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-16- <br />(a) a reduction of over $55 million in secured debt owed by the Applicants; <br />(b) the compromise or arrangement of certain unsecured debts of the Applicants; and <br />(c) a change in control of the equity of Cline. <br />47. In order to achieve the above results, the Plan contemplates that several events <br />and transactions will occur or be deemed to have occurred in the specific sequence set out in the <br />Plan, commencing at the Effective Time on the Plan Implementation Date, including: <br />(a) all Existing Options shall be cancelled and terminated without any liability, <br />payment or other compensation in respect thereof; <br />(b) the Stock Option Plans shall be terminated; <br />(c) Cline shall issue to each Secured Noteholder its Secured Noteholder's Share of <br />the New Cline Common Shares and the Applicants shall become bound to satisfy <br />their obligations in respect of the New Secured Debt in full consideration for the <br />irrevocable, final and full compromise and satisfaction of the Secured <br />Noteholders Allowed Claim and all Secured Noteholder Obligations; <br />(d) Cline shall pay to each Convenience Creditor with an Allowed Affected <br />Unsecured Claim an amount equal to the lesser of (i) $10,000 and (ii) the amount <br />of its Allowed Affected Unsecured Claim in full consideration for the irrevocable, <br />final and full compromise and satisfaction of such Convenience Creditor's <br />Affected Unsecured Claim; <br />(e) each Affected Unsecured Creditor with an Allowed Affected Unsecured Claim <br />that is not a Convenience Creditor or a Secured Noteholder shall become entitled <br />