KERP Charge definition

KERP Charge means the charge over the Property created by paragraph 25 of the Initial Order, and having the priority provided in paragraphs 63 and 65 of such Order;

KERP Charge means a priority charge over the Collateral granted by the CCAA Court pursuant to the ARIO to secure payment of the KERP, with the priority and the amount as set out in Section 10.

KERP Charge means the charge granted by the Court to secure the KERP pursuant to the Amended and Restated Initial Order.

Examples of KERP Charge in a sentence

• The beneficiaries of the KERP Charge were paid in full during the CCAA proceedings with the exception of 50% of the retention bonuses payable to three senior members of management.

• Bond yields have pushed out in response to the steps taken by the BOC, increasing the cost of debt and thus negatively impacting asset values.

• The charges created under the Initial Order (the Administration Charge for $1 million, Interim Lender Charge for $22 million, Directors’ Charge for $1.5 million and KERP Charge for $760,000) have all been discharged pursuant to the CCAA Discharge and Transition Order dated May 8, 2015 and a Court Order issued during these receivership proceedings dated June 21, 2016.

• It is expected that the KERP Charge, if approved at the comeback hearing, will rank second in priority amongst the Charges (subordinate to the Administration Charge and in priority to the Directors’ Charge).

• The KERP Charge shall have the priority set out in paragraphs 16 and 18 hereof.

More Definitions of KERP Charge

KERP Charge means the charge in favour of certain key employees of ACC and its subsidiary, Ardenton Capital Canada Inc., pursuant to an Order of the Court dated May 6, 2021;

KERP Charge means the charge in favour of the KERP Participants as created under paragraph 64 of the Initial Order.

KERP Charge has the meaning given to such term in the Initial Order. “L/C Credit Support” has the meaning set forth in Section 2.07(k) hereof.

KERP Charge means a key employee retention program charge pursuant to the Amended Order in an amount not to exceed $998,311 which shall rank in priority to the FA Charge, the Senior Priority Lender Liens and the DIP Lender Charge, and behind the Administration Charge and the D&O Charge.

KERP Charge means the charge created under the KERP Order securing the KERP Obligations, subject to the limits set out in the KERP Order or in any other Order consented to by the Buyers.

KERP Charge means the charge over the Property created by paragraph 41 of the Initial Order;

KERP Charge the charge granted by the order of the Court dated 5 July 2017 over the Property, for the beneficiaries of the key employee retention plan, and in the amount of CAD$150,000;