Directors Charge

Directors Charge. Directors' Charge': a charge not to exceed CDN$13,000,000 to secure the Directors' Charge Expenses; as such charge shall be reduced to the greater of (i) the amount of any liabilities in respect of Directors' Charge Expenses that remain unpaid after giving effect to (A) any express assumption of any such liabilities in writing by a purchaser in any Asset Sale consummated from and after the Second Amendment Effective Date and (B) any payment and satisfaction from and after the Second Amendment... Effective Date of any such liabilities by any Loan Party and (ii) CDN$5,000,000. View More