Definition of KERP Charge


KERP Charge means the charge in favour of the employee beneficiaries of the KERP granted pursuant to the Court's Order dated March 9, 2012, as more particularly set out therein.
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Examples of KERP Charge in a sentence

COURT ORDERS that the CMI Directors' Charge, the CMI Administration Charge, the CMI DIP Charge and the CMI KERP Charge shall constitute a charge on the CMI Property and such Charges shall rank in priority to all other security interests, trusts, liens, charges and encumbrances, statutory or otherwise (collectively, "Encumbrances") in favour of any Person, notwithstanding the order of perfection or attachment.
COURT ORDERS that the priorities of the CMI Directors' Charge, the CMI Administration Charge, the CMI KERP Charge (as defined below) and the CMI DIP Charge, as among them, shall be as follows: First - CMI Administration Charge; Second - CMI DIP Charge; and Third - CMI Directors' Charge and CMI KERP Charge, save and except that these Charges shall be postponed in right of payment to the extent of the first $85,000,000 payable under the Secured Note.
The definition of "Permitted Encumbrances" is hereby amended by deleting clause (k) thereof in its entirety and by substituting "(k) The Administration Charge, Directors' Charge, KERP Charge and Canadian Creditor Charge" in its stead; 2.
COURT ORDERS that the filing, registration or perfection of the CMI Directors' Charge, the CMI Administration Charge, the CMI KERP Charge and the CMI DIP Charge (collectively, the "Charges") shall not be required, and that the Charges shall be valid and enforceable for all purposes, including as against any right, title or interest filed, registered, recorded or perfected subsequent to the Charges coming into existence, notwithstanding any such failure to file, register, record or perfect.