Common use of RETRACTION OF EXCHANGEABLE SHARES BY HOLDER Clause in Contracts

RETRACTION OF EXCHANGEABLE SHARES BY HOLDER. 6.1 A holder of Exchangeable Shares shall be entitled at any time, subject to the exercise by Bowater Holdings of the Retraction Call Right and otherwise upon compliance with the provisions of this Article 6, to require Bowater Canada to redeem any or all of the Exchangeable Shares registered in the name of such holder for an amount per share equal to (a) the Current Market Price of a Bowater Common Share on the last Business Day prior to the Retraction Date, which shall be satisfied in full by Bowater Canada causing to be delivered to such holder one Bowater Common Share for each Exchangeable Share presented and surrendered by the holder, plus (b) the right to receive the full amount when paid of all unpaid dividends thereon for which the record date for such dividends has occurred prior to the Retraction Date (collectively the "Retraction Price"). To effect such redemption, the holder shall present and surrender at the registered office of Bowater Canada or at any office of the Transfer Agent as may be specified by Bowater Canada by notice to the holders of Exchangeable Shares the certificate or certificates representing the Exchangeable Shares which the holder desires to have Bowater Canada redeem, together with such other documents and instruments as may be required to effect a transfer of Exchangeable Shares under the Canada Business Corporations Act and the by-laws of Bowater Canada and such additional documents and instruments as the Transfer Agent may reasonably require, and together with a duly executed statement (the "Retraction Request") in the form of Schedule A hereto or in such other form as may be acceptable to Bowater Canada:

RETRACTION OF EXCHANGEABLE SHARES BY HOLDER. Section 6.1 A holder of CN Exchangeable Shares shall be entitled at any time, subject to the exercise by Bowater Holdings Newco [NAR Subco] of the Retraction Call Right and otherwise upon compliance with the provisions of this Article 6, to require Bowater Canada the Corporation to redeem any or all of the CN Exchangeable Shares registered in the name of such holder for an amount per share equal to (a) the Current Market Price of a Bowater Common Share Newco Stapled Unit on the last Business Day prior to the Retraction DateDate (the ''Retraction Price''), which shall be satisfied in full by Bowater Canada the Corporation causing to be delivered issued to such holder one Bowater Newco Common Share for each CN Exchangeable Share presented and surrendered by the holder, plus (b) together with, on the right to receive payment date therefor, the full amount when paid of all declared and unpaid dividends thereon for which the on any such CN Exchangeable Share held by such holder on any dividend record date for such dividends has which occurred prior to the Retraction Date (collectively the "Retraction Price")Date. To effect such redemption, the holder shall present and surrender at the registered office of Bowater Canada the Corporation or at any office of the Transfer Agent as may be specified by Bowater Canada the Corporation by notice to the holders of Exchangeable Shares CN Stapled Units the certificate or certificates representing the Exchangeable Shares CN Stapled Units in respect of which the holder desires to have Bowater Canada redeemthe Corporation redeem the CN Exchangeable Shares forming part thereof, together with such other documents and instruments as may be required to effect a transfer of Exchangeable Shares CN Stapled Units under the Canada Business Corporations Act and the by-laws of Bowater Canada the Corporation and such additional documents and instruments as the Transfer Agent may reasonably require, and together with a duly executed statement (the "''Retraction Request"'') in the form of Schedule A hereto or in such other form as may be acceptable to Bowater Canadathe Corporation:

RETRACTION OF EXCHANGEABLE SHARES BY HOLDER. 6.1 A holder of Exchangeable Shares shall be entitled at any time, subject to the exercise by Bowater Canadian Holdings of the Retraction Call Right and otherwise upon compliance with the provisions of this Article 6, to require Bowater AbitibiBowater Canada to redeem any or all of the Exchangeable Shares registered in the name of such holder for an amount per share equal to (a) the Current Market Price of a Bowater an AbitibiBowater Common Share on the last Business Day prior to the Retraction Date, which shall be satisfied in full by Bowater AbitibiBowater Canada causing to be delivered to such holder one Bowater AbitibiBowater Common Share for each Exchangeable Share presented and surrendered by the holder, plus (b) the right to receive the full amount when paid of all unpaid dividends thereon for which the record date for such dividends has occurred prior to the Retraction Date (collectively the "“Retraction Price"”). To effect such redemption, the holder shall present and surrender at the registered office of Bowater AbitibiBowater Canada or at any office of the Transfer Agent as may be specified by Bowater AbitibiBowater Canada by notice to the holders of Exchangeable Shares the certificate or certificates representing the Exchangeable Shares which the holder desires to have Bowater AbitibiBowater Canada redeem, together with such other documents and instruments as may be required to effect a transfer of Exchangeable Shares under the Canada Business Corporations Act and the by-laws of Bowater AbitibiBowater Canada and such additional documents and instruments as the Transfer Agent may reasonably require, and together with a duly executed statement (the "“Retraction Request"”) in the form of Schedule A hereto or in such other form as may be acceptable to Bowater AbitibiBowater Canada:.

RETRACTION OF EXCHANGEABLE SHARES BY HOLDER. 6.1 A 4.1 Subject to applicable law, and provided neither ARC Energy Trust nor ARC Subco has exercised the Retraction Call Right, a holder of Exchangeable Shares shall be entitled at any time, subject to the exercise by Bowater Holdings of the Retraction Call Right and otherwise upon compliance with the provisions of this Article 64, to require Bowater Canada the Corporation to redeem any or all of the Exchangeable Shares registered in the name of such holder for an amount per share (the “Retraction Price”) equal to (a) the amount determined by multiplying the Exchange Ratio on the last Business Day prior to the Retraction Date by the Current Market Price of a Bowater Common Share an ARC Energy Unit on the last Business Day prior to the Retraction Date, which payment of the Retraction Price shall be satisfied in full by Bowater Canada the Corporation delivering or causing to be delivered to such holder one Bowater Common Share that number of ARC Energy Units equal to the Exchange Ratio as at the last Business Day prior to Retraction Date in accordance with Section 4.2 of these share provisions, for each Exchangeable Share presented and surrendered by the holder, plus (b) the right to receive the full amount when paid of all unpaid dividends thereon for which the record date for such dividends has occurred prior to the Retraction Date (collectively the "Retraction Price"). To effect such redemption, the holder shall present and surrender to the Corporation at the registered office of Bowater Canada or at any principal office of the Transfer Agent in Toronto or Calgary or at such other address as may be specified by Bowater Canada the Corporation by notice to the holders of Exchangeable Shares from time to time the certificate or certificates representing the Exchangeable Shares which the holder desires to have Bowater Canada the Corporation redeem, together with such other documents and instruments as may be required to effect a transfer of Exchangeable Shares under the Canada Business Corporations Act and the by-laws of Bowater Canada the Corporation and such additional documents and instruments as the Transfer Agent and the Corporation may reasonably require, and together with a duly executed statement (the "“Retraction Request"”) in the form of Schedule A hereto or in such other form as may be acceptable to Bowater Canadathe Corporation:

RETRACTION OF EXCHANGEABLE SHARES BY HOLDER. 6.1 A holder of Exchangeable Shares shall be entitled at any time, subject to the exercise by Bowater Holdings Parent of the Retraction Call Right and otherwise upon compliance with the provisions of this Article 6, to require Bowater Canada the Corporation to redeem any or all of the Exchangeable Shares registered in the name of such holder for an amount per share equal to (a) the Current Market Price of a Bowater Parent Common Share Stock on the last Business Day prior to the Retraction DateDate (the “Retraction Price”), which shall be satisfied in full by Bowater Canada the Corporation causing to be delivered to such holder one Bowater share of Parent Common Share Stock for each Exchangeable Share presented and surrendered by the holder, plus (b) together with, on the right to receive payment date therefor, the full amount when paid of all declared and unpaid dividends thereon for which the on any such Exchangeable Share held by such holder on any dividend record date for such dividends has which occurred prior to the Retraction Date (collectively the "Retraction Price")Date. To effect such redemption, the holder shall present and surrender at the registered office of Bowater Canada or at any office of the Transfer Agent as may be specified by Bowater Canada Corporation by notice to the holders of Exchangeable Shares the certificate or certificates representing the Exchangeable Shares which the holder desires to have Bowater Canada the Corporation redeem, together with such other documents and instruments as may be are required to effect a transfer of Exchangeable Shares under the Canada Business Corporations Act and the by-laws of Bowater Canada the Corporation and such additional documents and instruments as the Transfer Agent Parent or the Corporation may reasonably require, and together with a duly executed statement (the "“Retraction Request"”) in the form of Schedule A hereto or in such other form as may be acceptable to Bowater Canadathe Corporation: