Ontario · CCAA

The purpose of this forty-first report of the Monitor ("Forty-First Report") is to advise this Honourable Court with respect to the following: (a) the Applicants' motion seeking an Order reducing the Directors and Officers ("D&O") charge granted pursuant to the provisions of the Initial Order from $90 million to $45 million and to provide the Monitor's support thereof; (b) the Applicants' motion seeking an Order to cap the permitted proven claims against the Applicants' directors and officers in respect of certain D&O liabilities and to provide the Monitor's support thereof; (c) the Applicants' request for an Order providing approval to enter: (i) into a trust indenture (the "Cascade Trust Indenture") in conjunction with NNI, establishing an indemnification trust in the amount of US $35 million (the "Trust") for the benefit of certain directors, officers and/or agents of certain non-filed direct or indirect subsidiaries of NNL (the "Beneficiaries"); and (ii) a related side agreement (the "Cascade Side Agreement" and together with the Cascade Trust Indenture the "Cascade Trust Documents") governing the ultimate allocation of the amounts contributed to the Trust by each of NNL and NNI; and ( d) the filing of a non-redacted copy of the Cascade Trust Indenture with this Honourable Court under seal

Court officer report · 22 March 2010