required to be paid to Agent or that Lender; and then, by reducing any fees, charges, expenses and other amounts required to be
paid to the affected Agent or Lender which would constitute &#147;interest&#148;. Notwithstanding the foregoing, and after giving effect to all such adjustments, if Agent or any Lender shall have received an amount in excess of the maximum permitted
by the Criminal Code Section, then Borrower shall be entitled, by notice in writing to the Agent or affected Lender, to obtain reimbursement from Agent or that Lender in an amount equal to such excess. For the purposes of this Agreement and each
other Loan Document to which Borrower is a party, the effective annual rate of interest payable by Borrower shall be determined in accordance with generally accepted actuarial practices and principles over the term of the loans on the basis of
annual compounding for the lawfully permitted rate of interest and, in the event of dispute, a certificate of a Fellow of the Institute of Actuaries appointed by Agent for the account of Borrower will be conclusive for the purpose of such
determination in the absence of evidence to the contrary, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) all calculations of interest payable by Borrower under this Agreement or any
other Loan Document are to be made on the basis of the nominal interest rate described herein and therein and not on the basis of effective yearly rates or on any other basis which gives effect to the principle of deemed reinvestment of interest.
The parties acknowledge that there is a material difference between the stated nominal interest rates and the effective yearly rates of interest and that they are capable of making the calculations required to determine such effective yearly rates
of interest, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) any provision of this Agreement that would oblige Borrower to pay any fine, penalty or rate of interest on any arrears of
principal or interest secured by a mortgage on real property or hypothec on immovables that has the effect of increasing the charge on arrears beyond the rate of interest payable on principal money not in arrears shall not apply to Borrower, which
shall be required to pay interest on money in arrears at the same rate of interest payable on principal money not in arrears, and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-36- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) if there is a conflict, inconsistency, ambiguity or difference between any provision of this
<U>Section&nbsp;2.15</U> and any other Section of this Agreement or any other Loan Document with respect to Borrower then the provisions of this <U>Section&nbsp;2.15</U> shall prevail and be paramount. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.16. <U><B>Accordion</B></U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) At any time during the period from and after the Closing Date through but excluding the date that is three months prior to the Maturity
Date, at the option and upon written request of Borrower (but subject to the conditions set forth in clause (b)&nbsp;below), the Revolver Commitments and the Maximum Credit Amount may be increased by an amount in the aggregate for all such increases
of the Revolver Commitments and the Maximum Credit Amount not to exceed the Available Increase Amount (each such increase, an &#147;<U>Increase</U>&#148;); <U>provided</U>, that in no event shall the Revolver Commitments and the Maximum Credit
Amount be increased to an amount in excess of $98,000,000. Each Lender shall increase its Revolver Commitment (it being understood that each Lender shall be obligated to increase its Revolver Commitments) by its Pro Rata Share of the proposed
Increase upon the date that such proposed Increase becomes effective (the &#147;<U>Increase Date</U>&#148;). Any Increase shall be in an amount of at least $1,000,000 and integral multiples of $1,000,000 in excess thereof. In no event may the
Revolver Commitments and the Maximum Credit Amount be increased pursuant to this <U>Section&nbsp;2.16</U> on more than 5&nbsp;occasions in the aggregate for all such Increases. Additionally, for the avoidance of doubt, it is understood and agreed
that in no event shall the aggregate amount of the Increases to the Revolver Commitments exceed $13,000,000. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Each of the following
shall be conditions precedent to any Increase of the Revolver Commitments and the Maximum Credit Amount in connection therewith: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) each
of the conditions precedent set forth in <U>Section&nbsp;3.2</U> are satisfied, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) Borrower shall have paid the Increase fee payable
pursuant to the Fee Letter. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Unless otherwise specifically provided herein, all references in this Agreement and any other Loan
Document to Revolving Loans shall be deemed, unless the context otherwise requires, to include Revolving Loans made pursuant to the increased Revolver Commitments and the Maximum Credit Amount pursuant to this <U>Section&nbsp;2.16</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) The Revolving Loans, Revolver Commitments and the Maximum Credit Amount established pursuant to this <U>Section&nbsp;2.16</U> shall
constitute Revolving Loans, Revolver Commitments and the Maximum Credit Amount under, and shall be entitled to all the benefits afforded by, this Agreement and the other Loan Documents, and shall, without limiting the foregoing, benefit equally and
ratably from any guarantees and the security interests created by the Loan Documents. Borrower shall take any actions reasonably required by Agent to ensure and demonstrate that the Liens and security interests granted by the Loan Documents continue
to be perfected under the PPSA or otherwise after giving effect to the establishment of any such new Revolver Commitments and the Maximum Credit Amount. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. <B>CONDITIONS; TERM OF AGREEMENT.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.1. <U><B>Conditions Precedent to the Initial Extension of Credit</B></U>. The obligation of each Lender to make the initial extensions of
credit provided for hereunder is subject to the fulfillment (or waiver by Agent and each Lender), to the satisfaction of Agent and each Lender, of each of the conditions precedent set forth on <U>Schedule 3.1</U> (the making of such initial
extensions of credit by a Lender being conclusively deemed to be its satisfaction or waiver of the conditions precedent). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.2.
<U><B>Conditions Precedent to all Extensions of Credit</B></U>. The obligation of the Lender Group (or any member thereof) to make any Revolving Loans hereunder (or to extend any other credit hereunder) at any time shall be subject to the following
conditions precedent (unless waived in accordance with the terms hereof): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) the representations and warranties of Borrower and its
Subsidiaries contained in this Agreement or in the other Loan Documents shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are
qualified or modified by materiality in the text thereof) on and as of the date of such extension of credit, as though made on and as of such date (except to the extent that such representations and warranties relate solely to an earlier date, in
which case such representations and warranties shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by
materiality in the text thereof) as of such earlier date); and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) no Default or Event of Default shall have occurred and be continuing on
the date of such extension of credit, nor shall either result from the making thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.3. <U><B>Maturity</B></U>. This Agreement shall
continue in full force and effect for a term ending on the Maturity Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.4. <U><B>Effect of Maturity</B></U>. On the Maturity Date,
all commitments of the Lender Group to provide additional credit hereunder shall automatically be terminated and all of the Obligations shall become due and payable immediately without notice or demand and Borrower shall be required to repay all of
the Obligations in full. No termination of the obligations of the Lender Group (other than payment in full of the Obligations and termination of the Commitments) shall relieve or discharge any Loan Party of its duties, obligations, or covenants
hereunder or under any other Loan Document and Agent&#146;s Liens in the Collateral shall continue to secure the Obligations and shall remain in effect until all Obligations have been paid in full and the Commitments have been terminated. When all
of the Obligations have been paid in full and the Lender Group&#146;s obligations to provide additional credit under the Loan Documents have been terminated irrevocably, Agent will, at Borrower&#146;s sole expense, execute and deliver any
termination statements, lien releases, discharges of security interests, and other similar discharge or release documents (and, if applicable, in recordable form) as are reasonably necessary to release, as of record, Agent&#146;s Liens and all
notices of security interests and liens previously filed by Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.5. <U><B>Early Termination by Borrower</B></U>. Borrower has the
option, at any time upon 10 Business Days prior written notice to Agent by Administrative Borrower, to terminate this </P>
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Agreement and terminate the Commitments hereunder by repaying to Agent all of the Obligations in full and the Applicable Prepayment Premium pursuant to the Fee Letter. The foregoing
notwithstanding, (a)&nbsp;Administrative Borrower may rescind termination notices relative to proposed payments in full of the Obligations with the proceeds of third party Indebtedness if the closing for such issuance or incurrence does not happen
on or before the date of the proposed termination (in which case, a new notice shall be required to be sent in connection with any subsequent termination), and (b)&nbsp;Administrative Borrower may extend the date of termination at any time with the
consent of Agent (which consent shall not be unreasonably withheld or delayed). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.6. <U><B>Post-Closing Covenants</B></U>. Borrower
covenants and agrees to satisfy each item on <U>Schedule 3.6</U> on or before the date set forth on <U>Schedule 3.6</U> for such item. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.
<B>REPRESENTATIONS AND WARRANTIES.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In order to induce the Lender Group to enter into this Agreement, Borrower makes the following
representations and warranties to the Lender Group which shall be true, correct, and complete, in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified
or modified by materiality in the text thereof), as of the Closing Date, and shall be true, correct, and complete, in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that
already are qualified or modified by materiality in the text thereof), as of the date of the making of each Revolving Loan (or other extension of credit) made thereafter, as though made on and as of the date of such Revolving Loan (or other
extension of credit) (except to the extent that such representations and warranties relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material respects (except that such materiality
qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) as of such earlier date) and such representations and warranties shall survive the execution and
delivery of this Agreement: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.1. <U><B>Due Organization and Qualification; Subsidiaries</B></U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Borrower and, subject to the completion of any transaction permitted by <U>Section&nbsp;6.3</U>, each of its Subsidiaries (i)&nbsp;is duly
organized and existing and in good standing under the laws of the jurisdiction of its organization, (ii)&nbsp;is qualified or registered to do business in any jurisdiction where the failure to be so qualified would reasonably be expected to result
in a Material Adverse Effect, and (iii)&nbsp;has all requisite corporate, limited liability or other organizational power and authority (as applicable) to own and operate its properties, to carry on its business as now conducted and as proposed to
be conducted, to enter into the Loan Documents to which it is a party and to carry out the transactions contemplated thereby. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Set
forth on <U>Schedule 4.1</U> is a complete and accurate description as of the Closing Date of the authorized Equity Interests of Borrower and each of its Subsidiaries, by class, and, as of the Closing Date, a description of the number of shares of
each such class that are issued and outstanding. Neither Borrower nor any of its Subsidiaries is subject to any obligation (contingent or otherwise) to repurchase or otherwise acquire or retire any shares of its Equity Interests or any security
convertible into or exchangeable for any of its Equity Interests except for any Equity Interests (other than Disqualified Equity Interests) that are permitted by the Loan Documents. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Set forth on <U>Schedule 4.1</U> (as such Schedule may be updated from time to time to
reflect changes resulting from transactions permitted under this Agreement), is a complete and accurate list of the Loan Parties&#146; direct and indirect Subsidiaries, showing: (i)&nbsp;the number of shares of each class of common and preferred
Equity Interests authorized for each of such Subsidiaries, and (ii)&nbsp;the number and the percentage of the outstanding shares of each such class owned directly or indirectly by Borrower. All of the outstanding Equity Interests of each such
Subsidiary has been validly issued and is fully paid and non-assessable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Except as set forth on <U>Schedule 4.1,</U> there are no
subscriptions, options, warrants, or calls relating to any shares of Borrower&#146;s or any of its Subsidiaries&#146; Equity Interests as of the Closing Date, including any right of conversion or exchange under any outstanding security or other
instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.2. <U><B>Due Authorization; No Conflict</B></U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) As to each Loan Party, the execution, delivery, and performance by such Loan Party of the Loan Documents to which it is a party have been
duly authorized by all necessary organizational action on the part of such Loan Party. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) As to each Loan Party, the execution, delivery,
and performance by such Loan Party of the Loan Documents to which it is a party do not and will not (i)&nbsp;violate any material provision of federal, provincial, state, foreign or local law or regulation applicable to any Loan Party or its
Subsidiaries, or any order, judgment, or decree of any court or other Governmental Authority binding on any Loan Party or its Subsidiaries where any such violation would individually or in the aggregate reasonably be expected to have a Material
Adverse Effect, (ii)&nbsp;violate the Governing Documents of any Loan Party or its Subsidiaries, (iii)&nbsp;conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any material agreement of any
Loan Party or its Subsidiaries where any such conflict, breach or default would individually or in the aggregate reasonably be expected to have a Material Adverse Effect, (iv)&nbsp;result in or require the creation or imposition of any Lien of any
nature whatsoever upon any assets of any Loan Party or its Subsidiaries, other than Permitted Liens, or (v)&nbsp;require any approval of any holder of Equity Interests of a Loan Party or its Subsidiaries or any approval or consent of any Person
under any material agreement of any Loan Party or its Subsidiaries, other than consents or approvals that have been obtained and that are still in force and effect and except, in the case of material agreements, for consents or approvals, the
failure to obtain would not individually or in the aggregate reasonably be expected to cause a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.3.
<U><B>Governmental Consents</B></U>. The execution, delivery, and performance by each Loan Party of the Loan Documents to which such Loan Party is a party and the consummation of the transactions contemplated by the Loan Documents do not and will
not require any registration with, consent, or approval of, or notice to, or other action with or by, any Governmental Authority, other than registrations, consents, approvals, notices, or other actions that have been obtained and that are still in
force and effect and except for filings and recordings with respect to the Collateral to be made, or otherwise delivered to Agent for filing or recordation, as of the Closing Date or where any such failure to do the foregoing would not individually
or in the aggregate reasonably be expected to have a Material Adverse Effect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-40- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>4.4. <B><U>Binding Obligations; Perfected Liens</U></B>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Each Loan Document has been duly executed and delivered by each Loan Party that is a party thereto and is the legally valid and binding
obligation of such Loan Party, enforceable against such Loan Party in accordance with its respective terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws
relating to or limiting creditors&#146; rights generally. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Agent&#146;s Liens are validly created, perfected (other than (i)&nbsp;any
Excluded Deposit Accounts (as defined in the Canadian Security Documents)), and first priority Liens, subject only to Permitted Liens which are non-consensual Permitted Liens, Purchase Money Liens securing Permitted Purchase Money Indebtedness and
Liens securing the interests of lessors under Capital Leases. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.5. <U><B>Title to Assets; No Encumbrances</B></U>. Each of the Loan
Parties and its Subsidiaries has (a)&nbsp;good, sufficient and legal title to (in the case of fee interests in Real Property), (b)&nbsp;valid leasehold interests in (in the case of leasehold interests in real or personal property), and (c)&nbsp;good
and marketable title to (in the case of all other personal property), all of their respective assets reflected in the most recent financial statements delivered pursuant to <U>Section&nbsp;5.1</U>, in each case except for (i)&nbsp;assets disposed of
since the date of such financial statements to the extent permitted hereby, including pursuant to Closing Date US Divestiture, and (ii)&nbsp;minor defects in title that do not interfere with any sale, transfer, or other disposition of such property,
or its ability to conduct its business as currently conducted or to utilize such properties for their intended purposes. All of such assets are free and clear of Liens except for Permitted Liens. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>4.6. <B><U>Litigation</U></B>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) There are no actions, suits, or proceedings pending or, to the knowledge of Borrower, after due inquiry, threatened in writing against a
Loan Party or any of its Subsidiaries that either individually or in the aggregate would reasonably be expected to result in a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Schedule 4.6(b)</U> sets forth a complete and accurate description, with respect to each of the actions, suits, or proceedings with
asserted liabilities in excess of, or that could reasonably be expected to result in liabilities of a Loan Party in excess of,&nbsp;$1,000,000 that, as of the Closing Date, is pending or, to the knowledge of Borrower, after due inquiry, threatened
in writing against a Loan Party or any of its Subsidiaries, of (i)&nbsp;the parties to such actions, suits, or proceedings, (ii)&nbsp;the nature of the dispute that is the subject of such actions, suits, or proceedings, (iii)&nbsp;the procedural
status, as of the Closing Date, with respect to such actions, suits, or proceedings, and (iv)&nbsp;whether any liability of the Loan Parties&#146; and their Subsidiaries in connection with such actions, suits, or proceedings is covered by insurance.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.7. <U><B>Compliance with Laws</B></U>. No Loan Party nor any of its Subsidiaries (a)&nbsp;is in violation of any applicable laws,
rules, regulations, executive orders, or codes (including Environmental Laws) that, individually or in the aggregate, would reasonably be expected to result </P>
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in a Material Adverse Effect, or&nbsp;is subject to or in default with respect to any final judgments, writs, injunctions, decrees, rules or regulations of any court or any federal, provincial,
state, municipal or other governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, in each case that, individually or in the aggregate, would reasonably be expected to result in a Material Adverse Effect.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.8. <U><B>Financial Statements; No Material Adverse Effect</B></U>. All historical financial statements relating to the Loan Parties and
their Subsidiaries that have been delivered by Borrower to Agent have been prepared in accordance with GAAP (except, in the case of unaudited financial statements, for the lack of footnotes and being subject to year-end audit adjustments) and,
subject to the impact of the Closing Date US Divestiture, present fairly in all material respects, the Loan Parties&#146; and their Subsidiaries&#146; consolidated financial condition as of the date thereof and results of operations for the period
then ended. Since March&nbsp;25, 2017, no event, circumstance, or change has occurred that has or would reasonably be expected to result in a Material Adverse Effect with respect to the Loan Parties and their Subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>4.9. <B><U>Solvency</U></B>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Loan Parties, taken as a whole, are Solvent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) No transfer of property is being made by any Loan Party and no obligation is being incurred by any Loan Party in connection with the
transactions contemplated by this Agreement or the other Loan Documents with the intent to hinder, delay, or defraud either present or future creditors of such Loan Party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.10. <U><B>Canadian Pension Plan</B></U>. As of the Closing Date, no Loan Party, nor any of its Subsidiaries maintains or contributes to any
Canadian Pension Plans nor have any liabilities or obligations in respect of a Canadian Defined Benefit Plan that has been terminated or wound up. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.11. <U><B>Environmental Condition</B></U>. Except as set forth on <U>Schedule 4.11</U> or except as, individually or in the aggregate, would
not reasonably be expected to result in a Material Adverse Effect, (a)&nbsp;no Loan Party&#146;s nor any of its Subsidiaries&#146; properties or assets has ever been used by a Loan Party, its Subsidiaries, or by previous owners or operators in the
disposal of, or to produce, store, handle, treat, release, or transport, any Hazardous Materials, where such disposal, production, storage, handling, treatment, release or transport was in violation, in any respect, of or has given rise to liability
of a Loan Party or any of its Subsidiaries, or to the knowledge of Borrower, liability of previous owners or operators, under any applicable Environmental Law, (b)&nbsp;no Loan Party&#146;s nor any of its Subsidiaries&#146; properties or assets has
ever been designated or identified in any manner pursuant to any Environmental Law as a Hazardous Materials disposal site, (c)&nbsp;no Loan Party nor any of its Subsidiaries has received written notice that a Lien arising under any Environmental Law
has attached to any revenues or to any Real Property owned or operated by a Loan Party or its Subsidiaries, and (d)&nbsp;no Loan Party nor any of its Subsidiaries nor any of their respective facilities or operations is subject to any outstanding
Environmental Action or other written order, consent decree, or settlement agreement with any Person relating to any Environmental Law or Environmental Liabilities. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.12. <U><B>Complete Disclosure</B></U>. All factual information taken as a whole (other than
forward-looking information and projections and information of a general economic nature and general information about Borrower&#146;s industry) furnished by or on behalf of a Loan Party or its Subsidiaries in writing to Agent or any Lender
(including all information contained in the Schedules hereto or in the other Loan Documents) for purposes of or in connection with this Agreement or the other Loan Documents, and all other such factual information taken as a whole (other than
forward-looking information and projections and information of a general economic nature and general information about Borrower&#146;s industry) hereafter furnished by or on behalf of a Loan Party or its Subsidiaries in writing to Agent or any
Lender will be, true and accurate, in all material respects, on the date as of which such information is dated or certified and not incomplete by omitting to state any fact necessary to make such information (taken as a whole) not misleading in any
material respect at such time in light of the circumstances under which such information was provided. The Projections delivered to Agent on August&nbsp;1, 2017 represent, and as of the date on which any other Projections are delivered to Agent,
such additional Projections represent, Borrower&#146;s good faith estimate, on the date such Projections are delivered, of the Loan Parties&#146; and their Subsidiaries&#146; future performance for the periods covered thereby based upon assumptions
believed by Borrower to be reasonable at the time of the delivery thereof to Agent (it being understood that such Projections are subject to significant uncertainties and contingencies, many of which are beyond the control of the Loan Parties and
their Subsidiaries, and no assurances can be given that such Projections will be realized, and although reflecting Borrower&#146;s good faith estimate, projections or forecasts based on methods and assumptions which Borrower believed to be
reasonable at the time such Projections were prepared, are not to be viewed as facts, and that actual results during the period or periods covered by the Projections may differ materially from projected or estimated results). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>4.13. <I><U></U></I><B><I><U>Patriot Act</U></I></B><I><U></U></I><B><U>; Canadian AML and Anti-Terrorism Laws</U></B><I><U></U></I>.
To the extent applicable, each Loan Party and each of its Subsidiaries is in compliance in all material respects with the (a)&nbsp;<I>Trading with the Enemy Act</I>, as amended, and each of the foreign assets control regulations of the United States
Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto, and (b)&nbsp;Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism (<I>USA Patriot Act</I> of 2001) (the &#147;<I><U>Patriot Act</U></I>&#148;) and all applicable Canadian Anti-Money Laundering&nbsp;&amp; Anti-Terrorism Legislation. No part of the proceeds of the Loans made hereunder will be used by any
Loan Party or any of their Affiliates, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity,
in order to obtain, retain or direct business or obtain any improper advantage, in violation of the <I>United States Foreign Corrupt Practices Act</I> of 1977, as amended.<I> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.14. <U><B>Indebtedness</B></U>. Set forth on <U>Schedule 4.14</U> is a true and complete list of all Indebtedness of each Loan Party and
each of its Subsidiaries outstanding immediately prior to the Closing Date that is to remain outstanding immediately after giving effect to the closing hereunder on the Closing Date and such Schedule accurately sets forth the aggregate principal
amount of such Indebtedness as of the Closing Date. As of the Closing Date, Borrower has no outstanding Indebtedness or trade payables owing to any of the secured parties listed in paragraph 8 of <U>Schedule 3.6</U> that is secured by the security
perfected by the PPSA registration in favour of the applicable secured party listed therein. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.15. <U><B>Payment of Taxes</B></U>. All Federal, provincial and state income Tax returns and
all other material Tax returns and reports of each Loan Party and its Subsidiaries required to be filed by any of them have been timely filed, and all Federal, provincial and state income Taxes and all other material Taxes shown on such Tax returns
to be due and payable and all material assessments, fees and other governmental charges upon a Loan Party and its Subsidiaries and upon their respective assets, income, businesses and franchises that are due and payable have been paid when due and
payable, except (a)&nbsp;where failure to do so could not reasonably be expected to have a Material Adverse Effect; or (b)&nbsp;the validity of such Tax is the subject of a Permitted Protest as contemplated by <U>Section&nbsp;5.5</U> Each Loan Party
and each of its Subsidiaries have made adequate provision in accordance with GAAP for all Taxes not yet due and payable. Borrower does not know of any material proposed Tax assessment against a Loan Party or any of its Subsidiaries that is not being
actively contested by such Loan Party or such Subsidiary diligently, in good faith, and by appropriate proceedings; <U>provided</U> such reserves or other appropriate provisions, if any, as shall be required in conformity with GAAP shall have been
made or provided therefor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.16. <U><B>Margin Stock</B></U>. No Loan Party nor any of its Subsidiaries is engaged principally, or as one
of its important activities, in the business of extending credit for the purpose of purchasing or carrying any Margin Stock. No part of the proceeds of the loans made to Borrower will be used to purchase or carry any Margin Stock or to extend credit
to others for the purpose of purchasing or carrying any Margin Stock or for any purpose that violates the provisions of Regulation T, U or X of the Board of Governors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>4.17. <I><U></U></I><B><U>Governmental Regulation</U></B><I><U></U></I>. No Loan Party nor any of its Subsidiaries is subject to
regulation under the <I>Federal Power Act</I> or the <I>Investment Company Act</I> of 1940 or under any other federal, provincial or state statute or regulation which may limit its ability to incur Indebtedness or which may otherwise render all or
any portion of the Obligations unenforceable. No Loan Party nor any of its Subsidiaries is a &#147;registered investment company&#148; or a company &#147;controlled&#148; by a &#147;registered investment company&#148; or a &#147;principal
underwriter&#148; of a &#147;registered investment company&#148; as such terms are defined in the <I>Investment Company Act</I> of 1940.<I> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.18. <B><U>OFAC</U></B>. No Loan Party nor any of its Subsidiaries is in violation of any of the country or list based economic and trade
sanctions administered and enforced by OFAC or any Canadian Governmental Authority. No Loan Party nor any of its Subsidiaries (a)&nbsp;is a Sanctioned Person or a Sanctioned Entity, (b)&nbsp;has its assets located in Sanctioned Entities, or
(c)&nbsp;to its knowledge derives revenues directly or indirectly, from investments in, or transactions with Sanctioned Persons or Sanctioned Entities. No proceeds of any loan made hereunder will be used to fund any operations in, finance any
investments or activities in, or make any payments to, a Sanctioned Person or a Sanctioned Entity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.19. <U><B>Employee and Labor
Matters</B></U>. Except as set forth on <U>Schedule 4.19</U>, no Loan Party nor any of its Subsidiaries is a party to or otherwise bound by any collective bargaining or similar agreement with any union or other labor organization. Except to the
extent would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, there is (i)&nbsp;no unfair labor practice charge or complaint pending or, to the knowledge of Borrower, threatened against Borrower
or any of its Subsidiaries before any Governmental Authority and no grievance or arbitration proceeding pending or threatened against Borrower or any of its Subsidiaries which arises out of or under any collective bargaining agreement and that would
</P>
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reasonably be expected to result in a material liability, (ii)&nbsp;no strike, labor dispute, slowdown, stoppage or similar action or grievance pending or threatened in writing against Borrower
or its Subsidiaries that could reasonably be expected to result in a material liability, or (iii)&nbsp;to the knowledge of Borrower, after due inquiry, no union representation question existing with respect to the employees of Borrower or its
Subsidiaries and no union organizing activity taking place with respect to any of the employees of Borrower or its Subsidiaries. None of Borrower or its Subsidiaries has incurred any liability or obligation under the <I>Worker Adjustment and
Retraining Notification Act</I> or similar state or foreign law, which remains unpaid or unsatisfied which could reasonably be expected to result in a Material Adverse Effect. The hours worked and payments made to, classification of, employees of
Borrower and its Subsidiaries have not been in violation of the <I>Fair Labor Standards Act</I> or any other applicable legal requirements, except to the extent such violations would not, individually or in the aggregate, reasonably be expected to
result in a Material Adverse Effect. All material payments due from Borrower or its Subsidiaries on account of wages and employee health and welfare insurance and other benefits have been paid or accrued as a liability on the books of Borrower and
all remittances and withholdings on account of Taxes and employer or employee contribution to benefit plans have been remitted to the applicable Governmental Authority when due, except where the failure to do so would not, individually or in the
aggregate, reasonably be expected to result in a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.20. <U><B>Intellectual Property</B></U>. Each Loan Party and
Subsidiary owns or has the lawful right to use all Intellectual Property necessary for the conduct of its business, without conflict with any rights of others. There is no pending or, to any Loan Party&#146;s knowledge, threatened material
Intellectual Property Claim with respect to any Loan Party, any Subsidiary or any of their Property (including any Intellectual Property). All Intellectual Property owned by any Loan Party or any Subsidiary and registered with the U.S. Patent and
Trademark Office, the Canadian Intellectual Property Office or any other applicable Governmental Authority is identified on <U>Schedule 4.20</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.21. <U><B>Eligible Accounts</B></U>. As to each Account that is identified by Borrower as an Eligible Account or an Eligible Credit Card
Receivable in a Borrowing Base Certificate submitted to Agent, such Account is (a)&nbsp;a bona fide existing payment obligation of the applicable Account Debtor created by the sale and delivery of Inventory or the rendition of services to such
Account Debtor in the ordinary course of Borrower&#146;s business, (b)&nbsp;owed to a Borrower without any known defenses, disputes, offsets, counterclaims, or rights of return or cancellation, and (c)&nbsp;not excluded as ineligible by virtue of
one or more of the excluding criteria (other than any Agent-discretionary criteria) set forth in the definition of Eligible Accounts or Eligible Credit Card Receivables, as the case may be. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.22. <U><B>Eligible Inventory</B></U>. As to each item of Inventory that is identified by Borrower as Eligible Inventory in a Borrowing Base
Certificate submitted to Agent, such Inventory is (a)&nbsp;of good and merchantable quality, free from known defects, and (b)&nbsp;not excluded as ineligible by virtue of one or more of the excluding criteria (other than any Agent-discretionary
criteria) set forth in the definition of Eligible Inventory. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.23. <U><B>Location of Inventory and Equipment</B></U>. Except for the
third-party warehouse locations identified on <U>Schedule 4.23</U>, the Inventory and Equipment of Borrower is not stored with a bailee, warehouseman, or similar party and is located only at, or in-transit between, the locations identified on
<U>Schedule 4.23</U> (as such Schedule may be updated pursuant to <U>Section&nbsp;5.14</U>). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.24. <U><B>Inventory Records</B></U>. Each Loan Party keeps correct and accurate records
itemizing and describing the type, quality, and quantity of its and its Subsidiaries&#146; Inventory and the book value thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.25.
<U><B>Hedge Agreements</B></U>. On each date that any Hedge Agreement is executed by any Hedge Provider, each Loan Party party to such Hedge Agreement satisfies all eligibility, suitability and other requirements under the <I>Commodity Exchange
Act</I> and the Commodity Futures Trading Commission regulations and, in the case of a guarantor of Hedge Obligations, is a Qualified ECP Guarantor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.26. <U><B>Credit Card Arrangements</B></U>. <U>Schedule 4.26</U> is a list describing all arrangements as of the Closing Date to which any
Loan Party is a party with respect to the processing and/or payment to such Loan Party of the proceeds of any credit card charges and debit card charges for sales made by such Loan Party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.27. <U><B>No Defaults; Material Contracts</B></U>. No event or circumstance has occurred or exists as of the date of this Agreement that
constitutes a Default or Event of Default. <U>Schedule 4.27</U> contains a true, correct and complete list of all Material Contracts, and except as described thereon, all such Material Contracts are in full force and effect. No Loan Party or
Subsidiary is in default, and no event or circumstance has occurred or exists that with the passage of time or giving of notice would constitute a default, under any Material Contract which would enable the other contracting party to terminate such
Material Contract. There is no basis upon which any party (other than a Loan Party or the Subsidiary) could terminate a Material Contract prior to its scheduled termination date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>4.28. <B><U>Operations of Certain Subsidiaries</U></B>. As of the Closing Date, CGS is inactive and does not engage in any trade or
business, own any assets or owe any Indebtedness or any other obligation or liability except as expressly permitted hereunder in its capacity as a Loan Party and the ownership of all of the outstanding shares of CGS USA. Each of CGS USA and Birks
Jewellers Limited, is inactive and does not engage in any trade or business, own any assets or owe any Indebtedness or any other obligation or liability other than, in the case of CGS USA, (a)&nbsp;the provision of limited support services to
Borrower and (b)&nbsp;the payment by Borrower to CGS USA of up to US$500,000 in the aggregate in each Fiscal Year in the form of Permitted Intercompany Advances and reimbursements of reasonable and documented expenses incurred by CGS USA for and on
behalf of Borrower, provided that no Default or Event of Default has occurred and is continuing at the time of any such payment.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B></B>5.<B>
AFFIRMATIVE COVENANTS. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Borrower covenants and agrees that, until termination of all of the Commitments and payment in full of the
Obligations: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.1. <U><B>Financial Statements, Reports, Certificates</B></U>. Borrower (a)&nbsp;will deliver to Agent each of the financial
statements, reports, and other items set forth on <U>Schedule 5.1</U> no later than the times specified therein, (b)&nbsp;agree that no Subsidiary of a Loan Party will have a Fiscal Year different from that of Borrower, (c)&nbsp;agree to maintain a
system of accounting that enables Borrower to produce financial statements in accordance with GAAP, and (d)&nbsp;agree that they will, </P>
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and will cause each other Loan Party to, (i)&nbsp;keep a reporting system that shows all additions, sales, claims, returns, and allowances with respect to their Subsidiaries&#146; sales (for
avoidance of doubt, Agent and Lenders hereby acknowledge that the reporting system maintained by the Loan Parties on the Closing Date satisfies this clause (i)), and (ii)&nbsp;agree that they will, and will cause each other Loan Party to maintain
their billing and reporting system materially consistent with that in effect as of the Closing Date, and shall only make material modifications thereto with notice to, and with the consent of, the Agent (such consent not to be unreasonably withheld
or delayed). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.2. <U><B>Reporting</B></U>. Borrower (a)&nbsp;will deliver to Agent (and if so requested by Agent, with copies for each
Lender) each of the reports set forth on <U>Schedule 5.2</U> at the times specified therein, and (b)&nbsp;agree to use commercially reasonable efforts in cooperation with Agent to facilitate and implement a system of electronic collateral reporting
in order to provide electronic reporting of each of the items set forth on such Schedule. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.3. <U><B>Existence</B></U>. Except as
otherwise permitted under <U>Section&nbsp;6.3</U> or <U>Section&nbsp;6.4</U>, Borrower will, and will cause each of its Subsidiaries to, at all times preserve and keep in full force and effect such Person&#146;s valid existence and good standing in
its jurisdiction of organization and, except as would not reasonably be expected to result in a Material Adverse Effect, good standing with respect to all other jurisdictions in which it is qualified or required to be qualified to do business and
any rights, franchises, permits, licenses, accreditations, authorizations, or other approvals material to their businesses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.4.
<U><B>Maintenance of Properties</B></U>. Borrower will, and will cause each of its Subsidiaries to, maintain and preserve all of its assets that are necessary or useful in the proper conduct of its business in good working order and condition,
ordinary wear, tear, casualty, and condemnation and Permitted Dispositions excepted (and except where the failure to so maintain and preserve assets would not reasonably be expected to result in a Material Adverse Effect). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.5. <U><B>Taxes</B></U>. Borrower will, and will cause each of its Subsidiaries to, pay in full before delinquency or before the expiration
of any extension period all Federal, provincial and state income and capital Taxes and all other material Taxes imposed, levied, or assessed against it, or any of its assets or in respect of any of its income, capital, businesses, or franchises,
except to the extent that the validity of such Tax is the subject of a Permitted Protest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.6. <U><B>Insurance</B></U>. Borrower will,
and will cause each of its Subsidiaries to, at Borrower&#146;s expense, maintain insurance respecting each of each Loan Party&#146;s and its Subsidiaries&#146; assets wherever located, covering liabilities, losses or damages as are customarily are
insured against by other Persons engaged in same or similar businesses and similarly situated and located and flood insurance coverage acceptable to Agent with respect to all Real Property Collateral (to the extent flood insurance is required). All
such policies of insurance shall be with financially sound and reputable insurance companies that are reasonably acceptable to Agent (it being agreed that any insurance providers which have a policy in effect with Borrower or any of its Subsidiaries
as of the Closing Date are acceptable to Agent) and in such amounts as is carried generally in accordance with sound business practice by companies in similar businesses similarly situated and located and, in any event, in amount, adequacy, and
scope reasonably satisfactory to Agent (it being agreed that the amount, adequacy, and scope of the policies of insurance of Borrower in effect as of the Closing Date are acceptable to Agent). All property insurance policies covering
</P>
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the Collateral are to be made payable to Agent for the benefit of Agent and the Lenders, as their interests may appear, in case of loss, pursuant to a standard lenders&#146; loss payable
endorsement with a standard non-contributory &#147;lender&#148; or &#147;secured party&#148; clause and are to contain such other provisions as Agent may reasonably require to fully protect the Lenders&#146; interest in the Collateral and to any
payments to be made under such policies. All certificates of property and general liability insurance are to be delivered to Agent, with lenders&#146; loss payable (but only in respect of Collateral) and additional insured endorsements in favor of
Agent and shall provide for not less than 30 days (10 days in the case of non-payment), or such shorter period as Agent may agree, prior written notice to Agent of the exercise of any right of cancellation. If any Loan Party or its Subsidiaries
fails to maintain such insurance, Agent may arrange for such insurance, but at Borrower&#146;s expense and without any responsibility on Agent&#146;s part for obtaining the insurance, the solvency of the insurance companies, the adequacy of the
coverage, or the collection of claims. Borrower shall give Agent prompt notice of any loss exceeding&nbsp;$1,000,000 covered by Borrower or its Subsidiaries&#146; casualty or business interruption insurance. Upon the occurrence and during the
continuance of an Event of Default, Agent shall have the sole right to file claims under any property and general liability insurance policies in respect of the Collateral, to receive, receipt and give acquittance for any payments that may be
payable thereunder, and to execute any and all endorsements, receipts, releases, assignments, reassignments or other documents that may be necessary to effect the collection, compromise or settlement of any claims under any such insurance policies.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>5.7. <B><U>Inspection</U></B>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Borrower will, and will cause each of its Subsidiaries to, permit Agent, any Lender and each of their respective duly authorized
representatives or agents to visit any of its properties and inspect any of its assets or books and records, to examine and make copies of its books and records, and to discuss its affairs, finances, and accounts with, and to be advised as to the
same by, its officers and employees (provided an authorized representative of a Borrower shall be allowed to be present) at such reasonable times and intervals as Agent or any Lender, as applicable, may designate and, so long as no Default or Event
of Default has occurred and is continuing, with reasonable prior notice to Administrative Borrower and during regular business hours. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)
Borrower will, and will cause each of its Subsidiaries to, permit Agent and each of its duly authorized representatives or agents to conduct appraisals and valuations at such reasonable times and intervals as Agent may designate;<U> provided</U>
that the expenses required to be paid by the Loan Parties in connection therewith shall be subject to any applicable limitation set forth in <U>Section&nbsp;2.10(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.8. <U><B>Compliance with Laws and Material Contracts</B></U>. Borrower will, and will cause each of its Subsidiaries to, comply with
(a)&nbsp;the requirements of all applicable laws, rules, regulations and orders of any Governmental Authority, and (b)&nbsp;all of its Material Contracts, except in each case where non-compliance with which, individually or in the aggregate, would
not reasonably be expected to result in a Material Adverse Effect. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.9. <U><B>Environmental</B></U>. Borrower will, and will cause each of its Subsidiaries to, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Keep any property either owned or operated by any Loan Party or its Subsidiaries free of any Environmental Liens (other than Permitted
Liens) or post bonds or other financial assurances sufficient to satisfy the obligations or liability evidenced by such Environmental Liens (other than Permitted Liens), </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Comply with applicable Environmental Laws, except where a failure to comply would not reasonably be expected to result in, individually or
in the aggregate, a Material Adverse Effect, and provide to Agent documentation of such compliance which Agent reasonably requests, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)
Promptly notify Agent of any release of which Borrower has knowledge of a Hazardous Material in any reportable quantity or which could reasonably be expected to result in material liabilities of any Loan Party or its Subsidiaries from or onto
property owned or operated by any Loan Party or its Subsidiaries and take any Remedial Actions required to abate said release or otherwise to come into compliance, in all material respects, with applicable Environmental Law, except where a failure
to comply would not reasonably be expected to result in, individually or in the aggregate, a Material Adverse Effect, and provide to Agent documentation of such compliance which Agent reasonably requests, and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Promptly, but in any event within 5 Business Days of its receipt thereof, provide Agent with written notice of any of the following:
(i)&nbsp;notice that an Environmental Lien has been filed against any of the real or personal property of a Loan Party or its Subsidiaries, (ii)&nbsp;commencement of any Environmental Action or written notice that an Environmental Action will be
filed against a Loan Party or its Subsidiaries that individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect, and (iii)&nbsp;written notice of a violation, citation, or other administrative order from a
Governmental Authority that would reasonably be expected to result in, individually or in the aggregate, a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.10.
<U><B>Disclosure Updates</B></U>. Each Loan Party will, promptly and in no event later than fifteen Business Days after obtaining knowledge thereof, notify Agent if any written information, exhibit, or report furnished to Agent or the Lenders
contained, at the time it was furnished, any untrue statement of a material fact or omitted to state any material fact necessary to make the statements contained therein not misleading in light of the circumstances in which made. The foregoing to
the contrary notwithstanding, any notification pursuant to the foregoing provision will not cure or remedy the effect of the prior untrue statement of a material fact or omission of any material fact nor shall any such notification have the effect
of amending or modifying this Agreement or any of the Schedules hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.11. <U><B>Formation of Subsidiaries</B></U>. Borrower will, at
the time that any Loan Party forms any direct or indirect Subsidiary or acquires any direct or indirect Subsidiary after the Closing Date, (x)&nbsp;within 30 days of such formation or acquisition (or such later date as permitted by Agent in its sole
discretion) (a)&nbsp;cause such new Subsidiary to provide to Agent a joinder to the Canadian Security Documents and other applicable Loan Documents (including this Agreement to the extent that such Subsidiary is to be joined as a Borrower
hereunder), as applicable, which joinder shall include such provisions as Agent shall consider necessary or desirable for the </P>
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inclusion of such Subsidiary as a Borrower or other Loan Party including such provisions as are necessary or desirable to reflect the formation of such Subsidiary under the laws of a jurisdiction
other than Canada or the location of Collateral outside of Canada) and a guarantee of the Obligations, if required, together with such other security agreements, ,as well as appropriate financing statements (and with respect to all Real Property
Collateral subject (or required hereunder to be subject) to a Mortgage, fixture filings) all in form and substance reasonably satisfactory to Agent (including being sufficient to grant Agent a first priority Lien (subject to Permitted Liens) in and
to the assets of such newly formed or acquired Subsidiary (other than Excluded Property, as defined in the Canadian Security Documents); to the applicable Canadian Security Documents, the guarantee and such other security agreements shall not be
required to be provided to Agent with respect to Obligations, if the costs to the Loan Parties of providing such guarantee or such security agreements are unreasonably excessive (as determined by Agent in consultation with Administrative Borrower)
in relation to the benefit to Agent and the Lenders of the security or guarantee afforded thereby and (b)&nbsp;provide to Agent all other documentation, including one or more opinions of counsel reasonably satisfactory to Agent, which, in its
reasonable judgment, is necessary with respect to the execution and delivery of the applicable documentation referred to above (including policies of title insurance, or other documentation with respect to all Real Property Collateral owned in fee
and required to be subject to a Mortgage), and (y)&nbsp;within 60 days of such formation or acquisition (or such later date as permitted by Agent in its sole discretion), (a)&nbsp;cause such new Subsidiary to provide to Agent Mortgages with respect
to any Real Property owned in fee of such new Subsidiary with a fair market value greater than $1,000,000, as well as appropriate fixture filings, all in form and substance reasonably satisfactory to Agent (including being sufficient to grant Agent
a first priority Lien (subject to Permitted Liens) in and to the Real Property assets of such newly formed or acquired Subsidiary); and (b)&nbsp;provide to Agent all other documentation, including one or more opinions of counsel reasonably
satisfactory to Agent, which, in its opinion, is appropriate with respect to the execution and delivery of the applicable documentation referred to above (including policies of title insurance, evidence of flood certification documentation (to the
extent required) or other documentation with respect to all Real Property owned in fee and subject to (or required hereunder to be subject to) a Mortgage). Any document, agreement, or instrument executed or issued pursuant to this
<U>Section&nbsp;5.11</U> shall constitute a Loan Document. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.12. <U><B>Further Assurances</B></U>. Borrower will, and will cause each of
the other Loan Parties to, at any time upon the reasonable request of Agent, execute or deliver, or cause to be executed or delivered to Agent any and all financing statements, fixture filings, security agreements, pledges, assignments, mortgages,
deeds of trust, opinions of counsel, and all other documents (the &#147;<U>Additional Documents</U>&#148;) that Agent may reasonably request in form and substance reasonably satisfactory to Agent, to create, perfect, and continue perfected or to
better perfect Agent&#146;s Liens in all of the assets of Loan Parties (whether now owned or hereafter arising or acquired, tangible or intangible, real or personal), to create and perfect Liens in favor of Agent in any Real Property acquired by any
Loan Party with a fair market value in excess of&nbsp;$1,000,000, and in order to fully consummate all of the transactions contemplated hereby and under the other Loan Documents. To the maximum extent permitted by applicable law, if any Loan Party
refuses or fails to execute or deliver any reasonably requested Additional Documents within a reasonable period of time following the request to do so, Borrower, each Borrower and each other Loan Party hereby authorizes Agent to execute any such
Additional Documents in the applicable Loan Party&#146;s name and authorizes Agent to file such executed Additional Documents in any appropriate filing </P>
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office. In furtherance of, and not in limitation of, the foregoing, each Loan Party shall take such actions as Agent may reasonably request from time to time to ensure that the Obligations are
guaranteed by the Guarantors and are secured by substantially all of the assets of each Loan Party, including all of the outstanding Equity Interests of Borrower and its Subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>5.13. <B><U>[Intentionally Omitted</U>] </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.14. <U><B>Location of Inventory; Chief Executive Office, Etc.</B></U>. Borrower will, and will cause each other Loan Party to, keep its
Inventory only at (or in-transit between or to) its locations identified on <U>Schedule 4.23</U> and its chief executive office (and registered office) only at the locations identified on <U>Schedule 4.23</U>; <U>provided</U>, that Administrative
Borrower may amend <U>Schedule 4.23</U> so long as such amendment occurs by written notice to Agent not less than 10 days, or such later date as Agent agrees in its sole discretion, prior to the date on which such Inventory is moved to such new
location or such chief executive office or registered office is relocated and so long as such new location is within continental Canada in the case of the chief executive office and the registered office of a Loan Party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.15. <U><B>Bank Products</B></U>. On or before the 120<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day after the Closing Date, the
Loan Parties shall establish their primary depository and treasury management relationships in the United States with Wells Fargo or one or more of its Affiliates and their primary depository and treasury management relationships in Canada with
Wells Fargo or one or more of its Affiliates, Bank of Montreal, The Toronto-Dominion Bank, Royal Bank of Canada, National Bank of Canada, Canadian Imperial Bank of Commerce or any other Canadian bank reasonably acceptable to Agent and will maintain
such depository and treasury management relationships at all times during the term of the Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.16. <U><B>Hedge
Agreements</B></U>. Borrower agrees that it shall offer to Wells Fargo or one or more of its respective Affiliates the first opportunity to bid for all Hedge Agreements to be entered into by any Loan Party or any of its Subsidiaries during the term
of the Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.17. <U><B>Canadian Compliance</B></U>. In addition to and without limiting the generality of <U>Section&nbsp;5.8</U>,
with respect to any Canadian Pension Plan established after the Closing Date, Borrower will, and will cause each of its Subsidiaries to, (a)&nbsp;comply with applicable provisions and funding requirements of the <I>Income Tax Act</I> (Canada) and
applicable federal or provincial pension benefits legislation and other applicable laws with respect to all Canadian Pension Plans except where the failure to do so would not reasonably be expected to result in a Material Adverse Effect and
(b)&nbsp;furnish to Agent upon Agent&#146;s written request such additional information about any Canadian Pension Plan for which Borrower or its Subsidiaries would reasonably expect to incur any material liability. All employer or employee
payments, contributions or premiums required to be remitted, paid to or in respect of Canadian statutory benefit plans that Borrower or any of its Subsidiaries is required to participate in or comply with, including the Canada Pension Plan or Quebec
Pension Plan as maintained by the Government of Canada or Province of Quebec, respectively, and plans administered pursuant to applicable workplace safety insurance and employment insurance legislation will be paid or remitted by each such Person in
accordance with the terms thereof, any agreements relating thereto and all applicable laws except (i)&nbsp;to the extent that any amount so payable is subject to a Permitted Protest and a Canadian Priority Payable Reserve for such amount has been
established (ii)&nbsp;for failures resulting from administrative oversight which are promptly remedied once Borrower or its Subsidiary becomes aware thereof. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.18. <U><B>Credit Card Notifications</B></U>. Within 30 days of the Closing Date (or such later
date as Agent may agree), deliver to the Administrative Agent copies of notifications (each, a &#147;<U>Credit Card Notification</U>&#148;) substantially in the form attached hereto as <U>Exhibit C-2</U>, or otherwise in form and substance
reasonably acceptable to Agent, which have been executed on behalf of such Loan Party and delivered to such Loan Party&#146;s Credit Card Issuers and Credit Card Processors listed on <U>Schedule 4.26</U>. No Loan Party shall enter into any
agreements with Credit Card Issuers or Credit Card Processors other than the ones expressly contemplated herein or in <U>Section&nbsp;4.26</U> unless Agent has received a copy of the Credit Card Notification sent to such new or additional Credit
Card Issuer or Credit Card Processor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B></B>6.<B> NEGATIVE COVENANTS. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Borrower covenants and agrees that, until termination of all of the Commitments and payment in full of the Obligations: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.1. <U><B>Indebtedness</B></U>. Borrower will not, and will not permit any of its Subsidiaries to, create, incur, assume, suffer to exist,
guarantee, or otherwise become or remain, directly or indirectly, liable with respect to any Indebtedness, except for Permitted Indebtedness. Borrower shall not incur any Indebtedness or have trade payables owing to any secured party listed in
paragraph 8 of <U>Schedule 3.6</U> that is secured by the security perfected by the PPSA registration in favour of such secured party until it has satisfied its obligations under paragraph 8 of <U>Schedule 3.6</U> with respect to such PPSA
Registration. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.2. <U><B>Liens</B></U>. Borrower will not, and will not permit any of its Subsidiaries to, create, incur, assume, or
suffer to exist, directly or indirectly, any Lien on or with respect to any of its assets, of any kind, whether now owned or hereafter acquired, or any income or profits therefrom, except for Permitted Liens. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.3. <U><B>Restrictions on Fundamental Changes</B></U>. Borrower will not, and will not permit any of its Subsidiaries to, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) other than in order to consummate a Permitted Acquisition, enter into any merger, amalgamation, consolidation, reorganization, or
recapitalization, or reclassify its Equity Interests, except for (i)&nbsp;any merger or amalgamation between Loan Parties; <U>provided</U> that Borrower must be the survivor of any merger or amalgamation to which it is a party (or, in the case of an
amalgamation, the continuing corporation resulting therefrom must be liable for the Obligations of Borrower under the Loan Documents), (ii)&nbsp;any merger or amalgamation between a Loan Party (other than Borrower) and a Subsidiary of such Loan
Party that is not a Loan Party so long as such Loan Party is the surviving entity of any such merger or amalgamation (or, in the case of an amalgamation, the continuing corporation resulting therefrom) must be liable for the Obligations of such Loan
Party under the Loan Documents and the priority of the Agent&#146;s Liens on the Collateral is not affected thereby, and (iii)&nbsp;any merger or amalgamation between Subsidiaries of Borrower that are not Loan Parties, </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) liquidate, wind up, or dissolve itself (or suffer any liquidation or dissolution), except for
(i)&nbsp;the liquidation or dissolution of non-operating Subsidiaries of Borrower with nominal assets and nominal liabilities, (ii)&nbsp;the liquidation or dissolution of a Loan&nbsp;Party (other than Borrower) or any of its wholly-owned
Subsidiaries so long as all of the assets (including any interest in any Equity Interests) of such liquidating or dissolving Loan Party or Subsidiary are transferred to a Loan Party that is not liquidating or dissolving, or (iii)&nbsp;the
liquidation or dissolution of a Subsidiary of Borrower that is not a Loan Party (other than any such Subsidiary the Equity Interests of which (or any portion thereof) is subject to a Lien in favor of Agent) so long as all of the assets of such
liquidating or dissolving Subsidiary are transferred to a Subsidiary of Borrower that is not liquidating or dissolving, or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) suspend or
cease operating a substantial portion of its or their business, except as permitted pursuant to clauses (a)&nbsp;or (b)&nbsp;above or in connection with a transaction permitted under <U>Section&nbsp;6.4</U>, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.4. <U><B>Disposal of Assets</B></U>. Borrower will not, and will not permit any of its Subsidiaries to, convey, sell, lease, license,
assign, transfer, or otherwise dispose of (or enter into an agreement to convey, sell, lease, license, assign, transfer, or otherwise dispose of) any of its or their assets other than (a)&nbsp;Permitted Dispositions; (b)&nbsp;transactions expressly
permitted by <U>Sections 6.3 or 6.9</U>; and (c)&nbsp;sales of equipment, furniture and fixtures in the ordinary course of business to a Person other than a Subsidiary that is not a Loan Party and subject to compliance with <U>Section&nbsp;6.10</U>,
if applicable, provided the proceeds of such sales of equipment shall be applied to repay the Revolving Loans and/or provide Letter of Credit Collateralization, as applicable, without a permanent reduction in the Commitments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.5. <U><B>Nature of Business</B></U>. Borrower will not, and will not permit any of its Subsidiaries to, make any change in the nature of its
or their business as described in <U>Section&nbsp;4.28</U> or <U>Schedule 6.5</U> or acquire any properties or assets that are not reasonably related to the conduct of such business activities; <U>provided</U>, that the foregoing shall not prevent
Borrower and its Subsidiaries from engaging in any business that is reasonably related or ancillary to its or their business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.6.
<U><B>Prepayments and Amendments</B></U>. Borrower will not, and will not permit any of its Subsidiaries to, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Except in connection
with Refinancing Indebtedness permitted by <U>Section&nbsp;6.1</U>, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) make any payments in respect of the Montrovest Debt other than,
so long as no Default or Event of Default then exists or would (after taking into consideration the payment to be made) result therefrom and subject to the Montrovest Subordination Agreement, (x)&nbsp;regularly scheduled payments of interest in
respect of the Montrovest Debt as and when due pursuant to the Montrovest Debt Documents (y)&nbsp;the principal payments of US$1,250,000 on or about July&nbsp;20, 2018 and US$1,250,000 on or about July&nbsp;20, 2019 pursuant to the Montrovest Debt
2017 and (z)&nbsp;the fee payment in an aggregate amount not to exceed $10,000 annually pursuant to the Montrovest Debt 2017. No other prepayment of, or payment of principal on, the Montrovest Debt may be made without the prior written consent of
Agent in its sole discretion, unless the Restricted Payment Conditions are satisfied with respect to such prepayment or payment. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) make any payment on account of Indebtedness (other than as permitted under paragraph (a)(i)
above) that has been contractually subordinated in right of payment to the Obligations if (A)&nbsp;such payment is not permitted at such time under the subordination terms and conditions applicable to such Indebtedness and, (B)&nbsp;where
applicable, the Restricted Payment Conditions have not been satisfied, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Directly or indirectly, amend, modify, or change any of the
terms or provisions of, or, in the case of (b)(i) only, waive any of its material rights under: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) the Management Agreement (except to
the extent expressly permitted by the Management Subordination Agreement), the Quebec Subordinated Debt Documents, the Montrovest Debt Documents (except to the extent expressly permitted by the Montrovest Subordination Agreement), or any Additional
Subordinated Debt Documents or any other agreement, instrument, document, indenture, or other writing evidencing or concerning Indebtedness that is contractually subordinated in right of payment to the Obligations; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) the Governing Documents of any Loan Party or any of its Subsidiaries if the effect thereof, either individually or in the aggregate,
could reasonably be expected to be materially adverse to the interests of the Lenders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each Loan Party shall deliver to Agent complete and correct copies
of any amendment, restatement, supplement or other modification to or waiver of the Management Agreement, the Quebec Subordinated Debt Documents, the Montrovest Debt Documents, any Additional Subordinated Debt Documents or Governing Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.7. <U><B>Restricted Payments</B></U>. Borrower will not, and will not permit any of its Subsidiaries to, make any Restricted Payment;
<U>provided</U>, that, so long as it is permitted by law, and, so long as no Default or Event of Default shall have occurred and be continuing or would result therefrom, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Borrower may declare and pay distributions to the holders of its Equity Interests to so long as the following conditions are satisfied and
Administrative Borrower has delivered a certificate to Agent prior to the payment of any such distribution certifying satisfaction of the Restricted Payment Conditions, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Loan Parties shall be permitted to make payments of principal and interest on Permitted Intercompany Advances, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) the Borrower shall be permitted to pay Gestofi S.A. fees and expenses in an aggregate amount not greater than US$300,000 for each calendar
year for services provided to Borrower by employees of Gestofi S.A., as well as the amounts permitted to be paid pursuant to the Management Subordination Agreement, provided that no Default or Event of Default shall have occurred and be continuing
at the time of such payment or would result therefrom, </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Borrower shall be permitted to, without duplication, (i)&nbsp;pay to any of Regaluxe S.r.L.,
Montrovest B.V. or Gestofi S.A., an aggregate amount not to exceed US$300,000 in any Fiscal Year (or such greater amount to the extent consented to in writing by the Administrative Agent in its sole discretion) for expenses incurred by any of
Regaluxe S.r.L., Montrovest B.V. or Gestofi S.A. on behalf of (a)&nbsp;the Chairman of the Board of Directors of the Borrower in connection with carrying out his duties as Chairman of the Board of Directors of the Borrower in the ordinary course of
business and (b)&nbsp;the Chairman of the Executive Committee of the Borrower in connection with carrying out his duties as Chairman of the Executive Committee of the Borrower in the ordinary course of business, (ii)&nbsp;pay to Niccolo Rossi, an
aggregate amount not to exceed &#128;225,000 in any calendar year for carrying out his duties as Chairman of the Board of Directors of the Borrower plus, an aggregate amount not to exceed &#128;60,000 in any calendar year for carrying out his duties
as Chairman of the Executive Committee of the Borrower and (iii)&nbsp;(x)&nbsp;pay Regaluxe S.r.L. a fee of not more than 3.5% of the total price of the goods sold to Regaluxe S.r.L. in the form of a discount (which fee shall be payable to cover
import duties and the carrying costs of value-added Taxes financing), and (y)&nbsp;reimburse Regaluxe S.r.L. for other reasonable costs and expenses incurred by Regaluxe S.r.L. in connection with the importation by Regaluxe S.r.L. of goods of the
Borrower and the subsequent sale of such goods by Regaluxe S.r.L. to certain Italian jewelry stores (so long as, to the extent requested by the Agent, the Agent is provided with satisfactory documentation supporting such fees, costs and expenses),
provided that in each case, no Default or Event of Default shall have occurred and be continuing at the time of such payment or would result therefrom; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) the purchase by Borrower of Equity Interests issued by it from employees of Mayor&#146;s Jewelers, Inc., in an aggregate amount not to
exceed US$100,000 on the Closing Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.8. <U><B>Accounting Methods</B></U>. Borrower will not, and will not permit any of its
Subsidiaries to, modify or change its Fiscal Year or its method of accounting (other than as may be required to conform to GAAP, subject to Section&nbsp;1.2). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.9. <U><B>Investments</B></U>. Borrower will not, and will not permit any of its Subsidiaries to, directly or indirectly, make or acquire any
Investment or incur any liabilities (including contingent obligations) for or in connection with any Investment except for Permitted Investments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.10. <U><B>Transactions with Affiliates</B></U>. Borrower will not, and will not permit any of its Subsidiaries to, directly or indirectly,
enter into or permit to exist any transaction with any Affiliate of Borrower or any of its Subsidiaries except for: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) transactions
(other than the payment of management, consulting, monitoring, or advisory fees) between Borrower or its Subsidiaries, on the one hand, and any Affiliate of Borrower or its Subsidiaries, on the other hand, so long as such transactions are no less
favorable, taken as a whole, to Borrower or its Subsidiaries, as applicable, than would be obtained in an arm&#146;s length transaction with a non-Affiliate; <U>provided</U>, <U>however</U> the foregoing restrictions shall not apply to
(x)&nbsp;Permitted Dispositions permitted pursuant to clause (n)&nbsp;thereof or (y)&nbsp;other transactions between any Loan Party and any other Loan Party, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) so long as it has been approved by Borrower&#146;s or its applicable Subsidiary&#146;s Board of Directors (or comparable governing body)
in accordance with applicable law, any indemnity provided for the benefit of directors (or comparable managers), officers and employees of Borrower or its applicable Subsidiary, </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) so long as it has been approved by Borrower&#146;s or its applicable Subsidiary&#146;s Board
of Directors (or comparable governing body) in accordance with applicable law, reasonable and customary fees, compensation, benefits and incentive arrangements paid or provided to, and indemnities provided on behalf of or to, officers, directors or
employees of Borrower (or any direct or indirect Borrower thereof) or any of Borrower&#146;s Subsidiaries, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) transactions permitted by
<U>Section&nbsp;6.3</U> or <U>Section&nbsp;6.7</U>, or any Permitted Intercompany Advance, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) any transaction with an Affiliate
otherwise permitted hereunder where the only consideration paid by Borrower or any Subsidiary is Borrower&#146;s Qualified Equity Interests, and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) loans or advances to directors, officers and employees permitted under <U>Section&nbsp;6.9</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.11. <U><B>Use of Proceeds</B></U>. Borrower will not, and will not permit any of its Subsidiaries to, use the proceeds of any Loan made
hereunder for any purpose other than (a)&nbsp;on the Closing Date, (i)&nbsp;to repay, in full, the outstanding principal, accrued interest, and accrued fees and expenses owing under or in connection with the Existing Credit Facilities, (ii)&nbsp;to
pay a portion of the consideration payable in connection with the consummation of the Closing Date US Divestiture, and (ii)&nbsp;to pay the fees, costs, and expenses incurred in connection with this Agreement, the other Loan Documents, the Closing
Date US Divestiture, and the other transactions contemplated hereby and thereby and (b)&nbsp;thereafter, consistent with the terms and conditions hereof, for their lawful and permitted purposes (including without limitation financing the ongoing
working capital, capital expenditures, Permitted Acquisitions and general corporate needs of Borrower and its Subsidiaries). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.12.
<B></B><U><B>Limitation on Issuance of Equity Interests</B></U>. Borrower will not, and will not permit any of its Subsidiaries to issue or sell or enter into any agreement or arrangement for the issuance or sale of any of its Equity Interests,
other than (a)&nbsp;the issuance or sale of Qualified Equity Interests by Borrower, (b)&nbsp;the issuance and sale of Qualified Equity Interests by any Loan Party or any Subsidiary of a Loan Party to a Loan Party to which such Loan Party is a direct
Subsidiary, (c)&nbsp;the issuance and sale of Qualified Equity Interests by any Subsidiary that is not a Loan Party to another Subsidiary, (d)&nbsp;transfers and replacements of then-outstanding Equity Interests, provided that any such transfer or
replacements do not (i)&nbsp;give rise to a Change of Control, (ii)&nbsp;include any transfer of Equity Interests held by a Loan Party to a Person that is not a Loan Party (other than a Permitted Disposition) or (ii)&nbsp;include any transfer of
Equity Interests from a Loan Party to a Person that is not a Loan Party (other than a Permitted Disposition), (e)&nbsp;the issuance or sale of Qualified Equity Interests by any Person that is not a Loan Party, and (f)&nbsp;issuances of Qualified
Equity Interests by a newly created Subsidiary to such Subsidiary&#146;s direct parent in accordance with the terms of the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>6.13. <B><U>[Intentionally Omitted]</U></B>.<B> </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.14. <U><B>[Intentionally Omitted]</B></U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.15. <U><B>Canadian Employee Benefits</B></U>. Borrower will not, and will not permit any of its Subsidiaries to: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) establish, maintain, sponsor, administer, contribute to, participate in or assume or incur any liability in respect of any Canadian
Defined Benefit Plan or amalgamate with any Person if such Person, sponsors, administers, contributes to, participates in or has any liability in respect of, any Canadian Defined Benefit Plan other than a Canadian Multi-Employer Plan, unless a
Canadian Priority Payables Reserve for unremitted and due pension plan contributions or wind-up deficiency amounts has been established. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) terminate any Canadian Pension Plan in a manner, or take any other action with respect to any Canadian Pension Plan, which would
reasonably be expected to result in a Material Adverse Effect, or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) fail to make full payment when due of any amounts, under the
provisions of any Canadian Pension Plan, any agreement relating thereto or applicable law if such failure would reasonably be expected to result in a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.16. <U><B>Sale and Leaseback Transactions</B></U>. Borrower will not, and will not permit any of its Subsidiaries to, become or remain
liable as lessee or as a guarantor or other surety, directly or indirectly, with respect to any lease whereby it shall sell or transfer any property, real or personal, used or useful in its business, whether now owned or hereafter acquired, and
thereafter rent or lease such property or other property which it intends to use for substantially the same purpose or purposes as the property being sold or transferred; provided that a Borrower and its Subsidiaries may become and remain liable as
lessee, guarantor or other surety with respect to any such lease if and to the extent that Borrower or any of its Subsidiaries would be permitted to enter into, and remain liable under, such lease to the extent that the transaction would constitute
a Permitted Sale Leaseback Transaction, assuming the sale and leaseback transaction constituted Indebtedness in a principal amount not to exceed the gross proceeds of the sale. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.17. <U><B>Negative Pledges</B></U>. Borrower will not, and will not permit any of its Subsidiaries to, enter into any agreement prohibiting
the creation or assumption of any Lien upon any of its properties or assets, whether now owned or hereafter acquired, other than (a)&nbsp;this Agreement and the other Loan Documents, (b)&nbsp;any agreements governing any Permitted Liens securing
Capitalized Lease Obligations or Permitted Purchase Money Indebtedness otherwise permitted hereby (in which case, any prohibition or limitation shall only be effective against the assets financed thereby), (c)&nbsp;any provision limiting the
disposition or distribution of assets or property in joint venture agreements and other similar agreements, which limitation is applicable only to the assets that are the subject of such agreements to the extent such joint venture or similar
agreement is permitted under this Agreement, (d)&nbsp;any restrictions with respect to a Subsidiary imposed pursuant to an agreement that has been entered into in connection with the disposition of all or substantially all of the Equity Interests or
assets of such Subsidiary that applies only to the Equity Interests or assets of such Subsidiary, (e)&nbsp;customary provisions in leases, licenses and other contracts restricting the assignment thereof, (f)&nbsp;any other agreement that does not
restrict in any manner (directly or indirectly) Liens which may now or hereafter be created pursuant to any of the </P>
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Loan Documents to secure any Obligations, and (g)&nbsp;any prohibition that (i)&nbsp;exists pursuant to the requirements of applicable law, (ii)&nbsp;consists of customary restrictions and
conditions contained in any agreement relating to any transaction permitted under <U>Section&nbsp;6.3</U> or <U>6.4</U>, (iii)&nbsp;restricts subletting or assignment of leasehold interests contained in any lease governing a leasehold interest of a
Borrower or its Subsidiaries, (iv)&nbsp;exists in any agreement in effect at the time such Subsidiary becomes a Subsidiary of Borrower, so long as such agreement was not entered into in contemplation of such Person becoming a Subsidiary,
(v)&nbsp;exists in any instrument governing Acquired Indebtedness, which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person or the properties or assets of the Person so
acquired or (vi)&nbsp;is imposed by any renewal, extension, refinancing, refund or replacement (or successive extensions, renewals, refinancings, refunds or replacements) that are otherwise permitted by the Loan Documents or the contracts,
instruments or obligations referred to in clause (b), (c), (d), (e), (f), (g)(iv) or (g)(v) above; provided that such renewals, extensions, refinancings, refunds or replacements (or successive extensions, renewals, refinancings, refunds or
replacements), taken as a whole, are not more materially restrictive with respect to such prohibitions than those contained in the original agreement, as determined in good faith by the Board of Directors of Borrower. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.18. <U><B>Restrictions on Subsidiary Distributions</B></U>. Borrower will not, and will not permit any of its Subsidiaries to, create or
otherwise cause or suffer to exist or become effective any consensual encumbrance or consensual restriction of any kind on the ability of any such Subsidiary to (i)&nbsp;pay dividends or make any other distributions on any of such Subsidiary&#146;s
Equity Interests owned by Borrower or any other Subsidiary Borrower, (ii)&nbsp;repay or prepay any Indebtedness owed by such Subsidiary to Borrower or any other Subsidiary of Borrower, (iii)&nbsp;make loans or advances to Borrower or any other
Subsidiary of Borrower, or (iv)&nbsp;transfer any of its property or assets to Borrower or any other Subsidiary of Borrower, except in each case, encumbrances or restrictions (a)&nbsp;imposed by this Agreement and the other Loan Documents,
(b)&nbsp;contained in an agreement with respect to a Permitted Disposition, (c)&nbsp;contained in any agreements governing any Permitted Liens securing Capitalized Lease Obligations or Permitted Purchase Money Indebtedness otherwise permitted hereby
(in which case, any encumbrance or restriction shall only be effective against the assets financed thereby), (d)&nbsp;constituting customary restrictions in joint venture agreements and other similar agreements applicable to joint ventures permitted
hereunder and applicable solely to such joint venture, (e)&nbsp;contained in any agreement of a Subsidiary that is not a Loan Party governing Permitted Indebtedness, (f)&nbsp;contained in any instrument governing Acquired Indebtedness, which
encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person or the properties or assets of the Person so acquired, or (g)&nbsp;contained in, or existing by reasons of, any agreement or
instrument (i)&nbsp;existing on the Closing Date, (ii)&nbsp;relating to property existing at the time of the acquisition thereof, so long as the encumbrance or restriction relates only to the property so acquired, (iii)&nbsp;relating to any
Indebtedness of, or otherwise to, any Subsidiary at the time such Subsidiary was merged, amalgamated or consolidated with or into, or acquired by, a Borrower or a Subsidiary or became a Subsidiary and not created in contemplation thereof,
(iv)&nbsp;effecting a renewal, extension, refinancing, refund or replacement (or successive extensions, renewals, refinancings, refunds or replacements) of Indebtedness issued under an agreement referred to in clauses (c), (e), (f)&nbsp;and (g)(i)
through (g)(iii) above, so long as the encumbrances and restrictions contained in any such renewal, extension, refinancing, refund or replacement agreement, taken as a whole, are not materially more restrictive than the encumbrances and restrictions
contained in </P>
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the original agreement, as determined in good faith by the Board of Directors of Borrower, (v)&nbsp;constituting customary provisions restricting subletting or assignment of any leases of a
Borrower or any Subsidiary or provisions in agreements that restrict the assignment of such agreement or any rights thereunder, (vi)&nbsp;constituting restrictions on the sale or other disposition </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">of any property securing Indebtedness as a result of a Lien on such property permitted hereunder, (vii)&nbsp;constituting restrictions on net worth or on cash
or other deposits imposed by customers under contracts entered into in the ordinary course of business, (viii)&nbsp;constituting provisions contained in agreements or instruments relating to Indebtedness permitted hereunder that prohibit the
transfer of all or substantially all of the assets of the obligor under that agreement or instrument unless the transferee assumes the obligations of the obligor under such agreement or instrument, or (ix)&nbsp;constituting any encumbrance or
restriction with respect to property under a lease or other agreement that has been entered into for the employment or use of such property. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.
<B>FINANCIAL COVENANT.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Borrower covenants and agrees that, until termination of all of the Commitments and payment in full of the
Obligations, Borrower will: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) <B>Minimum Excess Availability</B>. Maintain Excess Availability of not less than 10% of the Maximum
Credit Amount at all times, except that Borrower shall not be in breach of this covenant if Excess Availability falls below 10% of the Maximum Credit Amount for not more than two consecutive Business Days once during any Fiscal Month. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8. <B>EVENTS OF DEFAULT.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any one or more
of the following events shall constitute an event of default (each, an &#147;<U>Event of Default</U>&#148;) under this Agreement: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.1.
<U><B>Payments</B></U>. If Borrower fails to pay when due and payable, or when declared due and payable, (a)&nbsp;all or any portion of the Obligations consisting of interest, fees, or charges due to the Lender Group, reimbursement of Lender Group
Expenses, or other amounts (other than any portion thereof constituting principal) constituting Obligations (including any portion thereof that accrues after the commencement of an Insolvency Proceeding, regardless of whether allowed or allowable in
whole or in part as a claim in any such Insolvency Proceeding), and such failure continues for a period of 5 Business Days, (b)&nbsp;all or any portion of the principal of the Loans, or (c)&nbsp;any amount payable to Issuing Lender in reimbursement
of any drawing under a Letter of Credit (which does not become a Revolving Loan in accordance with <U>Section&nbsp;2.11)</U>; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.2.
<U><B>Covenants</B></U>. If any Loan Party or any of its Subsidiaries: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) fails to perform or observe any covenant or other agreement
contained in any of (i)&nbsp;<U>Sections 3.6</U>, <U>5.1</U>, <U>5.2</U>, <U>5.3</U>, <U>5.6</U> and <U>5.7</U> (solely if Borrower refuses to allow Agent or its representatives or agents to visit Borrower&#146;s properties, inspect its assets or
books or records, examine and make copies of its books and records, or discuss Borrower&#146;s affairs, finances, and accounts with officers and employees of Borrower), <U>5.15</U> or <U>5.16</U>, (ii)&nbsp;<U>Section&nbsp;6</U>,
(iii)&nbsp;<U>Section 7</U>, or (iv)&nbsp;<U>Section&nbsp;7</U> of the Canadian Security Agreement; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) fails to perform or observe any covenant or other agreement contained in any of <U>Sections
5.3</U> (other than if Borrower is not in good standing in its jurisdiction of organization), <U>5.4</U>, <U>5.5</U>, <U>5.8</U>, <U>5.11</U>, <U>5.12</U>, <U>5.14</U> and such failure continues for a period of 15 days after the earlier of
(i)&nbsp;the date on which such failure shall first become known to any officer of Borrower or (ii)&nbsp;the date on which written notice thereof is given to Administrative Borrower by Agent; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) fails to perform or observe any covenant or other agreement contained in this Agreement, or in any of the other Loan Documents, in each
case, other than any such covenant or agreement that is the subject of another provision of this <U>Section&nbsp;8</U> (in which event such other provision of this <U>Section&nbsp;8</U> shall govern), and such failure continues for a period of 30
days after the earlier of (i)&nbsp;the date on which such failure shall first become known to any officer of Borrower or (ii)&nbsp;the date on which written notice thereof is given to Administrative Borrower by Agent; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.3. <U><B>Judgments</B></U>. If one or more judgments, requirements to pay, orders, or awards for the payment of money, or requirements to
pay money, involving an aggregate amount of&nbsp;$1,000,000, or more (except to the extent fully covered (other than to the extent of customary deductibles) by insurance pursuant to which the insurer has not denied coverage) is entered or filed
against a Loan Party or any of its Subsidiaries, or with respect to any of their respective assets, and either (a)&nbsp;there is a period of 45 consecutive days at any time after the entry of any such judgment, order, or award during which
(1)&nbsp;the same is not discharged, satisfied, vacated, or bonded pending appeal, or (2)&nbsp;a stay of enforcement thereof is not in effect, or (b)&nbsp;enforcement proceedings are commenced upon such judgment, order, or award; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.4. <U><B>Voluntary Bankruptcy, etc</B>.</U> If an Insolvency Proceeding is commenced by a Loan Party or any of its Subsidiaries; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.5. <U><B>Involuntary Bankruptcy, etc</B>.</U> If an Insolvency Proceeding is commenced against a Loan Party or any of its Subsidiaries and
any of the following events occur: (a)&nbsp;such Loan Party or such Subsidiary consents to the institution of such Insolvency Proceeding against it, (b)&nbsp;the petition commencing the Insolvency Proceeding is not timely controverted, (c)&nbsp;the
petition commencing the Insolvency Proceeding is not dismissed within 60 calendar days of the date of the filing thereof, (d)&nbsp;an interim trustee is appointed to take possession of all or any substantial portion of the properties or assets of,
or to operate all or any substantial portion of the business of, such Loan Party or its Subsidiary, or (e)&nbsp;an order for relief shall have been issued or entered therein; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.6. <U><B>Default Under Other Agreements</B></U>. If there is (a)&nbsp;a default in one or more agreements to which a Loan Party or any of
its Subsidiaries is a party with one or more third Persons relative to a Loan Party&#146;s or any of its Subsidiaries&#146; Indebtedness involving an aggregate amount of&nbsp;$1,000,000 or more, and such default (i)&nbsp;occurs at the final maturity
of the obligations thereunder, or (ii)&nbsp;results in a right by such third Person, irrespective of whether exercised, to accelerate the maturity of such Loan Party&#146;s or its Subsidiary&#146;s obligations thereunder, or (b)&nbsp;a default in or
an involuntary early termination of one or more Hedge Agreements to which a Loan Party or any of its Subsidiaries is a party involving an aggregate Hedge Termination Value of&nbsp;$1,000,000 or more, beyond any grace period provided therefor; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.7. <U><B>Representations, etc</B></U>. If any warranty, representation, certificate, statement, or Record made herein or in any other Loan
Document or delivered in writing to Agent or any Lender </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-60- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
in connection with this Agreement or any other Loan Document proves to be untrue in any material respect (except that such materiality qualifier shall not be applicable to any representations and
warranties that already are qualified or modified by materiality in the text thereof) as of the date of issuance or making or deemed making thereof; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.8. <U><B>Guarantee</B></U>. If the obligation of any Guarantor under the guarantee of any of the Obligations (including any guarantee
contained in any Loan Document) is limited in any material respect or terminated by operation of law or by such Guarantor (other than in accordance with the terms of this Agreement); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.9. <U><B>Security Documents</B></U>. If any Canadian Security Document or any other Loan Document that purports to create a Lien, shall, for
any reason, fail or cease to create a valid and perfected (to the extent required thereby) and, except to the extent of Permitted Liens which are non-consensual Permitted Liens, permitted Purchase Money Liens, the interests of lessors under Capital
Leases, first priority Lien on the Collateral covered thereby, except (a)&nbsp;as a result of a disposition of the applicable Collateral in a transaction permitted under this Agreement, or (b)&nbsp;as the result of an action or failure to act on the
part of Agent; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.10. <U><B>Loan Documents</B></U>. The validity or enforceability of any Loan Document shall at any time for any reason
(other than solely as the result of an action or failure to act on the part of Agent) be declared to be null and void, or a proceeding shall be commenced by a Loan Party or its Subsidiaries, or by any Governmental Authority having jurisdiction over
a Loan Party or its Subsidiaries, seeking to establish the invalidity or unenforceability thereof, or a Loan Party or its Subsidiaries shall deny that such Loan Party or its Subsidiaries has any liability or obligation purported to be created under
any Loan Document; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.11. <B><U>Change of Control</U></B>. A Change of Control shall occur, whether directly or indirectly. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9. <B>RIGHTS AND REMEDIES</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.1.
<U><B>Rights and Remedies</B></U>. Upon the occurrence and during the continuation of an Event of Default, Agent may, and, at the instruction of the Required Lenders, shall (in each case under clauses (a)&nbsp;or (b)&nbsp;by written notice to
Administrative Borrower), in addition to any other rights or remedies provided for hereunder or under any other Loan Document or by applicable law, do any one or more of the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)(i)&nbsp;declare the principal of, and any and all accrued and unpaid interest and fees in respect of, the Loans and all other Obligations
(other than the Bank Product Obligations), whether evidenced by this Agreement or by any of the other Loan Documents to be immediately due and payable, whereupon the same shall become and be immediately due and payable and Borrower shall be
obligated to repay all of such Obligations in full, without presentment, demand, protest, or further notice or other requirements of any kind, all of which are hereby expressly waived by Borrower, and (ii)&nbsp;direct Borrower to provide (and
Borrower agrees that upon receipt of such notice Borrower will provide) Letter of Credit Collateralization to Agent to be held as security for Borrower&#146;s reimbursement obligations for drawings that may subsequently occur under issued and
outstanding Letters of Credit; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-61- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) declare the Commitments terminated, whereupon the Commitments shall immediately be terminated
together with (i)&nbsp;any obligation of any Revolving Lender to make Revolving Loans, (ii)&nbsp;the obligation of any Swing Lender to make Swing Loans, and (iii)&nbsp;the obligation of any Issuing Lender to issue, or cause the issuance of, Letters
of Credit; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) exercise all other rights and remedies available to Agent or the Lenders under the Loan Documents, under applicable
law, or in equity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing to the contrary notwithstanding, upon the occurrence of any Event of Default described in <U>Section&nbsp;8.4</U> or
<U>Section&nbsp;8.5</U>, in addition to the remedies set forth above, without any notice to Borrower or any other Person or any act by the Lender Group, the Commitments shall automatically terminate and the Obligations (other than the Bank Product
Obligations), inclusive of the principal of, and any and all accrued and unpaid interest and fees in respect of, the Loans and all other Obligations (other than the Bank Product Obligations), whether evidenced by this Agreement or by any of the
other Loan Documents, shall automatically become and be immediately due and payable and Borrower shall automatically be obligated to repay all of such Obligations in full (including Borrower being obligated to provide (and Borrower agrees that they
will provide) (1)&nbsp;Letter of Credit Collateralization to Agent to be held as security for Borrower&#146;s reimbursement obligations in respect of drawings that may subsequently occur under issued and outstanding Letters of Credit and
(2)&nbsp;Bank Product Collateralization to be held as security for Borrower&#146;s or its Subsidiaries&#146; obligations in respect of outstanding Bank Products), without presentment, demand, protest, or notice or other requirements of any kind, all
of which are expressly waived by Borrower. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.2. <U><B>Remedies Cumulative</B></U>. The rights and remedies of the Lender Group under this
Agreement, the other Loan Documents, and all other agreements shall be cumulative. The Lender Group shall have all other rights and remedies not inconsistent herewith as provided under the PPSA, by law, or in equity. No exercise by the Lender Group
of one right or remedy shall be deemed an election, and no waiver by the Lender Group of any Event of Default shall be deemed a continuing waiver. No delay by the Lender Group shall constitute a waiver, election, or acquiescence by it. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10. <B>WAIVERS; INDEMNIFICATION</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.1.
<U><B>Demand; Protest; etc</B></U>. Borrower waives demand, protest, notice of protest, notice of default or dishonor, notice of payment and nonpayment, nonpayment at maturity, release, compromise, settlement, extension, or renewal of documents,
instruments, chattel paper, and guarantees at any time held by the Lender Group pursuant to the Loan Documents on which Borrower may in any way be liable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.2. <U><B>The Lender Group&#146;s Liability for Collateral</B></U>. Borrower hereby agrees that: (a)&nbsp;so long as Agent complies with its
obligations, if any, under the PPSA, the Lender Group shall not in any way or manner be liable or responsible for: (i)&nbsp;the safekeeping of the Collateral, (ii)&nbsp;any loss or damage thereto occurring or arising in any manner or fashion from
any cause, (iii)&nbsp;any diminution in the value thereof, or (iv)&nbsp;any act or default of any carrier, warehouseman, bailee, forwarding agency, or other Person, and (b)&nbsp;all risk of loss, damage, or destruction of the Collateral shall be
borne by Borrower. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-62- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>10.3. <B><U>Indemnification</U></B>. Borrower shall pay, indemnify, defend, and hold the
Agent-Related Persons, the Lender-Related Persons, and each Participant (each, an &#147;<U>Indemnified Person</U>&#148;) harmless (to the fullest extent permitted by law) from and against any and all claims, demands, suits, actions, investigations,
proceedings, liabilities, fines, costs, penalties, and damages, and all reasonable and documented out-of-pocket fees and disbursements of attorneys, experts, or consultants and all other costs and expenses actually incurred in connection therewith
or in connection with the enforcement of this indemnification (as and when they are incurred and irrespective of whether suit is brought but without duplication of any losses, costs and expenses as to which a Borrower is liable to such Indemnified
Person pursuant to <U>Section&nbsp;2.13</U> or <U>Article 16</U>), at any time asserted against, imposed upon, or incurred by any of them (a)&nbsp;in connection with or as a result of or related to the execution and delivery (provided that Borrower
shall not be liable for costs and expenses (including lawyers&#146; fees) of any Lender (other than Wells Fargo and WF Canada) incurred in advising, structuring, drafting, reviewing, administering or syndicating the Loan Documents), enforcement,
performance, or administration (including any restructuring or workout with respect hereto) of this Agreement, any of the other Loan Documents, or the transactions contemplated hereby or thereby or the monitoring of Borrower&#146;s and its
Subsidiaries&#146; compliance with the terms of the Loan Documents (<U>provided</U>, that the indemnification in this clause (a)&nbsp;shall not extend to (i)&nbsp;disputes solely between or among the Lenders that do not involve any acts
or&nbsp;omissions of any Loan Party,&nbsp;or&nbsp;(ii) disputes solely between or among the Lenders and their respective Affiliates that do not involve any acts or&nbsp;omissions of any Loan Party; it being understood and agreed that the
indemnification in this clause (a)&nbsp;shall extend to Agent (but not the Lenders) relative to disputes between or among Agent on the one hand, and one or more Lenders, or one or more of their Affiliates, on the other hand, or (iii)&nbsp;any Taxes
or any costs attributable to Taxes, which shall be governed by <U>Section&nbsp;16</U> except to the extent arising from primarily a non-Tax claim), (b)&nbsp;with respect to any&nbsp;actual or prospective investigation, litigation, or proceeding
related to this Agreement, any other Loan Document,&nbsp;the making of any Loans or issuance of any Letters of Credit hereunder, or the use of the proceeds of the&nbsp;Loans or the Letters of Credit provided hereunder (irrespective of whether any
Indemnified Person is a party thereto), or any act, omission, event, or circumstance in any manner related thereto, and (c)&nbsp;in connection with or arising out of any presence or release of Hazardous Materials at, on, under, to or from any assets
or properties owned, leased or operated by Borrower or any of its Subsidiaries or any Environmental Actions, Environmental Liabilities or Remedial Actions related in any way to any such assets or properties of Borrower or any of its Subsidiaries
(each and all of the foregoing, the &#147;<U>Indemnified Liabilities</U>&#148;). The foregoing to the contrary notwithstanding, Borrower shall not have any obligation to any Indemnified Person under this <U>Section&nbsp;10.3</U> with respect to any
Indemnified Liability that a court of competent jurisdiction finally determines to have resulted from the gross negligence or willful misconduct of such Indemnified Person or its officers, directors, employees, lawyers, or agents. This provision
shall survive the termination of this Agreement and the repayment in full of the Obligations. If any Indemnified Person makes any payment to any other Indemnified Person with respect to an Indemnified Liability as to which Borrower were required to
indemnify the Indemnified Person receiving such payment, the Indemnified Person making such payment is entitled to be indemnified and reimbursed by Borrower with respect thereto. <B>WITHOUT LIMITATION, THE FOREGOING INDEMNITY SHALL APPLY TO EACH
INDEMNIFIED PERSON WITH RESPECT TO INDEMNIFIED LIABILITIES WHICH IN WHOLE OR IN PART ARE CAUSED BY OR ARISE OUT OF ANY NEGLIGENT ACT OR OMISSION OF SUCH INDEMNIFIED PERSON OR OF ANY OTHER PERSON. </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-63- </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">11. <B>NOTICES.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless otherwise provided in this Agreement, all notices or demands relating to this Agreement or any other Loan Document shall be in writing
and (except for financial statements and other informational documents which may be sent by first-class mail, postage prepaid) shall be personally delivered or sent by registered or certified mail (postage prepaid, return receipt requested),
overnight courier, electronic mail (at such email addresses as a party may designate in accordance herewith), or telefacsimile. In the case of notices or demands to Borrower or Borrower or Agent, as the case may be, they shall be sent to the
respective address set forth below: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD WIDTH="76%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If&nbsp;to&nbsp;Borrower&nbsp;or</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Administrative</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Borrower:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Birks Group Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2020 Robert-Bourassa Blvd.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Suite 200</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Montreal, Quebec</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">H3A 2A5</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Chief Financial Officer</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fax No.: 514-397-2537</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Email:
pdilillo@birksgroup.com</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">with&nbsp;copies&nbsp;to:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Birks Group Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2020 Robert-Bourassa Blvd.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Suite 200</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Montreal, Quebec</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">H3A 2A5</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: General Counsel</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fax No.: 514-397-2537</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Email: mmelfi@birksgroup.com</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">If to Agent:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Wells Fargo Canada Corporation</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o Wells Fargo
Capital Finance</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">One Boston Place</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">19th Floor</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MAC J9214-180</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boston, MA 02108</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fax No.: 866-328-8599</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Email:
ian.s.maccubbin@wellsfargo.com</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-64- </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Any party hereto may change the address at which they are to receive notices hereunder, by notice in writing in
the foregoing manner given to the other party. All notices or demands sent in accordance with this <U>Section&nbsp;11</U>, shall be deemed received on the earlier of the date of actual receipt or 3 Business Days after the deposit thereof in the
mail; <U>provided</U>, that (a)&nbsp;notices sent by overnight courier service shall be deemed to have been given when received, (b)&nbsp;notices by facsimile shall be deemed to have been given when sent (except that, if not given during normal
business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient) and (c)&nbsp;notices by electronic mail shall be deemed received upon the sender&#146;s receipt of an
acknowledgment from the intended recipient (such as by the &#147;return receipt requested&#148; function, as available, return email or other written acknowledgment). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12. <B>CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER; JUDICIAL REFERENCE PROVISION.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <B>THE VALIDITY OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (UNLESS EXPRESSLY PROVIDED TO THE CONTRARY IN ANOTHER LOAN DOCUMENT IN
RESPECT OF SUCH OTHER LOAN DOCUMENT), THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF AND THEREOF, THE RIGHTS OF THE PARTIES HERETO AND THERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR THEREUNDER OR RELATED HERETO OR THERETO, AND
ANY CLAIMS, CONTROVERSIES OR DISPUTES ARISING HEREUNDER OR THEREUNDER OR RELATED HERETO OR THERETO SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE PROVINCE OF ONTARIO AND THE FEDERAL LAWS OF CANADA APPLICABLE
THEREIN.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <B>THE PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS AGREEMENT AND THE OTHER LOAN
DOCUMENTS SHALL BE TRIED AND LITIGATED ONLY IN THE PROVINCE OF ONTARIO; <U>PROVIDED</U>, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT AGENT&#146;S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE AGENT
ELECTS TO BRING SUCH ACTION OR WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND. BORROWER AND EACH MEMBER OF THE LENDER GROUP WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON
CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS <U>SECTION 12(b)</U>.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <B>TO THE
MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, BORROWER AND EACH MEMBER OF THE LENDER GROUP HEREBY WAIVE THEIR RESPECTIVE RIGHTS, IF ANY, TO A JURY TRIAL OF ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION DIRECTLY OR INDIRECTLY BASED UPON OR ARISING
OUT OF ANY OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS (EACH A &#147;<U>CLAIM</U>&#148;). BORROWER AND EACH</B>
</P>
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<B>MEMBER OF THE LENDER GROUP REPRESENT THAT EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT
OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <B>BORROWER HEREBY IRREVOCABLY
AND UNCONDITIONALLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURTS LOCATED IN THE PROVINCE OF ONTARIO, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT. EACH OF THE
PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT SHALL AFFECT ANY RIGHT THAT AGENT MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <B>NO CLAIM MAY BE MADE BY ANY LOAN PARTY AGAINST AGENT, ANY SWING LENDER, ANY OTHER LENDER, ANY ISSUING LENDER, OR ANY AFFILIATE,
DIRECTOR, OFFICER, EMPLOYEE, COUNSEL, REPRESENTATIVE, AGENT, OR ATTORNEY-IN-FACT OF ANY OF THEM FOR ANY SPECIAL, INDIRECT, CONSEQUENTIAL, PUNITIVE OR EXEMPLARY DAMAGES OR LOSSES IN RESPECT OF ANY CLAIM FOR BREACH OF CONTRACT OR ANY OTHER THEORY OF
LIABILITY ARISING OUT OF OR RELATED TO THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR ANY ACT, OMISSION, OR EVENT OCCURRING IN CONNECTION THEREWITH, AND EACH LOAN PARTY HEREBY WAIVES, RELEASES, AND AGREES NOT TO SUE
UPON ANY CLAIM FOR SUCH DAMAGES, WHETHER OR NOT ACCRUED AND WHETHER OR NOT KNOWN OR SUSPECTED TO EXIST IN ITS FAVOR.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">13. <B>ASSIGNMENTS AND
PARTICIPATIONS; SUCCESSORS.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13.1. <U><B>Assignments and Participations</B>.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) (i) Subject to the conditions set forth in clause (a)(ii) below, any Lender may assign and delegate all or any portion of its rights and
duties under the Loan Documents (including the Obligations owed to it and its Commitments) to one or more assignees so long as such prospective assignee is an Eligible Transferee (each, an &#147;<U>Assignee</U>&#148;), with the prior written consent
(such consent not to be unreasonably withheld or delayed) of: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(A) Administrative Borrower; <U>provided</U>, that no consent of
Administrative Borrower shall be required (1)&nbsp;if an Event of Default has occurred and is continuing, or (2)&nbsp;in connection with an assignment to a Person that is a Lender or an Affiliate </P>
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(other than natural persons) of a Lender or a Related Fund; <U>provided further</U>, that Administrative Borrower shall be deemed to have consented to a proposed assignment unless it objects
thereto by written notice to Agent within 10 Business Days after having received notice thereof; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(B) Agent, Swing Lenders, and
Issuing Lenders; provided that no such consent shall be required in connection with an assignment to a Person that is a Lender or an Affiliate of a Lender (other than a natural person). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) Assignments shall be subject to the following additional conditions: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(A) no assignment may be made to a natural person, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(B) no assignment may be made to a Loan Party or an Affiliate of a Loan Party, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(C) the amount of the Commitments and the other rights and obligations of the assigning Lender hereunder and under the other Loan Documents
subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to Agent) shall be in a minimum amount (unless waived by Agent) of $5,000,000 (except such minimum amount shall not
apply to (I)&nbsp;an assignment or delegation by any Lender to any other Lender, an Affiliate of any Lender, or a Related Fund of such Lender or (II)&nbsp;a group of new Lenders, each of which is an Affiliate of each other or a Related Fund of such
new Lender to the extent that the aggregate amount to be assigned to all such new Lenders is at least&nbsp;$5,000,000), </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(D) each partial
assignment shall be made as an assignment of a proportionate part of all the assigning Lender&#146;s rights and obligations under this Agreement, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(E) the parties to each assignment shall execute and deliver to Agent an Assignment and Acceptance; <U>provided</U>, that Borrower and Agent
may continue to deal solely and directly with the assigning Lender in connection with the interest so assigned to an Assignee until written notice of such assignment, together with payment instructions, addresses, and related information with
respect to the Assignee, have been given to Administrative Borrower and Agent by such Lender and the Assignee, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(F) unless waived by
Agent, the assigning Lender or Assignee has paid to Agent, for Agent&#146;s separate account, a processing fee in the amount of $3,500, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(G) the Assignee, if it is not a Lender, shall deliver to Agent an Administrative Questionnaire in a form approved by Agent (the
&#147;<U>Administrative Questionnaire</U>&#148;), and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(H) the Assignee shall have the ability to make Revolving Loans in accordance with
the terms of this Agreement, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) From and after the date that Agent receives the executed Assignment and Acceptance and, if applicable,
payment of the required processing fee, (i)&nbsp;the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned </P>
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to it pursuant to such Assignment and Acceptance, shall be a &#147;Lender&#148; and shall have the rights and obligations of a Lender under the Loan Documents, and (ii)&nbsp;the assigning Lender
shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights (except with respect to <U>Section&nbsp;10.3</U>) and be
released from any future obligations under this Agreement (and in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender&#146;s rights and obligations under this Agreement and the other Loan Documents,
such Lender shall cease to be a party hereto and thereto); <U>provided</U>, that nothing contained herein shall release any assigning Lender from obligations that survive the termination of this Agreement, including such assigning Lender&#146;s
obligations under <U>Section&nbsp;15</U> and <U>Section&nbsp;17.9(a)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) By executing and delivering an Assignment and Acceptance,
the assigning Lender thereunder and the Assignee thereunder confirm to and agree with each other and the other parties hereto as follows: (i)&nbsp;other than as provided in such Assignment and Acceptance, such assigning Lender makes no
representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with this Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or
value of this Agreement or any other Loan Document furnished pursuant hereto, (ii)&nbsp;such assigning Lender makes no representation or warranty and assumes no responsibility with respect to the financial condition of any Loan Party or the
performance or observance by any Loan Party of any of its obligations under this Agreement or any other Loan Document furnished pursuant hereto, (iii)&nbsp;such Assignee confirms that it has received a copy of this Agreement, together with such
other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance, (iv)&nbsp;such Assignee will, independently and without reliance upon Agent, such assigning
Lender or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement, (v)&nbsp;such Assignee appoints and
authorizes Agent to take such actions and to exercise such powers under this Agreement and the other Loan Documents as are delegated to Agent, by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, and
(vi)&nbsp;such Assignee agrees that it will perform all of the obligations which by the terms of this Agreement are required to be performed by it as a Lender. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Immediately upon Agent&#146;s receipt of the required processing fee, if applicable, and delivery of notice to the assigning Lender
pursuant to <U>Section&nbsp;13.1(b)</U>, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The
Commitment allocated to each Assignee shall reduce such Commitments of the assigning Lender pro tanto. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Any Lender may at any time sell
to one or more commercial banks, financial institutions, or other Persons (a &#147;<U>Participant</U>&#148;) participating interests in all or any portion of its Obligations, its Commitment, and the other rights and interests of that Lender (the
&#147;<U>Originating Lender</U>&#148;) hereunder and under the other Loan Documents; <U>provided</U>, that (i)&nbsp;the Originating Lender shall remain a &#147;Lender&#148; for all purposes of this Agreement and the other Loan Documents and the
Participant receiving the participating interest in the Obligations, the Commitments, and the other rights and interests of the Originating Lender hereunder shall not constitute a &#147;Lender&#148; hereunder
</P>
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or under the other Loan Documents and the Originating Lender&#146;s obligations under this Agreement shall remain unchanged, (ii)&nbsp;the Originating Lender shall remain solely responsible for
the performance of such obligations, (iii)&nbsp;Borrower, Agent, and the Lenders shall continue to deal solely and directly with the Originating Lender in connection with the Originating Lender&#146;s rights and obligations under this Agreement and
the other Loan Documents, (iv)&nbsp;no Lender shall transfer or grant any participating interest under which the Participant has the right to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan
Document, except to the extent such amendment to, or consent or waiver with respect to this Agreement or of any other Loan Document would (A)&nbsp;extend the final maturity date of the Obligations hereunder in which such Participant is
participating, (B)&nbsp;reduce the interest rate applicable to the Obligations hereunder in which such Participant is participating, (C)&nbsp;release all or substantially all of the Collateral or guaranties (except to the extent expressly provided
herein or in any of the Loan Documents) supporting the Obligations hereunder in which such Participant is participating, (D)&nbsp;postpone the payment of, or reduce the amount of, the interest or fees payable to such Participant through such Lender
(other than a waiver of default interest), or (E)&nbsp;decreases the amount or postpones the due dates of scheduled principal repayments or prepayments or premiums payable to such Participant through such Lender, (v)&nbsp;no participation shall be
sold to a natural person, (vi)&nbsp;no participation shall be sold to a Loan Party or an Affiliate of a Loan Party, and (vii)&nbsp;all amounts payable by Borrower hereunder shall be determined as if such Lender had not sold such participation,
except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set off
in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Agreement. The rights of any Participant only shall be
derivative through the Originating Lender with whom such Participant participates and no Participant shall have any rights under this Agreement or the other Loan Documents or any direct rights as to the other Lenders, Agent, Borrower, the
Collateral, or otherwise in respect of the Obligations. No Participant shall have the right to participate directly in the making of decisions by the Lenders among themselves. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) In connection with any such assignment or participation or proposed assignment or participation or any grant of a security interest in, or
pledge of, its rights under and interest in this Agreement, a Lender may, subject to the provisions of <U>Section&nbsp;17.9</U>, disclose all documents and information which it now or hereafter may have relating to Borrower and its Subsidiaries and
their respective businesses. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) Any other provision in this Agreement notwithstanding, any Lender may at any time create a security
interest in, or pledge, all or any portion of its rights under and interest in this Agreement in favor of the Bank of Canada and the Bank of Canada may enforce such pledge or security interest in any manner permitted under applicable law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) Agent (acting solely for this purpose as a non-fiduciary agent on behalf of Borrower) shall maintain, or cause to be maintained, a register
(the &#147;<U>Register</U>&#148;) on which it enters the name and address of each Lender as the registered owner of the Revolver Commitments (and the principal amount thereof and stated interest thereon) held by such Lender (each, a
&#147;<U>Registered Loan</U>&#148;). Other than in connection with an assignment by a Lender of all or any portion of its portion of the Revolver Commitments to an Affiliate of such Lender or a Related Fund of such
</P>
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Lender (i)&nbsp;a Registered Loan (and the registered note, if any, evidencing the same) may be assigned or sold in whole or in part only by registration of such assignment or sale on the
Register (and each registered note shall expressly so provide) and (ii)&nbsp;any assignment or sale of all or part of such Registered Loan (and the registered note, if any, evidencing the same) may be effected only by registration of such assignment
or sale on the Register, together with the surrender of the registered note, if any, evidencing the same duly endorsed by (or accompanied by a written instrument of assignment or sale duly executed by) the holder of such registered note, whereupon,
at the request of the designated assignee(s) or transferee(s), one or more new registered notes in the same aggregate principal amount shall be issued to the designated assignee(s) or transferee(s). Prior to the registration of assignment or sale of
any Registered Loan (and the registered note, if any evidencing the same), Borrower shall treat the Person in whose name such Registered Loan (and the registered note, if any, evidencing the same) is registered as the owner thereof for the purpose
of receiving all payments thereon and for all other purposes, notwithstanding notice to the contrary. In the case of any assignment by a Lender of all or any portion of its Revolver Commitments to an Affiliate of such Lender or a Related Fund of
such Lender, and which assignment is not recorded in the Register, the assigning Lender, on behalf of Borrower, shall maintain a register comparable to the Register. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) In the event that a Lender sells participations in the Registered Loan, such Lender, acting solely for this purpose as a non-fiduciary
agent on behalf of Borrower, shall maintain (or cause to be maintained) a register on which it enters the name of all participants in the Registered Loans held by it (and the principal amount (and stated interest thereon) of the portion of such
Registered Loans that is subject to such participations) (the &#147;<U>Participant Register</U>&#148;). A Registered Loan (and the registered note, if any, evidencing the same) may be participated in whole or in part only by registration of such
participation on the Participant Register (and each registered note shall expressly so provide). Any participation of such Registered Loan (and the registered note, if any, evidencing the same) may be effected only by the registration of such
participation on the Participant Register. For the avoidance of doubt, the Agent (in its capacity as Agent) shall have no responsibility for maintaining a Participant Register. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) Agent shall make a copy of the Register (and each Lender shall make a copy of its Participant Register to the extent it has one) available
for review by Borrower from time to time as Borrower may reasonably request. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13.2. <U><B>Successors</B></U>. This Agreement shall bind
and inure to the benefit of the respective successors and assigns of each of the parties; <U>provided</U>, that Borrower may not assign this Agreement or any rights or duties hereunder without the Lenders&#146; prior written consent and any
prohibited assignment shall be absolutely void ab initio. No consent to assignment by the Lenders shall release Borrower from its Obligations. A Lender may assign this Agreement and the other Loan Documents and its rights and duties hereunder and
thereunder pursuant to <U>Section 13.1</U> and, except as expressly required pursuant to <U>Section&nbsp;13.1</U>, no consent or approval by Borrower is required in connection with any such assignment. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">14. <B>AMENDMENTS; WAIVERS.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14.1. <U><B>Amendments and Waivers</B></U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) No amendment, waiver or other modification of any provision of this Agreement or any other Loan Document (other than Bank Product
Agreements or the Fee Letter), and no consent with respect to any departure by Borrower or Borrower therefrom, shall be effective unless the same shall be in writing and signed by the Required Lenders (or by Agent at the written request of the
Required Lenders) and the Loan Parties that are party thereto and then any such waiver or consent shall be effective, but only in the specific instance and for the specific purpose for which given; <U>provided</U>, that no such waiver, amendment, or
consent shall, unless in writing and signed by all of the Lenders directly and adversely affected thereby and in the case of an amendment, all of the Loan Parties that are party thereto, do any of the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(i) increase the amount of or extend the expiration date of any Commitment of any Lender (except as contemplated by <U>Section&nbsp;2.16</U>)
or amend, modify, or eliminate the fifth sentence of <U>Section&nbsp;2.4(c)</U>, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(ii) postpone or delay any date fixed by this Agreement
or any other Loan Document for any payment of principal, interest, fees, or other amounts due hereunder or under any other Loan Document, <U>provided</U>, <U>however</U>, that, notwithstanding anything to the contrary in this Agreement, any waiver
(or amendment to the terms) of any mandatory prepayment of Advances pursuant to <U>Section&nbsp;2.4(e)</U> shall be effective when signed or consented to by the Required Lenders and Agent, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(iii) reduce the principal of, or the rate of interest on, any Loan or other extension of credit hereunder, or reduce any fees or other
amounts payable hereunder or under any other Loan Document (except in connection with the waiver of applicability of <U>Section&nbsp;2.6(c)</U> (which waiver shall be effective with the written consent of the Required Lenders, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(iv) amend, modify, or eliminate this Section or any provision of this Agreement providing for consent or other action by all Lenders, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(v) amend, modify, or eliminate <U>Section&nbsp;3.1</U> or <U>3.2</U>, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(vi) amend, modify, or eliminate <U>Section&nbsp;15.11</U>, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(vii) other than as permitted by <U>Section&nbsp;15.11</U>, release Agent&#146;s Lien in and to any of the Collateral, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(viii) amend, modify, or eliminate the definitions of &#147;Required Lenders&#148;, &#147;Supermajority Lenders&#148; or &#147;Pro Rata
Share&#148;, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(ix) contractually subordinate any of Agent&#146;s Liens (other than in respect of Permitted Liens securing Capital Leases
or Permitted Purchase Money Indebtedness permitted hereunder), </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-71- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(x) other than in connection with a merger, amalgamation, liquidation, dissolution or sale of
such Person expressly permitted by the terms hereof or the other Loan Documents, release Borrower or any Guarantor from any obligation for the payment of money or consent to the assignment or transfer by Borrower or any Guarantor of any of its
rights or duties under this Agreement or the other Loan Documents, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(xi) amend, modify, or eliminate any of the provisions of
<U>Section&nbsp;2.4(b)(i)</U> or <U>(ii)</U>, or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(xii) amend, modify, or eliminate any of the provisions of <U>Section&nbsp;13.1</U> with
respect to assignments to, or participations with, Persons who are Loan Parties or Affiliates of Loan Parties; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) No amendment, waiver,
modification, or consent shall amend, modify, waive, or eliminate, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(i) the definition of, or any of the terms or provisions of, the Fee
Letter, without the written consent of Agent and Borrower (and shall not require the written consent of any of the Lenders), </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(ii) any
provision of <U>Section&nbsp;15</U> pertaining to Agent, or any other rights or duties of Agent under this Agreement or the other Loan Documents, without the written consent of Agent, Borrower, and the Required Lenders; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) No amendment, waiver, modification, elimination, or consent shall amend, without written consent of Agent, Borrower and the Supermajority
Lenders, modify, or eliminate the definition of Borrowing Base or any of the defined terms (including the definitions of Eligible Accounts, Eligible Credit Card Receivables and Eligible Inventory that are used in such definition to the extent that
any such change results in more credit being made available to Borrower based upon the Borrowing Base, but not otherwise, or the definition of Maximum Credit Amount; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(d) No amendment, waiver, modification, elimination, or consent shall amend, modify, or waive any provision of this Agreement or the other
Loan Documents pertaining to an Issuing Lender, or any other rights or duties an Issuing Lender under this Agreement or the other Loan Documents, without the written consent of such Issuing Lender, Agent, Borrower, and the Required Lenders; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(e) No amendment, waiver, modification, elimination, or consent shall amend, modify, or waive any provision of this Agreement or the other
Loan Documents pertaining to a Swing Lender, or any other rights or duties of a Swing Lender under this Agreement or the other Loan Documents, without the written consent of such Swing Lender, Agent, Borrower, and the Required Lenders; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(f) Anything in this <U>Section&nbsp;14.1</U> to the contrary notwithstanding, (i)&nbsp;any amendment, modification, elimination, waiver,
consent, termination, or release of, or with respect to, any provision of this Agreement or any other Loan Document that relates only to the relationship of the Lender Group among themselves, and that does not affect the rights or obligations of
Borrower, shall not require consent by or the agreement of any Loan Party, and </P>
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(ii)&nbsp;any amendment, waiver, modification, elimination, or consent of or with respect to any provision of this Agreement or any other Loan Document may be entered into without the consent of,
or over the objection of, any Defaulting Lender other than any of the matters governed by <U>Section&nbsp;14.1(a)(i) through (iii)</U>&nbsp;that affect such Lender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14.2. <U><B>Replacement of Certain Lenders</B></U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) If (i)&nbsp;any action to be taken by the Lender Group or Agent hereunder requires the consent, authorization, or agreement of the
Required Lenders, the Supermajority Lenders or all Lenders directly and adversely affected thereby and if such action has received the consent, authorization, or agreement of the Required Lenders but not of all Lenders, the Supermajority Lenders but
not of all Lenders or all Lenders affected thereby, or (ii)&nbsp;any Lender makes a claim for compensation under <U>Section&nbsp;16</U>, then Borrower or Agent, upon at least 5 Business Days prior irrevocable notice, may permanently replace any
Lender that failed to give its consent, authorization, or agreement (a &#147;<U>Non-Consenting Lender</U>&#148;), together with its Affiliates, or any Lender that made a claim for compensation (a &#147;<U>Tax Lender</U>&#148;), together with its
Affiliates, with one or more Replacement Lenders, and the Non-Consenting Lender (and its Affiliates) or Tax Lender (and its Affiliates), as applicable, shall have no right to refuse to be replaced hereunder. Such notice to replace the Non-Consenting
Lender (and its Affiliates) or Tax Lender (and its Affiliates), as applicable, shall specify an effective date for such replacement, which date shall not be later than 15 Business Days after the date such notice is given. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Prior to the effective date of such replacement, the Non-Consenting Lender (and its Affiliates) or Tax Lender (and its Affiliates), as
applicable, and each Replacement Lender shall execute and deliver an Assignment and Acceptance, subject only to the Non-Consenting Lender (and its Affiliates) or Tax Lender (and its Affiliates), as applicable, being repaid in full its share of the
outstanding Obligations (without any premium or penalty of any kind whatsoever, but including (i)&nbsp;all interest, fees and other amounts that may be due in payable in respect thereof, and (ii)&nbsp;an assumption of its Pro Rata Share of
participations in the Letters of Credit). If the Non-Consenting Lender (and its Affiliates) or Tax Lender (and its Affiliates), as applicable, shall refuse or fail to execute and deliver any such Assignment and Acceptance prior to the effective date
of such replacement, Agent may, but shall not be required to, execute and deliver such Assignment and Acceptance in the name or and on behalf of the Non-Consenting Lender (and its Affiliates) or Tax Lender (and its Affiliates), as applicable, and
irrespective of whether Agent executes and delivers such Assignment and Acceptance, the Non-Consenting Lender (and its Affiliates) or Tax Lender (and its Affiliates), as applicable, shall be deemed to have executed and delivered such Assignment and
Acceptance. The replacement of any Non-Consenting Lender (and its Affiliates) or Tax Lender (and its Affiliates), as applicable, shall be made in accordance with the terms of <U>Section&nbsp;14.2</U>. Until such time as one or more Replacement
Lenders shall have acquired all of the Obligations, the Commitments, and the other rights and obligations of the Non-Consenting Lender (and its Affiliates) or Tax Lender (and its Affiliates), as applicable, hereunder and under the other Loan
Documents, the Non-Consenting Lender (and its Affiliates) or Tax Lender (and its Affiliates), as applicable, shall remain obligated to make the Non-Consenting Lender&#146;s (and its Affiliates&#146;) or Tax Lender&#146;s (and its Affiliates&#146;),
as applicable, Pro Rata Share of Revolving Loans and to purchase a participation in each Letter of Credit, in an amount equal to its Pro Rata Share of participations in such Letters of Credit. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14.3. <U><B>No Waivers; Cumulative Remedies</B></U>. No failure by Agent or any Lender to
exercise any right, remedy, or option under this Agreement or any other Loan Document, or delay by Agent or any Lender in exercising the same, will operate as a waiver thereof. No waiver by Agent or any Lender will be effective unless it is in
writing, and then only to the extent specifically stated. No waiver by Agent or any Lender on any occasion shall affect or diminish Agent&#146;s and each Lender&#146;s rights thereafter to require strict performance by Borrower of any provision of
this Agreement. Agent&#146;s and each Lender&#146;s rights under this Agreement and the other Loan Documents will be cumulative and not exclusive of any other right or remedy that Agent or any Lender may have. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">15. <B>AGENT; THE LENDER GROUP.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15.1.
<U><B>Appointment and Authorization of Agent</B></U>. Each Lender hereby designates and appoints WF Canada as its agent under this Agreement and the other Loan Documents and each Lender hereby irrevocably authorizes (and by entering into a Bank
Product Agreement, each Bank Product Provider shall be deemed to designate, appoint, and authorize) Agent to execute and deliver each of the other Loan Documents on its behalf and to take such other action on its behalf under the provisions of this
Agreement and each other Loan Document and to exercise such powers and perform such duties as are expressly delegated to Agent by the terms of this Agreement or any other Loan Document, together with such powers as are reasonably incidental thereto.
Agent agrees to act as agent for and on behalf of the Lenders (and the Bank Product Providers) on the conditions contained in this <U>Section&nbsp;15</U>. Any provision to the contrary contained elsewhere in this Agreement or in any other Loan
Document notwithstanding, Agent shall not have any duties or responsibilities, except those expressly set forth herein or in the other Loan Documents, nor shall Agent have or be deemed to have any fiduciary relationship with any Lender (or Bank
Product Provider), and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against Agent. Without limiting the generality of the
foregoing, the use of the term &#147;agent&#148; in this Agreement or the other Loan Documents with reference to Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable
law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only a representative relationship between independent contracting parties. Each Lender hereby further authorizes (and by entering into a Bank
Product Agreement, each Bank Product Provider shall be deemed to authorize) Agent to act as the secured party under each of the Loan Documents that create a Lien on any item of Collateral. Except as expressly otherwise provided in this Agreement,
Agent shall have and may use its sole discretion with respect to exercising or refraining from exercising any discretionary rights or taking or refraining from taking any actions that Agent expressly is entitled to take or assert under or pursuant
to this Agreement and the other Loan Documents. Without limiting the generality of the foregoing, or of any other provision of the Loan Documents that provides rights or powers to Agent, Lenders agree that Agent shall have the right to exercise the
following powers as long as this Agreement remains in effect: (a)&nbsp;maintain, in accordance with its customary business practices, ledgers and records reflecting the status of the Obligations, the Collateral, payments and proceeds of Collateral,
and related matters, (b)&nbsp;execute or file any and all financing or similar statements or notices, amendments, renewals, supplements, documents, instruments, proofs of claim, notices and other written agreements with respect to the Loan
Documents, (c)&nbsp;make Revolving Loans, for itself or on behalf of Lenders, as provided in the Loan Documents, (d)&nbsp;exclusively receive, apply, and distribute payments and proceeds of the </P>
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Collateral as provided in the Loan Documents, (e)&nbsp;open and maintain such bank accounts and cash management arrangements as Agent deems necessary and appropriate in accordance with the Loan
Documents for the foregoing purposes, (f)&nbsp;perform, exercise, and enforce any and all other rights and remedies of the Lender Group with respect to Borrower or its Subsidiaries, the Obligations, the Collateral, or otherwise related to any of
same as provided in the Loan Documents, and (g)&nbsp;incur and pay such Lender Group Expenses as Agent may deem necessary or appropriate for the performance and fulfillment of its functions and powers pursuant to the Loan Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15.2. <U><B>[Intentionally Omitted]</B></U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15.3. <U><B>Liability of Agent</B></U>. None of the Agent-Related Persons shall (a)&nbsp;be liable for any action taken or omitted to be taken
by any of them under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby (except for its own gross negligence or willful misconduct), or (b)&nbsp;be responsible in any manner to any of the Lenders
(or Bank Product Providers) for any recital, statement, representation or warranty made by Borrower or any of its Subsidiaries or Affiliates, or any officer or director thereof, contained in this Agreement or in any other Loan Document, or in any
certificate, report, statement or other document referred to or provided for in, or received by Agent under or in connection with, this Agreement or any other Loan Document, or the validity, effectiveness, genuineness, enforceability or sufficiency
of this Agreement or any other Loan Document, or for any failure of Borrower or its Subsidiaries or any other party to any Loan Document to perform its obligations hereunder or thereunder. No Agent-Related Person shall be under any obligation to any
Lenders (or Bank Product Providers) to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the books and records or properties
of Borrower or its Subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15.4. <U><B>Reliance by Agent</B></U>. Agent shall be entitled to rely, and shall be fully protected in
relying, upon any writing, resolution, notice, consent, certificate, affidavit, letter, telegram, telefacsimile or other electronic method of transmission, telex or telephone message, statement or other document or conversation believed by it to be
genuine and correct and to have been signed, sent, or made by the proper Person or Persons, and upon advice and statements of legal counsel (including counsel to Borrower or counsel to any Lender), independent accountants and other experts selected
by Agent. Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless Agent shall first receive such advice or concurrence of the Lenders as it deems appropriate and until such
instructions are received, Agent shall act, or refrain from acting, as it deems advisable. If Agent so requests, it shall first be indemnified to its reasonable satisfaction by the Lenders (and, if it so elects, the Bank Product Providers) against
any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Loan
Document in accordance with a request or consent of the Required Lenders and such request and any action taken or failure to act pursuant thereto shall be binding upon all of the Lenders (and Bank Product Providers). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15.5. <U><B>Notice of Default or Event of Default</B></U>. Agent shall not be deemed to have knowledge or notice of the occurrence of any
Default or Event of Default, except with respect to defaults in the payment of principal, interest, fees, and expenses required to be paid to Agent for the account of the Lenders and, except with respect to Events of Default of which Agent has
actual </P>
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knowledge, unless Agent shall have received written notice from a Lender or Borrower referring to this Agreement, describing such Default or Event of Default, and stating that such notice is a
&#147;notice of default.&#148; Agent promptly will notify the Lenders of its receipt of any such notice or of any Event of Default of which Agent has actual knowledge. If any Lender obtains actual knowledge of any Event of Default, such Lender
promptly shall notify the other Lenders and Agent of such Event of Default. Each Lender shall be solely responsible for giving any notices to its Participants, if any. Subject to <U>Section&nbsp;15.4</U>, Agent shall take such action with respect to
such Default or Event of Default as may be requested by the Required Lenders in accordance with <U>Section&nbsp;9</U>; <U>provided</U>, that unless and until Agent has received any such request, Agent may (but shall not be obligated to) take such
action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15.6.
<U><B>Credit Decision</B></U>. Each Lender (and Bank Product Provider) acknowledges that none of the Agent-Related Persons has made any representation or warranty to it, and that no act by Agent hereinafter taken, including any review of the affairs
of Borrower and its Subsidiaries or Affiliates, shall be deemed to constitute any representation or warranty by any Agent-Related Person to any Lender (or Bank Product Provider). Each Lender represents (and by entering into a Bank Product Agreement,
each Bank Product Provider shall be deemed to represent) to Agent that it has, independently and without reliance upon any Agent-Related Person and based on such due diligence, documents and information as it has deemed appropriate, made its own
appraisal of an investigation into the business, prospects, operations, property, financial and other condition and creditworthiness of Borrower or any other Person party to a Loan Document, and all applicable bank regulatory laws relating to the
transactions contemplated hereby, and made its own decision to enter into this Agreement and to extend credit to Borrower. Each Lender also represents (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to
represent) that it will, independently and without reliance upon any Agent-Related Person and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in
taking or not taking action under this Agreement and the other Loan Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and
creditworthiness of Borrower or any other Person party to a Loan Document. Except for notices, reports, and other documents expressly herein required to be furnished to the Lenders by Agent, Agent shall not have any duty or responsibility to provide
any Lender (or Bank Product Provider) with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of Borrower or any other Person party to a Loan Document that may
come into the possession of any of the Agent-Related Persons. Each Lender acknowledges (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to acknowledge) that Agent does not have any duty or responsibility,
either initially or on a continuing basis (except to the extent, if any, that is expressly specified herein) to provide such Lender (or Bank Product Provider) with any credit or other information with respect to Borrower, its Affiliates or any of
their respective business, legal, financial or other affairs, and irrespective of whether such information came into Agent&#146;s or its Affiliates&#146; or representatives&#146; possession before or after the date on which such Lender became a
party to this Agreement (or such Bank Product Provider entered into a Bank Product Agreement). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15.7. <U><B>Costs and Expenses;
Indemnification</B></U>. Agent may incur and pay Lender Group Expenses to the extent Agent reasonably deems necessary or appropriate for the </P>
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performance and fulfillment of its functions, powers, and obligations pursuant to the Loan Documents, including court costs, legal fees and expenses, fees and expenses of financial accountants,
advisors, consultants, and appraisers, costs of collection by outside collection agencies, auctioneer fees and expenses, and costs of security guards or insurance premiums paid to maintain the Collateral, whether or not Borrower are obligated to
reimburse Agent or Lenders for such expenses pursuant to this Agreement or otherwise. Agent is authorized and directed to deduct and retain sufficient amounts from payments or proceeds of the Collateral received by Agent to reimburse Agent for such
out-of-pocket costs and expenses prior to the distribution of any amounts to Lenders (or Bank Product Providers). In the event Agent is not reimbursed for such costs and expenses by Borrower or its Subsidiaries, each Lender hereby agrees that it is
and shall be obligated to pay to Agent such Lender&#146;s ratable thereof. Whether or not the transactions contemplated hereby are consummated, each of the Lenders, on a ratable basis, shall indemnify and defend the Agent-Related Persons (to the
extent not reimbursed by or on behalf of Borrower and without limiting the obligation of Borrower to do so) from and against any and all Indemnified Liabilities; <U>provided</U>, that no Lender shall be liable for the payment to any Agent-Related
Person of any portion of such Indemnified Liabilities resulting solely from such Person&#146;s gross negligence or willful misconduct nor shall any Lender be liable for the obligations of any Defaulting Lender in failing to make a Revolving Loan or
other extension of credit hereunder. Without limitation of the foregoing, each Lender shall reimburse Agent upon demand for such Lender&#146;s ratable share of any costs or out of pocket expenses (including attorneys, accountants, advisors, and
consultants fees and expenses) incurred by Agent in connection with the preparation, execution, delivery, administration, modification, amendment, or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in
respect of rights or responsibilities under, this Agreement or any other Loan Document to the extent that Agent is not reimbursed for such expenses by or on behalf of Borrower. The undertaking in this Section shall survive the payment of all
Obligations hereunder and the resignation or replacement of Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15.8. <U><B>Agent in Individual Capacity</B></U>. WF Canada and its
Affiliates may make loans to, issue letters of credit for the account of, accept deposits from, provide Bank Products to, acquire Equity Interests in, and generally engage in any kind of banking, trust, financial advisory, underwriting, or other
business with Borrower and its Subsidiaries and Affiliates and any other Person party to any Loan Document as though WF Canada were not Agent hereunder, and, in each case, without notice to or consent of the other members of the Lender Group. The
other members of the Lender Group acknowledge (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to acknowledge) that, pursuant to such activities, WF Canada or its Affiliates may receive information regarding
Borrower or its Affiliates or any other Person party to any Loan Documents that is subject to confidentiality obligations in favor of Borrower or such other Person and that prohibit the disclosure of such information to the Lenders (or Bank Product
Providers), and the Lenders acknowledge (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to acknowledge) that, in such circumstances (and in the absence of a waiver of such confidentiality obligations, which
waiver Agent will use its reasonable best efforts to obtain), Agent shall not be under any obligation to provide such information to them. The terms &#147;Lender&#148; and &#147;Lenders&#148; include WF Canada in its individual capacity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15.9. <U><B>Successor Agent</B></U>. Agent may resign as Agent upon 30 days prior written notice to the Lenders (unless such notice is waived
by the Required Lenders) and Borrower (unless such </P>
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notice is waived by Borrower) and without any notice to the Bank Product Providers. If Agent resigns under this Agreement, the Required Lenders shall be entitled, with (so long as no Event of
Default has occurred and is continuing) the consent of Borrower (such consent not to be unreasonably withheld, delayed, or conditioned), appoint a successor Agent for the Lenders (and the Bank Product Providers). If, at the time that Agent&#146;s
resignation is effective, it is acting as an Issuing Lender or a Swing Lender, such resignation shall also operate to effectuate its resignation as such Issuing Lender or such Swing Lender, as applicable, and it shall automatically be relieved of
any further obligation to issue Letters of Credit, or to make Swing Loans. If no successor Agent is appointed prior to the effective date of the resignation of Agent, Agent may appoint, after consulting with the Lenders and Borrower, a successor
Agent. If Agent has materially breached or failed to perform any material provision of this Agreement or of applicable law, the Required Lenders may agree in writing to remove and replace Agent with a successor Agent from among the Lenders with (so
long as no Event of Default has occurred and is continuing) the consent of Borrower (such consent not to be unreasonably withheld, delayed, or conditioned). In any such event, upon the acceptance of its appointment as successor Agent hereunder, such
successor Agent shall succeed to all the rights, powers, and duties of the retiring Agent and the term &#147;Agent&#148; shall mean such successor Agent and the retiring Agent&#146;s appointment, powers, and duties as Agent shall be terminated.
After any retiring Agent&#146;s resignation hereunder as Agent, the provisions of this <U>Section&nbsp;15</U> shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent under this Agreement. If no successor
Agent has accepted appointment as Agent by the date which is 30 days following a retiring Agent&#146;s notice of resignation, the retiring Agent&#146;s resignation shall nevertheless thereupon become effective and the Lenders shall perform all of
the duties of Agent hereunder until such time, if any, as the Lenders appoint a successor Agent as provided for above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15.10.
<U><B>Lender in Individual Capacity</B></U>. Any Lender and its respective Affiliates may make loans to, issue letters of credit for the account of, accept deposits from, provide Bank Products to, acquire Equity Interests in and generally engage in
any kind of banking, trust, financial advisory, underwriting, or other business with Borrower and its Subsidiaries and Affiliates and any other Person party to any Loan Documents as though such Lender were not a Lender hereunder without notice to or
consent of the other members of the Lender Group (or the Bank Product Providers). The other members of the Lender Group acknowledge (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to acknowledge) that,
pursuant to such activities, such Lender and its respective Affiliates may receive information regarding Borrower or its Affiliates or any other Person party to any Loan Documents that is subject to confidentiality obligations in favor of Borrower
or such other Person and that prohibit the disclosure of such information to the Lenders, and the Lenders acknowledge (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to acknowledge) that, in such
circumstances (and in the absence of a waiver of such confidentiality obligations, which waiver such Lender will use its reasonable best efforts to obtain), such Lender shall not be under any obligation to provide such information to them. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15.11. <U><B>Collateral Matters</B></U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Lenders hereby irrevocably authorize (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to
authorize) Agent to release any Lien on any Collateral (i)&nbsp;upon the termination of the Commitments and payment and </P>
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satisfaction in full by Borrower of all of the Obligations, (ii)&nbsp;constituting property being sold or disposed of if a release is required or desirable in connection therewith and if Borrower
certify to Agent that the sale or disposition is permitted under <U>Section&nbsp;6.4</U> (and Agent may rely conclusively on any such certificate, without further inquiry), (iii)&nbsp;constituting property in which neither Borrower nor any of its
Subsidiaries owned any interest at the time Agent&#146;s Lien was granted nor at any time thereafter, (iv)&nbsp;constituting property leased or licensed to Borrower or its Subsidiaries under a lease or license that has expired or is terminated in a
transaction permitted under this Agreement, or (v)&nbsp;in connection with a credit bid or purchase authorized under this <U>Section&nbsp;15.11</U>. The Loan Parties and the Lenders hereby irrevocably authorize (and by entering into a Bank Product
Agreement, each Bank Product Provider shall be deemed to authorize) Agent, based upon the instruction of the Required Lenders, to (a)&nbsp;consent to the sale of, credit bid or purchase (either directly or indirectly through one or more entities)
all or any portion of the Collateral at any sale thereof conducted under the provisions of the Bankruptcy Code, or similar Insolvency Laws in any other relevant jurisdiction, including Section&nbsp;363 of the Bankruptcy Code, (b)&nbsp;credit bid or
purchase (either directly or indirectly through one or more entities) all or any portion of the Collateral at any sale or other disposition thereof conducted under the provisions of the PPSA, including pursuant to Sections <FONT
STYLE="white-space:nowrap">9-610</FONT> or <FONT STYLE="white-space:nowrap">9-620</FONT> of the PPSA or similar Insolvency Laws in any other relevant jurisdiction or any similar provision of the PPSA, or (c)&nbsp;credit bid or purchase (either
directly or indirectly through one or more entities) all or any portion of the Collateral at any other sale or foreclosure conducted or consented to by Agent in accordance with applicable law in any judicial action or proceeding or by the exercise
of any legal or equitable remedy. In connection with any such credit bid or purchase, (i)&nbsp;the Obligations owed to the Lenders and the Bank Product Providers shall be entitled to be, and shall be, credit bid on a ratable basis (with Obligations
with respect to contingent or unliquidated claims being estimated for such purpose if the fixing or liquidation thereof would not impair or unduly delay the ability of Agent to credit bid or purchase at such sale or other disposition of the
Collateral and, if such contingent or unliquidated claims cannot be estimated without impairing or unduly delaying the ability of Agent to credit bid at such sale or other disposition, then such claims shall be disregarded, not credit bid, and not
entitled to any interest in the Collateral that is the subject of such credit bid or purchase) and the Lenders and the Bank Product Providers whose Obligations are credit bid shall be entitled to receive interests (ratably based upon the proportion
of their Obligations credit bid in relation to the aggregate amount of Obligations so credit bid) in the Collateral that is the subject of such credit bid or purchase (or in the Equity Interests of the any entities that are used to consummate such
credit bid or purchase), and (ii)&nbsp;Agent, based upon the instruction of the Required Lenders, may accept non-cash consideration, including debt and equity securities issued by any entities used to consummate such credit bid or purchase and in
connection therewith Agent may reduce the Obligations owed to the Lenders and the Bank Product Providers (ratably based upon the proportion of their Obligations credit bid in relation to the aggregate amount of Obligations so credit bid) based upon
the value of such non-cash consideration; <U>provided</U>, that except as otherwise agreed in writing by Required Lenders, Bank Product Obligations not entitled to the application set forth in <U>Section&nbsp;2.4(b)(ii)(A)</U> shall not be entitled
to be, and shall not be, credit bid, or used in the calculation of the ratable interest of the Lenders and Bank Product Providers in the Obligations which are credit bid. Except as provided above, Agent will not execute and deliver a release of any
Lien on any Collateral without the prior written authorization of (y)&nbsp;if the release is of all or substantially all of the Collateral, all of the Lenders (without requiring the authorization of the Bank Product Providers), or
(z)&nbsp;otherwise, the Required Lenders (without requiring the </P>
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authorization of the Bank Product Providers). Upon request by Agent or Borrower at any time, the Lenders will (and if so requested, the Bank Product Providers will) confirm in writing
Agent&#146;s authority to release any such Liens on particular types or items of Collateral pursuant to this <U>Section&nbsp;15.11</U>; <U>provided</U>, that (1)&nbsp;anything to the contrary contained in any of the Loan Documents notwithstanding,
Agent shall not be required to execute any document or take any action necessary to evidence such release on terms that, in Agent&#146;s opinion, could expose Agent to liability or create any obligation or entail any consequence other than the
release of such Lien without recourse, representation, or warranty, and (2)&nbsp;such release shall not in any manner discharge, affect, or impair the Obligations or any Liens (other than those expressly released) upon (or obligations of Borrower in
respect of) any and all interests retained by Borrower, including, the proceeds of any sale, all of which shall continue to constitute part of the Collateral. Each Lender further hereby irrevocably authorizes (and by entering into a Bank Product
Agreement, each Bank Product Provider shall be deemed to irrevocably authorize) Agent, at its option and in its sole discretion, to subordinate any Lien granted to or held by Agent under any Loan Document to the holder of any Permitted Lien on such
property if such Permitted Lien secures a Capital Lease or a Permitted Purchase Money Indebtedness permitted hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Agent shall
have no obligation whatsoever to any of the Lenders (or the Bank Product Providers) (i)&nbsp;to verify or assure that the Collateral exists or is owned by Borrower or its Subsidiaries or is cared for, protected, or insured or has been encumbered,
(ii)&nbsp;to verify or assure that Agent&#146;s Liens have been properly or sufficiently or lawfully created, perfected, protected, or enforced or are entitled to any particular priority, (iii)&nbsp;to verify or assure that any particular items of
Collateral meet the eligibility criteria applicable in respect thereof, (iv)&nbsp;to impose, maintain, increase, reduce, implement, or eliminate any particular Reserve hereunder or to determine whether the amount of any Reserve is appropriate or
not, or (v)&nbsp;to exercise at all or in any particular manner or under any duty of care, disclosure or fidelity, or to continue exercising, any of the rights, authorities and powers granted or available to Agent pursuant to any of the Loan
Documents, it being understood and agreed that in respect of the Collateral, or any act, omission, or event related thereto, subject to the terms and conditions contained herein, Agent may act in any manner it may deem appropriate, in its sole
discretion given Agent&#146;s own interest in the Collateral in its capacity as one of the Lenders and that Agent shall have no other duty or liability whatsoever to any Lender (or Bank Product Provider) as to any of the foregoing, except as
otherwise expressly provided herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Any sale or disposition of Collateral that is permitted under <U>Section&nbsp;6.4</U> (as
modified or waived in accordance with Section&nbsp;14.1) shall be free and clear of the Liens created by the Loan Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15.12.
<U><B>Restrictions on Actions by Lenders; Sharing of Payments</B></U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Each of the Lenders agrees that it shall not, without the
express written consent of Agent, and that it shall, to the extent it is lawfully entitled to do so, upon the written request of Agent, set off against the Obligations, any amounts owing by such Lender to Borrower or its Subsidiaries or any deposit
accounts of Borrower or its Subsidiaries now or hereafter maintained with such Lender. Each of the Lenders further agrees that it shall not, unless specifically requested to do so in writing by Agent, take or cause to be taken any action, including,
the commencement of any legal or equitable proceedings to enforce any Loan Document against Borrower or any Guarantor or to foreclose any Lien on, or otherwise enforce any security interest in, any of the Collateral. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-80- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) If, at any time or times any Lender shall receive (i)&nbsp;by payment, foreclosure, setoff,
or otherwise, any proceeds of Collateral or any payments with respect to the Obligations, except for any such proceeds or payments received by such Lender from Agent pursuant to the terms of this Agreement, or (ii)&nbsp;payments from Agent in excess
of such Lender&#146;s Pro Rata Share of all such distributions by Agent, such Lender promptly shall (A)&nbsp;turn the same over to Agent, in kind, and with such endorsements as may be required to negotiate the same to Agent, or in immediately
available funds, as applicable, for the account of all of the Lenders and for application to the Obligations in accordance with the applicable provisions of this Agreement, or (B)&nbsp;purchase, without recourse or warranty, an undivided interest
and participation in the Obligations owed to the other Lenders so that such excess payment received shall be applied ratably as among the Lenders in accordance with their Pro Rata Shares; <U>provided</U>, that to the extent that such excess payment
received by the purchasing party is thereafter recovered from it, those purchases of participations shall be rescinded in whole or in part, as applicable, and the applicable portion of the purchase price paid therefor shall be returned to such
purchasing party, but without interest except to the extent that such purchasing party is required to pay interest in connection with the recovery of the excess payment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15.13. <U><B>Agency for Perfection</B></U>. Agent hereby appoints each other Lender (and each Bank Product Provider) as its agent (and each
Lender hereby accepts (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to accept) such appointment) for the purpose of perfecting Agent&#146;s Liens in assets which, in accordance with Article 8 or Article
9, as applicable, of the PPSA or the applicable provisions of any STA, can be perfected by possession or control. Should any Lender obtain possession or control of any such Collateral, such Lender shall notify Agent thereof, and, promptly upon
Agent&#146;s request therefor shall deliver possession or control of such Collateral to Agent or in accordance with Agent&#146;s instructions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15.14. <U><B>Payments by Agent to the Lenders</B></U>. All payments to be made by Agent to the Lenders (or Bank Product Providers) shall be
made by bank wire transfer of immediately available funds pursuant to such wire transfer instructions as each party may designate for itself by written notice to Agent. Concurrently with each such payment, Agent shall identify whether such payment
(or any portion thereof) represents principal, premium, fees, or interest of the Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15.15. <U><B>Concerning the Collateral and
Related Loan Documents</B></U>. Each member of the Lender Group authorizes and directs Agent to enter into this Agreement and the other Loan Documents. Each member of the Lender Group agrees (and by entering into a Bank Product Agreement, each Bank
Product Provider shall be deemed to agree) that any action taken by Agent in accordance with the terms of this Agreement or the other Loan Documents relating to the Collateral and the exercise by Agent of its powers set forth therein or herein,
together with such other powers that are reasonably incidental thereto, shall be binding upon all of the Lenders (and such Bank Product Provider). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-81- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15.16. <U><B>Field Examination Reports; Confidentiality; Disclaimers by Lenders; Other Reports
and Information</B></U>. By becoming a party to this Agreement, each Lender: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) is deemed to have requested that Agent furnish such
Lender, promptly after it becomes available, a copy of each field examination report respecting Borrower or its Subsidiaries (each, a &#147;<U>Report</U>&#148;) prepared by or at the request of Agent, and Agent shall so furnish each Lender with such
Reports, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) expressly agrees and acknowledges that Agent does not (i)&nbsp;make any representation or warranty as to the accuracy of any
Report, and (ii)&nbsp;shall not be liable for any information contained in any Report, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) expressly agrees and acknowledges that the
Reports are not comprehensive audits or examinations, that Agent or other party performing any field examination will inspect only specific information regarding Borrower and its Subsidiaries and will rely significantly upon Borrower&#146;s and its
Subsidiaries&#146; books and records, as well as on representations of Borrower&#146;s personnel, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) agrees to keep all Reports and other
material, non-public information regarding Borrower and its Subsidiaries and their operations, assets, and existing and contemplated business plans in a confidential manner in accordance with <U>Section&nbsp;17.9</U>, and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) without limiting the generality of any other indemnification provision contained in this Agreement, agrees: (i)&nbsp;to hold Agent and any
other Lender preparing a Report harmless from any action the indemnifying Lender may take or fail to take or any conclusion the indemnifying Lender may reach or draw from any Report in connection with any loans or other credit accommodations that
the indemnifying Lender has made or may make to Borrower, or the indemnifying Lender&#146;s participation in, or the indemnifying Lender&#146;s purchase of, a loan or loans of Borrower, and (ii)&nbsp;to pay and protect, and indemnify, defend and
hold Agent, and any such other Lender preparing a Report harmless from and against, the claims, actions, proceedings, damages, costs, expenses, and other amounts (including, attorneys&#146; fees and costs) incurred by Agent and any such other Lender
preparing a Report as the direct or indirect result of any third parties who might obtain all or part of any Report through the indemnifying Lender. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) In addition to the foregoing, (x)&nbsp;any Lender may from time to time request of Agent in writing that Agent provide to such Lender a
copy of any report or document provided by Borrower or its Subsidiaries to Agent that has not been contemporaneously provided by Borrower or such Subsidiary to such Lender, and, upon receipt of such request, Agent promptly shall provide a copy of
same to such Lender, (y)&nbsp;to the extent that Agent is entitled, under any provision of the Loan Documents, to request additional reports or information from Borrower or its Subsidiaries, any Lender may, from time to time, reasonably request
Agent to exercise such right as specified in such Lender&#146;s notice to Agent, whereupon Agent promptly shall request of Borrower the additional reports or information reasonably specified by such Lender, and, upon receipt thereof from Borrower or
such Subsidiary, Agent promptly shall provide a copy of same to such Lender, and (z)&nbsp;any time that Agent renders to Borrower a statement regarding the Loan Account, Agent shall send a copy of such statement to each Lender. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-82- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15.17. <U><B>Several Obligations; No Liability</B></U>. Notwithstanding that certain of the Loan
Documents now or hereafter may have been or will be executed only by or in favor of Agent in its capacity as such, and not by or in favor of the Lenders, any and all obligations on the part of Agent (if any) to make any credit available hereunder
shall constitute the several (and not joint) obligations of the respective Lenders on a ratable basis, according to their respective Commitments, to make an amount of such credit not to exceed, in principal amount, at any one time outstanding, the
amount of their respective Commitments. Nothing contained herein shall confer upon any Lender any interest in, or subject any Lender to any liability for, or in respect of, the business, assets, profits, losses, or liabilities of any other Lender.
Each Lender shall be solely responsible for notifying its Participants of any matters relating to the Loan Documents to the extent any such notice may be required, and no Lender shall have any obligation, duty, or liability to any Participant of any
other Lender. Except as provided in <U>Section&nbsp;15.7</U>, no member of the Lender Group shall have any liability for the acts of any other member of the Lender Group. No Lender shall be responsible to Borrower or any other Person for any failure
by any other Lender (or Bank Product Provider) to fulfill its obligations to make credit available hereunder, nor to advance for such Lender (or Bank Product Provider) or on its behalf, nor to take any other action on behalf of such Lender (or Bank
Product Provider) hereunder or in connection with the financing contemplated herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15.18. <U><B>Quebec Security</B></U>. In its
capacity as Agent, for the purposes of holding any hypothec granted to Agent, Wells Fargo is hereby appointed and shall serve as the hypothecary representative for all present and future Lenders and Bank Product Providers as contemplated by Article
2692 of the Civil Code of Qu&eacute;bec. Any person who becomes a Lender or a Bank Product Provider shall, by its execution of an Assignment and Acceptance (in the case of a Lender), or by entering into a Bank Product Agreement (in the case of a
Bank Product Provider) be deemed to have consented to and confirmed Agent as the person acting as hypothecary representative holding the aforesaid hypothecs as aforesaid and to have ratified, as of the date it becomes a Lender or Bank Product
Provider, as the case may be, all actions taken by Agent in such capacity. The substitution of Agent pursuant to the provisions of this <U>Section&nbsp;15</U> also constitute the substitution of the hypothecary representative. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">16. <B>WITHHOLDING TAXES</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16.1.
<U><B>Payments</B></U>. All payments will be made free and clear of, and without deduction or withholding for, any present or future Taxes except as required by applicable law, and in the event any deduction or withholding of Indemnified Taxes is
required by applicable law, Borrower shall comply with the next sentence of this <U>Section&nbsp;16.1</U>. If any Indemnified Taxes are required to be deducted or withheld on a payment made by any Loan Party, such Loan Party agrees that the amount
payable by it shall be increased as necessary so that after such deduction or withholding is made every payment of all amounts due under this Agreement, any note, or Loan Document, including any amount paid pursuant to this <U>Section&nbsp;16.1</U>
after withholding or deduction for or on account of any Indemnified Taxes, will not be less than the amount provided for herein. Borrower will furnish to Agent as promptly as possible after the date the payment of any Tax is due pursuant to
applicable law, certified copies of Tax receipts or other documentation reasonably requested by Agent evidencing such payment by Borrower. Borrower agrees to pay any present or future stamp, value added, intangible transfer or documentary Taxes or
any other excise or property Taxes, charges, or similar levies (&#147;<U>Other Taxes</U>&#148;) that arise from any payment made hereunder or from </P>
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the execution, delivery, performance, recordation, or filing of, or otherwise with respect to this Agreement or any other Loan Document. Loan Parties shall indemnify each Indemnified Person (as
defined in <U>Section&nbsp;10.3</U>) (collectively a &#147;<U>Tax Indemnitee</U>&#148;) for the full amount of Indemnified Taxes or Other Taxes arising in connection with this Agreement or any other Loan Document or breach thereof by any Loan Party
(including, without limitation, any Indemnified Taxes or Other Taxes imposed or asserted on, or attributable to, amounts payable under this <U>Section&nbsp;16</U>) imposed on, or paid by, such Tax Indemnitee and all reasonable costs and expenses
related thereto (including fees and disbursements of attorneys and other Tax professionals), as and when they are incurred and irrespective of whether suit is brought, whether or not such Indemnified Taxes or Other Taxes were correctly or legally
imposed or asserted by the relevant Governmental Authority (other than Indemnified Taxes or Other Taxes and additional amounts that a court of competent jurisdiction finally determines to have resulted from the gross negligence or willful misconduct
of such Tax Indemnitee). The obligations of Loan Parties under this <U>Section&nbsp;16</U> shall survive the termination of this Agreement, the resignation and replacement of the Agent, and the repayment of the Obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16.2. <U><B>Exemptions</B></U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) If a Lender or Participant is entitled to claim an exemption or reduction from United States withholding tax, such Lender or Participant
agrees with and in favor of Agent, to deliver to Agent (or, in the case of a Participant, to the Lender granting the participation only) one of the following before receiving its first payment under this Agreement: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) if such Lender or Participant is entitled to claim an exemption from United States withholding Tax pursuant to the portfolio interest
exception, (A)&nbsp;a statement of the Lender or Participant, signed under penalty of perjury, that it is not a (I)&nbsp;a &#147;bank&#148; as described in Section&nbsp;881(c)(3)(A) of the IRC, (II)&nbsp;a 10% shareholder of Borrower (within the
meaning of Section&nbsp;871(h)(3)(B) of the IRC), or (III)&nbsp;a controlled foreign corporation related to Borrower for the purposes of Section&nbsp;881(c)(3)(C) of the IRC, and (B)&nbsp;a properly completed and executed IRS Form W-8BEN, W-8BEN-E
or Form W-8IMY (with proper attachments), as applicable; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) if such Lender or Participant is entitled to claim an exemption from, or a
reduction of, withholding Tax under a United States Tax treaty, a properly completed and executed copy of IRS Form W-8BEN or W-8BEN-E, as applicable; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) if such Lender or Participant is entitled to claim that interest paid under this Agreement is exempt from United States withholding Tax
because it is effectively connected with a United States trade or business of such Lender, a properly completed and executed copy of IRS Form W-8ECI; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) if such Lender or Participant is entitled to claim that interest paid under this Agreement is exempt from United States withholding Tax
because such Lender or Participant serves as an intermediary, a properly completed and executed copy of IRS Form <FONT STYLE="white-space:nowrap">W-8IMY</FONT> (with proper attachments); or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(v) a properly completed and executed copy of any other form or forms, including IRS Form <FONT STYLE="white-space:nowrap">W-9,</FONT> as may
be required under the IRC or other laws of the United States as a condition to exemption from, or reduction of, United States withholding or backup withholding tax. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-84- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Each Lender or Participant shall provide new forms (or successor forms) upon the expiration
or obsolescence of any previously delivered forms and to promptly notify Agent (or, in the case of a Participant, to the Lender granting the participation only) of any change in circumstances which would modify or render invalid any claimed
exemption or reduction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) If a Lender or Participant claims an exemption or reduction from withholding Tax in a jurisdiction other than
the United States, such Lender or such Participant agrees with and in favor of Agent, to deliver to Agent (or, in the case of a Participant, to the Lender granting the participation only) any such form or forms, as may be reasonably requested by
Agent or required under the laws of such jurisdiction as a condition to exemption from, or reduction of, foreign withholding or backup withholding Tax before receiving its first payment under this Agreement (including, for the avoidance of doubt, if
requested, Canada Revenue Agency Forms <FONT STYLE="white-space:nowrap">NR-301,</FONT> <FONT STYLE="white-space:nowrap">NR-302</FONT> or <FONT STYLE="white-space:nowrap">NR-303,</FONT> as applicable), but only if such Lender or such Participant is
legally able to deliver such forms and the completion, execution, or submission of such forms or other documentation in the reasonable judgment of such Lender would not subject such Lender to any material unreimbursed cost or expense or materially
prejudice the legal or commercial position of such Lender or its Affiliates, <U>provided</U>, that nothing in this <U>Section&nbsp;16.2(c)</U> shall require a Lender or Participant to disclose any information that it deems to be confidential
(including without limitation, its Tax returns). Each Lender and each Participant shall provide new forms (or successor forms) upon the expiration or obsolescence of any previously delivered forms and to promptly notify Agent (or, in the case of a
Participant, to the Lender granting the participation only) of any change in circumstances which would modify or render invalid any claimed exemption or reduction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) If a Lender or Participant claims exemption from, or reduction of, withholding Tax and such Lender or Participant sells, assigns, grants a
participation in, or otherwise transfers all or part of the Obligations of Borrower to such Lender or Participant, such Lender or Participant agrees to notify Agent (or, in the case of a sale of a participation interest, to the Lender granting the
participation only) of the percentage amount in which it is no longer the beneficial owner of Obligations of Borrower to such Lender or Participant. To the extent of such percentage amount, Agent will treat such Lender&#146;s or such
Participant&#146;s documentation provided pursuant to <U>Section&nbsp;16.2(a)</U> or 16.2(c) as no longer valid. With respect to such percentage amount, such Participant or Assignee may provide new documentation, pursuant to
<U>Section&nbsp;16.2(a)</U> or 16.2(c), if applicable. Borrower agrees that each Participant shall be entitled to the benefits of this <U>Section&nbsp;16</U> with respect to its participation in any portion of the Commitments and the Obligations so
long as such Participant complies with the obligations set forth in this <U>Section&nbsp;16</U> with respect thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) If a payment
made to a Lender under any Loan Document would be subject to U.S. federal income withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in
Section&nbsp;1471(b) or 1472(b) of the IRC, as applicable), such Lender shall deliver to Agent (or, in the case of a Participant, to the Lender granting the participation only) at the time or times prescribed by law and at such time or times
reasonably requested by Agent (or, in the case of a Participant, the </P>
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Lender granting the participation) such documentation prescribed by applicable law (including as prescribed by Section&nbsp;1471(b)(3)(C)(i) of the IRC) and such additional documentation
reasonably requested by Agent (or, in the case of a Participant, the Lender granting the participation) as may be necessary for Agent or Borrower to comply with their obligations under FATCA and to determine that such Lender has complied with such
Lender&#146;s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (e), &#147;FATCA&#148; shall include any amendments made to FATCA after the date of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16.3. <U><B>Reductions</B></U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) If a Lender or a Participant is subject to an applicable withholding Tax, Agent (or, in the case of a Participant, the Lender granting the
participation) may withhold from any payment to such Lender or such Participant an amount equivalent to the applicable withholding Tax. If the forms or other documentation required by <U>Section&nbsp;16.2(a)</U> or 16.2(c) are not delivered to Agent
(or, in the case of a Participant, to the Lender granting the participation), then Agent (or, in the case of a Participant, to the Lender granting the participation) may withhold from any payment to such Lender or such Participant not providing such
forms or other documentation an amount equivalent to the applicable withholding Tax. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) If the Canada Revenue Agency or any other
Governmental Authority of Canada or other jurisdiction asserts a claim that Agent (or, in the case of a Participant, to the Lender granting the participation) did not properly withhold Tax from amounts paid to or for the account of any Lender or any
Participant due to a failure on the part of the Lender or any Participant (because the appropriate form was not delivered, was not properly executed, or because such Lender failed to notify Agent (or such Participant failed to notify the Lender
granting the participation) of a change in circumstances which rendered the exemption from, or reduction of, withholding Tax ineffective, or for any other reason) such Lender shall indemnify and hold Agent harmless (or, in the case of a Participant,
such Participant shall indemnify and hold the Lender granting the participation harmless) for all amounts paid, directly or indirectly, by Agent (or, in the case of a Participant, to the Lender granting the participation), as Tax or otherwise,
including penalties and interest, and including any Taxes imposed by any jurisdiction on the amounts payable to Agent (or, in the case of a Participant, to the Lender granting the participation only) under this <U>Section&nbsp;16</U>, together with
all costs and expenses (including attorneys&#146; fees and expenses). The obligation of the Lenders and the Participants under this subsection shall survive the payment of all Obligations and the resignation or replacement of Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16.4.<B> </B><U><B>Refunds</B></U>. If Agent or a Lender determines, in its sole discretion, that it has received a refund of any Indemnified
Taxes to which Borrower has paid additional amounts pursuant to this <U>Section&nbsp;16</U>, so long as no Event of Default has occurred and is continuing, it shall pay over such refund to Borrower (but only to the extent of payments made, or
additional amounts paid, by Borrower under this <U>Section&nbsp;16</U> with respect to Indemnified Taxes giving rise to such a refund), net of all out-of-pocket expenses of Agent or such Lender and without interest (other than any interest paid by
the applicable Governmental Authority with respect to such a refund); <U>provided</U>, that Borrower, upon the request of Agent or such Lender, agrees to repay the amount paid over to Borrower (plus any penalties, interest or other charges, imposed
by the applicable Governmental Authority, other than such penalties, interest or other charges imposed as a result of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-86- </P>


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the willful misconduct or gross negligence of Agent hereunder) to Agent or such Lender in the event Agent or such Lender is required to repay such refund to such Governmental Authority.
Notwithstanding anything in this Agreement to the contrary, this <U>Section&nbsp;16</U> shall not be construed to require Agent or any Lender to make available its Tax returns (or any other information which it deems confidential) to Borrower or any
other Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">17. <B>GENERAL PROVISIONS.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17.1. <U><B>Effectiveness</B></U>. This Agreement shall be binding and deemed effective when executed by Borrower, Borrower, Agent, and each
Lender whose signature is provided for on the signature pages hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17.2. <U><B>Section Headings</B></U>. Headings and numbers have
been set forth herein for convenience only. Unless the contrary is compelled by the context, everything contained in each Section applies equally to this entire Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17.3. <U><B>Interpretation</B></U>. Neither this Agreement nor any uncertainty or ambiguity herein shall be construed against the Lender Group
or Borrower or Borrower, whether under any rule of construction or otherwise. On the contrary, this Agreement has been reviewed by all parties and shall be construed and interpreted according to the ordinary meaning of the words used so as to
accomplish fairly the purposes and intentions of all parties hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17.4. <U><B>Severability of Provisions</B></U>. Each provision of
this Agreement shall be severable from every other provision of this Agreement for the purpose of determining the legal enforceability of any specific provision. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17.5. <U><B>Bank Product Providers</B></U>. Each Bank Product Provider in its capacity as such shall be deemed a third party beneficiary
hereof and of the provisions of the other Loan Documents for purposes of any reference in a Loan Document to the parties for whom Agent is acting. Agent hereby agrees to act as agent for such Bank Product Providers and, by virtue of entering into a
Bank Product Agreement, the applicable Bank Product Provider shall be automatically deemed to have appointed Agent as its agent and to have accepted the benefits of the Loan Documents. It is understood and agreed that the rights and benefits of each
Bank Product Provider under the Loan Documents consist exclusively of such Bank Product Provider&#146;s being a beneficiary of the Liens (and, if applicable, guarantees) granted to Agent and the right to share in payments and collections out of the
Collateral as more fully set forth herein. In addition, each Bank Product Provider, by virtue of entering into a Bank Product Agreement, shall be automatically deemed to have agreed that Agent shall have the right, but shall have no obligation, to
establish, maintain, relax, or release reserves in respect of the Bank Product Obligations and that if reserves are established there is no obligation on the part of Agent to determine or insure whether the amount of any such reserve is appropriate
or not. In connection with any such distribution of payments or proceeds of Collateral, Agent shall be entitled to assume no amounts are due or owing to any Bank Product Provider unless such Bank Product Provider has provided a written certification
(setting forth a reasonably detailed calculation) to Agent as to the amounts that are due and owing to it and such written certification is received by Agent a reasonable period of time prior to the making of such distribution. Agent shall have no
obligation to calculate the amount due and payable with respect to any Bank Products, but may rely upon the written certification of the amount due and payable </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-87- </P>


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from the applicable Bank Product Provider. In the absence of an updated certification, Agent shall be entitled to assume that the amount due and payable to the applicable Bank Product Provider is
the amount last certified to Agent by such Bank Product Provider as being due and payable (less any distributions made to such Bank Product Provider on account thereof). Borrower may obtain Bank Products from any Bank Product Provider, although
Borrower is not required to do so. Borrower acknowledges and agrees that no Bank Product Provider has committed to provide any Bank Products and that the providing of Bank Products by any Bank Product Provider is in the sole and absolute discretion
of such Bank Product Provider. Notwithstanding anything to the contrary in this Agreement or any other Loan Document, no provider or holder of any Bank Product shall have any voting or approval rights hereunder (or be deemed a Lender) solely by
virtue of its status as the provider or holder of such agreements or products or the Obligations owing thereunder, nor shall the consent of any such provider or holder be required (other than in their capacities as Lenders, to the extent applicable)
for any matter hereunder or under any of the other Loan Documents, including as to any matter relating to the Collateral or the release of Collateral or Guarantors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17.6. <U><B>Debtor-Creditor Relationship</B></U>. The relationship between the Lenders and Agent, on the one hand, and the Loan Parties, on
the other hand, is solely that of creditor and debtor. No member of the Lender Group has (or shall be deemed to have) any fiduciary relationship or duty to any Loan Party arising out of or in connection with the Loan Documents or the transactions
contemplated thereby, and there is no agency or joint venture relationship between the members of the Lender Group, on the one hand, and the Loan Parties, on the other hand, by virtue of any Loan Document or any transaction contemplated therein.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17.7. <U><B>Counterparts; Electronic Execution</B></U>. This Agreement may be executed in any number of counterparts and by different
parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Agreement. Delivery of an executed counterpart of this
Agreement by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Agreement. Any party delivering an executed counterpart of this Agreement by telefacsimile or
other electronic method of transmission also shall deliver an original executed counterpart of this Agreement but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this
Agreement. The foregoing shall apply to each other Loan Document mutatis mutandis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17.8. <U><B>Revival and Reinstatement of Obligations;
Certain Waivers</B></U>. If any member of the Lender Group or any Bank Product Provider repays, refunds, restores, or returns in whole or in part, any payment or property (including any proceeds of Collateral) previously paid or transferred to such
member of the Lender Group or such Bank Product Provider in full or partial satisfaction of any Obligation or on account of any other obligation of any Loan Party under any Loan Document or any Bank Product Agreement, because the payment, transfer,
or the incurrence of the obligation so satisfied is asserted or declared to be void, voidable, or otherwise recoverable under any law relating to creditors&#146; rights, including provisions of the Bankruptcy Code or other Insolvency Laws relating
to fraudulent transfers, preferences, or other voidable or recoverable obligations or transfers (each, a &#147;<U>Voidable Transfer</U>&#148;), or because such member of the Lender Group or Bank Product Provider elects to do so on the reasonable
advice of its counsel in connection with a claim that the payment, transfer, or incurrence is or may be a Voidable Transfer, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-88- </P>


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then, as to any such Voidable Transfer, or the amount thereof that such member of the Lender Group or Bank Product Provider elects to repay, restore, or return (including pursuant to a settlement
of any claim in respect thereof), and as to all reasonable costs, expenses, and attorneys&#146; fees of such member of the Lender Group or Bank Product Provider related thereto, (i)&nbsp;the liability of the Loan Parties with respect to the amount
or property paid, refunded, restored, or returned will automatically and immediately be revived, reinstated, and restored and will exist and (ii)&nbsp;Agent&#146;s Liens securing such liability shall be effective, revived, and remain in full force
and effect, in each case, as fully as if such Voidable Transfer had never been made. If, prior to any of the foregoing, (A)&nbsp;Agent&#146;s Liens shall have been released or terminated or (B)&nbsp;any provision of this Agreement shall have been
terminated or cancelled, Agent&#146;s Liens, or such provision of this Agreement, shall be reinstated in full force and effect and such prior release, termination, cancellation or surrender shall not diminish, release, discharge, impair or otherwise
affect the obligation of any Loan Party in respect of such liability or any Collateral securing such liability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17.9.
<U><B>Confidentiality</B>.</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Agent and Lenders each individually (and not jointly or jointly and severally) agree that material,
non-public information regarding Borrower and its Subsidiaries, their operations, assets, and existing and contemplated business plans (&#147;<U>Confidential Information</U>&#148;) shall be treated by Agent and the Lenders in a confidential manner,
and shall not be disclosed by Agent and the Lenders to Persons who are not parties to this Agreement, except: (i)&nbsp;to attorneys for and other advisors, accountants, auditors, and consultants to any member of the Lender Group and to employees,
directors and officers of any member of the Lender Group (the Persons in this clause (i), &#147;<U>Lender Group Representatives</U>&#148;) on a &#147;need to know&#148; basis in connection with this Agreement and the transactions contemplated hereby
and on a confidential basis, (ii)&nbsp;to Subsidiaries and Affiliates of any member of the Lender Group (including the Bank Product Providers), <U>provided</U> that any such Subsidiary or Affiliate shall have agreed to receive such information
hereunder subject to the terms of this <U>Section&nbsp;17.9</U>, (iii)&nbsp;as may be required by regulatory authorities so long as such authorities are informed of the confidential nature of such information, (iv)&nbsp;as may be required by
statute, decision, or judicial or administrative order, rule, or regulation; <U>provided</U> that (x)&nbsp;prior to any disclosure under this clause (iv), the disclosing party agrees to provide Borrower with prior notice thereof, to the extent that
it is practicable to do so and to the extent that the disclosing party is permitted to provide such prior notice to Borrower pursuant to the terms of the applicable statute, decision, or judicial or administrative order, rule, or regulation and
(y)&nbsp;any disclosure under this clause (iv)&nbsp;shall be limited to the portion of the Confidential Information as may be required by such statute, decision, or judicial or administrative order, rule, or regulation, (v)&nbsp;as may be agreed to
in advance in writing by Borrower, (vi)&nbsp;as requested or required by any Governmental Authority pursuant to any subpoena or other legal process, <U>provided</U>, that, (x)&nbsp;prior to any disclosure under this clause (vi)&nbsp;the disclosing
party agrees to provide Borrower with prior written notice thereof, to the extent that it is practicable to do so and to the extent that the disclosing party is permitted to provide such prior written notice to Borrower pursuant to the terms of the
subpoena or other legal process and (y)&nbsp;any disclosure under this clause (vi)&nbsp;shall be limited to the portion of the Confidential Information as may be required by such Governmental Authority pursuant to such subpoena or other legal
process, (vii)&nbsp;as to any such information that is or becomes generally available to the public (other than as a result of prohibited disclosure by Agent or the Lenders or the Lender Group Representatives), (viii)&nbsp;in connection with any
assignment, participation or pledge of any Lender&#146;s interest under this </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-89- </P>


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Agreement, <U>provided</U> that prior to receipt of Confidential Information any such assignee, participant, or pledgee shall have agreed in writing to receive such Confidential Information
either subject to the terms of this <U>Section&nbsp;17.9</U> or pursuant to confidentiality requirements substantially similar to those contained in this <U>Section&nbsp;17.9</U> (and such Person may disclose such Confidential Information to Persons
employed or engaged by them as described in clause (i)&nbsp;above), (ix)&nbsp;in connection with any litigation or other adversary proceeding involving parties hereto to the extent such litigation or adversary proceeding involves claims related to
the rights or duties of such parties under this Agreement or the other Loan Documents; <U>provided</U>, that, prior to any disclosure to any Person (other than any Loan Party, Agent, any Lender, any of their respective Affiliates, or their
respective counsel) under this clause (ix)&nbsp;with respect to litigation involving any Person (other than Borrower, Agent, any Lender, any of their respective Affiliates, or their respective counsel), the disclosing party agrees to provide
Borrower with prior written notice thereof, and (x)&nbsp;in connection with, and to the extent reasonably necessary for, the exercise of any secured creditor remedy under this Agreement or under any other Loan Document. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Anything in this Agreement to the contrary notwithstanding, Agent may disclose information concerning the terms and conditions of this
Agreement and the other Loan Documents to loan syndication and pricing reporting services or in its marketing or promotional materials, with such information to consist of deal terms and other information customarily found in such publications or
marketing or promotional materials and may otherwise use the name, logos, and other insignia of Borrower or the other Loan Parties and the Commitments provided hereunder in any &#147;tombstone&#148; or other advertisements, on its website or in
other marketing materials of the Agent; <U>provided</U> that, in the case of this clause, Agent will submit its proposed form of &#147;tombstone&#148; or comparable advertising to the Administrative Borrower for approval prior to Agent&#146;s
initial external use thereof, which approval of the Administrative Borrower shall not be unreasonably withheld, conditioned or delayed, and, following receipt of such approval from the Administrative Borrower, Agent shall not be required to see
further approval for any Loan Party to use such &#147;tombstone&#148; or other comparable advertising on its website or in its other marketing materials. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The Loan Parties hereby acknowledge that Agent or its Affiliates may make available to the Lenders materials or information provided by or
on behalf of Borrower hereunder (collectively, &#147;<U>Borrower Materials</U>&#148;) by posting Borrower Materials on IntraLinks, SyndTrak or another similar electronic system (the &#147;<U>Platform</U>&#148;) and certain of the Lenders may be
&#147;public-side&#148; Lenders (i.e., Lenders that do not wish to receive material non-public information with respect to the Loan Parties or their securities) (each, a &#147;<U>Public Lender</U>&#148;). The Loan Parties shall be deemed to have
authorized Agent and its Affiliates and the Lenders to treat Borrower Materials marked &#147;PUBLIC&#148; or otherwise at any time filed with the SEC as not containing any material non-public information with respect to the Loan Parties or their
securities for purposes of United States federal and state securities laws. All Borrower Materials marked &#147;PUBLIC&#148; are permitted to be made available through a portion of the Platform designated as &#147;Public Investor&#148; (or another
similar term). Agent and its Affiliates and the Lenders shall be entitled to treat Borrower Materials that are not marked &#147;PUBLIC&#148; or that are not at any time filed with the SEC as being suitable only for posting on a portion of the
Platform not marked as &#147;Public Investor&#148; (or such other similar term). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17.10. <U><B>Survival</B></U>. All representations and
warranties made by the Loan Parties in the Loan Documents and in the certificates or other instruments delivered in connection with or </P>
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pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of the Loan Documents
and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that Agent, any Issuing Lender, or any Lender may have had notice or knowledge of
any Default or Event of Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of, or any accrued interest on, any Loan or any fee or any
other amount payable under this Agreement is outstanding or unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or been terminated. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17.11. <U><B><I>Patriot Act;</I></B> <B>Canadian Anti-Money Laundering&nbsp;&amp; Anti-Terrorism Legislation</B></U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Each Lender that is subject to the requirements of the <I>Patriot Act</I> hereby notifies Borrower that pursuant to the requirements of
the <I>Patriot Act</I>, it is required to obtain, verify and record information that identifies Borrower, which information includes the name and address of Borrower and other information that will allow such Lender to identify Borrower in
accordance with the <I>Patriot Act</I>. In addition, if Agent is required by law or regulation or internal policies to do so, it shall have the right to periodically conduct (a)&nbsp;<I>Patriot Act</I> searches, OFAC/PEP searches, and customary
individual background checks for the Loan Parties and (b)&nbsp;OFAC/PEP searches and customary individual background checks for the Loan Parties&#146; senior management and key principals, and Borrower agrees to cooperate in respect of the conduct
of such searches and further agrees that the reasonable costs and charges for such searches shall constitute Lender Group Expenses hereunder and be for the account of Borrower. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Each Loan Party acknowledges that, pursuant to the provisions of Canadian Anti-Money Laundering&nbsp;&amp; Anti-Terrorism Legislation,
Agent and Lenders may be required to obtain, verify and record information regarding each Loan Party, its respective directors, authorized signing officers, direct or indirect shareholders or other Persons in control of such Loan Party, and the
transactions contemplated hereby. The Loan Parties shall promptly provide all such information, including supporting documentation and other evidence, as may be reasonably requested by any Lender or Agent, or any prospective assign or participant of
a Lender or Agent, necessary in order to comply with any applicable Canadian Anti-Money Laundering&nbsp;&amp; Anti-Terrorism Legislation, whether now or hereafter in existence. If Agent has ascertained the identity of any Loan Party or any
authorized signatories of any Loan Party for the purposes of applicable Canadian Anti-Money Laundering&nbsp;&amp; Anti-Terrorism Legislation, then the Agent: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(i) shall be deemed to have done so as an agent for each Lender, and this Agreement shall constitute a &#147;written agreement&#148; in such
regard between each Lender and the Agent within the meaning of applicable Canadian Anti-Money Laundering&nbsp;&amp; Anti-Terrorism Legislation; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(ii) shall provide to each Lender copies of all information obtained in such regard without any representation or warranty as to its accuracy
or completeness. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-91- </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notwithstanding the provisions of this Section and except as may otherwise be agreed in writing, each Lender
agrees that Agent has no obligation to ascertain the identity of the Loan Parties or any authorized signatories of the Loan Parties on behalf of any Lender, or to confirm the completeness or accuracy of any information it obtains from the Loan
Parties or any such authorized signatory in doing so. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17.12. <U><B>Integration</B>.</U> This Agreement, together with the other Loan
Documents, reflects the entire understanding of the parties with respect to the transactions contemplated hereby and shall not be contradicted or qualified by any other agreement, oral or written, before the date hereof. The foregoing to the
contrary notwithstanding, all Bank Product Agreements, if any, are independent agreements governed by the written provisions of such Bank Product Agreements, which will remain in full force and effect, unaffected by any repayment, prepayments,
acceleration, reduction, increase, or change in the terms of any credit extended hereunder, except as otherwise expressly provided in such Bank Product Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17.13.<B> </B><U><B>Birks Group Inc. as Agent for Borrower</B></U>. To the extent a Person other than Birks Group Inc. is a borrower
hereunder, Borrower hereby irrevocably appoints Birks Group Inc. as the borrowing agent and attorney-in-fact for all Borrower (the &#147;<U>Administrative Borrower</U>&#148;) which appointment shall remain in full force and effect unless and until
Agent shall have received prior written notice signed by Borrower that such appointment has been revoked and that another Borrower has been appointed Administrative Borrower. Borrower hereby irrevocably appoints and authorizes the Administrative
Borrower (a)&nbsp;to provide Agent with all notices with respect to Revolving Loans and Letters of Credit obtained for the benefit of Borrower and all other notices and instructions under this Agreement and the other Loan Documents (and any notice
or instruction provided by Administrative Borrower shall be deemed to be given by Borrower hereunder and shall bind Borrower), (b)&nbsp;to receive notices and instructions from members of the Lender Group (and any notice or instruction provided by
any member of the Lender Group to the Administrative Borrower in accordance with the terms hereof shall be deemed to have been given to Borrower), and (c)&nbsp;to take such action as the Administrative Borrower deems appropriate on its behalf to
obtain Revolving Loans and Letters of Credit and to exercise such other powers as are reasonably incidental thereto to carry out the purposes of this Agreement. It is understood that the handling of the Loan Accounts and Collateral in a combined
fashion, as more fully set forth herein, is done solely as an accommodation to Borrower in order to utilize the collective borrowing powers of Borrower in the most efficient and economical manner and at their request, and that Lender Group shall not
incur liability to Borrower as a result hereof. Borrower expects to derive benefit, directly or indirectly, from the handling of the Loan Accounts and the Collateral in a combined fashion since the successful operation of Borrower is dependent on
the continued successful performance of the integrated group. To induce the Lender Group to do so, and in consideration thereof, Borrower hereby jointly and severally agrees to indemnify each member of the Lender Group and hold each member of the
Lender Group harmless against any and all liability, expense, loss or claim of damage or injury, made against the Lender Group by Borrower or by any third party whosoever, arising from or incurred by reason of (i)&nbsp;the handling of the Loan
Accounts and Collateral of Borrower as herein provided, or (ii)&nbsp;the Lender Group&#146;s relying on any instructions of the Administrative Borrower, except that Borrower will have no liability to the relevant Agent-Related Person or
Lender-Related Person under this <U>Section&nbsp;17.13</U> with respect to any liability that has been finally determined by a court of competent jurisdiction to have resulted solely from the gross negligence or willful misconduct of such
Agent-Related Person or Lender-Related Person, as the case may be. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-92- </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17.14. <U><B>Judgment Currency</B></U>. If, for the purposes of obtaining judgment in any court,
it is necessary to convert a sum due hereunder or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures Agent could purchase the first currency
with such other currency on the Business Day preceding that on which final judgment is given. The obligation of Borrower in respect of any such sum due from it to Agent or any Lender hereunder or under the other Loan Documents shall, notwithstanding
any judgment in a currency (the &#147;<U>Judgment Currency</U>&#148;) other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the &#147;<U>Agreement Currency</U>&#148;), be discharged only to
the extent that on the Business Day following receipt by Agent or such Lender, as the case may be, of any sum adjudged to be so due in the Judgment Currency, Agent or such Lender, as the case may be, may in accordance with normal banking procedures
purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to Agent or any Lender from Borrower in the Agreement Currency, Borrower agrees, as a separate
obligation and notwithstanding any such judgment, to indemnify Agent or such Lender, as the case may be, against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to Agent or any Lender in such
currency, Agent or such Lender, as the case may be, agrees to return the amount of any excess to Borrower (or to any other Person who may be entitled thereto under applicable law). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17.15. <U><B>No Setoff</B></U>. All payments made by Borrower hereunder or under any note or other Loan Document will be made without setoff,
counterclaim, or other defense. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature pages to follow] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-93- </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, the parties hereto have caused this Agreement to be executed and
delivered as of the date first above written.<B> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>BIRKS GROUP INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Pasquale (Pat) Di Lillo</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name: Pasquale (Pat) Di Lillo</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Title:
&nbsp;&nbsp;Vice President, Chief Financial and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative Officer</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Miranda Melfi</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name: Miranda Melfi</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Title: &nbsp;&nbsp;Vice
President, Legal Affairs and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Secretary</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>WELLS FARGO CANADA CORPORATION,</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as Agent, and as the initial Lender hereunder</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ David G. Phillips</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name: David G. Phillips</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Title:
&nbsp;&nbsp;Senior Vice President</P></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Signature Page to Credit Agreement
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Schedule 1.1 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Definitions </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As used in
the Agreement, the following terms shall have the following definitions: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Account</U>&#148; means an account (as that term is
defined in the PPSA). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Account Debtor</U>&#148; means any Person who is obligated on an Account, chattel paper, or an intangible.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Accounting Changes</U>&#148; means changes in accounting principles required by the promulgation of any rule, regulation,
pronouncement or opinion by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants (or successor thereto or any agency with similar functions, including, to the extent applicable, the Chartered
Professional Accountants Canada). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Acquired Indebtedness</U>&#148; means Indebtedness of a Person whose assets or Equity
Interests are acquired by Borrower or any of its Subsidiaries in a Permitted Acquisition; <U>provided</U>, that such Indebtedness (a)&nbsp;is either purchase money Indebtedness or a Capital Lease with respect to Equipment or mortgage financing with
respect to Real Property, (b)&nbsp;was in existence prior to the date of such Permitted Acquisition, and (c)&nbsp;was not incurred in connection with, or in contemplation of, such Permitted Acquisition. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Acquisition</U>&#148; means (a)&nbsp;the purchase or other acquisition by a Person or its Subsidiaries of all or substantially all of
the assets of (or any division or business line of) any other Person, or (b)&nbsp;the purchase or other acquisition (whether by means of a merger, amalgamation, consolidation, or otherwise) by a Person or its Subsidiaries of all or substantially all
of the Equity Interests of any other Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Additional Documents</U>&#148; has the meaning specified therefor in
<U>Section&nbsp;5.12</U> of the Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>&#147;Additional Subordinated Debt</U>&#148; means such unsecured Indebtedness incurred by
any Loan Party after the date of this Agreement to the extent that such Indebtedness is Permitted Indebtedness and is expressly subordinated to the full payment of the Obligations on terms and conditions and pursuant to a Subordination Agreement in
form, scope and substance satisfactory to Agent and the Required Lenders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Additional Subordinated Debt Documents</U>&#148; means
all documents, instruments and agreements executed in connection with any Additional Subordinated Debt, any such documents, instruments and agreements being in form, scope and substance satisfactory to Agent and the Required Lenders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Administrative Borrower</U>&#148; has the meaning specified therefor in <U>Section&nbsp;17.13</U> of the Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Administrative Questionnaire</U>&#148; has the meaning specified therefor in
<U>Section&nbsp;13.1(a)</U> of the Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Affected Lender</U>&#148; has the meaning specified therefor in
<U>Section&nbsp;2.13(b)</U> of the Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Affiliate</U>&#148; means, as applied to any Person, any other Person who
controls, is controlled by, or is under common control with, such Person. For purposes of this definition, &#147;control&#148; means the possession, directly or indirectly through one or more intermediaries, of the power to direct the management and
policies of a Person, whether through the ownership of Equity Interests, by contract, or otherwise; <U>provided</U>, that, for purposes of the definition of Eligible Accounts and <U>Section&nbsp;6.10</U> of the Agreement: (a)&nbsp;any Person which
owns directly or indirectly 10% or more of the Equity Interests having ordinary voting power for the election of directors or other members of the governing body of a Person or 10% or more of the partnership or other ownership interests of a Person
(other than as a limited partner of such Person) shall be deemed an Affiliate of such Person, (b)&nbsp;each director (or comparable manager) of a Person shall be deemed to be an Affiliate of such Person, and (c)&nbsp;each partnership in which a
Person is a general partner shall be deemed an Affiliate of such Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Agent</U>&#148; has the meaning specified therefor in
the preamble to the Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Agent-Related Persons</U>&#148; means Agent, together with its Affiliates, officers, directors,
employees, attorneys, and agents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Agent&#146;s Applicable Account</U>&#148; means the Agent&#146;s Canadian Account and/or the
Agent&#146;s US Account, as the context requires. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Agent&#146;s Canadian Account</U>&#148; means the Deposit Account identified
on <U>Schedule A-1</U> as Agent&#146;s Canadian Account (or such other Deposit Account that has been designated as such, in writing, by Agent to Administrative Borrower and the Lenders). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Agent&#146;s US Account</U>&#148; means the Deposit Account identified on <U>Schedule A-2</U> as Agent&#146;s US Account (or such
other Deposit Account that has been designated as such, in writing, by Agent to Administrative Borrower and the Lenders). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Agent&#146;s Liens</U>&#148; means the Liens granted by Borrower or any of its Subsidiaries to Agent under the Loan Documents and
securing all or a portion of the Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Agreement</U>&#148; means the Credit Agreement to which this <U>Schedule 1.1</U>
is attached. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Applicable Currency</U>&#148; means Canadian Dollars; <U>provided</U>, that with respect to Revolving Loans and any
other Obligations denominated in US Dollars, Applicable Currency means US Dollars. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Applicable Margin</U>&#148; means, as of any
date of determination and with respect to Base Rate Loans or Non-Base Rate Loans, as applicable, the applicable margin set forth in the following table that corresponds to the Average Excess Availability of Borrower for the most recently completed
Fiscal Quarter; <U>provided</U>, that for the period from the Closing Date through the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
end of the Fiscal Quarter ending December&nbsp;30, 2017, the Applicable Revolver Margin shall be set at the margin in the row styled &#147;Level&nbsp;II&#148;: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="28%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="28%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="28%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:18.20pt; font-size:8pt; font-family:Times New Roman">Level</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Average&nbsp;Excess<BR>Availability&nbsp;as&nbsp;a<BR>%&nbsp;of&nbsp;the&nbsp;Line&nbsp;Cap</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Applicable&nbsp;Margin&nbsp;in&nbsp;Respect<BR>of&nbsp;Base&nbsp;Rate&nbsp;Loans&nbsp;(the&nbsp;&#147;Base<BR>Rate Margin&#148;)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Applicable&nbsp;Margin&nbsp;in&nbsp;respect<BR>of Non-Base Rate Loans (the<BR>&#147;Non-Base Rate Margin&#148;)</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">I</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="FONT-FAMILY:SYMBOL">&#179;</FONT>&nbsp;66%</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">0.00%</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1.50%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">II</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">&lt;&nbsp;66%&nbsp;but&nbsp;<FONT STYLE="FONT-FAMILY:SYMBOL">&#179;</FONT>&nbsp;33%</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">0.25%</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1.75%</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">III</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">&lt;&nbsp;33%</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">0.50%</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2.00%</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Applicable Margin shall be re-determined by Agent as of the first day of each Fiscal Quarter of Borrower.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Applicable Unused Line Fee Percentage</U>&#148; means 0.25%&nbsp;per annum. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Application Event</U>&#148; means the (a)&nbsp;occurrence of a failure by Borrower to repay all of the Obligations in full on the
Maturity Date, or (b)&nbsp;the occurrence and continuance of an Event of Default and the election by the Agent or the Required Lenders during such continuance to require that payments and proceeds of Collateral be applied pursuant to
<U>Section&nbsp;2.4(b)(ii)</U> of the Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Assignee</U>&#148; has the meaning specified therefor in
<U>Section&nbsp;13.1(a)</U> of the Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Assignment and Acceptance</U>&#148; means an Assignment and Acceptance Agreement
substantially in the form of <U>Exhibit A-1</U> to the Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Authorized Person</U>&#148; means any one of the individuals
identified on <U>Schedule A-3</U> to the Agreement, as such schedule is updated from time to time by written notice from Administrative Borrower to Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Available Increase Amount</U>&#148; means, as of any date of determination, an amount equal to the result of (a)&nbsp;$13,000,000
minus (b)&nbsp;the aggregate principal amount of Increases to the Revolver Commitments previously made pursuant to <U>Section&nbsp;2.16</U> of the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Average Excess Availability</U>&#148; means, with respect to any period, the sum of the aggregate amount of Excess Availability for
each Business Day in such period (calculated as of the end of each respective Business Day) divided by the number of Business Days in such period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Bank Product</U>&#148; means any one or more of the following financial products or accommodations extended to a Loan Party by a Bank
Product Provider: (a)&nbsp;credit cards (including commercial credit cards (including so-called &#147;purchase cards&#148;, &#147;procurement cards&#148; or &#147;<U>P-cards</U>&#148;)), (b)&nbsp;credit card processing services, (c)&nbsp;debit
cards, (d)&nbsp;stored value cards, (e)&nbsp;Cash Management Services, or (f)&nbsp;transactions under Hedge Agreements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Bank Product Agreements</U>&#148; means those agreements entered into from time to time
by a Loan Party with a Bank Product Provider in connection with the obtaining of any of the Bank Products. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Bank Product
Collateralization</U>&#148; means, with respect to the Bank Product Obligations, as applicable, providing cash collateral (pursuant to documentation reasonably satisfactory to Agent) in the Applicable Currency to be held by Agent for the benefit of
the applicable Bank Product Providers (other than the Hedge Providers) in an amount determined by Agent as sufficient to satisfy the reasonably estimated credit exposure with respect to the applicable then existing Bank Product Obligations (other
than Hedge Obligations). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Bank Product Obligations</U>&#148; means (a)&nbsp;all obligations, liabilities, reimbursement
obligations, fees, or expenses owing by any Loan Party to any Bank Product Provider pursuant to or evidenced by a Bank Product Agreement and irrespective of whether for the payment of money, whether direct or indirect, absolute or contingent, due or
to become due, now existing or hereafter arising, (b)&nbsp;all Hedge Obligations, and (c)&nbsp;all amounts that Agent or any Lender is obligated to pay to a Bank Product Provider as a result of Agent or such Lender purchasing participations from, or
executing guarantees or indemnities or reimbursement obligations to, a Bank Product Provider with respect to the Bank Products provided by such Bank Product Provider to any Loan Party; <U>provided</U>, in order for any item described in clauses (a),
(b), or (c)&nbsp;above, as applicable, to constitute &#147;Bank Product Obligations&#148;, if the applicable Bank Product Provider is any Person other than Wells Fargo or its Affiliates, then the applicable Bank Product must have been provided on or
after the Closing Date and Agent shall have received a Bank Product Provider Agreement within 10 days after the date of the provision of the applicable Bank Product to a Loan Party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Bank Product Provider</U>&#148; means any Lender or any of its Affiliates, including each of the foregoing in its capacity, if
applicable, as a Hedge Provider; <U>provided</U>, that no such Person (other than Wells Fargo or its Affiliates) shall constitute a Bank Product Provider with respect to a Bank Product unless and until Agent receives a Bank Product Provider
Agreement from such Person with respect to the applicable Bank Product within 10 days after the provision of such Bank Product to Borrower or any of its Subsidiaries; <U>provided further</U>, that if, at any time, a Lender ceases to be a Lender
under the Agreement, then, from and after the date on which it ceases to be a Lender thereunder, neither it nor any of its Affiliates shall constitute Bank Product Providers and the obligations with respect to Bank Products provided by such former
Lender or any of its Affiliates shall no longer constitute Bank Product Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Bank Product Provider Agreement</U>&#148;
means an agreement in substantially the form attached hereto as <U>Exhibit B-4</U> to the Agreement, in form and substance satisfactory to Agent, duly executed by the applicable Bank Product Provider, Borrower, and Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Bank Product Reserves</U>&#148; means, as of any date of determination, those reserves that Agent has established (based upon the
applicable Bank Product Provider&#146;s reasonable and good faith determination of its credit exposure to the Loan Parties in respect of Bank Product Obligations) in respect of Bank Products then provided or outstanding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Bankruptcy Code</U>&#148; means title 11 of the United States Code, as in effect from time to time. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Base Rate</U>&#148; means the Canadian Base Rate; <U>provided</U>, that with respect to
Obligations denominated in US Dollars, Base Rate means the US Base Rate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Base Rate Loan</U>&#148; means a Revolving Loan that
bears interest at a rate determined by reference to the applicable Base Rate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Base Rate Margin</U>&#148; has the meaning set
forth in the definition of Applicable Margin. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Board of Directors</U>&#148; means, as to any Person, the Board of Directors (or
comparable managers) of such Person, or any committee thereof duly authorized to act on behalf of the Board of Directors (or comparable managers). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Board of Governors</U>&#148; means the Board of Governors of the Federal Reserve System of the United States (or any successor). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrower</U>&#148; has the meaning specified therefor in the preamble to the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrower Materials</U>&#148; has the meaning specified therefor in <U>Section&nbsp;17.9(c)</U> of the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing</U>&#148; means a borrowing consisting of Revolving Loans made on the same day by the Revolving Lenders with Revolver
Commitments (or Agent on behalf thereof), or by Swing Lender in the case of a Swing Loan, or by Agent in the case of an Extraordinary Advance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing Base</U>&#148; means, as of any date of determination, the Canadian Dollar Equivalent amount of the result of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) 90% of the amount of Eligible Credit Card Receivables of Borrower, plus </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) 90% of the amount of Eligible Accounts of Borrower, provided that the amount thereof included in the Borrowing Base shall not exceed 20% of
the aggregate amount of the Borrowing Base, plus </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) 90% of the amount calculated by multiplying the Inventory Net Recovery Percentage of
the relevant Eligible Inventory Category identified in the most recent Inventory appraisal ordered and obtained by Agent by the cost (based on GAAP) of such Eligible Inventory provided that the amount of Eligible Non-Possessory Inventory included in
Eligible Inventory for the purpose of calculating the Borrowing Base shall not exceed 5% of the aggregate amount of the Eligible Inventory, minus </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) the aggregate amount of Receivables Reserves, Bank Product Reserves, Inventory Reserves, Canadian Priority Payables Reserves and other
Reserves, if any, established by Agent in accordance with <U>Section&nbsp;2.1(c)</U> of the Agreement with respect to the Borrowing Base. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing Base Certificate</U>&#148; means a certificate in the form of <U>Exhibit&nbsp;B-1</U>, containing the calculation of the
Borrowing Base. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Business Day</U>&#148; means any day that is not a Saturday, Sunday, or other day on
which banks are authorized or required to close in the State of New York or the Provinces of Ontario or Quebec, except that, if a determination of a Business Day shall relate to a LIBOR Rate Loan, the term &#147;Business Day&#148; also shall exclude
any day on which banks are closed for dealings in US Dollar deposits in the London interbank market. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;<U>Canadian Anti-Money
Laundering&nbsp;&amp; Anti-Terrorism Legislation</U>&#148; means Part II.1 of the Criminal Code (Canada), The <I>Proceeds of Crime (Money Laundering) and Terrorist Financing Act </I>(Canada) and the <I>United Nations Act</I> (Canada), together with
all rules, regulations and interpretations thereunder or related thereto including, without limitation, the Regulations Implementing the United Nations Resolutions on the Suppression of Terrorism and the United Nations Al-Qaida and Taliban
Regulations promulgated under the <I>United Nations Act</I> (Canada) and any similar Canadian legislation in effect from time to time.<I> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Base Rate</U>&#148; means, for any day, a rate per annum equal to the greater of (a)&nbsp;the CDOR Rate existing on such day
(which rate shall be calculated based upon an Interest Period of 1 month), plus 1 percentage point, and (b)&nbsp;the &#147;prime rate&#148; for Canadian Dollar commercial loans made in Canada as reported by Thomson Reuters under Reuters Instrument
Code <I>&lt;CAPRIME=&gt;</I> on the &#147;CA Prime Rate (Domestic Interest Rate) &#150; Composite Display&#148; page to the extent such page is available (or any successor page or such other commercially available service or source (including the
Canadian Dollar &#147;prime rate&#148; announced by a Schedule&nbsp;I bank under the <I>Bank Act</I> (Canada)) as the Agent may designate from time to time). Each determination of the Canadian Base Rate shall be made by Agent and shall be conclusive
in the absence of manifest error. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Defined Benefit Plan</U>&#148; means any Canadian Pension Plan which contains a
&#147;defined benefit provision&#148; as defined in subsection 147.1(1) of the Income Tax Act (Canada) but does not include a Canadian Multi-Employer Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Designated Account</U>&#148; means the Canadian Dollar Deposit Account(s) of Borrower identified on <U>Schedule D-1</U> to
the Agreement (or such other Deposit Account of Borrower located at Designated Account Bank that has been designated as such, in writing, by Administrative Borrower to Agent). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Dollar Equivalent</U>&#148; means, at any time, (a)&nbsp;with respect to any amount denominated in Canadian Dollars, such
amount, and (b)&nbsp;with respect to any amount denominated in another currency, the equivalent amount thereof in Canadian Dollars as determined by Agent, at such time, on the basis of the Spot Rate (determined in respect of the most recent
Revaluation Date or such other date determined by Agent) for the purchase of Canadian Dollars with such currency. Calculations of the Borrowing Base with respect to items included therein that are not denominated in Canadian Dollars may be adjusted
by Agent pursuant to this definition from time and references herein to the Borrowing Base (including references based upon the most recent applicable Borrowing Base Certificate delivered by Borrower to Agent) may reflect such adjustments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Dollars</U>&#148;, &#147;<U>Dollars</U>&#148;, &#147;<U>Cdn&nbsp;$</U>&#148; or &#147;<U>$</U>&#148; means the lawful
currency of Canada, as in effect from time to time. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Multi-Employer Plan</U>&#148; means a &#147;multi-employer pension plan&#148;,
as such term is defined under the Pension Benefits Act (Ontario), under which a Loan Party is required to contribute pursuant to a collective bargaining agreement and under which (i)&nbsp;the sole obligation of the Loan Party is to make the
contributions specified in the applicable collective bargaining agreement, and (ii)&nbsp;the Loan Party has no liability relating to any past or future withdrawals from the plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Patent Security Agreement</U>&#148; has the meaning specified therefor in the Canadian Security Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Pension Plans</U>&#148; means each pension plan required to be registered under Canadian federal or provincial law that is
maintained or contributed to, or to which there is or may be an obligation to contribute by a Loan Party or a Subsidiary thereof, for its employees or former employees, but does not include the Canada Pension Plan or the Quebec Pension Plan as
maintained by the Government of Canada or the Province of Quebec, respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Priority Payables Reserves</U>&#148;
means reserves (determined from time to time by Agent in its Permitted Discretion) for: (a)&nbsp;the amount past due and owing by any Loan Party, or the accrued amount for which such Loan Party has an obligation to remit, to a Governmental Authority
or other Person pursuant to any applicable law, rule or regulation, in respect of (i)&nbsp;goods and services Taxes, harmonized sales Taxes, other sales Taxes, employee income Taxes, municipal Taxes and other Taxes payable or to be remitted or
withheld; (ii)&nbsp;workers&#146; compensation or employment insurance; (iii)&nbsp;federal Canada Pension Plan, Quebec Pension Plan and other statutory pension plan contributions; (iv)&nbsp;vacation or holiday pay; and (v)&nbsp;other like charges
and demands, in each case, to the extent that any Governmental Authority or other Person may claim a Lien, trust, deemed trust or other claim ranking or capable of ranking in priority to or <I>pari passu</I> with one or more of the Liens granted in
the Loan Documents; and (b)&nbsp;the aggregate amount of any other liabilities of any Loan Party (i)&nbsp;in respect of which a trust or deemed trust has been or may be imposed on any Collateral to provide for payment, or (ii)&nbsp;in respect of
unremitted and due pension plan contributions in respect of Canadian Pension Plans including normal cost contributions and special payments (iii)&nbsp;without duplication for any amounts referred to in paragraph (b)(ii) amounts representing any
unfunded wind-up deficiency whether or not due with respect to a Canadian Defined Benefit Plan, or (iv)&nbsp;which are secured by a Lien, charge, right or claim on any Collateral (other than Permitted Liens that do not have priority over
Agent&#146;s Liens); in each case, pursuant to any applicable law, rule or regulation and provided such lien, trust, deemed trust, pledge, charge, right or claim ranks or in the Permitted Discretion of Agent, is capable of ranking in priority to or
<I>pari passu</I> with one or more of the Liens granted in the Loan Documents (such as certain claims by employees for unpaid wages and other amounts payable under the Wage Earner Protection Program Act (Canada)); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Security Agreement</U>&#148; means a Canadian Guarantee and Security Agreement dated as of even date with the Agreement, in
form and substance reasonably satisfactory to Agent, executed and delivered by each Loan Party to Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Security
Documents</U>&#148; means, collectively, the Canadian Security Agreement, the Quebec Security Documents and any other Loan Document that grants or purports to grant a Lien on any of the assets or interests, and the proceeds thereof, of any Loan
Party. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Trademark Security Agreement</U>&#148; has the meaning specified therefor in
the Canadian Security Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Capital Assets</U>&#148; means fixed assets, both tangible (such as land, buildings, fixtures,
machinery and equipment) and intangible (such as patents, copyrights, trademarks, franchises and goodwill); <U>provided</U> that Capital Assets shall not include any item customarily charged directly to expense or depreciated over a useful life of
12 months or less in accordance with GAAP. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Capital Expenditures</U>&#148; means, with respect to any Person for any period,
(a)&nbsp;the amount of all expenditures by such Person and its Subsidiaries during such period that are capital expenditures as determined in accordance with GAAP, whether such expenditures are paid in cash or financed; and (b)&nbsp;the lease of any
assets by Borrower or any of its Subsidiaries as lessee under any synthetic lease to the extent that such assets would have been Capital Assets had the synthetic lease been treated for accounting purposes as a Capital Lease. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Capitalized Lease Obligation</U>&#148; means that portion of the obligations under a Capital Lease that is required to be capitalized
in accordance with GAAP. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Capital Lease</U>&#148; means a lease that is required to be capitalized for financial reporting
purposes in accordance with GAAP but excluding leases which would have been characterized as operating leases according to GAAP as in effect on the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Cash Equivalents</U>&#148; means obligations that are denominated in Canadian Dollars or United States Dollars (a)&nbsp;marketable
direct obligations issued by, or unconditionally guaranteed by, the United States or issued by any agency thereof and backed by the full faith and credit of the United States or by, or unconditionally guaranteed by, the government of Canada or
issued by any agency thereof and backed by the full faith and credit of Canada, in each case maturing within 1 year from the date of acquisition thereof, (b)&nbsp;marketable direct obligations issued or fully guaranteed by any state of the United
States or province of Canada or any political subdivision of any such state or province or any public instrumentality thereof maturing within 1 year from the date of acquisition thereof and, at the time of acquisition, having one of the two highest
ratings obtainable from either Standard&nbsp;&amp; Poor&#146;s Rating Group (&#147;<U>S&amp;P</U>&#148;) or Moody&#146;s Investors Service, Inc. (&#147;<U>Moody&#146;s</U>&#148;), (c)&nbsp;commercial paper maturing no more than 270 days from the
date of creation thereof and, at the time of acquisition, having a rating of at least <FONT STYLE="white-space:nowrap">A-1</FONT> from S&amp;P or at least <FONT STYLE="white-space:nowrap">P-1</FONT> from Moody&#146;s, (d)&nbsp;certificates of
deposit, time deposits, overnight bank deposits or bankers&#146; acceptances maturing within 1 year from the date of acquisition thereof issued by any bank organized under the laws of the United States or any state thereof or the District of
Columbia or a bank organized under the laws of Canada, or any United States or Canadian branch of a foreign bank, in each case having at the date of acquisition thereof combined capital and surplus of not less than $250,000,000, (e)&nbsp;Deposit
Accounts maintained with (i)&nbsp;any bank that satisfies the criteria described in clause (d)&nbsp;above, or (ii)&nbsp;any other bank organized under the laws of the United States or any state thereof or the laws of Canada so long as the full
amount maintained with any such other bank is insured by the Federal Deposit Insurance Corporation or the Canadian Deposit Insurance Corporation, (f)&nbsp;repurchase obligations of any commercial bank satisfying the requirements of clause
(d)&nbsp;of this definition of recognized securities dealer having combined capital and surplus of not less than $250,000,000, having a term of not more than seven days, with respect to securities satisfying the criteria in clauses (a)&nbsp;or
(d)&nbsp;above, (g)&nbsp;debt securities with maturities of six months or less from the date of acquisition backed by standby letters of credit issued by any commercial bank satisfying the criteria described in clause (d)&nbsp;above, and
(h)&nbsp;Investments in money market funds substantially all of whose assets are invested in the types of assets described in clauses (a)&nbsp;through (g)&nbsp;above. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Cash Management Services</U>&#148; means any cash management or related services
including treasury, depository, return items, overdraft, controlled disbursement, merchant store value cards, e-payables services, electronic funds transfer, interstate depository network, automatic clearing house transfer (including the Automated
Clearing House processing of electronic funds transfers through the direct Federal Reserve Fedline system) and other customary cash management arrangements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>CDOR Rate</U>&#148; means the average rate per annum as reported on the Reuters Screen CDOR Page (or any successor page or such other
page or commercially available service displaying Canadian interbank bid rates for Canadian Dollar bankers&#146; acceptances as the Agent may designate from time to time, or if no such substitute service is available, the rate quoted by a Schedule I
bank under the Bank Act (Canada) selected by the Agent at which such bank is offering to purchase Canadian Dollar bankers&#146; acceptances) as of 10:00 a.m. Eastern (Toronto) time on the date of commencement of the requested Interest Period, for a
term, and in an amount, comparable to the Interest Period and the amount of the CDOR Rate Loan requested (whether as an initial CDOR Rate Loan or as a continuation of a CDOR Rate Loan or as a conversion of a Base Rate Loan to a CDOR Rate Loan) by
Borrower in accordance with this Agreement (and, if any such reported rate is below zero, then the rate determined pursuant to this clause (b)&nbsp;shall be deemed to be zero). Each determination of the CDOR Rate shall be made by the Agent and shall
be conclusive in the absence of manifest error. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>CDOR Rate Loan</U>&#148; means each portion of the Revolving Loans that bears
interest at a rate determined by reference to the CDOR Rate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>CGS</U>&#148; means Cash, Gold&nbsp;&amp; Silver Inc., a
corporation formed under the laws of Canada. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>CGS USA</U>&#148; means Cash, Gold&nbsp;&amp; Silver USA, Inc., a corporation
formed under the laws of Delaware. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Change of Control</U>&#148; means that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Montrovest B.V. and Mangrove Holding S.A. collectively fail to own and control, directly or indirectly, a majority of the Equity Interests
of Borrower entitled (without regard to the occurrence of any contingency) to vote for the election of members of the Board of Directors of Borrower, or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Borrower fails to own and control, directly or indirectly, 100% of the Equity Interests of each Loan Party (other than Borrower). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Change in Law</U>&#148; means the occurrence after the date of the Agreement of: (a)&nbsp;the adoption or effectiveness of any law,
rule, regulation, judicial ruling, judgment or treaty, (b)&nbsp;any change in any law, rule, regulation, judicial ruling, judgment or treaty or in the administration, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
interpretation, implementation or application by any Governmental Authority of any law, rule, regulation, guideline or treaty, or (c)&nbsp;the making or issuance by any Governmental Authority of
any request, rule, guideline or directive, whether or not having the force of law; <U>provided</U> that notwithstanding anything in the Agreement to the contrary, (i)&nbsp;the Dodd-Frank Wall Street Reform and Consumer Protection Act and all
requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii)&nbsp;all requests, rules, guidelines or directives concerning capital adequacy promulgated by the Bank for International Settlements, the Basel Committee
on Banking Supervision (or any successor or similar authority) or Canada or foreign regulatory authorities shall, in each case, be deemed to be a &#147;Change in Law,&#148; regardless of the date enacted, adopted or issued. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Closing Date</U>&#148; means the date of the making of the initial Revolving Loan (or other extension of credit) under the Agreement.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Closing Date US Divestiture</U>&#148; means the sale of all of the shares of Mayor&#146;s Jewelers, Inc., by Borrower pursuant
to the Closing Date US Divestiture Agreements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Closing Date US Divestiture Agreements</U>&#148; means, collectively, the US
Stock Purchase Agreement, the Transition Services Agreement (as defined in the US Stock Purchase Agreement) and the other agreements, instruments and documents relating thereto and evidencing the Closing Date US Divestiture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Code</U>&#148; means the New York Uniform Commercial Code, as in effect from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Collateral</U>&#148; means all assets and interests in assets and proceeds thereof now owned or hereafter acquired by Borrower or any
other Loan Party in or upon which a Lien is granted by such Person in favor of Agent or any of the Lenders under any of the Loan Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Collateral Access Agreement</U>&#148; means a landlord waiver, bailee letter, or acknowledgement agreement of any lessor,
warehouseman, processor, consignee or other Person in possession of, having a Lien upon, or having rights or interests in Borrower&#146;s or any of its Subsidiaries&#146; books and records, Equipment, or Inventory, in each case, in form and
substance reasonably satisfactory to Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Commitment</U>&#148; means, with respect to each Lender, its Revolver Commitment,
and, with respect to all Lenders, their Revolver Commitments, in each case in such Canadian Dollar amounts as are set forth beside such Lender&#146;s name under the applicable heading on <U>Schedule C-1</U> to the Agreement or in the Assignment and
Acceptance or Increase Joinder pursuant to which such Lender became a Lender under the Agreement, as such amounts may be reduced or increased from time to time pursuant to assignments made in accordance with the provisions of
<U>Section&nbsp;13.1</U> of the Agreement, reductions of the Revolver Commitments pursuant to <U>Section&nbsp;2.4(c)</U>, and increases to the Revolver Commitments pursuant to <U>Section&nbsp;2.16</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Commodity Exchange Act</U>&#148; means the Commodity Exchange Act (7 U.S.C. &#167; 1 et seq.), as amended from time to time, and any
successor statute. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Compliance Certificate</U>&#148; means a certificate substantially in the form of
<U>Exhibit C-1</U> to the Agreement delivered by a Financial Officer of Borrower to Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Confidential Information</U>&#148;
has the meaning specified therefor in <U>Section&nbsp;17.9(a)</U> of the Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Consolidated EBITDA</U>&#148; means, for any
period, the sum, without duplication, of the amounts for such period of (i)&nbsp;Consolidated Net Income, (ii)&nbsp;Consolidated Interest Expense, (iii)&nbsp;provision for federal, provincial, local and foreign income Taxes, franchise Taxes and
other Taxes in lieu of income Taxes payable, (iv)&nbsp;total depreciation expense, (v)&nbsp;total amortization expense, (vi)&nbsp;transaction expenses incurred by Borrower or any of its Subsidiaries in such period in connection with Permitted
Acquisitions to the extent included in the calculation of Excess Availability for purposes of determining whether the applicable Acquisition constitutes a Permitted Acquisition, (vii)&nbsp;fees, costs and expenses incurred on or prior to the Closing
Date in connection with this Agreement, the other Loan Documents, the Closing Date US Divestiture and the other transactions contemplated hereby or thereby, (viii)&nbsp;financial advisory fees, accounting fees, legal fees and any other similar third
party reasonable out-of-pocket fees and out-of-pocket expenses incurred in connection with the pursuit of any acquisition, offering of Equity Interest, investment, disposition, repayment of junior or subordinated Indebtedness, recapitalization, or
the incurrence, issuance, repayment, amendment or modification of Indebtedness (in each case, regardless of whether such transaction is consummated), (ix)&nbsp;management and other fees and reimbursement of expenses permitted pursuant to
<U>Section&nbsp;1.1.1(e)</U>, (x)&nbsp;impairment of goodwill and other non-cash items (other than any such non-cash item to the extent it represents an accrual of or reserve for cash expenditures in any future period), (xi)&nbsp;to the extent
actually reimbursed, expenses incurred to the extent covered by indemnification provisions in any agreement in connection with a Permitted Acquisition, and (xii)&nbsp;other unusual or non-recurring cash charges including Restructuring and
Integration Costs not to exceed $5,000,000 in the case of the Closing Date US Divestiture incurred in the 2018 Fiscal Year and otherwise $2,000,000 in the aggregate for all such charges during any twelve fiscal-month period, but only, in the case of
each of the foregoing clauses&nbsp;(ii) through (xii), to the extent deducted in the calculation of Consolidated Net Income, less non-cash items added in the calculation of Consolidated Net Income (other than any such non-cash item to the extent it
will result in the receipt of cash payments in any future period), all of the foregoing as determined on a consolidated basis for Borrower and its Subsidiaries in conformity with GAAP. Notwithstanding the foregoing, Consolidated EBITDA for the
fiscal months ending prior to the date of this Agreement and used in calculating the Fixed Charge Coverage Ratio for the applicable twelve fiscal month period after such date shall be in amounts agreed by the Agent and Borrower. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Consolidated Fixed Charges</U>&#148; means, with respect to any fiscal period and with respect to Borrower and its Subsidiaries
determined on a consolidated basis in accordance with GAAP, the sum, without duplication, of (a)&nbsp;Consolidated Interest Expense paid (other than interest paid-in-kind, amortization of financing fees, and other non-cash Consolidated Interest
Expense) during such period, (b)&nbsp;scheduled principal payments in respect of Indebtedness that are required to be paid during such period (excluding Management Debt to the extent such payments constitute an expense in the calculation of
Consolidated Net Income), (c)&nbsp;Restricted Payments made or required to be made in cash during such period; and (d)&nbsp;all management, consulting, monitoring and advisory fees paid in cash to Borrower and its Affiliates during such period.
Notwithstanding the foregoing, Consolidated Fixed Charges for the fiscal months ending prior to the date of this Agreement and used in calculating the Fixed Charge Coverage Ratio for the applicable twelve fiscal month period after such date shall be
in amounts agreed by the Agent and Borrower. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Consolidated Interest Expense</U>&#148; means, for any period, the aggregate of the
interest expense of Borrower and its Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Consolidated Net Income</U>&#148; means, for any period, the net income (or loss) of Borrower and its Subsidiaries on a consolidated
basis for such period taken as a single accounting period determined in conformity with GAAP after deduction for non-controlling interest in such Subsidiaries; provided that there shall be excluded (i)&nbsp;the income (or loss) of any Person (other
than a Loan Party) in which any other Person (other than a Loan Party) has a joint interest, or a Subsidiary located outside US and Canada, except to the extent of the amount of dividends or other distributions actually paid to Borrower or any of
its Subsidiaries by such Person during such period, (ii)&nbsp;the income (or loss) of any Person accrued prior to the date it becomes a Subsidiary of Borrower or is merged into or amalgamated or consolidated with Borrower or any of its Subsidiaries
or that Person&#146;s assets are acquired by Borrower or any of its Subsidiaries, (iii)&nbsp;the income of any Subsidiary of Borrower that is not a Loan Party to the extent that the declaration or payment of dividends or similar distributions by
that Subsidiary of that income is not at the time permitted by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Subsidiary, (iv)&nbsp;(to the
extent not included in clauses (i)&nbsp;through (iii)&nbsp;above) any non-cash extraordinary gains or non-cash extraordinary losses, (v)&nbsp;the impact of non-cash currency translation gains and losses and mark to market gains and losses on any
Hedge Agreement, (vi)&nbsp;the cumulative effect of a change in accounting principles during such period, and (vii)&nbsp;gains and losses from the early extinguishment of Indebtedness or other derivative instruments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Control Agreement</U>&#148; means a control agreement, or blocked account agreement, as applicable, in form and substance reasonably
satisfactory to Agent, executed and delivered by Borrower or another Loan Party, Agent, and the applicable securities intermediary (with respect to a Securities Account) or bank (with respect to a Deposit Account). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Credit Card Issuer</U>&#148; shall mean any person (other than a Borrower or any of its Subsidiaries) who issues or whose members
issue credit cards, including MasterCard or VISA bank credit or debit cards or other bank credit or debit cards issued through MasterCard International, Inc., Visa, U.S.A., Inc., Visa International, American Express, Discover, Diners Club, Union
Pay, VFI, Inc. (a subsidiary of The Toronto-Dominion Bank Finance Group) and other bank and non-bank credit or debit cards, and other issuers approved by the Agent, after the conduct of such due diligence with respect to such issuers as the Agent
considers necessary or appropriate, such approval not to be unreasonably withheld, conditioned or delayed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Credit Card
Processor</U>&#148; shall mean any servicing or processing agent or any factor or financial intermediary who facilitates, services, processes or manages the credit authorization, billing transfer and/or payment procedures with respect to
Borrower&#146;s sales transactions involving credit card or debit card purchases by customers using credit cards or debit cards issued by any Credit Card Issuer. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Credit Card Notifications</U>&#148; has the meaning provided in
<U>Section&nbsp;5.18</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Credit Card Receivables</U>&#148; shall mean each &#147;intangible&#148; (as defined in the PPSA)
together with all income, payments and proceeds thereof, owed by a Credit Card Issuer or Credit Card Processor to Borrower resulting from charges by a customer of Borrower on credit or debit cards issued by such Credit Card Issuer in connection with
the sale of goods by a Borrower, or services performed by a Credit Card Processor or Credit Card Issuer, in each case in the ordinary course of its business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Default</U>&#148; means an event, condition, or default that, with the giving of notice, the passage of time, or both, would be an
Event of Default. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Defaulting Lender</U>&#148; means any Lender that (a)&nbsp;has failed to fund any amounts required to be
funded by it under the Agreement within 1 Business Day of the date that it is required to do so under the Agreement (including the failure to make available to Agent amounts required pursuant to a Settlement or to make a required payment in
connection with a Letter of Credit Disbursement), (b)&nbsp;notified Borrower, Agent, or any Lender in writing that it does not intend to comply with all or any portion of its funding obligations under the Agreement, (c)&nbsp;has made a public
statement to the effect that it does not intend to comply with its funding obligations under the Agreement or under other agreements generally (as reasonably determined by Agent) under which it has committed to extend credit, (d)&nbsp;failed, within
1 Business Day after written request by Agent, to confirm that it will comply with the terms of the Agreement relating to its obligations to fund any amounts required to be funded by it under the Agreement, (e)&nbsp;otherwise failed to pay over to
Agent or any other Lender any other amount required to be paid by it under the Agreement within 1 Business Day of the date that it is required to do so under the Agreement, or (f)&nbsp;(i)&nbsp;becomes or is insolvent or has a Borrower company that
has become or is insolvent or (ii)&nbsp;becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, or custodian or appointed for it, or has taken any action in furtherance of, or indicating its consent
to, approval of or acquiescence in any such proceeding or appointment or has a Borrower company that has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, or custodian appointed for it, or has
taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Defaulting Lender Rate</U>&#148; means (a)&nbsp;for the first 3 days from and after the date the relevant payment is due, the
Canadian Base Rate (if such Obligations are denominated in Canadian Dollars) or the US Base Rate (if such Obligations are denominated US Dollars), and (b)&nbsp;thereafter, the interest rate then applicable to Revolving Loans in the Applicable
Currency that are Base Rate Loans (inclusive of the Base Rate Margin applicable thereto). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Deposit Account</U>&#148; means any
deposit account maintained in Canada for the deposit of funds with a Canadian Bank reasonably acceptable to Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Designated
Account Bank</U>&#148; has the meaning specified therefor in <U>Schedule D-1</U> to the Agreement (or such other bank that is located within Canada that has been designated as such, in writing, by Administrative Borrower to Agent). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Disqualified Equity Interests</U>&#148; means any Equity Interests that, by their terms
(or by the terms of any security or other Equity Interests into which they are convertible or for which they are exchangeable), or upon the happening of any event or condition (a)&nbsp;matures or are mandatorily redeemable (other than solely for
Qualified Equity Interests), pursuant to a sinking fund obligation or otherwise (except as a result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale event
shall be subject to the prior repayment in full of the Loans and all other Obligations that are accrued and payable and the termination of the Commitments), (b)&nbsp;are redeemable at the option of the holder thereof (other than solely for Qualified
Equity Interests), in whole or in part, (c)&nbsp;provide for the scheduled payments of dividends in cash, or (d)&nbsp;are or become convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified
Equity Interests, in each case, prior to the date that is 91 days after the Maturity Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Drawing Document</U>&#148; means any
Letter of Credit or other document presented for purposes of drawing under any Letter of Credit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Eligible Accounts</U>&#148;
means those PLCW Accounts created by Borrower in the ordinary course of its business, that arise out of Borrower&#146;s sale of goods or rendition of services, that comply with each of the representations and warranties respecting Eligible Accounts
made in the Loan Documents, and that are not excluded as ineligible by virtue of one or more of the excluding criteria set forth below; <U>provided</U>, that such criteria may be revised from time to time by Agent in Agent&#146;s Permitted
Discretion to address the results of any field examination performed by (or on behalf of) Agent from time to time after the Closing Date. In determining the amount to be included, Eligible Accounts shall be calculated net of customer deposits,
unapplied cash, Taxes, discounts, credits, allowances, and rebates. Eligible Accounts shall not include the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Accounts that
the Account Debtor has failed to pay within 90 days of original invoice date (except that this period shall be extended to 150 days after the original invoice date with respect to Accounts arising from initial orders made by an Account Debtor that
becomes a customer of the Borrower after the Closing Date) or within 60 days of due date, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Accounts owed by an Account Debtor (or its
Affiliates) where 50% or more of all Accounts owed by that Account Debtor (or its Affiliates) are deemed ineligible under clause (a)&nbsp;above, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Accounts with respect to which the Account Debtor is an Affiliate of any Loan Party or an employee or agent of any Loan Party or any
Affiliate of any Loan Party, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Accounts arising in a transaction wherein goods are placed on consignment or are sold pursuant to a
guaranteed sale, a sale or return, a sale on approval, a bill and hold, or any other terms by reason of which the payment by the Account Debtor may be conditional, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Accounts that are not payable in US Dollars or Canadian Dollars, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Accounts with respect to which the Account Debtor either (i)&nbsp;does not maintain its chief executive office in Canada or the United
States, or is not organized under the laws of the United States or any state thereof, or the laws of Canada or any province thereof, (ii)&nbsp;is the government of any foreign country or sovereign state, or of any state, province, municipality, or
other political subdivision thereof, or of any department, agency, public corporation, or other instrumentality thereof, unless the Account is supported by an irrevocable letter of credit reasonably satisfactory to Agent (as to form, substance and
issuer or domestic confirming bank) that has been delivered to Agent and is directly drawable by Agent, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) Accounts with respect to which the Account Debtor is either (i)&nbsp;the United States or any
department, agency, or instrumentality of the United States (exclusive, however, of Accounts with respect to which Borrower has complied, to the reasonable satisfaction of Agent, with the Assignment of Claims Act, 31 USC &#167;3727), (ii)&nbsp;any
state of the United States, or (iii)&nbsp;a Governmental Authority of Canada or any province thereof (exclusive, however, of Accounts with respect to which Borrower has complied, to the reasonable satisfaction of Agent, with any applicable
assignment of claims statute, including the Financial Administration Act (Canada)), </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) Accounts with respect to which the Account Debtor
is a creditor of a Loan Party, has or has asserted a right of recoupment or setoff, or has disputed its obligation to pay all or any portion of the Account, to the extent of such claim, right of recoupment or setoff, or dispute, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Accounts with respect to which the Account Debtor is subject to an Insolvency Proceeding, is not Solvent, has gone out of business, or as
to which any Loan Party has received notice of an imminent Insolvency Proceeding or a material impairment of the financial condition of such Account Debtor, unless the Account is supported by an irrevocable letter of credit reasonably satisfactory
to Agent (as to form, substance and issuer or domestic confirming bank) that has been delivered to Agent and is directly drawable by Agent, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) Accounts, the collection of which, Agent, in its Permitted Discretion, believes to be doubtful, including by reason of the Account
Debtor&#146;s financial condition, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) Accounts that are not subject to a valid and perfected first priority Agent&#146;s Lien (subject to
Permitted Liens having priority under applicable law for which reserves have been established pursuant to <U>Section&nbsp;2.1(c)</U>), </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l)
Accounts with respect to which (i)&nbsp;the goods giving rise to such Account have not been shipped and billed to the Account Debtor, or (ii)&nbsp;the services giving rise to such Account have not been performed and billed to the Account Debtor,
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) Accounts with respect to which the Account Debtor is a Sanctioned Person or Sanctioned Entity, or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) Accounts that represent the right to receive progress payments or other advance billings that are due prior to the completion of
performance by Borrower of the subject contract for goods or services. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Eligible Credit Card Receivables</U>&#148; shall mean on
any date of determination of the Borrowing Base, each Credit Card Receivable that satisfies the following criteria at the time of creation and continues to meet the same at the time of such determination, as determined by the Agent in its Permitted
Discretion: such Credit Card Receivable (i)&nbsp;has been earned by performance and represents the bona fide amounts due to Borrower from a Credit Card Issuer or Credit Card Processor, and in each case originated in the ordinary course of business
of such Borrower, and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


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(ii)&nbsp;is not ineligible for inclusion in the calculation of the Borrowing Base pursuant to any of <U>clauses (a)</U>&nbsp;through <U>(h)</U>&nbsp;below; <U>provided</U>, that such criteria
may be revised from time to time by Agent in Agent&#146;s Permitted Discretion to address the results of any field examination performed by (or on behalf of) Agent from time to time after the Closing Date. Without limiting the foregoing, to qualify
as an Eligible Credit Card Receivable, such Credit Card Receivable shall indicate no Person other than Borrower as payee or remittance party. In determining the amount to be so included, the face amount of a Credit Card Receivable shall be reduced
by, without duplication, to the extent not reflected in such face amount, (i)&nbsp;the amount of all accrued and actual discounts, claims, credits or credits pending, promotional program allowances, price adjustments, finance charges or other
allowances (including any amount that Borrower may be obligated to rebate to a customer, a Credit Card Issuer or Credit Card Processor pursuant to the terms of any agreement or understanding (written or oral)) and (ii)&nbsp;the aggregate amount of
all cash received in respect of such Credit Card Receivable but not yet applied by the Credit Parties to reduce the amount of such Credit Card Receivable. Any Credit Card Receivable included within any of the following categories shall not
constitute an Eligible Credit Card Receivable: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Credit Card Receivables which do not constitute an &#147;intangible&#148; (as defined
in the PPSA), as applicable or an Account; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Credit Card Receivables that have been outstanding for more than five Business Days from
the date of sale; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Credit Card Receivables that are not subject to a valid and perfected first priority Agent&#146;s Lien (subject to
Permitted Liens having priority under applicable law for which Reserves have been established pursuant to <U>Section&nbsp;2.1(c)</U>); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)
Credit Card Receivables which are disputed, are with recourse, or with respect to which a claim, counterclaim, offset or chargeback has been asserted (to the extent of such dispute, claim, counterclaim, offset or chargeback); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Credit Card Receivables as to which the Credit Card Issuer or Credit Card Processor has the right under certain circumstances to require a
Credit Party to repurchase the Credit Card Receivables from such Credit Card Issuer or Credit Card Processor; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Credit Card Receivables
due from a Credit Card Issuer or Credit Card Processor which is the subject of any bankruptcy or insolvency proceedings; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) Credit Card
Receivables which are not a valid, legally enforceable obligation of the applicable Credit Card Issuer or Credit Card Processor with respect thereto; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) Credit Card Receivables which do not conform to all representations, warranties or other provisions in the Credit Documents relating to
Credit Card Receivables in all material respects. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Eligible Inventory</U>&#148; means Inventory of Borrower that consists of
finished goods held for sale in the ordinary course of Borrower&#146;s business and complies with each of the representations and warranties respecting Eligible Inventory made in the Loan Documents, and that is not excluded as ineligible by virtue
of one or more of the excluding criteria set forth below; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


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<U>provided</U>, that such criteria may be revised from time to time by Agent in Agent&#146;s Permitted Discretion to address the results of any field examination or appraisal performed by Agent
from time to time after the Closing Date. In determining the amount to be so included, Inventory shall be valued at cost on a basis consistent with Borrower&#146;s historical accounting practices. An item of Inventory shall not be included in
Eligible Inventory if: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Borrower does not have good, valid, and marketable title thereto, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Borrower does not have actual and exclusive possession thereof unless such Inventory is Eligible Non-Possessory Inventory, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) it is not located at one of the locations in Canada or in the continental United States set forth on <U>Schedule E-1</U> (as such
<U>Schedule E-1</U> may be amended from time to time with the prior written consent of Agent) to the Agreement (or in-transit from one such location to another such location), </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) it is in-transit to or from a location of Borrower (other than in-transit from one location set forth on <U>Schedule E-1</U> to the
Agreement to another location set forth on <U>Schedule E-1</U> to the Agreement), </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) commencing 90 days after the date hereof, it is
located on real property leased by Borrower (other than store locations) or in a contract warehouse, in each case, unless either (1)&nbsp;it is subject to a Collateral Access Agreement executed by the lessor or warehouseman, as the case may be, and
it is segregated or otherwise separately identifiable from goods of others, if any, stored on the premises or (2)&nbsp;Agent has established a Landlord Reserve with respect to such location, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) it is the subject of a bill of lading or other document of title, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) it is not subject to a valid and perfected first priority Agent&#146;s Lien (subject to Permitted Liens having priority under applicable
law for which Reserves have been established pursuant to <U>Section&nbsp;2.1(c))</U>, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) it consists of personalized items or custom
items which cannot be readily re-sold to other customers, damaged or defective goods or &#147;seconds&#148;; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) it consists of goods that
are obsolete, or goods that constitute spare parts, packaging and shipping materials, supplies used or consumed in Borrower&#146;s business, bill and hold goods, or Inventory acquired on consignment, or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) it is subject to third party trademark, licensing or other proprietary rights, unless Agent is satisfied that such Inventory can be freely
sold by Agent on and after the occurrence of an Event of a Default despite such third party rights. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Eligible Inventory
Category</U>&#148; means the categories of Eligible Inventory set forth below or such other categories as may be determined by Agent from time to time in its Permitted Discretion (including, without limiting the generality of Agent&#146;s Permitted
Discretion, it being understood that Agent shall have received an Inventory appraisal (and such other Collateral </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


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reporting) satisfactory to Agent prior to the inclusion of any other categories or any adjustments to such categories in the calculations set forth on the Borrowing Base Certificate in connection
with such implementation): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-right:31%; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Eligible Inventory Category</U> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-right:31%; font-size:10pt; font-family:Times New Roman" ALIGN="center">Watches and Clocks </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-right:31%; font-size:10pt; font-family:Times New Roman" ALIGN="center">Fine Jewelry </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-right:31%; font-size:10pt; font-family:Times New Roman" ALIGN="center">Bridal </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-right:31%; font-size:10pt; font-family:Times New Roman" ALIGN="center">Giftware </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-right:31%; font-size:10pt; font-family:Times New Roman" ALIGN="center">Loose Stones </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-right:31%; font-size:10pt; font-family:Times New Roman" ALIGN="center">Silver </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-right:31%; font-size:10pt; font-family:Times New Roman" ALIGN="center">Gold </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-right:31%; font-size:10pt; font-family:Times New Roman" ALIGN="center">Service </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-right:31%; font-size:10pt; font-family:Times New Roman" ALIGN="center">Rolex Watches </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-right:31%; font-size:10pt; font-family:Times New Roman" ALIGN="center">Patek Philippe </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-right:31%; font-size:10pt; font-family:Times New Roman" ALIGN="center">Graff </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;</B><U>Eligible Non-Possessory Inventory</U><B>&#148;</B> means Inventory of Borrower that is otherwise Eligible Inventory and that
satisfies the following criteria as determined in the Agent&#146;s Permitted Discretion: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(a) the Person in possession of such Inventory is
a bailee or processor or agent of Borrower that is acceptable to Agent and is held pursuant to bailment, processor or agency arrangements acceptable to the Agent and such Person maintains exclusive possession of such Inventory until delivered to
Borrower or placed in transit to a location of Borrower identified on <U><FONT STYLE="white-space:nowrap">Schedule&nbsp;E-1</FONT></U>, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(b) title in such Inventory has passed to Borrower, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(c) such Inventory is subject to a Collateral Access Agreement, processor agreement or bailee agreement as required by the Agent, in each case
in form and content satisfactory to the Agent and executed by the bailee, processor, agent or other Person in possession of such Inventory, as the case may be, and such Inventory is segregated or otherwise separately identifiable from goods of
others, if any, held by the Person in possession of such Inventory </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(d) Agent in its Permitted Discretion (i)&nbsp;has established such
Reserves (including Reserves for processing and bailee charges and applicable customs charges and duties) as it considers necessary or appropriate with respect to such Inventory), and (ii)&nbsp;is satisfied that such Inventory is not subject to any
Person&#146;s right or claim (other than those for which appropriate Reserves have been established) which is senior to, or pari passu with, the Agent&#146;s Lien on such Inventory or may otherwise adversely impact the ability of the Agent to
realize upon such Inventory. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Eligible Transferee</U>&#148; means (a)&nbsp;any Lender (other than a Defaulting
Lender), any Affiliate of any Lender (other than a Defaulting Lender) and any Related Fund of any Lender; (b)&nbsp;(i)&nbsp;a commercial bank organized under the laws of Canada or the United States or any state thereof, and having total assets in
excess of $1,000,000,000; (ii)&nbsp;a commercial bank organized under the laws of any other country or a political subdivision thereof; <U>provided</U> that (A)&nbsp;(x)&nbsp;such bank is acting through a branch or agency located in the United
States or Canada or (y)&nbsp;such bank is organized under the laws of a country that is a member of the Organization for Economic Cooperation and Development or a political subdivision of such country, and (B)&nbsp;such bank has total assets in
excess of $1,000,000,000; (c)&nbsp;any other entity (other than a natural person) that is an &#147;accredited investor&#148; (as defined under the Securities Act (Ontario)) that extends credit or buys loans as one of its businesses including
insurance companies, investment or mutual funds and lease financing companies, and having total assets in excess of $1,000,000,000; and (d)&nbsp;during the continuation of an Event of Default, any other Person approved by Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Environmental Action</U>&#148; means any written complaint, summons, citation, notice, directive, order, claim, litigation,
investigation, judicial or administrative proceeding, judgment, letter, or other written communication from any Governmental Authority, or any third party involving violations of Environmental Laws or releases of Hazardous Materials in violation of
Environmental laws (a)&nbsp;from any assets, properties, or businesses of Borrower, or any Subsidiary of Borrower, or any of their predecessors in interest, (b)&nbsp;from adjoining properties or businesses, or (c)&nbsp;from or onto any facilities
which received Hazardous Materials generated by Borrower, or any Subsidiary of Borrower, or any of their predecessors in interest. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Environmental Law</U>&#148; means any applicable federal, provincial, state, foreign or local statute, law, rule, regulation,
ordinance, code, binding and enforceable guideline, binding and enforceable written policy, or rule of common law now or hereafter in effect and in each case as amended, or any judicial or administrative interpretation thereof, including any
judicial or administrative order, consent decree or judgment, in each case, to the extent binding on Borrower or any of its Subsidiaries, relating to the environment, the effect of the environment on employee health, or Hazardous Materials, in each
case as amended from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Environmental Liabilities</U>&#148; means all liabilities, monetary obligations, losses,
damages, costs and expenses (including all reasonable fees, disbursements and expenses of counsel, experts, or consultants, and costs of investigation and feasibility studies), fines, penalties, sanctions, and interest incurred as a result of any
claim or demand, or Remedial Action required, by any Governmental Authority or any third party, and which relate to any Environmental Action. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Environmental Lien</U>&#148; means any Lien in favor of any Governmental Authority for Environmental Liabilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Equipment</U>&#148; means equipment (as that term is defined in the PPSA). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Equity Interests</U>&#148; means, with respect to a Person, all of the shares, options, warrants, interests, participations, or other
equivalents (regardless of how designated, whether voting or non-voting) of or in such Person, whether voting or nonvoting, including capital stock (or other ownership or profit interests or units) or preferred stock. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Event of Default</U>&#148; has the meaning specified therefor in <U>Section&nbsp;8</U>
of the Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excess Availability</U>&#148; means, as of any date of determination, the amount that Borrower is entitled to
borrow as Revolving Loans under <U>Section&nbsp;2.1</U> of the Agreement (after giving effect to the then outstanding Revolver Usage). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excluded Swap Obligation</U>&#148; means, with respect to any Loan Party, any Swap Obligation if, and to the extent that, all or a
portion of the agreement of such Loan Party to be jointly and severally liable for such Swap Obligation of another Loan Party or any guarantee of such Loan Party of, or the grant by such Loan Party of a security interest to secure, such Swap
Obligation (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of
such Loan Party&#146;s failure for any reason to constitute an &#147;eligible contract participant&#148; as defined in the Commodity Exchange Act and the regulations thereunder at the time the agreement of such Loan Party to be jointly and severally
liable for such Swap Obligation or guarantee of such Swap Obligation or the grant of such security interest becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap,
such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such joint and several liability or guarantee or security interest is or becomes illegal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excluded Taxes</U>&#148; means (i)&nbsp;any Tax imposed on the net income or net profits of any Lender or any Participant (including
any branch profits Taxes ), in each case imposed by the jurisdiction (or by any political subdivision or taxing authority thereof) in which such Lender or such Participant is organized or the jurisdiction (or by any political subdivision or taxing
authority thereof) in which such Lender&#146;s or such Participant&#146;s principal office is located in each case as a result of a present or former connection between such Lender or such Participant and the jurisdiction or taxing authority
imposing the Tax (other than any such connection arising solely from such Lender or such Participant having executed, delivered or performed its obligations or received payment under, or enforced its rights or remedies under the Agreement or any
other Loan Document); (ii)&nbsp;Canadian federal withholding Taxes that would not have been imposed but for the Lender&#146;s or a Participant&#146;s failure to comply with the requirements of <U>Section&nbsp;16.2</U> of the Agreement,
(iii)&nbsp;any Canadian federal withholding Taxes that would be imposed on amounts payable to a Foreign Lender based upon the applicable withholding rate in effect at the time such Foreign Lender becomes a party to the Agreement (or designates a new
lending office), except that Excluded Taxes shall not include (A)&nbsp;any amount that such Foreign Lender (or its assignor, if any) was previously entitled to receive pursuant to <U>Section&nbsp;16.1</U> of the Agreement, if any, with respect to
such withholding Tax at the time such Foreign Lender becomes a party to the Agreement (or designates a new lending office), and (B)&nbsp;additional Canadian federal withholding Taxes that may be imposed after the time such Foreign Lender becomes a
party to the Agreement (or designates a new lending office), as a result of a change in law, rule, regulation, order or other decision with respect to any of the foregoing by any Governmental Authority, (iv)&nbsp;any United States federal
withholding Taxes imposed under FATCA, and (v)&nbsp;any Canadian federal withholding Taxes imposed as a result of any Lender or any Participant (A)&nbsp;not dealing at arm&#146;s length (within the meaning of the Income Tax Act (Canada)) with a Loan
Party, or (B)&nbsp;being a &#147;specified shareholder&#148; (within the meaning of Subsection 18(5) of the Income Tax Act (Canada)) of a Loan Party, or not dealing at arm&#146;s length with such &#147;specified shareholder&#148; of a Loan Party.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Existing Credit Facilities</U>&#148; means, collectively, (i)&nbsp;the Second Amended
and Restated Revolving Credit and Security Agreement, dated as of June&nbsp;8, 2011 among Mayor&#146;s Jewelers, Inc. Birks&nbsp;&amp; Mayors Inc. the lenders party thereto and Bank of America, N.A. as administrative agent, as supplemented, amended
and restated from time to time, and (ii)&nbsp;the Third Amended and Restated Term Loan Agreement and Security Agreement, dated as of November&nbsp;21, 2014 among Mayor&#146;s Jewelers, Inc., Borrower, the lenders party thereto and Crystal Financial
LLC, as administrative agent and collateral agent, as supplemented, amended and restated from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Extraordinary
Advances</U>&#148; has the meaning specified therefor in <U>Section&nbsp;2.3(d)(iii)</U> of the Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>FATCA</U>&#148; means
Sections 1471 through 1474 of the IRC, as of the date of the Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official
interpretations thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Federal Funds Rate</U>&#148; means, for any period, a fluctuating interest rate per annum equal to, for
each day during such period, the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal
Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by Agent from three Federal funds brokers of recognized standing selected by
it. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Fee Letter</U>&#148; means that certain fee letter, dated as of even date with the Agreement, among Borrower and Agent, in
form and substance reasonably satisfactory to Agent, as amended, restated or supplemented from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Financial
Officer</U>&#148; means the (i)&nbsp;chairman of the board, (ii)&nbsp;president, (iii)&nbsp;chief executive officer, (iv)&nbsp;treasurer, (v)&nbsp;chief financial officer, (vi)&nbsp;director of financial planning and reporting or
(vii)&nbsp;director, financial controller, in each case, of Borrower or, if the context requires, a Loan Party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Fiscal
Month</U>&#148; means each month ending on the last Saturday of each month other than in the case of a 53 week year, in which case two of the Fiscal Months in such Fiscal Year may end on a different day). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Fiscal Quarter</U>&#148; means each of the three month periods ending on the last Saturday of each of March, June, September and
December of any year (other than in the case of a 53 week year, in which case one of the Fiscal Quarters in such Fiscal Year may end on a different day). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Fiscal Year</U>&#148; means the twelve month period ending on the last Saturday of March of any year. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Fixed Charge Condition</U>&#148; means, (a)&nbsp;with respect to any proposed Restricted
Payment, and, where applicable, any prepayment of Indebtedness, Borrower and its Subsidiaries would have a Fixed Charge Coverage Ratio on a pro forma basis after giving effect to such Restricted Payment or prepayment (with such prepayment being
treated as a component of Consolidated Fixed Charges for purposes of this definition) of equal to or greater than 1.1 to 1.0 for the most recently ended 12-month period immediately prior to the proposed date of consummation of such proposed
Restricted Payment, or prepayment of Indebtedness for which Agent has received financial statements required to be delivered under Section&nbsp;5.1; and (b)&nbsp;with respect to any proposed Acquisition, the Fixed Charge Acquisition Condition has
been satisfied. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Fixed Charge Acquisition Condition</U>&#148; means, with respect to any proposed Acquisition, Borrower has
provided Agent with written confirmation, supported by reasonably detailed calculations, that on a pro forma basis (including pro forma adjustments (including, without limitation, Restructuring and Integration Costs) arising out of events which are
directly attributable to such proposed Acquisition, are factually supportable, and are expected to have a continuing impact, in each case, determined as if the combination had been accomplished at the beginning of the relevant period; such
eliminations and inclusions to be mutually and reasonably agreed upon by Administrative Borrower and Agent) created by adding the historical combined financial statements of Borrower (including the combined financial statements of any other Person
or assets that were the subject of a prior Permitted Acquisition during the relevant period) to the historical consolidated financial statements of the Person to be acquired (or the historical financial statements related to the assets to be
acquired) pursuant to the proposed Acquisition, Borrower and its Subsidiaries would have a Fixed Charge Coverage Ratio of greater than 1.0 to 1.0 for the most recently ended 12-month period immediately prior to the proposed date of consummation of
such proposed Acquisition for which Agent has received financial statements, and;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Fixed Charge Coverage Ratio</U>&#148; means,
with respect to any fiscal period and with respect to Borrower and its Subsidiaries determined on a consolidated basis in accordance with GAAP, the ratio of (a)&nbsp;Consolidated EBITDA for such period minus (i)&nbsp;Capital Expenditures made (to
the extent not already incurred in a prior period) or incurred during such period (to the extent such Capital Expenditures are not financed with proceeds of Indebtedness (other than Revolving Loans) or Equity Interests), (ii)&nbsp;all federal,
provincial, state and local income and capital Taxes paid in cash during such period and (iii)&nbsp;all Restricted Payments paid in cash or Cash Equivalents during such period to (b)&nbsp;Consolidated&nbsp;Fixed Charges for such period.
Notwithstanding the foregoing, the amount of Capital Expenditures and Taxes for the fiscal months ending prior to the date of this Agreement and used in calculating the Fixed Charge Coverage Ratio for the applicable twelve fiscal month period after
such date shall be in amounts agreed by the Agent and Borrower. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Flow of Funds Agreement</U>&#148; means a flow of funds
agreement, dated as of even date herewith, in form and substance reasonably satisfactory to Agent, executed and delivered by each Loan Party and Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Foreign Lender</U>&#148; means any Lender or Participant that is not resident in Canada (within the meaning of the <I>Income Tax
Act</I> (Canada) for the purposes of Part XIII of the <I>Income Tax Act</I> (Canada). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Funding Date</U>&#148; means the date on
which a Borrowing occurs. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Funding Losses</U>&#148; has the meaning specified therefor in
<U>Section&nbsp;2.12(b)(ii)</U> of the Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>GAAP</U>&#148; means generally accepted accounting principles as in effect
from time to time in the United States, consistently applied, provided that Borrower shall be entitled to elect by notice to Agent and subject to Section&nbsp;1.2 and such amendments to this Agreement as the Agent may reasonably require to reflect
the implementation of such election, Canadian accounting standards for private enterprises or International Financial Reporting Standards, in each case, as set out in the Chartered Professional Accountants Canada Handbook &#150; Accounting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Governing Documents</U>&#148; means, with respect to any Person, the certificate or articles of incorporation, by-laws, or other
organizational documents of such Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Governmental Authority</U>&#148; means the government of any nation or any political
subdivision thereof, whether at the national, state, territorial, provincial, municipal or any other level, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial,
taxing, regulatory or administrative powers or functions of, or pertaining to, government (including any supra-national bodies such as the European Union or the European Central Bank). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Guarantor</U>&#148; means (a)&nbsp;as of the Closing Date, CGS and (b)&nbsp;thereafter, each Subsidiary of Borrower that is or
becomes a guarantor of all or any part of the Obligations. For certainty, CGS USA and Birks Jewellers Limited, Borrower&#146;s Hong Kong Subsidiary, shall not be required to be a Guarantor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hazardous Materials</U>&#148; means (a)&nbsp;substances that are defined or listed in, or otherwise classified pursuant to, any
applicable laws or regulations as &#147;hazardous substances,&#148; &#147;hazardous materials,&#148; &#147;hazardous wastes,&#148; &#147;toxic substances,&#148; or any other formulation intended to define, list, or classify substances by reason of
deleterious properties such as ignitability, corrosivity, reactivity, carcinogenicity, reproductive toxicity, or &#147;EP toxicity&#148;, (b)&nbsp;oil, petroleum, or petroleum derived substances, natural gas, natural gas liquids, synthetic gas,
drilling fluids, produced waters, and other wastes associated with the exploration, development, or production of crude oil, natural gas, or geothermal resources, (c)&nbsp;any flammable substances or explosives or any radioactive materials, and
(d)&nbsp;asbestos in any form or electrical equipment that contains any oil or dielectric fluid containing levels of polychlorinated biphenyls in excess of 50 parts per million. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hedge Agreement</U>&#148; means (a)&nbsp;any and all rate swap transactions, basis swaps, credit derivative transactions, forward
rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions,
interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar
transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b)&nbsp;any and all transactions of any
kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master
Agreement, or any other master agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hedge Obligations</U>&#148; means any and all obligations or liabilities, whether
absolute or contingent, due or to become due, now existing or hereafter arising, of any Loan Party arising under, owing pursuant to, or existing in respect of Hedge Agreements entered into with one or more of the Hedge Providers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hedge Provider</U>&#148; means any Lender or any of its Affiliates; <U>provided</U>, that no such Person (other than Wells Fargo or
its Affiliates) shall constitute a Hedge Provider unless and until Agent receives a Bank Product Provider Agreement from such Person with respect to the applicable Hedge Agreement within 10 days after the execution and delivery of such Hedge
Agreement with Borrower or any of its Subsidiaries; <U>provided</U> <U>further</U>, that if, at any time, a Lender ceases to be a Lender under the Agreement, then, from and after the date on which it ceases to be a Lender thereunder, neither it nor
any of its Affiliates shall constitute Hedge Providers and the obligations with respect to Hedge Agreements entered into with such former Lender or any of its Affiliates shall no longer constitute Hedge Obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hedge Termination Value</U>&#148; means, in respect of any one or more Hedging Agreements, after taking into account the effect of
any legally enforceable netting agreement relating to such Hedging Agreements, (a)&nbsp;for any date on or after the date such Hedging Agreements have been closed out and termination value(s) determined in accordance therewith, such termination
value(s), and (b)&nbsp;for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Hedging Agreements, as determined based upon one or more mid-market or other readily available
quotations provided by any recognized dealer in such Hedging Agreements (which may include a Lender or any Affiliate or branch of a Lender). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Increase</U>&#148; has the meaning specified therefor in <U>Section&nbsp;2.16</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Increase Date</U>&#148; has the meaning specified therefor in <U>Section&nbsp;2.16</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indebtedness</U>&#148; as to any Person means (a)&nbsp;all obligations of such Person for borrowed money, (b)&nbsp;all obligations of
such Person evidenced by bonds, debentures, notes, or other similar instruments and all reimbursement or other obligations in respect of letters of credit, bankers acceptances, or other financial products, (c)&nbsp;all obligations of such Person as
a lessee under Capital Leases, (d)&nbsp;all obligations or liabilities of others secured by a Lien on any asset of such Person, irrespective of whether such obligation or liability is assumed, (e)&nbsp;all obligations of such Person to pay the
deferred purchase price of assets (other than trade payables incurred in the ordinary course of business and payable in accordance with customary trade practices to the extent not overdue by more than 90 days from the date of the original invoice
therefor and, for the avoidance of doubt, other than royalty payments payable in the ordinary course of business in respect of non-exclusive licenses, but including, for the avoidance of doubt, obligations in respect of credit cards, credit card
processing services, debit cards, stored value cards and commercial cards (including so-called &#147;commercial cards&#148;, &#147;procurement cards&#148; or &#147;p-cards&#148;), and any earn-out or similar obligations to the extent required to be
recognized as a liability on the balance sheet of such Person under GAAP, (f)&nbsp;all monetary obligations of such Person owing under Hedge </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Agreements (which amount shall be calculated based on the Hedge Termination Value as of the date of determination), (g)&nbsp;any Disqualified Equity Interests of such Person, and (h)&nbsp;any
obligation of such Person guaranteeing or intended to guarantee (whether directly or indirectly guaranteed, endorsed, co-made, discounted, or sold with recourse) any obligation of any other Person that constitutes Indebtedness under any of clauses
(a)&nbsp;through (g)&nbsp;above. For purposes of this definition, (i)&nbsp;the amount of any Indebtedness represented by a guarantee or other similar instrument shall be the lesser of the principal amount of the obligations guaranteed and still
outstanding and the maximum amount for which the guaranteeing Person may be liable pursuant to the terms of the instrument embodying such Indebtedness, and (ii)&nbsp;the amount of any Indebtedness which is limited or is non-recourse to a Person or
for which recourse is limited to an identified asset shall be valued at the lesser of (A)&nbsp;if applicable, the limited amount of such obligations, and (B)&nbsp;if applicable, the fair market value of such assets securing such obligation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indemnified Liabilities</U>&#148; has the meaning specified therefor in <U>Section&nbsp;10.3</U> of the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indemnified Person</U>&#148; has the meaning specified therefor in <U>Section&nbsp;10.3</U> of the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Information Certificate</U>&#148; means a certificate in the form of <U>Exhibit I-1</U> to the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indemnified Taxes</U>&#148; means (a)&nbsp;Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by, or on
account of or with respect to any obligation of, any Loan Party under any Loan Document and (b)&nbsp;to the extent not otherwise described in (a), Other Taxes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;<U>Insolvency Laws</U>&#148; means, collectively, (i)&nbsp;the Bankruptcy Code, (ii)&nbsp;the <I>Bankruptcy and Insolvency
Act</I> (Canada), (iii)&nbsp;the <I>Companies&#146; Creditors Arrangement Act</I> (Canada), (iv)&nbsp;the <I>Winding-Up and Restructuring Act</I> (Canada), (v)&nbsp;corporate statutes to the extent such statute is used by a Person to propose an
arrangement involving the compromise of the claims of creditors; and (vi)&nbsp;any similar legislation in a relevant jurisdiction, in each case as applicable and as in effect from time to time.<I> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Insolvency Proceeding</U>&#148; means any proceeding commenced by or against any Person under any Insolvency Law or under any other
provincial, state or federal bankruptcy or insolvency law, each as now and hereafter in effect, any successors to such statutes, and any similar laws in any jurisdiction including, without limitation, any laws relating to assignments for the benefit
of creditors, formal or informal moratoria, compositions, extensions generally with creditors, or proceedings seeking reorganization, arrangement, or other similar relief and any law permitting a debtor to obtain a stay or a compromise of the claims
of its creditors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Intercompany Subordination Agreement</U>&#148; means an intercompany subordination agreement executed and
delivered by Borrower, each other Loan Party, certain other Subsidiaries of Borrower and Agent, the form and substance of which is reasonably satisfactory to Agent concurrently with the making of the first intercompany advance to, or other
Investment in, Borrower or another Loan Party by a Loan Party or other Subsidiary of Borrower. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Interest Period</U>&#148; means, (a)&nbsp;with respect to each LIBOR Rate Loan, a period
commencing on the date of the making of such LIBOR Rate Loan (or the continuation of a LIBOR Rate Loan or the conversion of a Base Rate Loan to a LIBOR Rate Loan) and ending 1, 2, 3, or, subject to availability, 6 months thereafter and (b)&nbsp;with
respect to each CDOR Rate Loan, a period commencing on the date of the making of such CDOR Rate Loan (or the continuation of a CDOR Rate Loan or the conversion of a Base Rate Loan to a CDOR Rate Loan) and ending 1, 2, 3, or, subject to availability,
6 months thereafter; <U>provided</U>, that for both LIBOR Rate Loans and CDOR Rate Loans, (i)&nbsp;interest shall accrue at the applicable rate based upon the LIBOR Rate or CDOR Rate, as applicable, from and including the first day of each Interest
Period to, but excluding, the day on which any Interest Period expires and (ii)&nbsp;Borrower may not elect an Interest Period which will end after the Maturity Date; <U>provided</U>, <U>further</U>, that for LIBOR Rate Loans (but not CDOR Rate
Loans) (A)&nbsp;any Interest Period that would end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on
the next preceding Business Day and (B)&nbsp;with respect to an Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such
Interest Period), the Interest Period shall end on the last Business Day of the calendar month that is 1, 2, 3, or, subject to availability, 6 months after the date on which the Interest Period began, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Inventory</U>&#148; means inventory (as that term is defined in the PPSA). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Inventory Net Recovery Percentage</U>&#148; means, as of any date of determination for each Eligible Inventory Category, the
percentage of the cost of Borrower&#146;s Inventory that is estimated to be recoverable in an orderly liquidation of such Inventory net of all associated costs and expenses of such liquidation, such percentage to be determined as to each category of
Inventory and to be as specified in the most recent appraisal received by Agent from an appraisal company selected by Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Inventory Reserves</U>&#148; means, as of any date of determination, (a)&nbsp;Landlord Reserves, and (b)&nbsp;those Reserves that
Agent deems necessary or appropriate, in its Permitted Discretion and subject to <U>Section&nbsp;2.1(c)</U>, to establish and maintain (including Reserves for slow moving Inventory and Inventory shrinkage) with respect to Eligible Inventory. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Investment</U>&#148; means, with respect to any Person, any investment by such Person in any other Person (including Affiliates) in
the form of loans, guarantees, advances, capital contributions (excluding (a)&nbsp;commission, travel, and similar advances to officers and employees of such Person made in the ordinary course of business, and (b)&nbsp;bona fide accounts receivable
arising in the ordinary course of business), or assumption, purchase or other acquisitions of Indebtedness, Equity Interests (including any partnership or joint venture interest), the acquisition of all or substantially all of the assets of such
other Person (or of any division or business line of such other Person), and any other items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. The amount of any Investment shall be the original cost
of such Investment plus the cost of all additions thereto (net of all returns on such Investments except with respect to Permitted Acquisitions; <U>provided</U> that the amount of such returns shall be disregarded for purposes of calculating
capacity under any cap or basket with respect to Investments to the extent in excess of such cap or basket), without any adjustment for increases or decreases in value, or write-ups, write-downs, or write-offs with respect to such Investment. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>IRC</U>&#148; means the Internal Revenue Code of 1986, as in effect from time to time.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ISP</U>&#148; means, with respect to any Letter of Credit, the International Standby Practices 1998 (International Chamber of
Commerce Publication No.&nbsp;590) and any subsequent revision thereof adopted by the International Chamber of Commerce on the date such Letter of Credit is issued. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Issuer Document</U>&#148; means, with respect to any Letter of Credit, a letter of credit application, a letter of credit agreement,
or any other document, agreement or instrument entered into (or to be entered into) by Borrower in favor of Issuing Lender and relating to such Letter of Credit. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Issuing Lender</U>&#148; means WF Canada or any other Lender that, at the request of Administrative Borrower and with the consent of
Agent, agrees, in such Lender&#146;s sole discretion, to become an Issuing Lender for the purpose of issuing Letters of Credit or, if WF Canada is the Issuing Lender, shall include WF Canada, to the extent applicable, represented by or acting for,
through or on behalf of an Underlying Issuer in its capacity as an issuer of Letters of Credit hereunder. For avoidance of doubt, no Issuing Lender other than WF Canada may issue a Reimbursement Undertaking without Agent&#146;s prior written
consent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Landlord Reserve</U>&#148; means, as to each location at which Borrower has Inventory (other than store locations) or
books and records located and as to which a Collateral Access Agreement has not been received by Agent, a reserve in an amount equal to the greater of (a)&nbsp;the number of months&#146; rent for which the landlord will have, under applicable law, a
Lien in the Inventory of Borrower to secure the payment of rent or other amounts under the lease relative to such location, or (b)&nbsp;3 months&#146; rent under the lease relative to such location. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lender</U>&#148; has the meaning set forth in the preamble to the Agreement, shall include Issuing Lender and Swing Lender, and shall
also include any other Person made a party to the Agreement pursuant to the provisions of <U>Section&nbsp;13.1</U> of the Agreement and &#147;Lenders&#148; means each of the Lenders or any one or more of them. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lender Group</U>&#148; means each of the Lenders (including Issuing Lender and Swing Lender) and Agent, or any one or more of them.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lender Group Expenses</U>&#148; means all (a)&nbsp;costs or expenses (including Taxes and insurance premiums) required to be
paid by Borrower or any of its Subsidiaries under any of the Loan Documents that are paid, advanced, or incurred by the Lender Group, (b)&nbsp;reasonable and documented out-of-pocket fees or charges paid or incurred by Agent in connection with the
Lender Group&#146;s transactions with Borrower and its Subsidiaries under any of the Loan Documents, including, photocopying, notarization, couriers and messengers, telecommunication, public record searches, filing fees, recording fees, publication,
real estate surveys, real estate title policies and endorsements, and environmental audits, (c)&nbsp;Agent&#146;s reasonable and customary fees and charges imposed or incurred in connection with any background checks or OFAC/PEP searches related to
Borrower or its Subsidiaries, (d)&nbsp;Agent&#146;s reasonable and customary fees and charges (as adjusted </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
from time to time) with respect to the disbursement of funds (or the receipt of funds) to or for the account of Borrower (whether by wire transfer or otherwise), together with any reasonable and
documented out-of-pocket costs and expenses incurred in connection therewith, (e)&nbsp;reasonable and customary charges imposed or incurred by Agent resulting from the dishonor of checks payable by or to any Loan Party, (f)&nbsp;reasonable and
documented out-of-pocket costs and expenses paid or incurred by the Lender Group to correct any default or enforce any provision of the Loan Documents, or during the continuance of an Event of Default, in gaining possession of, maintaining,
handling, preserving, storing, shipping, selling, preparing for sale, or advertising to sell the Collateral, or any portion thereof, irrespective of whether a sale is consummated, (g)&nbsp;field examination, appraisal, and valuation fees and
expenses of Agent related to any field examinations, appraisals, or valuation to the extent of the fees and charges (and up to the amount of any limitation provided in <U>Section&nbsp;2.10(c)</U> of the Agreement, (h)&nbsp;Agent&#146;s reasonable
and documented out-of-pocket costs and expenses (including reasonable and documented legal fees and expenses) relative to third party claims or any other lawsuit or adverse proceeding paid or incurred, whether in enforcing or defending the Loan
Documents or otherwise in connection with the transactions contemplated by the Loan Documents, Agent&#146;s Liens in and to the Collateral, or the Lender Group&#146;s relationship with Borrower or any of its Subsidiaries, (i)&nbsp;Agent&#146;s
reasonable and documented out-of-pocket costs and expenses (including reasonable and documented out-of-pocket legal fees and due diligence expenses) incurred in advising, structuring, drafting, reviewing, administering (including travel, meals, and
lodging), syndicating (including reasonable and documented out-of-pocket costs and expenses relative to the rating of the Revolving Loans or the Revolver Commitments, CUSIP, DXSyndicate&#153;, SyndTrak or other communication costs incurred in
connection with a syndication of the loan facilities), or amending, waiving, or modifying the Loan Documents, and (j)&nbsp;Agent&#146;s and each Lender&#146;s reasonable and documented out-of-pocket costs and expenses (including lawyers,
accountants, consultants, and other advisors fees and expenses (limited in the case of lawyers to one law firm for Agent (and such other specialty counsel or local counsel as Agent reasonably elects to employ) and (absent any additional counsel as
may be needed based on conflicts of interest) one law firm for the Lenders (in the aggregate) other than the Agent)) incurred in terminating, enforcing (including lawyers, accountants, consultants, and other advisors fees and expenses (limited in
the case of lawyers to one law firm for Agent (and such other specialty counsel or local counsel as Agent reasonably elects to employ) and (absent any additional counsel as may be needed based on conflicts of interest) one law firm for the Lenders
(in the aggregate) other than the Agent) incurred in connection with a &#147;workout,&#148; a &#147;restructuring,&#148; or an Insolvency Proceeding concerning Borrower or any of its Subsidiaries or in exercising rights or remedies under the Loan
Documents), or defending the Loan Documents, irrespective of whether a lawsuit or other adverse proceeding is brought, or in taking any enforcement action or any Remedial Action with respect to the Collateral. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lender Group Representatives</U>&#148; has the meaning specified therefor in <U>Section&nbsp;17.9</U> of the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lender-Related Person</U>&#148; means, with respect to any Lender, such Lender, together with such Lender&#146;s Affiliates,
officers, directors, employees, lawyers, and agents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Letter of Credit</U>&#148; means a letter of credit issued by Issuing
Lender or Underlying Issuer for the account of Borrower. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Letter of Credit Collateralization</U>&#148; means with respect to the Letter of Credit
Obligations either (a)&nbsp;providing cash collateral in the Applicable Currency (pursuant to documentation reasonably satisfactory to Agent, including provisions that specify that the applicable Letter of Credit Fees and all commissions, fees,
charges and expenses provided for in the Agreement (including any fronting fees) will continue to accrue while the applicable Letters of Credit are outstanding) to be held by Agent for the benefit of the applicable Revolving Lenders in an amount
equal to 108% of the then existing Letter of Credit Usage relating to US Dollar-denominated Letters of Credit, 103% of then existing Letter of Credit Usage relating to Canadian Dollar-denominated Letters of Credit, (b)&nbsp;delivering to Agent
documentation executed by all beneficiaries under the applicable Letters of Credit, in form and substance reasonably satisfactory to Agent and the applicable Issuing Lender, terminating all of such beneficiaries&#146; rights under the Letters of
Credit, or (c)&nbsp;providing Agent with a standby letter of credit, in form and substance reasonably satisfactory to Agent in the Applicable Currency, from a commercial bank acceptable to Agent (in its sole discretion) in an amount equal to 108% of
the then existing Letter of Credit Usage relating to US Dollar-denominated Letters of Credit, 108% of the then existing Letter of Credit Usage relating to Canadian Dollar-denominated Letters of Credit, (it being understood that the applicable Letter
of Credit Fee and all fronting fees set forth in the Agreement will continue to accrue while the applicable Letters of Credit are outstanding and that any such fees that accrue must be an amount that can be drawn under any such standby letter of
credit). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Letter of Credit Disbursement</U>&#148; means a payment made by Issuing Lender pursuant to a Letter of Credit or a
Reimbursement Undertaking. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Letter of Credit Exposure</U>&#148; means, as of any date of determination with respect to any
Lender, such Lender&#146;s Pro Rata Share of the Letter of Credit Usage on such date (including such Lender&#146;s Pro Rata Share of Reimbursement Undertakings on such date). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Letter of Credit Fee</U>&#148; has the meaning specified therefor in <U>Section&nbsp;2.6(b)</U> of the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Letter of Credit Indemnified Costs</U>&#148; means any and all claims, demands, suits, actions, investigations, proceedings,
liabilities, fines, costs, penalties, and damages, and all reasonable documented fees and disbursements of lawyers or experts, and all other costs and expenses actually incurred in connection therewith or in connection with the enforcement of the
indemnification set forth in <U>Section&nbsp;2.11</U> (as and when they are incurred and irrespective of whether suit is brought), which may be incurred by or awarded against any Letter of Credit Related Person (other than Taxes, which shall be
governed by <U>Section&nbsp;16</U>) in connection with any Letter of Credit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Letter of Credit Obligations</U>&#148; means the
obligation of Borrower to reimburse Issuing Lender for amounts paid pursuant to Letters of Credit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Letter of Credit Related
Person</U>&#148; means each member of the Lender Group (including each of each Issuing Lender and its branches, Affiliates, and correspondents and Underlying Issuer and its branches, Affiliates and correspondents) and each such Person&#146;s
respective directors, officers, employees, lawyers and agents. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Letter of Credit Usage</U>&#148; means, as of any date of determination, the aggregate
undrawn amount of all outstanding Letters of Credit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>LIBOR Rate</U>&#148; means the rate per annum for Dollar ICE LIBOR deposits
as reported on Macro*World&#146;s (https://capitalmarkets.mworld.com) Interest Rates page (or any successor page) 2 Business Days prior to the commencement of the requested Interest Period, for a term, and in an amount, comparable to the Interest
Period and the amount of the LIBOR Rate Loan requested (whether as an initial LIBOR Rate Loan or as a continuation of a LIBOR Rate Loan or as a conversion of a Base Rate Loan in US Dollars to a LIBOR Rate Loan) by Borrower in accordance with the
Agreement (and, if any such rate is below zero, the LIBOR Rate shall be deemed to be zero), which determination shall be made by Agent and shall be conclusive in the absence of manifest error. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>LIBOR Rate Loan</U>&#148; means each portion of the Revolving Loans denominated in US Dollars that bears interest at a rate
determined by reference to the LIBOR Rate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lien</U>&#148; means any mortgage, deed of trust, pledge, hypothecation, assignment,
charge, deposit arrangement, encumbrance, easement, lien (statutory or other), security interest, hypothec or other security arrangement and any other preference, priority, or preferential arrangement in the nature of a security interest of any kind
or nature whatsoever, including any conditional sale contract or other title retention agreement, the interest of a lessor under a Capital Lease and any synthetic or other financing lease having substantially the same economic effect as any of the
foregoing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Line Cap</U>&#148; means, as at the date of determination, the lesser of (a)&nbsp;the Maximum Credit Amount; and
(b)&nbsp;the Borrowing Base as of such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Loan</U>&#148; means any Revolving Loan, (including any Swing Loan or Extraordinary
Advance) made (or to be made) hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Loan Account</U>&#148; means the US Loan Account or the Canadian Loan Account, as
context requires. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Loan Documents</U>&#148; means the Agreement, the Control Agreements, any Borrowing Base Certificate, the Fee
Letter, the Credit Card Notifications, the Intercompany Subordination Agreements, any Issuer Documents, the Letters of Credit, the Mortgages, the Canadian Security Documents, any guaranties executed by any Loan Party, any note or notes executed by
Borrower in connection with the Agreement and payable to any member of the Lender Group, and any other instrument or agreement entered into, now or in the future, by any Loan Party or any of its Subsidiaries and any member of the Lender Group in
connection with the Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Loan Party</U>&#148; means Borrower or any Guarantor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B><U>&#147;Management Agreement&#148;</U> means that certain Management Consulting Services Agreement, dated as of November&nbsp;20,
2015, between Borrower and Gestofi S.A., in each case, as such agreement may be amended from time to time in accordance with the terms hereof and the Management Subordination Agreement. <B> </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>&#147;Management Debt&#148;</U> means collectively, all obligations (including, without
limitation, retainer fees and indemnification expenses) of Borrower to Gestofi S.A. pursuant to the Management Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>&#147;Management Subordination Agreement&#148;</U> means that certain Management Subordination Agreement, dated as of the Closing Date,
among Borrower, Gestofi S.A. and Agent, in each case, as the same may hereafter be amended, restated, supplemented or otherwise modified with the consent of Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Margin Stock</U>&#148; as defined in Regulation U of the Board of Governors of the Federal Reserve System of the United States as in
effect from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Material Adverse Effect</U>&#148; means (a)&nbsp;a material adverse effect in the business,
operations, assets, liabilities or financial condition of Loan Parties, taken as a whole, (b)&nbsp;a material impairment of Loan Parties&#146; ability to perform their payment or other material obligations under the Loan Documents to which they are
parties or of the Lender Group&#146;s ability to enforce the Obligations or realize upon a material portion of the Collateral (other than as a result of an action taken or not taken that is solely in the control of Agent), or (c)&nbsp;a material
impairment of the enforceability or priority of Agent&#146;s Liens with respect to all or a material portion of the Collateral. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Material Contract</U>&#148; means any agreement or arrangement to which any Loan Party or any of its Subsidiaries is party (other
than the Loan Documents) (a)&nbsp;for which breach, termination, nonperformance or failure to renew could reasonably be expected to have a Material Adverse Effect or (b)&nbsp;that relates to Indebtedness in an aggregate amount of the Canadian Dollar
Equivalent of $2,500,000 or more. Notwithstanding anything to the contrary contained in this Agreement, the term &#147;Material Contract&#148; shall include, for all purposes, each of the following: (i)&nbsp;the Quebec Subordinated Debt Documents,
(ii)&nbsp;the Rolex Canada Documents, (iii)&nbsp;the Montrovest Debt Documents, (iv)&nbsp;the Management Agreement; (v)&nbsp;any Additional Subordinated Debt Documents; and (v)&nbsp;the Closing Date US Divestiture Agreements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Maturity Date</U>&#148; means October&nbsp;21, 2022. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Maximum Credit Amount</U>&#148; means $85,000,000, as permanently decreased by the amount of reductions in the Revolver Commitments
made in accordance with <U>Section&nbsp;2.4(c)</U> of the Agreement or increased by the amount of any Increase made in accordance with Section&nbsp;2.16 of the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Montrovest Debt</U>&#148; means all Indebtedness owing to Montrovest B.V. under the Montrovest Debt Documents that constitutes
Permitted Indebtedness. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Montrovest Debt 2017</U>&#148; means Montrovest Debt incurred by the Borrower to Montrovest B.V. as of
July&nbsp;28, 2017 to the extent such Indebtedness constitutes Permitted Indebtedness in an aggregate principal amount equal to US$2,500,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Montrovest Debt Documents</U>&#148; means, collectively, (i)&nbsp;the Amended and Restated Cash Advance Agreement dated as of
June&nbsp;8, 2011 by and between Borrower and Montrovest B.V., (original principal amount of US$2,000,000), (ii)&nbsp;the Amended and Restated Cash Advance Agreement dated as of June&nbsp;8, 2011 by and between Borrower and Montrovest B.V.,
(original principal amount of US$3,000,100), (iii)&nbsp;the Loan Agreement executed on July&nbsp;28, 2017, with effect as of July&nbsp;20, 2017 by and between Borrower and Montrovest B.V. and (iv)&nbsp;any other loan agreement entered into by and
between Borrower and Montrovest B.V.; provided that any such other loan agreement shall be in form, scope and substance and on terms satisfactory to Agent and the Required Lenders and shall be subject to the Montrovest Subordination Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Montrovest Subordination Agreement</U>&#148; means collectively,
(i)&nbsp;Section&nbsp;5.6 of the Montrovest Debt Documents referred to in clauses (i)&nbsp;and (ii)&nbsp;of the definition of &#147;Montrovest Debt Documents&#148;, and (ii)&nbsp;the Amended and Restated Postponement and Subordination Agreement,
dated as of the Closing Date, among the Borrower, Montrovest B.V., in each case as hereafter amended, restated, supplemented or otherwise modified with the consent of Agent and the Required Lenders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Moody&#146;s</U>&#148; has the meaning specified therefor in the definition of Cash Equivalents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Mortgages</U>&#148; means, individually and collectively, one or more mortgages, deeds of trust, or deeds to secure debt, executed
and delivered by Borrower or one of its Subsidiaries in favor of Agent, in form and substance reasonably satisfactory to Agent, that encumber the Real Property Collateral, if any. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Non-Base Rate</U>&#148; means the CDOR Rate; <U>provided</U>, that with respect to Obligations denominated in US Dollars, Non-Base
Rate means the LIBOR Rate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Non-Base Rate Deadline</U>&#148; has the meaning specified therefor in <U>Section&nbsp;2.12(b)(i)</U>
of the Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Non-Base Rate Loan</U>&#148; means a Revolving Loan that bears interest at a rate determined by reference to
the applicable Non-Base Rate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Non-Base Rate Margin</U>&#148; has the meaning set forth in the definition of Applicable Margin.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Non-Base Rate Notice</U>&#148; means a written notice in the form of <U>Exhibit N-1</U> to the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Non-Base Rate Option</U>&#148; has the meaning specified therefor in <U>Section&nbsp;2.12(a)</U> of the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Non-Consenting Lender</U>&#148; has the meaning specified therefor in <U>Section&nbsp;14.2(a)</U> of the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Non-Defaulting Lender</U>&#148; means each Lender other than a Defaulting Lender. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Obligations</U>&#148; means (a)&nbsp;all loans (including the Revolving Loans (inclusive
of Extraordinary Advances and Swing Loans)), debts, principal, interest (including any interest that accrues after the commencement of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any such
Insolvency Proceeding), reimbursement or indemnification obligations with respect to Letters of Credit (irrespective of whether contingent), premiums, liabilities (including all amounts charged to the Loan Account pursuant to the Agreement),
obligations (including indemnification obligations) of any Loan Party, fees (including the fees provided for in the Fee Letter) of any Loan Party, Lender Group Expenses (including any fees or expenses that accrue after the commencement of an
Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any such Insolvency Proceeding) of any Loan Party, guaranties of any Loan Party, and all covenants and duties of any other kind and description owing
by any Loan Party arising out of, under, pursuant to, in connection with, or evidenced by the Agreement or any of the other Loan Documents and irrespective of whether for the payment of money, whether direct or indirect, absolute or contingent, due
or to become due, now existing or hereafter arising, and including all interest not paid when due and all other expenses or other amounts that any Loan Party is required to pay or reimburse by the Loan Documents or by law or otherwise in connection
with the Loan Documents, (b)&nbsp;all debts, liabilities, or obligations (including reimbursement obligations, irrespective of whether contingent) owing by Borrower or any other Loan Party to Issuing Lender now or hereafter arising from or in
respect of a Letters of Credit, and (c)&nbsp;all Bank Product Obligations; <U>provided</U>, that Obligations shall not include Excluded Swap Obligations. Without limiting the generality of the foregoing, the Obligations under the Loan Documents
include the obligation to pay (i)&nbsp;the principal of the Revolving Loans, (ii)&nbsp;the interest accrued on the Revolving Loans, (iii)&nbsp;the amount necessary to reimburse Issuing Lender for amounts paid or payable pursuant to Letters of
Credit, (iv)&nbsp;letter of credit commissions, charges, expenses, and fees, in each case in respect of Letters of Credit (v)&nbsp;Lender Group Expenses of any Loan Party, (vi)&nbsp;fees payable by any Loan Party under the Agreement or any of the
other Loan Documents, and (vii)&nbsp;indemnities and other amounts payable by any Loan Party under any Loan Document (excluding Excluded Swap Obligations). Any reference in the Agreement or in the Loan Documents to the Obligations shall include all
or any portion thereof and any extensions, modifications, renewals, or alterations thereof, both prior and subsequent to any Insolvency Proceeding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>OFAC</U>&#148; means The Office of Foreign Assets Control of the U.S. Department of the Treasury. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Onset Permitted Sale Leaseback Transactions</U>&#148; means the sale and leaseback of the Property (as such term is defined in the
Onset Sale Leaseback Agreement). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Onset Sale Leaseback Agreement</U>&#148; means the sale and leaseback agreement dated as of
March&nbsp;15, 2017 among, <I>inter alios</I>, Borrower and Onset Financial, Inc. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Originating Lender</U>&#148; has the meaning
specified therefor in <U>Section&nbsp;13.1(e)</U> of the Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Other Taxes</U>&#148; has the meaning specified therefor in
<U>Section&nbsp;16.1(a)</U> of the Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Overadvance</U>&#148; means, as of any date of determination, that the Revolver
Usage is greater than any of the limitations set forth in <U>Section&nbsp;2.1</U> or <U>Section&nbsp;2.11</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Participant</U>&#148; has the meaning specified therefor in <U>Section&nbsp;13.1(e)</U>
of the Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Participant Register</U>&#148; has the meaning set forth in <U>Section&nbsp;13.1</U> of the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Patriot Act</U>&#148; has the meaning specified therefor in <U>Section&nbsp;4.13</U> of the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Acquisition</U>&#148; means any Acquisition after the Closing Date by a Borrower or another Loan Party so long as: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) no Default or Event of Default shall have occurred and be continuing or would result from the consummation of the proposed Acquisition and
the proposed Acquisition is consensual, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) the purchase consideration payable in respect of all Permitted Acquisitions (including the
proposal acquisition and deferred payment obligations) shall not exceed $10,000,000 in the aggregate during the term of this Agreement, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Borrower has provided Agent with its due diligence package relative to the proposed Acquisition, including forecasted balance sheets,
profit and loss statements, and cash flow statements of the Person or assets to be acquired, all prepared on a basis consistent with such Person&#146;s (or assets&#146;) historical financial statements, together with appropriate supporting details
and a statement of underlying assumptions for the 1 year period following the date of the proposed Acquisition, on a quarter by quarter basis), in form and substance (including as to scope and underlying assumptions) reasonably satisfactory to
Agent, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Borrower shall have demonstrated, after giving effect to the consummation of such proposed Acquisition, satisfaction of the
applicable Restricted Payment Conditions, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Borrower has provided Agent with written notice of the proposed Acquisition at least 5
Business Days prior to the anticipated closing date of the proposed Acquisition and, not later than 5 Business Days prior to the anticipated closing date of the proposed Acquisition, copies of the acquisition agreement and other material documents
relative to the proposed Acquisition, which agreement and documents must be reasonably acceptable to Agent, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) the assets being acquired
(other than a de minimis amount of assets in relation to Borrower&#146;s and its Subsidiaries&#146; total assets), or the Person whose Equity Interests are being acquired, are useful in or engaged in, as applicable, the business of Borrower and its
Subsidiaries or a business reasonably related thereto, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) the assets being acquired (other than a de minimis amount of assets in relation
to the assets being acquired) are located within the United States or Canada, or the Person whose Equity Interests are being acquired is organized in a jurisdiction located within the United States or Canada, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) the subject assets or Equity Interests, as applicable, are being acquired directly by a Borrower or one of its Subsidiaries that is a Loan
Party, and, in connection therewith, the applicable Loan Party shall have complied with <U>Section&nbsp;5.11</U> or <U>5.12</U> of the Agreement, as applicable, of the Agreement and, in the case of an acquisition of Equity Interests, the applicable
Loan Party shall have demonstrated to Agent that the new Loan Parties have received consideration sufficient to make the joinder documents binding and enforceable against such new Loan Parties, and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Agent shall have received prior to or concurrent with the proposed Acquisition, a certificate
signed by an officer of Administrative Borrower certifying compliance with the foregoing conditions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted
Discretion</U>&#148; means a determination made in the exercise of reasonable (from the perspective of a secured asset-based lender) business judgment and made in good faith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Dispositions</U>&#148; means: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) sales, abandonment, or other dispositions of Equipment that is substantially worn, damaged, or obsolete or no longer used or useful in the
ordinary course of business and leases or subleases of Real Property not useful in the conduct of the business of Borrower and its Subsidiaries, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) sales of Inventory to buyers in the ordinary course of business (for avoidance of doubt, excluding sales by a Loan Party to another Loan
Party), </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) the use or transfer of money or Cash Equivalents in a manner that is not prohibited by the terms of the Agreement or the other
Loan Documents, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) the licensing, on a non-exclusive basis, of patents, trademarks, copyrights, and other intellectual property rights in
the ordinary course of business, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) the granting of Permitted Liens, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) any involuntary loss, damage or destruction of property, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) any involuntary condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, or confiscation or requisition of
use of property, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h)&nbsp;(i) the sale or issuance of Qualified Equity Interests of Borrower, (ii)&nbsp;the sale or issuance of any
Qualified Equity Interests of Loan Party to another Loan Party, and (iii)&nbsp;the sale or issuance of Equity Interests (other than Disqualified Equity Interests) of any Subsidiary of a Loan Party that is not a Loan Party to a Loan Party or any
other Subsidiary of a Loan Party, in each case subject to the terms set forth herein, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;(i)&nbsp;the lapse (other than at the end
of their respective terms) of registered patents, trademarks, copyrights and other intellectual property of Borrower or any of its Subsidiaries that are, in the reasonable business judgment of such Loan Party, no longer material or no longer used in
the business of Borrower or Subsidiary to the extent not economically desirable in the conduct of its business or (ii)&nbsp;the abandonment of patents, trademarks, copyrights, or other intellectual property rights in the ordinary course of business
so long as (in each case under clauses (i)&nbsp;and (ii)), (A)&nbsp;with respect to copyrights, such copyrights are not material revenue generating copyrights, and (B)&nbsp;such lapse is not materially adverse to the interests of the Lender Group,
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) the making of Restricted Payments that are expressly permitted to be made pursuant to the
Agreement, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) to the extent constituting dispositions, the making of Permitted Investments that are expressly permitted to be made
pursuant to the Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) so long as no Event of Default has occurred and is continuing or would immediately result therefrom,
transfers of assets (i)&nbsp;from any Loan Party (other than transfer of Inventory, Accounts and Credit Card Receivables by Borrower) to another Loan Party, (ii)&nbsp;from a Loan Party to Borrower; provided, that the consideration received for such
assets to be so disposed is at least equal to the fair market value thereof and (iii)&nbsp;from any Subsidiary of Borrower that is not a Loan Party to any other Subsidiary of Borrower, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) cancellations, terminations or surrenders of any lease, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) the termination or unwinding of any Hedge Agreement in accordance with its terms, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o) dispositions by any Subsidiary of its own Equity Interests to qualify directors where required by applicable law, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p) dispositions permitted by <U>Section&nbsp;6.3</U>, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(q) dispositions or sales of assets, or sell all of the assets of any division or line of business of Borrower or any of its Subsidiaries, in
each case, having a fair market value not in excess of $1,000,000 per Fiscal Year; <U>provided</U> that, in each case, (i)&nbsp;the consideration received for such assets shall be in an amount at least equal to the fair market value thereof; and
(ii)&nbsp;at least 75% of the consideration received shall be cash or Cash Equivalents, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(r) grants of licenses with respect to
intellectual property, or leases or subleases of other property, in the ordinary course of business which licenses, leases and subleases do not materially interfere with the ordinary conduct of the business of Borrower and its Subsidiaries, taken as
a whole; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(s) dispositions of Permitted Factoring Facility Accounts to the extent related to a Permitted Factoring Facility; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(t) Permitted Sale Leaseback Transactions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Factoring Facility</U>&#148; means an unsecured factoring facility established by the Borrower which provides for the sale
of Permitted Factoring Facility Accounts on a non-recourse basis. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Factoring Facility Accounts</U>&#148; shall mean Accounts (whether now
existing or arising in the future) which are due to Borrower from Account Debtors located outside of Canada and the United States and which are not otherwise Eligible Accounts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Indebtedness</U>&#148; means: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Indebtedness evidenced by the Agreement or the other Loan Documents, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Indebtedness (including Capital Leases) set forth on <U>Schedule 4.14</U> to this Agreement and any Refinancing Indebtedness in respect of
such Indebtedness, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) endorsement for collection, deposit or negotiation and warranties of products or services, in each case incurred in
the ordinary course of business, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) the Quebec Subordinated Debt in an outstanding amount not to exceed $3,024,918 at any time and solely
to the extent that such Indebtedness is subject to the Quebec Subordination Agreement; provided that (i)&nbsp;the Quebec Subordinated Debt Documents shall be in form and substance reasonably satisfactory to the Agent and the Required Lenders and
(ii)&nbsp;the Quebec Subordinated Debt shall be subject to the Quebec Subordination Agreement, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) the incurrence by Borrower or its
Subsidiaries of Indebtedness under Hedge Agreements that are incurred for the bona fide purpose of hedging the interest rate, commodity, or foreign currency risks associated with Borrower&#146;s and its Subsidiaries&#146; operations and not for
speculative purposes; provided that the aggregate Hedge Termination Value of Secured Hedging Obligations shall not exceed $5,000,000 at any one time, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Permitted Intercompany Advances, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) Indebtedness incurred after the Closing Date in connection with the acquisition, lease or leasing after the Closing Date of any equipment
or fixtures by a Loan Party or under any Capital Lease or Permitted Sale Leaseback Transaction, as well as Permitted Purchase Money Indebtedness secured by Purchase Money Liens, <U>provided</U> that the aggregate principal amount of such
Indebtedness of the Loan Parties shall not exceed the Canadian Dollar Equivalent of $15,000,000 at any one time, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) unsecured
Indebtedness constituting the Management Debt to the extent subject to the Management Subordination Agreement, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) secured Indebtedness in
an aggregate amount not to exceed $20,000,000 at any time, provided that that (a)&nbsp;such Indebtedness is subordinated in right and time of payment to the Obligations and in Lien priority to the Agent&#146;s Liens on terms and conditions
satisfactory to the Agent and Required Lenders; and (b)&nbsp;the Restricted Payment Conditions are satisfied at the time of the incurrence of such Indebtedness; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) Additional Subordinated Debt incurred by Borrower or any of its Subsidiaries in an aggregate outstanding amount not to exceed $15,000,000
at any one time; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) Indebtedness under any Permitted Factoring Facility. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Intercompany Advances</U>&#148; means loans and other Investments made by
(a)&nbsp;a Loan Party to another Loan Party, (b)&nbsp;a Subsidiary of Borrower that is not a Loan Party to another Subsidiary of Borrower that is not a Loan Party, (c)&nbsp;a Subsidiary of Borrower that is not a Loan Party to a Loan Party, so long
as the parties thereto are party to the Intercompany Subordination Agreement, (d)&nbsp;to the extent permitted by <U>Section&nbsp;4.28</U>, advances made by Borrower to CGS US for the purposes permitted thereunder and (e)&nbsp;except as otherwise
permitted under paragraph (d)&nbsp;hereof, Loan Parties to Subsidiaries of Borrower that are not Loan Parties in an aggregate outstanding amount not to exceed $50,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Investments</U>&#148; means: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Investments in cash and Cash Equivalents, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Investments in negotiable instruments deposited or to be deposited for collection in the ordinary course of business, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) advances or extensions of credit made in connection with purchases of goods or services in the ordinary course of business, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Investments received in settlement of amounts due to any Loan Party or any of its Subsidiaries effected in the ordinary course of business
or owing to any Loan Party or any of its Subsidiaries as a result of Insolvency Proceedings involving an Account Debtor or upon the foreclosure or enforcement of any Lien in favor of a Loan Party or any of its Subsidiaries, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Investments owned by any Loan Party or any of its Subsidiaries on the Closing Date and set forth on <U>Schedule P-1</U> to the Agreement
and any modification, replacement, renewal or extension thereof; provided that the amount of the original Investment under this clause (e)&nbsp;is not increased except by the terms of such Investment or as otherwise permitted pursuant to the
definition of Permitted Investments, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;(i) guarantees permitted under the definition of Permitted Indebtedness, and (ii)&nbsp;other
guarantees entered into in the ordinary course of business in respect of real property leases so long as such guarantees under this clause (ii), if made by a Loan Party, are in respect of obligations of another Loan Party, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) Permitted Intercompany Advances, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) Equity Interests or other securities acquired in connection with the satisfaction or enforcement of Indebtedness or claims due or owing to
a Loan Party or any of its Subsidiaries (in bankruptcy of customers or suppliers or otherwise outside the ordinary course of business) or as security for any such Indebtedness or claims, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) deposits of cash made to secure performance of operating leases, utilities, and other similar deposits in the ordinary course of business,
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) Permitted Acquisitions, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) Investments resulting from entering into (i)&nbsp;Bank Product Agreements, or
(ii)&nbsp;agreements relative to Indebtedness that is permitted under clause (e)&nbsp;of the definition of Permitted Indebtedness, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l)
equity Investments by any Loan Party in any Subsidiary of such Loan Party which is required by law to maintain a minimum net capital requirement or as may be otherwise required by applicable law, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) Investments held by a Person acquired in a Permitted Acquisition to the extent that such Investments were not made in contemplation of or
in connection with such Permitted Acquisition and were in existence on the date of such Permitted Acquisition, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) Investments consisting
of non-cash consideration received in connection with Permitted Dispositions, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o) non-cash loans and advances to employees, officers, and
directors of Borrower or any of its Subsidiaries for the purpose of purchasing Equity Interests in Borrower so long as the proceeds of such loans are used in their entirety to purchase such Equity Interests in Borrower, and (ii)&nbsp;loans and
advances to employees and officers of Borrower or any of its Subsidiaries in the ordinary course of business for any other business purpose and in an aggregate amount not to exceed&nbsp;$200,000 at any one time, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p) so long as no Event of Default has occurred and is continuing or would result therefrom, any other Investments in an aggregate amount not
to exceed&nbsp;$1,000,000 during the term of the Agreement, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(q) Investments (other than Acquisitions) made by a Borrower or a Subsidiary
thereof made solely with cash proceeds received by Borrower and contributed to Borrower or Subsidiary substantially concurrently with the making of such Investments in connection with the issuance of Equity Interests (other than Disqualified Equity
Interests) of Borrower, and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(r) Investments by a Borrower or its Subsidiaries held by a Person that becomes a Subsidiary (or is merged,
amalgamated or consolidated with or into a Borrower or a Subsidiary) pursuant to <U>Section&nbsp;6.9</U> after the Closing Date to the extent that such Investments were not made in contemplation of such acquisition, merger, amalgamation or
consolidation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Liens</U>&#148; means: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Liens granted to, or for the benefit of, Agent to secure the Obligations, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Liens or claims for unpaid Taxes that either (i)&nbsp;are not yet delinquent, or (ii)&nbsp;do not have priority over Agent&#146;s Liens and
the underlying Taxes are the subject of Permitted Protests, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) judgment Liens arising solely as a result of the existence of judgments,
orders, requirements to pay or awards that do not constitute an Event of Default under <U>Section&nbsp;8.3</U> of the Agreement, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Liens set forth on <U>Schedule P-2</U> to the Agreement; <U>provided</U>, that to qualify as
a Permitted Lien, any such Lien described on <U>Schedule P-2</U> to the Agreement shall only secure the Indebtedness that it secures on the Closing Date and any Refinancing Indebtedness in respect thereof, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) the interests of lessors under operating leases and non-exclusive licensors under license agreements, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Capital Leases and other Permitted Purchase Money Indebtedness described in paragraph (g)&nbsp;of the definition of Permitted Indebtedness
so long as (i)&nbsp;such Lien qualifies as a Purchase Money Lien under the terms of this Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) Liens arising by operation of law
in favor of warehousemen, landlords, carriers, mechanics, materialmen, laborers, or suppliers, incurred in the ordinary course of business and not in connection with the borrowing of money, and which Liens either (i)&nbsp;are for sums not yet
delinquent, or (ii)&nbsp;are the subject of Permitted Protests, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) Liens on amounts deposited to secure a Borrower&#146;s or any of its
Subsidiaries&#146; obligations in connection with workers&#146; compensation or other unemployment insurance, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Liens on amounts
deposited to secure a Borrower&#146;s or any of its Subsidiaries&#146; obligations in connection with the making or entering into of bids, tenders, or leases in the ordinary course of business and not in connection with the borrowing of money, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) Liens on amounts deposited to secure a Borrower&#146;s or any of its Subsidiaries&#146; reimbursement obligations with respect to surety or
appeal bonds obtained in the ordinary course of business, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) with respect to any Real Property, easements, rights of way, and zoning
restrictions that do not materially interfere with or impair the use or operation thereof, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) non-exclusive licenses of patents,
trademarks, copyrights, and other intellectual property rights in the ordinary course of business, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) Liens that are replacements of
Permitted Liens to the extent that the original Indebtedness is the subject of permitted Refinancing Indebtedness and so long as the replacement Liens only encumber those assets that secured the original Indebtedness, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) rights of setoff or bankers&#146; liens upon deposits of funds in favor of banks or other depository institutions, solely to the extent
incurred in connection with the maintenance of such Deposit Accounts in the ordinary course of business, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o) Liens granted in the ordinary
course of business on the unearned portion of insurance premiums securing the financing of insurance premiums to the extent the financing is permitted under the definition of Permitted Indebtedness, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p) Liens in favor of customs and revenue authorities arising as a matter of law to secure
payment of customs duties in connection with the importation of goods, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(q) Liens solely on any cash earnest money deposits made by
Borrower or any of its Subsidiaries in connection with any letter of intent or purchase agreement with respect to a Permitted Acquisition, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(r) Liens assumed by Borrower or any of its Subsidiaries in connection with a Permitted Acquisition that secure Acquired Indebtedness, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(s) Liens arising from precautionary PPSA financing statements or similar filings made in respect of operating leases entered into by any Loan
Party, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(t) Leases or subleases granted to others not interfering in any material respect with the business of Borrower and its
Subsidiaries, taken as a whole, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(u) security deposits to public utilities or to any municipalities or Governmental Authorities or other
public authorities when required by the utilities, municipalities or Governmental Authorities or other public authorities in connection with the supply of services or utilities, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) Liens arising out of any conditional sale, title retention, consignment or other similar arrangement for the sale of goods in the ordinary
course of business entered into by Borrower or its Subsidiaries in the ordinary course of business to the extent such Liens secure only the unpaid purchase price for such goods and related expenses do not attach to any assets other than the goods
subject to such arrangements and not otherwise prohibited by this Agreement so long as any Inventory or Accounts of Borrower subject to such Liens are reported as ineligible on the relevant Borrowing Base Certificate, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(w) the Rolex Canada Liens and any Liens in favor of Rolex Canada Ltd. to the extent constituting valid and Purchase Money Liens in accordance
with Applicable Law and subject to the Rolex Canada Subordination Agreement, to the extent applicable, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) Liens securing the Quebec
Subordinated Debt permitted pursuant to paragraph (d)&nbsp;of the definition of Permitted Indebtedness, provided that such Liens shall, at all times be, subordinate and junior in priority to the Liens securing the Obligations pursuant to the Quebec
Subordination Agreement, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(y) Liens securing the Permitted Indebtedness described in paragraph (i)&nbsp;of the definition thereof provided
that such Liens shall, at all times, be subordinate and junior in priority to the Liens securing the Obligations; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(z) Liens on
Permitted Factoring Facility Assets securing a Permitted Factoring Facility. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Protest</U>&#148; means the right of
Borrower or any of its Subsidiaries to protest any Lien (other than any Lien that secures some or all of the Obligations), Taxes (other than payroll Taxes or remittances or Taxes that are the subject of a requirement to pay issued by a Canadian
Governmental Authority), or rental payment, <U>provided</U> that (a)&nbsp;a reserve with respect to such obligation is established on Borrower&#146;s or the applicable Subsidiary&#146;s books and records in such amount as is required under GAAP,
(b)&nbsp;any such protest is instituted promptly and prosecuted diligently by Borrower or the applicable Subsidiary, as applicable, in good faith, and (c)&nbsp;Agent is reasonably satisfied that, while any such protest is pending, there will be no
impairment of the enforceability, validity, or priority of any of Agent&#146;s Liens. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Purchase Money Indebtedness</U>&#148; means, as of any date of determination,
Indebtedness (other than the Obligations, but including Capitalized Lease Obligations), incurred after the Closing Date and at the time of, or within 30 days after, the acquisition of any personal property (other than Inventory) for the purpose of
financing all or any part of the acquisition cost thereof, in an aggregate principal amount outstanding at any one time not in excess of the amount permitted under paragraph (g)&nbsp;of the definition of Permitted Indebtedness. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Sale Leaseback Transactions</U>&#148; means collectively (a)&nbsp;Sale Leaseback Transactions that constitute Permitted
Indebtedness pursuant to paragraph (g)&nbsp;of the definition of Permitted Indebtedness; and (b)&nbsp;Onset Permitted Sale Leaseback Transactions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Person</U>&#148; means natural persons, corporations, limited liability companies, unlimited liability corporations, limited
partnerships, general partnerships, limited liability partnerships, joint ventures, trusts, land trusts, business trusts, or other organizations, irrespective of whether they are legal entities, and governments and agencies and political
subdivisions thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Platform</U>&#148; has the meaning specified therefor in <U>Section&nbsp;17.9(c)</U> of the Agreement.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>PLCW Accounts</U>&#148; means Accounts due on the private label credit card programs and all Accounts due from corporate sales
receivables and wholesale receivables, in each case, of Borrower, which (a)&nbsp;are from an Account Debtor acceptable to Agent in its Permitted Discretion and (b)&nbsp;are determined by Agent in its Permitted Discretion to be eligible for inclusion
in Eligible Accounts in an amount reflecting Agent&#146;s estimate of the net recovery on such Accounts on a forced liquidation basis, based upon the most recent appraisal of such Accounts undertaken at the request of Agent . </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>PPSA</U>&#148; means the Personal Property Security Act (Ontario) and the regulations thereunder, as from time to time in effect;
<U>provided</U>, <U>however</U>, if attachment, perfection or priority of Agent&#146;s Lien on any Collateral are governed by the personal property security laws of any jurisdiction in Canada other than the laws of the Province of Ontario,
&#147;PPSA&#148; means those personal property security laws in such other jurisdiction in Canada (including the Civil Code of Quebec) for the purposes of the provisions hereof relating to such attachment, perfection or priority and for the
definitions related to such provisions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Projections</U>&#148; means Borrower&#146;s forecasted (a)&nbsp;balance sheets,
(b)&nbsp;profit and loss statements, and (c)&nbsp;cash flow statements, all prepared on a basis consistent with Borrower&#146;s historical financial statements, together with appropriate supporting details and a statement of underlying assumptions,
together with projections of monthly Excess Availability for the relevant period. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Pro Rata Share</U>&#148; means, as of any date of determination: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) with respect to a Lender&#146;s obligation to make all or a portion of the Revolving Loans, with respect to such Lender&#146;s right to
receive payments of interest, fees, and principal with respect to the Revolving Loans, and with respect to all other computations and other matters related to the Revolver Commitments or the Revolving Loans, the percentage obtained by dividing
(i)&nbsp;the Revolving Loan Exposure of such Lender by (ii)&nbsp;the aggregate Revolving Loan Exposure of all Lenders, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) with respect to
a Lender&#146;s obligation to participate in the Letters of Credit, with respect to such Lender&#146;s obligation to reimburse Issuing Lender, and with respect to such Lender&#146;s right to receive payments of Letter of Credit Fees, and with
respect to all other computations and other matters related to the Letters of Credit, the percentage obtained by dividing (i)&nbsp;the Revolving Loan Exposure of such Lender by (ii)&nbsp;the aggregate Revolving Loan Exposure of all Lenders;
<U>provided</U>, that if all of the Revolving Loans have been repaid in full and all Revolver Commitments have been terminated, but Letters of Credit remain outstanding, Pro Rata Share under this clause shall be determined as if the Revolver
Commitments had not been terminated and based upon the Revolver Commitments as they existed immediately prior to their termination, and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) with respect to all other matters and for all other matters as to a particular Lender (including the indemnification obligations arising
under <U>Section&nbsp;15.7</U> of the Agreement), the Canadian Dollar Equivalent of the percentage obtained by dividing (i)&nbsp;the sum of the Revolving Loan Exposure of such Lender by (ii)&nbsp;the sum of the aggregate Revolving Loan Exposure of
all Lenders, in any such case as the applicable percentage may be adjusted by assignments permitted pursuant to <U>Section&nbsp;13.1</U>; <U>provided</U>, that if all of the Loans have been repaid in full, all Letters of Credit have been made the
subject of Letter of Credit Collateralization, and all Commitments have been terminated, Pro Rata Share under this clause shall be determined as if the Revolving Loan Exposures had not been repaid, collateralized, or terminated and shall be based
upon the Revolving Loan Exposures as they existed immediately prior to their repayment, collateralization, or termination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Protective Advances</U>&#148; has the meaning specified therefor in <U>Section&nbsp;2.3(d)(i)</U> of the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Public Lender</U>&#148; has the meaning specified therefor in <U>Section&nbsp;17.9(c)</U> of the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Purchase Money Lien</U>&#148; means a Lien taken or reserved in personal property to secure payment of related Permitted Purchase
Money Indebtedness, provided that such Lien (i)&nbsp;secures an amount not exceeding the lesser of the purchase price of such personal property and the fair market value of such personal property at the time such Lien is taken or reserved,
(ii)&nbsp;extends only to such personal property and its proceeds, and (iii)&nbsp;is granted prior to or within 30 days after the purchase of such personal property. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Qualified ECP Guarantor</U>&#148; means, in respect of any Swap Obligation, each Loan Party that has total assets exceeding
$10,000,000 at the time the relevant guarantee, keepwell, or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such other person as constitutes an &#147;eligible contract participant&#148; under the
Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an &#147;eligible contract participant&#148; at such time by entering into a keepwell under Section&nbsp;1a(18)(A)(v)(II) of the Commodity
Exchange Act. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Qualified Equity Interests</U>&#148; means and refers to any Equity Interests issued by
Borrower (and not by one or more of its Subsidiaries) that is not a Disqualified Equity Interest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Quebec Security
Documents</U>&#148; means, any hypothecs and all other security documents governed by the laws of the Province of Quebec, each in form and substance reasonably satisfactory to Agent, executed and delivered by a Loan Party to the Agent to secure the
Obligations, and each as amended, restated, supplemented or modified from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Quebec Subordinated Debt</U>&#148; means
collectively, (i)&nbsp;all Indebtedness owing to Investissement Qu&eacute;bec (successor in interest to La Financi&egrave;re du Qu&eacute;bec by virtue of decree 315-2004) under the Quebec Subordinated Debt Documents in the original aggregate
maximum principal amount of $19,900,000, of which a balance in the aggregate principal amount not to exceed $3,024,918 remains outstanding as of the Closing Date, and subject to the Quebec Subordination Agreement and (ii)&nbsp;all other Indebtedness
owing to Investissement Qu&eacute;bec under the Quebec Subordinated Debt Documents or otherwise, in each case, which Indebtedness shall be expressly subordinate to Full Payment of the Obligations pursuant to the Quebec Subordination Agreements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Quebec Subordinated Debt Documents</U>&#148; means, collectively, (i)&nbsp;that certain Offre de Pr&ecirc;t (Loan Offer) from
Investissement Qu&eacute;bec to Borrower on August&nbsp;30, 2013, in respect of a term loan in the original maximum principal amount of $5,000,000, and all security and other accessory documents or instruments thereto at any time, and subject at all
times to the Quebec Subordination Agreement, (ii)&nbsp;that certain Offre de Pr&ecirc;t (Loan Offer) from Investissement Qu&eacute;bec to the Canadian Borrower on July&nbsp;25, 2014, in respect of a term loan in the original maximum principal amount
of Cdn. $2,000,000, and all security and other accessory documents or instruments thereto at any time, and subject at all times to the Quebec Subordination Agreement and (iii)&nbsp;all other agreements, documents and instruments evidencing all or
any portion of the Quebec Subordinated Debt, and subject at all times to the Quebec Subordination Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Quebec
Subordination Agreement</U>&#148; means the subordination agreement dated as of the Closing Date between Investissement Qu&eacute;bec and Agent as the same may hereafter be amended, restated, supplemented or otherwise modified with the consent of
Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Real Property</U>&#148; means any estates or interests in real property now owned or hereafter acquired by Borrower or
one of its Subsidiaries and the improvements thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Real Property Collateral</U>&#148; means (a)&nbsp;the Real Property
identified on <U>Schedule R-1</U> to the Agreement and (b)&nbsp;any Real Property hereafter acquired by any Loan Party with a fair market value in excess of&nbsp;$1,000,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Receivable Reserves</U>&#148; means, as of any date of determination, those reserves that Agent deems necessary or appropriate, in
its Permitted Discretion and subject to <U>Section&nbsp;2.1(c)</U>, to establish and maintain (including reserves for Taxes, rebates, discounts, warranty claims, and returns) with respect to the Eligible Accounts. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Record</U>&#148; means information that is inscribed on a tangible medium or that is
stored in an electronic or other medium and is retrievable in perceivable form. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Refinancing Indebtedness</U>&#148; means
refinancings, renewals, or extensions of Indebtedness so long as: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) such refinancings, renewals, or extensions do not result in an
increase in the principal amount of the Indebtedness so refinanced, renewed, or extended, other than by the amount of premiums paid thereon and the fees and expenses incurred in connection therewith and by the amount of unfunded commitments with
respect thereto, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) such refinancings, renewals, or extensions do not result in a shortening of the average weighted maturity (measured
as of the refinancing, renewal, or extension) of the Indebtedness so refinanced, renewed, or extended, nor are they on terms or conditions that, taken as a whole, are or could reasonably be expected to be materially adverse to the interests of the
Lenders, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) if the Indebtedness that is refinanced, renewed, or extended was subordinated in right of payment to the Obligations, then
the terms and conditions of the refinancing, renewal, or extension must include subordination terms and conditions that are at least as favorable to the Lender Group as those that were applicable to the refinanced, renewed, or extended Indebtedness,
and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) the Indebtedness that is refinanced, renewed, or extended is not recourse to any Person that is liable on account of the
Obligations other than those Persons which were obligated with respect to the Indebtedness that was refinanced, renewed, or extended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Register</U>&#148; has the meaning set forth in <U>Section&nbsp;13.1(h)</U> of the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Registered Loan</U>&#148; has the meaning set forth in <U>Section&nbsp;13.1(h)</U> of the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Reimbursement Undertaking</U>&#148; has the meaning specified therefor in <U>Section&nbsp;2.11(a)</U> of the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Related Fund</U>&#148; means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in
bank loans and similar extensions of credit in the ordinary course and that is administered, advised or managed by (a)&nbsp;a Lender, (b)&nbsp;an Affiliate of a Lender or (c)&nbsp;an entity or an Affiliate of an entity that administers, advises or
manages a Lender. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Remedial Action</U>&#148; means all actions taken to (a)&nbsp;clean up, remove, remediate, contain, treat,
monitor, assess, evaluate, or in any way address Hazardous Materials in the indoor or outdoor environment, (b)&nbsp;prevent or minimize a release or threatened release of Hazardous Materials so they do not migrate or endanger or threaten to endanger
public health or welfare or the indoor or outdoor environment, (c)&nbsp;restore or reclaim natural resources or the environment, (d)&nbsp;perform any pre-remedial studies, investigations, or post-remedial operation and maintenance activities, or
(e)&nbsp;conduct any other actions with respect to Hazardous Materials required by Environmental Laws. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Replacement Lender</U>&#148; has the meaning specified therefor in
<U>Section&nbsp;2.12(b)</U> of the Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Report</U>&#148; has the meaning specified therefor in <U>Section&nbsp;15.16</U>
of the Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Required Lenders</U>&#148; means, at any time, Lenders having or holding more than 50% of the sum of the
aggregate Canadian Dollar Equivalent of Revolving Loan Exposure of all Lenders; <U>provided</U>, that (i)&nbsp;the Revolving Loan Exposure of any Defaulting Lender shall be disregarded in the determination of the Required Lenders, and (ii)&nbsp;at
any time there are 2 or more Lenders, &#147;Required Lenders&#148; must include at least 2 Lenders (who are not Affiliates of one another). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Reserves</U>&#148; means, as of any date of determination, those reserves (other than Receivable Reserves, Bank Product Reserves,
Inventory Reserves and Canadian Priority Payable Reserves) that Agent deems necessary or appropriate, in its Permitted Discretion and subject to <U>Section&nbsp;2.1(c)</U>, to establish and maintain (including reserves with respect to (a)&nbsp;sums
that Borrower or any of its Subsidiaries are required to pay under any Section of the Agreement or any other Loan Document (such as Taxes, assessments, insurance premiums, or, in the case of leased assets, rents or other amounts payable under such
leases) and has failed to pay, (b)&nbsp;currency fluctuations, (c)&nbsp;gift cards, gift certificates and customer deposits, and (d)&nbsp;amounts owing by Borrower or any of its Subsidiaries to any Person to the extent secured by a Lien on, or trust
over, any of the Collateral (other than a Permitted Lien), which Lien, trust or deemed trust, in the Permitted Discretion of Agent likely would have a priority superior to the Agent&#146;s Liens (such as Liens, trusts or deemed trust in favor of
landlords, warehousemen, carriers, mechanics, materialmen, laborers, or suppliers, or Liens or trusts for ad valorem, excise, sales, or other Taxes where given priority under applicable law) in and to such item of the Collateral) with respect to the
Borrowing Base. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Restricted Payment</U>&#148; means to (a)&nbsp;declare or pay any dividend or make any other payment or
distribution, directly or indirectly, on account of Equity Interests issued by Borrower or any Subsidiary thereof (including any payment in connection with any merger, amalgamation or consolidation involving Borrower or such Subsidiary) or to the
direct or indirect holders of Equity Interests issued by Borrower in its capacity as such (other than dividends or distributions payable in Qualified Equity Interests issued by Borrower), or (b)&nbsp;purchase, redeem, make any sinking fund or
similar payment, or otherwise acquire or retire for value (including any payment in connection with any merger, amalgamation or consolidation involving Borrower) any Equity Interests issued by Borrower, (c)&nbsp;make any payment to retire, or to
obtain the surrender of, any outstanding warrants, options, or other rights to acquire Equity Interests of Borrower now or hereafter outstanding, and (d)&nbsp;any payments on account of management, consulting or similar fees or any success fees
(including, without limitation, the Management Debt). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Restricted Payment Conditions</U>&#148; means (x)&nbsp;Excess Availability
at all times during the 30 day period ending on the date of such Restricted Payment is greater than 40% of the Line Cap (or, if the Fixed Charge Condition is satisfied, 25% of the Line Cap), (y)&nbsp;after giving effect to
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
a Restricted Payment, incurrence of Permitted Indebtedness described in paragraph (i)&nbsp;of the definition thereof or a Permitted Acquisition (each, a &#147;Payment Event&#148;), Excess
Availability is greater than 40% of the Line Cap (or, if the Fixed Charge Condition is satisfied, greater than 25% of the Line Cap), and (z)&nbsp;projected Excess Availability at all times during the 6-month period following the date of such Payment
Event is greater than 40% of the Line Cap (or, if the Fixed Charge Condition is satisfied, greater than 25% of the Line Cap) (in each case after giving effect to such Payment Event and as set forth in Excess Availability projections delivered by
Borrower to, and satisfactory to, Agent). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Restructuring and Integration Costs</U>&#148; means business optimization expenses and
other restructuring and integration charges (including, without limitation, the costs associated with business optimization programs, including costs of consultants, relocation and recruiting expenses, back office closures, retention costs,
severance costs and system establishment costs) in connection with any Permitted Acquisition after the closing date of such Permitted Acquisition through the first anniversary of the closing date of such Permitted Acquisition. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Revaluation Date</U>&#148; means (a)&nbsp;with respect to any Revolving Loan denominated in US Dollars, each of the following:
(i)&nbsp;each date of a Borrowing of such Revolving Loan, (ii)&nbsp;each date of a continuation of such Revolving Loan pursuant to <U>Section&nbsp;2.12</U>, and (iii)&nbsp;such additional dates as Agent shall determine or the Required Lenders shall
require, (b)&nbsp;with respect to any Letter of Credit denominated in US Dollars, each of the following: (i)&nbsp;each date of issuance of such Letter of Credit, (ii)&nbsp;each date of an amendment of such Letter of Credit having the effect of
increasing the amount thereof, (iii)&nbsp;each date of any payment by an Issuing Lender under such Letter of Credit, and (iv)&nbsp;such additional dates as Agent or an Issuing Lender shall determine or the Required Lenders shall require, and
(c)&nbsp;with respect to any other Obligations denominated in US Dollars, each date as Agent shall determine unless otherwise prescribed in this Agreement or any other Loan Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Revolver Commitment</U>&#148; means, with respect to each Revolving Lender, its Revolver Commitment, and, with respect to all
Revolving Lenders, their Revolver Commitments, in each case as set forth beside such Revolving Lender&#146;s name under the applicable heading on <U>Schedule C-1</U> to the Agreement or in the Assignment and Acceptance pursuant to which such
Revolving Lender became a Revolving Lender under the Agreement, as such amounts may be reduced or increased from time to time pursuant to assignments made in accordance with the provisions of <U>Section&nbsp;13.1</U> of the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Revolver Usage</U>&#148; means, as of any date of determination, the sum of (a)&nbsp;the amount of outstanding Revolving Loans
(inclusive of Swing Loans and Protective Advances), plus (b)&nbsp;the amount of the Letter of Credit Usage. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Revolving
Lender</U>&#148; means a Lender that has a Revolver Commitment or that has an outstanding Revolving Loan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Revolving Loan
Exposure</U>&#148; means, with respect to any Revolving Lender, as of any date of determination (a)&nbsp;prior to the termination of the Revolver Commitments, the amount of such Lender&#146;s Revolver Commitment, and (b)&nbsp;after the termination
of the Revolver Commitments, the aggregate outstanding principal amount of the Revolving Loans of such Lender. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Revolving Loans</U>&#148; has the meaning specified therefor in
<U>Section&nbsp;2.1(a)</U> of the Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Rolex Canada Collateral</U>&#148; means Collateral of Borrower consisting of Rolex,
Tudor and Cellini watches, watchbands, parts and other accessories now or hereafter sold by Rolex Canada Ltd. to Borrower, and all other new Rolex, Tudor and Cellini watches, watch bands, parts and other accessories hereinafter held by Borrower and
all cash proceeds of any of the foregoing, including insurance proceeds (but specifically excluding accounts receivable), together with all rights and property of every kind at any time in the possession or control of Rolex Canada Ltd., or any of
its agents, or in transit to it, belonging to, for the account of, or subject to the order of such Borrower. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Rolex Canada
Documents</U>&#148; means collectively, (i)&nbsp;the Official Rolex Retailer Agreement dated as of June&nbsp;6, 2017 between Rolex Canada Ltd. and Borrower, (ii)&nbsp;the Official Rolex Retailer Agreement dated as of June&nbsp;6, 2017 between Rolex
Canada Ltd. and Borrower (carrying on business as Brinkhaus), (iii)&nbsp;the Official Tudor Reseller Agreement dated as of June&nbsp;6, 2017 between Rolex Canada Ltd. and Borrower, and (iv)&nbsp;the Rolex Canada Security Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Rolex Canada Liens</U>&#148; means Liens on the Rolex Canada Collateral granted in favor of Rolex Canada Ltd. pursuant to the Rolex
Canada Security Agreement provided that such Liens are subject to the Rolex Canada Subordination Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Rolex Canada
Security Agreement</U>&#148; means collectively, all security agreements, if any, entered into between the Canadian Borrower and Rolex Canada Ltd. pursuant to Section&nbsp;3.04 of the Rolex Canada Document described in clause (i)&nbsp;of the
definition thereof, which security agreements shall be on terms and conditions satisfactory to Agent and the Required Lenders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Rolex Canada Subordination Agreement</U>&#148; means the subordination provisions of the Rolex Canada Security Agreement, which shall
be on terms and conditions satisfactory to Agent and the Required Lenders, and affirmed by Rolex Canada Ltd. pursuant to an acknowledgement letter in form and substance satisfactory to Agent and the Required Lenders, and addressed to the Agent from
Rolex Canada Ltd. and acknowledged by Borrower. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Sale Leaseback Transactions</U>&#148; means sales of any fixed or capital assets
acquired after the Closing Date by any Loan Party or any Subsidiary: (w)&nbsp;that are made for cash consideration in an amount not less than the fair value of such fixed or capital assets and are consummated within 180 days after such Loan Party or
such Subsidiary completes the capital expenditure project for the relevant store or corporate initiative which involved the acquisition or construction of such fixed or capital assets, (x)&nbsp;in respect of which such fixed or capital assets are
not assets included in the computation of Borrowing Base, (y)&nbsp;in respect of which the proceeds shall be applied to repay the Revolving Loans and/or Letter of Credit Collateralization, as the case may be (without a permanent reduction in the
Commitments) and (z)&nbsp;in respect of which such fixed or capital assets are immediately thereafter leased back to the applicable Loan Party or Subsidiary through a Capital Lease, provided that for certainty, the fixed or capital assets subject to
such sales shall not include Inventory or Accounts and shall be limited to the furniture, fixtures and equipment (as such term is defined in the PPSA), including information technology equipment, of any Loan Party or any Subsidiary which are located
at a retail location or the chief executive office of any Loan Party or any Subsidiary. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Sanctioned Entity</U>&#148; means (a)&nbsp;a country or a government of a country,
(b)&nbsp;an agency of the government of a country, (c)&nbsp;an organization directly or indirectly controlled by a country or its government, or (d)&nbsp;a Person resident in or determined to be resident in a country, in each case of clauses
(a)&nbsp;through (d)&nbsp;that is itself a target of Sanctions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Sanctioned Person</U>&#148; means, at any time (a)&nbsp;any
Person named on the list of Specially Designated Nationals and Blocked Persons maintained by OFAC, OFAC&#146;s consolidated Non-SDN list or any other Sanctions-related list maintained by any relevant Sanctions authority, (b)&nbsp;a Person or legal
entity that is a target of Sanctions, (c)&nbsp;any Person operating, organized or resident in a Sanctioned Country, or (d)&nbsp;any Person directly or indirectly owned or controlled (individually or in the aggregate) by or acting on behalf of any
such Person or Persons described in clauses (a)&nbsp;through (c)&nbsp;above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Sanctions</U>&#148; means individually and
collectively, respectively, any and all economic sanctions, trade sanctions, financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes anti-terrorism laws and other sanctions laws, regulations or embargoes, including those
imposed, administered or enforced from time to time by:&nbsp;(a)&nbsp;the United States of America, including those administered by the Office of Foreign Assets Control (OFAC) of the U.S. Department of Treasury, the U.S. Department of State, the
U.S. Department of Commerce, or through any existing or future executive order, (b)&nbsp;the United Nations Security Council, (c)&nbsp;the European Union or any European Union member state, (d)&nbsp;Her Majesty&#146;s Treasury of the United Kingdom,
or (e)&nbsp;any other Governmental Authority with jurisdiction over any member of Lender Group or any Loan Party or any of their respective Subsidiaries or Affiliates.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>S&amp;P</U>&#148; has the meaning specified therefor in the definition of Cash Equivalents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>SEC</U>&#148; means the United States Securities and Exchange Commission and any successor thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Secured Hedging Agreement</U>&#148; means any Hedging Agreement that is entered into by and between Borrower and any Hedge Provider
that constitutes Permitted Indebtedness hereunder and is secured by the Agent&#146;s Liens. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Secured Hedging
Obligations</U>&#148; means all Indebtedness and other obligations of Borrower arising under, or otherwise with respect to, any Secured Hedging Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Securities Account</U>&#148; means a securities account (as that term is defined in the PPSA). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Securities Act</U>&#148; means the <I>Securities Act</I> of 1933, as amended from time to time, and any successor statute. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Settlement</U>&#148; has the meaning specified therefor in <U>Section&nbsp;2.3(e)(i)</U> of the Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Settlement Date</U>&#148; has the meaning specified therefor in
<U>Section&nbsp;2.3(e)(i)</U> of the Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Solvent</U>&#148; means, with respect to any Person as of any date of
determination, that (a)&nbsp;at fair valuations, the sum of such Person&#146;s debts (including contingent liabilities) is less than all of such Person&#146;s assets, (b)&nbsp;such Person is not engaged or about to engage in a business or
transaction for which the remaining assets of such Person are unreasonably small in relation to the business or transaction or for which the property remaining with such Person is an unreasonably small capital, and (c)&nbsp;such Person has not
incurred and does not intend to incur, or reasonably believe that it will incur, debts beyond its ability to pay such debts as they become due (whether at maturity or otherwise), and (d)&nbsp;such Person is &#147;solvent&#148; or not
&#147;insolvent&#148;, as applicable within the meaning given those terms and similar terms under applicable Insolvency Law or other laws relating to fraudulent transfers and conveyances. For purposes of this definition, the amount of any contingent
liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability (irrespective of whether
such contingent liabilities meet the criteria for accrual under Statement of Financial Accounting Standard No.&nbsp;5). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Spot
Rate</U>&#148; means, for a currency, the rate determined by Agent to be the rate quoted by Wells Fargo acting in such capacity as the spot rate for the purchase by Wells Fargo of such currency with another currency through its principal foreign
exchange trading office at approximately 11:00&nbsp;a.m. (New York time) on the date two Business Days prior to the date as of which the foreign exchange computation is made; <U>provided</U>, that Agent may obtain such spot rate from another
financial institution designated by Agent if Wells Fargo acting in such capacity does not have as of the date of determination a spot buying rate for any such currency. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Standard Letter of Credit Practice</U>&#148; means, for an Issuing Lender, any domestic or foreign law or letter of credit practices
applicable in the city in which such Issuing Lender issued the applicable Letter of Credit or, for its branch or correspondent, such laws and practices applicable in the city in which it has advised, confirmed or negotiated such Letter of Credit, as
the case may be, in each case, (a)&nbsp;which letter of credit practices are of banks that regularly issue letters of credit in the particular city, and (b)&nbsp;which laws or letter of credit practices are required or permitted under ISP or UCP, as
chosen in the applicable Letter of Credit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>STA</U>&#148; means the Securities Transfer Act, 2006 (Ontario) or to the extent
applicable, comparable legislation in other Canadian provinces. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Subject Permitted Acquisition</U>&#148; has the meaning
specified therefor in the definition of &#147;Permitted Dispositions&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>&#147;Subordinated Debt&#148;</U> means collectively, the
Management Debt, the Quebec Subordinated Debt, the Montrovest Debt and any Additional Subordinated Debt. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Subordination
Agreements</U>&#148; means collectively, the Management Subordination Agreement, the Quebec Subordination Agreements, the Rolex Canada Subordination Agreements, the Montrovest Subordination Agreement and any other subordination agreement entered
into by or among any Loan Party, any subordinated creditor and Agent, in form, scope and substance satisfactory to the Agent and the Required Lenders. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Subsidiary</U>&#148; of a Person means a corporation, partnership, limited liability
company, unlimited liability corporation, or other entity in which that Person directly or indirectly owns or controls the Equity Interests having ordinary voting power to elect a majority of the Board of Directors of such corporation, partnership,
limited liability company, or other entity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Supermajority Lenders</U>&#148; means, at any time, Lenders having or holding more
than 66 2/3% of the sum of the aggregate Canadian Dollar Equivalent of the Revolving Loan Exposure of all Lenders; <U>provided</U>, that (i)&nbsp;the Revolving Loan Exposure of any Defaulting Lender shall be disregarded in the determination of the
Lenders, and (ii)&nbsp;at any time there are 2 or more Lenders, &#147;Supermajority Lenders&#148; must include at least 2 Lenders (who are not Affiliates of one another). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Swap Obligation</U>&#148; means, with respect to any Loan Party, any obligation to pay or perform under any agreement, contract or
transaction that constitutes a &#147;swap&#148; within the meaning of section 1a(47) of the <I>Commodity Exchange Act</I>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Swing
Lender</U>&#148; means Agent or any other Lender that, at the request of Borrower and with the consent of Agent agrees, in such Lender&#146;s sole discretion, to become the Swing Lender under <U>Section&nbsp;2.3(b)</U> of the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Swing Loan</U>&#148; has the meaning specified therefor in <U>Section&nbsp;2.3(b)</U> of the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Swing Loan Exposure</U>&#148; means, as of any date of determination with respect to any Lender, such Lender&#146;s Pro Rata Share of
the Swing Loans on such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Taxes</U>&#148; means any Taxes, levies, imposts, duties, fees, assessments or other charges of
whatever nature now or hereafter imposed by any jurisdiction or by any political subdivision or taxing authority thereof or therein, and all interest, penalties or similar liabilities with respect thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Tax Lender</U>&#148; has the meaning specified therefor in <U>Section&nbsp;14.2(a)</U> of the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Test Period</U>&#148; shall mean, for any date of determination under this Agreement, the twelve consecutive months of Borrower most
recently ended as of such date of determination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>UCP</U>&#148; means, with respect to any Letter of Credit, the Uniform Customs
and Practice for Documentary Credits 2007 Revision, International Chamber of Commerce Publication No.&nbsp;600 and any subsequent revision thereof adopted by the International Chamber of Commerce on the date such Letter of Credit is issued. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Underlying Issuer</U>&#148; means The Toronto-Dominion Bank or one of its Affiliates or such other Person that is acceptable to Agent
and Borrower. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>United States</U>&#148; means the United States of America. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Unused Line Fee</U>&#148; has the meaning specified therefor in
<U>Section&nbsp;2.10(b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>US Base Rate</U>&#148; means the greatest of (a)&nbsp;the Federal Funds Rate plus <SUP
STYLE="vertical-align:top">&nbsp;1</SUP>&#8260;<SUB STYLE="vertical-align:bottom">2</SUB>%, (b)&nbsp;the LIBOR Rate (which rate shall be calculated based upon an Interest Period of 1 month and shall be determined on a daily basis), plus 1 percentage
point, and (c)&nbsp;the rate of interest announced, from time to time, within Wells Fargo at its principal office in San Francisco as its &#147;prime rate&#148;, with the understanding that the &#147;prime rate&#148; is one of Wells Fargo&#146;s
base rates (not necessarily the lowest of such rates) and serves as the basis upon which effective rates of interest are calculated for those loans making reference thereto and is evidenced by the recording thereof after its announcement in such
internal publications as Wells Fargo may designate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>US Designated Account</U>&#148; means the US Dollar Deposit Account(s) of
Borrower identified on <U>Schedule&nbsp;D-2</U> to the Agreement (or such other Deposit Account(s) of Borrower located at Designated Account Bank that has been designated as such, in writing, by Administrative Borrower to Agent). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>US Dollars</U>&#148; or &#147;<U>US$</U>&#148; means United States dollars. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>US Dollar Equivalent</U>&#148; means, at any time, (a)&nbsp;with respect to any amount denominated in US Dollars, such amount; and
(b)&nbsp;with respect to any amount denominated in Canadian Dollars, the equivalent amount thereof in US Dollars as determined by Agent, at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date or such
other date determined by Agent) for the purchase of US Dollars with Canadian Dollars. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>US Loan Account</U>&#148; has the meaning
specified therefor in <U>Section&nbsp;2.9</U> of the Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>US Stock Purchase Agreement</U>&#148; means that certain Stock
Purchase Agreement entered into as of August&nbsp;11, 2017 by and between Aurum Holdings Ltd. and Birks Group Inc. for the purchase of all shares of capital stock of Mayor&#146;s Jewelers, Inc. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Voidable Transfer</U>&#148; has the meaning specified therefor in <U>Section&nbsp;17.8</U> of the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Wells Fargo</U>&#148; means Wells Fargo Bank, National Association, a national banking association. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>WF Canada</U>&#148; means Wells Fargo Canada Corporation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Schedule 1.1 to the Credit Agreement
</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT 99.2 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>Company Contacts:</B> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman"><B>Financial:</B></P>
<P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Pat Di Lillo</P>
<P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">Vice&nbsp;President,&nbsp;Chief&nbsp;Financial&nbsp;&amp;<BR>Administrative Officer</P>
<P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-514-397-2592</FONT></FONT></FONT></P>
<P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman"><U>pdilillo@birksgroup.com</U></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman"><B>Media:</B></P> <P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Eva Hartling</P>
<P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">Vice&nbsp;President,&nbsp;Birks&nbsp;Brand&nbsp;&amp;&nbsp;Chief<BR>Marketing Officer</P>
<P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-514-397-2496</FONT></FONT></FONT></P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman"><U>ehartling@birksgroup.com</U></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BIRKS GROUP ANNOUNCES THE CLOSING OF A NEW CREDIT FACILITY WITH </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WELLS FARGO REPLACING ITS FORMER SENIOR CREDIT FACILITIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Montreal, Quebec. &#150; October</I></B><B><I></I></B><B><I>&nbsp;26, 2017 -</I></B> Birks Group Inc. (the &#147;Company&#148; or &#147;Birks&#148;)
(NYSE American LLC: BGI), announced the signing of a CAD$85&nbsp;million (US$67.1 million) senior secured revolving credit facility with Wells Fargo Canada Corporation (&#147;Wells Fargo&#148;) on October&nbsp;23, 2017. The new credit facility,
which matures in October 2022, replaces the Company&#146;s USD$110&nbsp;million revolver credit facility and its US$ 31.0&nbsp;million term loan facility which have been repaid in full as a result of the Company&#146;s divestiture of its subsidiary,
Mayor&#146;s Jewelers, Inc. (&#147;Mayors&#148;), on October&nbsp;23, 2017. The new credit agreement also provides the Company with an option to increase the total commitments under the facility by up to CAD$13&nbsp;million (US$10.3 million). As a
result of this new credit facility, the Company will benefit from advantageous modifications to its covenants, which combined with the reduction in interest costs, will increase the Company&#146;s borrowing capacity significantly. The additional
borrowing capacity will allow the Company to continue to invest in its strategic growth initiatives. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The new credit facility will be used to finance the
Company&#146;s working capital and normal capital expenditure requirements as well as to fund the next phase of the Company&#146;s strategic plan initiatives which include investments in its Canadian flagship stores, the Company&#146;s new store
concept as well as omni-channel areas that include <FONT STYLE="white-space:nowrap">e-commerce</FONT> and wholesale activities for the Birks brand fine jewelry collections. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jean-Christophe B&eacute;dos, President and Chief Executive Officer of Birks Group, commented: &#147;We are very pleased to have entered into this new credit
facility with Wells Fargo after successfully <FONT STYLE="white-space:nowrap">de-leveraging</FONT> our balance sheet as a result of the sale of Mayors on October&nbsp;23, 2017. This new five year credit facility will provide Birks with a borrowing
capacity with terms that are more </P>

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favorable than its previous credit facilities. The new senior credit facility will allow us to continue to implement development strategies to generate sales growth and improve profitability. We
appreciate the relationship we have built with Wells Fargo over the past few years and look forward to working with them as we continue on our path of becoming an internationally-renowned luxury jewelry brand.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>About Birks Group Inc. </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Birks is a leading
designer of fine jewelry, timepieces and gifts and operator of luxury jewelry stores in Canada. The Company operates 28 stores under the Birks brand in most major metropolitan markets in Canada and two retail locations in Calgary and Vancouver under
the Brinkhaus brand. Birks was founded in 1879 and has become Canada&#146;s premier retailer and designer of fine jewelry, timepieces and gifts. Additional information can be found on Birks&#146; web site, www.birksgroup.com. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Forward Looking Statements </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This press release
contains certain &#147;forward-looking&#148; statements concerning the Company&#146;s performance and strategies, including that the Company will benefit from advantageous modifications to its covenants, which combined with the reduction in interest
costs, will increase the Company&#146;s borrowing capacity significantly; that the additional borrowing capacity will allow the Company to continue to invest in its strategic and growth initiatives; that the additional borrowing capacity under the
new credit facility will allow the Company to continue to implement development strategies to generate sales growth and improve profitability. Given such statements include various risks and uncertainties, actual results might differ materially from
those projected in the forward-looking statements and no assurance can be given that the Company will meet the results projected in the forward looking statements. These risks and uncertainties include, but are not limited to the following:
(i)&nbsp;economic, political and market conditions, including the economies of the U.S. and Canada, which could adversely affect our business, operating results or financial condition, including our revenue and profitability, through the impact of
changes in the real estate markets, changes in the equity markets and decreases in consumer confidence and the related changes in consumer spending patterns, the impact on store traffic, tourism and sales; (ii)&nbsp;the impact of fluctuations in
foreign exchange rates, increases in commodity prices and borrowing costs and their related impact on the Company&#146;s costs and expenses; (iii)&nbsp;the Company&#146;s ability to maintain and obtain sufficient sources of liquidity to fund its
operations, to achieve planned sales, gross margin and net income, to keep costs low, to implement its business strategy, maintain relationships with its primary vendors, to mitigate fluctuations in the availability and prices of the Company&#146;s
merchandise, to compete with other jewelers, to succeed in its marketing initiatives, and to have a successful customer service program. Information concerning factors that could cause actual results to differ materially is set forth under the
captions &#147;Risk Factors&#148; and &#147;Operating and Financial Review and Prospects&#148; and elsewhere in our Annual Report on Form <FONT STYLE="white-space:nowrap">20-F</FONT> filed with the Securities and Exchange Commission on June&nbsp;23,
2017 and subsequent filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement
or to reflect the occurrence of unanticipated events, except as required by law. </P>
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