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Fund Management Company a) The Fund Management Company is a Non-Resident. b) The Fund Management Company manages the Fund at its own discretion and in its own name but for the account of the Unitholders. c) The Fund Management Company makes decisions relating to the management of the Fund Assets, the Subscription and the Redemption of Fund Units as well as the investment and distribution of the Fund Income. d) The Fund Management Company implements an investment policy that complies with the terms of the Fund Contract. e) The Fund Management Company acts independently and exclusively in the interest of the Unitholders. f) The Fund Units held by Unitholders that no longer meet the contractual requirements for participating in the Fund are subject to forced Redemption. g) The Fund Management Company is authorized and supervised by the Authority. h) The Fund Management Company is entitled to receive the fees stipulated in the Fund Contract in consideration for its services. ... The custodian bank shall not be responsible for any investment selection made by the fund management company within the scope of the investment guidelines.” c) The Custodian Bank ensures the Fund Management Company’s investment strategy, and Net Assets Value per Unit computation complies with the terms of the Fund Contract, and the requirements stated in the Foreign Legislation 1. d) The Custodian Bank may delegate its responsibility for the safekeeping of some of the Fund Assets to a third-party including the Canadian Sub-Custodian. e) The Fund Contract provides that the Custodian Bank acts independently and in good faith in the exclusive interest of the Unitholders. f) The Custodian Bank is authorized and supervised by the Authority. g) The Custodian Bank is entitled to receive a fee stipulated in the Fund Contract in consideration for its services. ...

If a Unitholder fails to comply with this demand, the Management Company, in cooperation with the Custodian Bank, must make an enforced switch into another Class of the Fund or, where this is not possible, enforce the Redemption of the Fund Units in question. g) The Foreign Legislation 1 provides that, in consideration of the services to be performed by the Management Company under the Fund Contract, the Management Company is entitled to receive fees stipulated in the Fund Contract. h) The Management Company is authorized and supervised by Authority and subject to an annual regulatory and financial audit. ... It checks whether the calculation of the Net Asset Value and of the issue and Redemption prices of the Fund Units as well as the investment decisions are in compliance with the law and the Fund Contract, and whether the income is appropriated in accordance with the Fund Contract. f) The Foreign Legislation 1 provides that, in consideration of the services to be performed by the Custodian Bank under the Fund Contract, the Custodian Bank is entitled to receive fees stipulated in the Fund Contract. g) The Custodian Bank is authorized and supervised by the Authority and subject to an annual regulatory and financial audit. ...

The Estate will transfer the ACo Shares to Newco in exchange for consideration consisting of: a) the Newco Note, which will have a principal amount and FMV equal to the lesser of: i. the ACB of the ACo Shares (to the Estate) at the time of transfer less $XXXXXXXXXX; and ii. the FMV of the ACo Shares at the time of transfer less $XXXXXXXXXX; and b) XXXXXXXXXX Newco Class A Special Shares with a redemption price and FMV equal to $1.00 plus the positive difference (if any) between the FMV and ACB of the ACo Shares at the time of transfer. 17. ... On the amalgamation: a) the 100 Newco Common Shares held by the Estate will be exchanged for 100 Amalco Common Shares having terms and conditions identical to the terms and conditions attached to the Newco Common Shares; b) the 100,000 Class A Newco Special Shares will be exchanged for 100,000 Amalco Class A Special Shares having terms and conditions identical to the terms and conditions attached to the Newco Class A Special Shares; and c) the ACo Shares held by Newco will be cancelled without payment of any consideration. 24. ...

The Estate will transfer the Holdco Shares to Newco and, in exchange, the Estate will receive the following consideration from Newco: a. the Newco Note, which will have a principal amount and FMV equal to the lesser of: (i) the aggregate “adjusted ACB” of the Holdco Shares determined in accordance with paragraph 84.1(2)(a.1), less $XXXXXXXXXX; and (ii) the aggregate FMV of the Holdco Shares at the date of the transfer, less $XXXXXXXXXX; b. ... Nothing in this letter should be construed as confirmation, express or implied, that, for the purpose 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 or issuance of shares. ...

Le capital-actions de Perteco sera modifié pour permettre la création d’une nouvelle catégorie d’actions privilégiées non votantes, non participantes, donnant droit à un dividende cumulatif, rachetables au gré du détenteur ou de l’émetteur à un montant correspondant à la considération totale reçue lors de leur émission (les Actions Privilégiées). 23. ... À aucun moment pendant l’implantation des Opérations Projetées, les Actions Privilégiées ne seront: (i) l’objet d’engagements auxquels fait référence le paragraphe 112(2.2); (ii) l’objet d’un « mécanisme de transfert de dividendes » au sens du paragraphe 248(1) et visé par le paragraphe 112(2.3); (iii) l’objet d’engagements de garanties visés par le paragraphe 112(2.4); (iv) émises pour une considération incluant: a. une obligation telle que décrite au sous-alinéa 112(2.4)b)(i); ou b. un droit tel que décrit au sous-alinéa 112(2.4)b)(ii). 48. ...

Special Units may not be transferred separately from the Exchangeable Securities with which they were issued; e. when Exchangeable Securities issued with a Special Unit are transferred, that Special Unit will automatically be transferred to the transferee of the Exchangeable Securities; and f. when the Exchangeable Securities issued with a Special Unit are exchanged, converted, redeemed, or cancelled, that Special Unit will be automatically cancelled for no consideration. 6. ... LP issued these LP Class B Units as partial consideration for the acquisition of a portfolio of XXXXXXXXXX from a third-party vendor. ...

Using the proceeds of the Profitco Loan, Profitco will subscribe for preferred shares of Lossco (“Lossco Preferred Shares”) for cash consideration of approximately $XXXXXXXXXX. ... At no time during the implementation of the Proposed Transactions described in this letter will the Lossco Preferred Shares be: a. the subject of any undertaking that is referred to in subsection 112(2.2) as a “guarantee agreement” b. the subject of a dividend rental arrangement as defined in subsection 248(1); c. the subject of any secured undertaking of the type described in paragraph 112(2.4)(a); or d. issued for consideration (nor will Profitco receive any other property, directly or indirectly, from an investor or any property substituted therefor) that is or includes i. an obligation of the type described in subparagraph 112(2.4)(b)(i), other than an obligation of a corporation that would be related (if the Act were read without reference to paragraph 251(5)(b)); or ii. any right of the type described in subparagraph 112(2.4)(b)(ii). 24. ...

Immediately following the payment of interest described in Paragraph 23, the following transactions will occur to unwind the loss consolidation arrangement: (a) Newco will redeem the Newco Preferred Shares held by ACo in consideration for a non-interest bearing promissory note issued by Newco (the "Newco Note"). ... The Newco Preferred Shares will not, at any time during the implementation of the Proposed Transactions described herein, be: (a) the subject of any undertaking that is referred to in subsection 112(2.2) as a “guarantee arrangement”; (b) the subject of a dividend rental arrangement; (c) the subject of any secured undertaking of the type described in paragraph 112(2.4)(a); or (d) issued for consideration that is or includes: i. an obligation of the type described in subparagraph 112(2.4)(b)(i), other than an obligation of a corporation that is related (otherwise than by reason of a right referred to in paragraph 251(5)(b)); or ii. any right of the type described in subparagraph 112(2.4)(b)(ii). 39. ...

Ces principes sont les suivants: (1) Le paragraphe 111(5) de la Loi de l'impôt sur le revenu vise le contrôle de jure, et non pas le contrôle de facto. (2) Le critère général du contrôle de jure a été énoncé dans l'arrêt Buckerfield's précité: il s'agit de décider si l'actionnaire majoritaire exerce un «contrôle effectif» sur «les affaires et les destinées» de la société, contrôle qui ressort de la «propriété d'un nombre d'actions conférant la majorité des voix pour l'élection du conseil d'administration». (3) Pour décider s'il y a «contrôle effectif», il faut prendre en considération ce qui suit: a) la loi qui régit la société; b) le registre des actionnaires de la société; c) toute restriction, particulière ou exceptionnelle, imposée soit au pouvoir de l'actionnaire majoritaire de contrôler l'élection du conseil, soit au pouvoir du conseil de gérer l'entreprise et les affaires internes de la société, qui ressort de l'un ou l'autre des documents suivants: (i) des actes constitutifs de la société; (ii) d'une convention unanime des actionnaires. (4) Les documents autres que le registre des actionnaires, les actes constitutifs et les conventions unanimes des actionnaires ne doivent généralement pas être pris en considération à cette fin. (5) Lorsqu'il existe une restriction du genre visé à l'alinéa 3c), l'actionnaire majoritaire peut tout de même exercer le contrôle de jure, à moins qu'il ne dispose d'aucun moyen d'exercer un «contrôle effectif» sur les affaires et les destinées de la société, d'une manière analogue ou équivalente au critère de Buckerfield's. ...