GILDAN ACTIVEWEAR INC.
(Corporation incorporated under the CANADA BUSINESS CORPORATIONS ACT)
For the purposes of this Debenture, the following expressions shall have the following meanings:
1.2 OTHER INTERPRETATIONAL PROVISIONS
$15,000,000 No. A-5
1 DEFINED TERMS AND INTERPRETATION
1.1.1 "CAPITAL AMOUNTS" shall means the capital amount of $15,000,000;
1.1.2 "CORPORATION" means Gildan Activewear Inc.;
1.1.3 "DEBENTURE" means this Unsecured Debenture No. A-5;
1.1.4 "EVENT OF DEFAULT" has the meaning ascribed thereto in Article 8
1.1.5 "EXCESS CASH FLOW" means the net after tax profits plus depreciation
and amortization but less the amount of (a) repayment of long-term
and (b) disbursements in connection with the project contemplated
under section 2.3 of the Subscription Agreement;
1.1.6 "HOLDER" means Le Fonds de solidarite des travailleurs du Quebec
1.1.7 "INDEBTEDNESS" means the unpaid portion of the Capital Amount and the
unpaid portion of the accrued interest payable on the Capital Amount
pursuant to the provisions hereof, together with all arrears thereof;
1.1.8 "MATURITY DATA" shall means the 25th day of June 2004;
1.1.9 "SUBSCRIPTION AGREEMENT" means the Subscription Agreement entered
into this day between the Corporation and the Holder.
1.2.1 SUCCESSORS AND ASSIGNS: Except as otherwise specified herein, all
references in this Debenture to any person shall be deemed to include
such person's successors and permitted assigns.
1.2.2 CURRENCY: Except as otherwise specified herein, all references to
dollars in this Debenture are to Canadian dollars.