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Gestion X, Gestion Y et Gestion Z souscriront à XXXXXXXXXX actions ordinaires de catégorie A de Nouvelle pour une considération en argent totalisant XXXXXXXXXX $. ...

With respect to a dividend deemed to have been paid by Aco on a redemption, acquisition or cancellation of the Aco Pref 3 Shares to which subsection 84(2) or 84(3) applies, the terms and conditions of the Aco Pref 3 Shares do not specify an amount in accordance with the requirements in subsection 191(4); c) for greater certainty, the Proposed Transactions contained in Paragraphs 28 to 30 will form part of any series of transactions or events implemented to avoid, reduce, or defer the tax consequences, described in subsection 104(4), to the First Trust on its 21st anniversary; and d) nothing in this letter should be construed as confirmation, express or implied, that, for the purposes of any of the Rulings given above, any adjustment to the FMV of the properties transferred or the redemption amount of the shares issued as consideration, whether pursuant to a price adjustment clause or otherwise, will be effective retroactively to the time of the transfer and issuance of shares. ...

La JVM des XXXXXXXXXX actions catégorie C du capital-actions de D2CO, soit sa valeur de rachat, sera déterminée sur la base de l’évaluation préparée par un expert indépendant, laquelle prendra en considération, entre autres, la JVM des XXXXXXXXXX actions de catégorie F du capital-actions de BCO. ... La JVM des XXXXXXXXXX actions catégorie C du capital-actions d’E2CO, soit sa valeur de rachat, sera déterminée sur la base de l’évaluation préparée par un expert indépendant, laquelle prendra en considération, entre autres, la JVM des XXXXXXXXXX actions de catégorie F du capital-actions de BCO. ... La JVM des XXXXXXXXXX actions catégorie C du capital-actions de F2CO, soit sa valeur de rachat, sera déterminée sur la base de l’évaluation préparée par un expert indépendant, laquelle prendra en considération, entre autres, la JVM des XXXXXXXXXX actions de catégorie F du capital-actions de BCO. ...

Les Actions Spéciales Filco seront rachetables au gré du détenteur et de FILCO pour un montant correspondant à leur prix de rachat (« Prix de Rachat »), lequel correspondra à la juste valeur marchande de la considération reçue lors de l'émission des actions, plus les dividendes accumulés et non payés. ...

Le contrat de vente contiendra une clause de rajustement de prix à l'effet que les parties ont effectué les transferts décrits aux paragraphes 30, 31 et 32 à la JVM et qu'elles ajusteront le prix de vente ainsi que la considération reçue si l'ARC évaluait les biens à une valeur différente convenable aux parties. ...

Les actions privilégiées de catégorie « C » sont sans droit de vote, non participantes, donnent droit à un dividende annuel et non cumulatif à un taux variable, tel que déterminé par le conseil d’administration de la société, mais ne dépassant pas XXXXXXXXXX % de la valeur de rachat et sont rachetables au gré de leur détenteur à un prix égal au montant versé au compte de capital déclaré pour ces actions, plus une prime égale à la différence entre, d’une part, la JVM de la contrepartie reçue par la société lors de l’émission de ces actions privilégiées de catégorie « C » en considération de leur émission et, d’autre part, le total formé par le montant versé au compte de capital déclaré pour ces actions et la JVM de tout bien, autre qu’une action privilégiée de catégorie « C », donnée par la société en paiement de cette contrepartie, auquel s’ajoute, le cas échéant, les dividendes déclarés et impayés sur ces actions. ...

.; et, L'individu a le choix d'exercer l'Option ou de choisir que la SocNum lui rachète l'Option (en totalité ou en partie) pour une considération équivalente à la valeur aux livres des Actions Visées, si elles étaient émises immédiatement avant la date d'exercice du choix, moins le prix d'exercice. 17- Le XXXXXXXXXX OPCO1-1 a racheté simultanément les XXXXXXXXXX actions privilégiées Classe "G" de son capital-actions que possédait les individus Ind1-6 ainsi que les XXXXXXXXXX actions privilégiées Classe "F" de son capital-actions que possédait Ind9. ...

Definitions: (a) XXXXXXXXXX; (b) "Act" means the Income Tax Act (Canada) and the regulations thereto, as amended, and unless otherwise stated, every reference herein to a part, division, subdivision, section, subsection, paragraph, subparagraph or clause is a reference to the corresponding provision of the Act; (c) "affiliated" has the meaning described in section 251.1 of the Act; (d) "Aggregate Settlement Payment" means the Canadian dollar denominated payment which XXXXXXXXXX Co will pay to NR Subco pursuant to the Swap Termination Agreement, and which will include the Notional Principal Commutation Payment and the Periodic Commutation Payment, on the basis described in 24 below; (e) "arm's length" has the meaning assigned by section 251 of the Act; (f) "avoidance transaction" has the meaning assigned by subsection 245(3) of the Act; (g) "Code" means the Internal Revenue Code (United States) and the regulations promulgated thereunder, as amended; (h) "CRA" means the Canada Revenue Agency, (i) "DCL Regulations" the regulations which have been recently promulgated by the US Treasury and Internal Revenue Service under section 1503(d) of the Code addressing dual consolidated losses; (j) "Debt Assumption XXXXXXXXXX Co Agreement" means the agreement which will be entered into between NR Subco and, pursuant to which NR Subco will agree to assume the obligations of XXXXXXXXXX Co under the Public Notes and the Indenture, effective on the Debt Assumption Date, in exchange for a payment by XXXXXXXXXX Co to NR Subco of the Debt Assumption Payment, as described in 23 below; (k) "Debt Assumption Date" means the date that NR Subco will assume the obligations of XXXXXXXXXX Co under the Public Notes and the Indenture and XXXXXXXXXX Co will be correspondingly released and discharged, pursuant to the Debt Assumption Agreement, which date shall be immediately after the payment by XXXXXXXXXX Co of any interest accruing on the Public Notes on the next Interest Payment Date following the receipt of the Rulings; (l) "Debt Assumption Payment" means the payment which will be made by XXXXXXXXXX Co to NR Subco pursuant to the Debt Assumption Agreement, on the basis described in 23 below; (m) "FMV" means fair market value, being that amount at which property would be transferred by a willing buyer to a willing seller, in an open and unrestricted market, between informed parties under no compulsion to act; (n) "Holdco" means XXXXXXXXXX; (o) "Holdco Notes" means the two Canadian-dollar denominated interest-bearing promissory notes issued by Holdco to XXXXXXXXXX Co, to evidence monies previously borrowed by Holdco from XXXXXXXXXX Co, on the basis described in the Previous Ruling and summarized in 12 and 16 below; (p) "Holdco Preferred Shares" means Class A Preferred Shares without nominal or par value in the capital of Holdco which have limited voting rights, bear floating rate cumulative dividends and are redeemable and retractable at a fixed redemption amount of CDN$XXXXXXXXXX per share; (q) "Indenture" means the trust indenture dated as of XXXXXXXXXX between XXXXXXXXXX Co, as issuer, and XXXXXXXXXX as trustee, pursuant to which XXXXXXXXXX Co issued Public Notes with an aggregate Principal Amount of US$XXXXXXXXXX, as supplemented by the first supplemental indenture dated as of XXXXXXXXXX, pursuant to which XXXXXXXXXX Co issued further Public Notes with an aggregate Principal Amount of US$XXXXXXXXXX; (r) "Interest Payment Date" means each date that accrued interest is paid by XXXXXXXXXX Co under the Public Notes, being XXXXXXXXXX of each year; (s) "non-resident" has the meaning assigned by subsection 248(1) of the Act; (t) "Notional Principal Payments" means the amounts that XXXXXXXXXX Co and Parentco have agreed to pay, in Canadian dollars and US dollars, respectively, on the maturity date of the Public Notes pursuant to the Swap Arrangements, on the basis described in 10(b) below; (u) "Notional Principal Commutation Payment" means the amount that XXXXXXXXXX Co will pay to NR Subco pursuant to the Swap Termination Agreement, which will compensate NR Subco for not receiving net payments of Notional Principal Payments under the Swap Arrangements, on the basis described in 24(a) below; (v) "NR Subco" means XXXXXXXXXX; (w) "NR Subco-XXXXXXXXXX Co Contribution Agreements" means the two agreements between NR Subco and XXXXXXXXXX Co, pursuant to which NR Subco has agreed to make certain payments to XXXXXXXXXX Co in exchange for certain property, or shares in the capital, of XXXXXXXXXX Co, as described in 11 and 17 below; (x) "NR Subco-XXXXXXXXXX Co Subscription Agreement" means the agreement which will be entered into between NR Subco and XXXXXXXXXX Co, pursuant to which NR Subco will agree to subscribe for, and XXXXXXXXXX Co will agree to issue, XXXXXXXXXX Co Class A Shares in exchange for payment of the Subscription Price, on the basis described in 22 below; (y) XXXXXXXXXX; (z) "XXXXXXXXXX Co" means XXXXXXXXXX; (aa) "XXXXXXXXXX Co Class A Shares" means Class A common shares without nominal or par value in the capital of XXXXXXXXXX Co, which class of shares will be authorized on the basis described in 21 below; (bb) "XXXXXXXXXX Co Class A PUC Reduction Amount" means the amount by which the PUC of the issued XXXXXXXXXX Co Class A Shares will be reduced by virtue of the XXXXXXXXXX Co Class A PUC Reduction Resolution, on the basis described in 27 below; (cc) "XXXXXXXXXX Co Class A PUC Reduction Resolution" means the special resolution of the sole shareholder of XXXXXXXXXX Co to effect the reduction of the PUC of the issued XXXXXXXXXX Co Class A Shares, which is referred to in 27 below; (dd) "XXXXXXXXXX Co Loan Amount" means the amount to be loaned by NR Subco to XXXXXXXXXX Co pursuant to the XXXXXXXXXX Co-NR Subco Loan Agreement, on the basis described in 25 below; (ee) "XXXXXXXXXX Co Note" means the Canadian dollar denominated interest-bearing promissory note to be issued by XXXXXXXXXX Co to NR Subco, to evidence the monies to be borrowed by XXXXXXXXXX Co from NR Subco, on the basis described in 25 below; (ff) "XXXXXXXXXX Co NPV PUC Reduction Amount" means the amount by which the PUC of the issued XXXXXXXXXX Co NPV Shares will be reduced by virtue of the XXXXXXXXXX Co NPV PUC Reduction Resolution, on the basis described in 26 below; (gg) "XXXXXXXXXX Co NPV PUC Reduction Resolution" means the special resolution of the sole shareholder of XXXXXXXXXX Co to effect the reduction of the PUC of the issued XXXXXXXXXX Co NPV Shares, which is referred to in 26 below; (hh) "XXXXXXXXXX Co NPV Shares" means common shares without nominal or par value in the capital of XXXXXXXXXX Co; (ii) "XXXXXXXXXX Co PV Shares" means common shares with a par value of CDN$XXXXXXXXXX per share in the capital of XXXXXXXXXX Co; (jj) "XXXXXXXXXX Co thin-capitalization equity value" means the aggregate of the amounts described in subparagraph 18(4)(a)(ii) of the Act in respect of XXXXXXXXXX Co; (kk) "XXXXXXXXXX Co-NR Subco Loan Agreement" means the agreement between NR Subco and XXXXXXXXXX Co, pursuant to which NR Subco will make a loan to XXXXXXXXXX Co, on the basis described in 25 below; (ll) "Opco" means XXXXXXXXXX; (mm) "outstanding debts to specified non-residents" has the meaning assigned by subsection 18(5) of the Act; (nn) "Parentco" means XXXXXXXXXX; (oo) "Periodic Commutation Payment" means the amount that XXXXXXXXXX Co will pay to NR Subco pursuant to the Swap Termination Agreement, which will compensate NR Subco for not receiving net payments of Periodic Payments under the Swap Arrangements, on the basis described in 24(b) below; (pp) "Periodic Payments" means the periodic payments XXXXXXXXXX Co and Parentco agreed to pay, in Canadian dollars and US dollars, respectively, on each Interest Payment Date pursuant to the Swap Arrangements, on the basis described in 10(c) below; (qq) "permanent establishment" has the meaning assigned by Article V of the Treaty; (rr) "person" has the meaning assigned by subsection 248(1) of the Act; (ss) "Previous Ruling" means Advance Tax Ruling 2001-009728 dated XXXXXXXXXX, 2001, which was issued by the CRA in respect of certain of the Canadian federal income tax considerations arising from the implementation of the Previous Ruling Transactions; (tt) "Previous Ruling Transactions" means the transactions which were previously undertaken by the parties which were the subject of the Previous Ruling, and which are summarized in 8 to 13 below; (uu) "Principal Amount" means the principal amount of each Public Note, the Holdco Notes, or the XXXXXXXXXX Co Note, as the case may be, as defined in subsection 248(1) of the Act; (vv) "Proposed Transactions" means the transactions which are described in 21 to 30 below; (ww) "public corporation" has the meaning assigned by subsection 89(1) of the Act; (xx) "Public Noteholders" means the persons who hold the Public Notes; (yy) "Public Notes" means the US dollar denominated promissory notes issued by XXXXXXXXXX Co to the Public Noteholders pursuant to the Indenture, on the basis described in the Previous Ruling and summarized in 8 and 9 below; (zz) "PUC" means "paid-up capital" as that expression is defined in subsection 89(1) of the Act; (aaa) "Rulings" means the rulings which are given in this letter; (bbb) "Subscription Price" means the Canadian dollar denominated subscription price to be paid by NR Subco to acquire XXXXXXXXXX Co Class A Shares pursuant to the NR Subco-XXXXXXXXXX Co Subscription Agreement, on the basis described in 22 below; (ccc) "Swap Arrangements" means the ISDA (Multicurrency- Cross Border) Master Agreement between Parentco and XXXXXXXXXX Co, dated XXXXXXXXXX, together with the schedule related thereto dated XXXXXXXXXX and the confirmations related thereto dated XXXXXXXXXX, each as amended from time to time, pursuant to which Canadian and US dollar payments are made, on the basis described in the Previous Ruling and summarized in 10 and 18 below; (ddd) "Swap Termination Agreement" means the agreement which will be entered into between XXXXXXXXXX Co and NR Subco which will provide for the early termination of the Swap Arrangements and the close-out of the payment obligations thereunder at such time as XXXXXXXXXX Co is released and discharged from its obligations under the Public Notes and the Indenture, on the basis described in 24 below; (eee) "tax benefit" has the meaning assigned by subsection 245(1) of the Act; (fff) "taxable Canadian corporation" has the meaning assigned by subsection 89(1) of the Act; (ggg) "taxation year" has the meaning assigned by subsection 249(1) of the Act; and (hhh) "Treaty" means the Canada-United States Tax Convention (1980). ...

Valeur de rachat égale au total du capital émis et payé et d'une prime égale à la différence entre la JVM de la considération reçue et le montant du capital émis et payé. g. ...

Vente des actions de détresse à l'ACQUÉREUR 76.Immédiatement après l'émission des actions de détresse, tel que décrit aux paragraphes 69 à 75 inclusivement, XXXXXXXXXX pourront vendre à l'ACQUÉREUR les actions de détresse émises par les FILCOS pour une considération en argent de XXXXXXXXXX $ par action. ...