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-10- <br />27. It is anticipated that the Applicants' projected liquidity requirements through to <br />April 1, 2015, being the end of the requested Stay Period, will be met by existing cash available <br />to the Applicants. <br />UPDATE REGARDING THE REVIEW OF THE SECURITY GRANTED IN RELATION <br />TO THE SECURED NOTES <br />28. As described in previous reports of the Monitor, as security for the payment and <br />performance by the Applicants of obligations under the Secured Notes, the Applicants granted <br />security interests in favour of the Trustee (in its capacities as trustee for each of the 2011 Notes <br />and the 2013 Notes) over substantially all of their real and personal property' by way of certain <br />security documents (the "Security Documents ") which were executed in connection with the <br />Secured Notes. <br />29. The Monitor is advised by the CRO that Cline holds personal and/or real property <br />in Ontario (Canada), British Columbia (Canada) and Colorado (U.S.). Accordingly, the Monitor <br />engaged counsel in such jurisdictions for the purpose of providing opinions (the "Opinions ") <br />with respect to the security interests granted in favour of the Trustee by way of the Security <br />Documents.2 <br />30. The Monitor is in receipt of the Opinions, which provide, in respect of the <br />personal property and subject to standard assumptions and qualifications, that, among other <br />The Monitor is advised by the CRO that the Trustee has discharged its security interest in the share capital of Iron <br />Ore Corporation Madagascar S.A.R.L. currently owned by Cline to facilitate a sale thereof by Cline. <br />'- Given the number of security opinions that are customary to obtain in U.S. jurisdictions in respect of real property, <br />the Monitor independently retained U.S. counsel ("Local U.S. Counsel ") who previously provided security <br />opinions to Cline in connection with each issuance of the Secured Notes in order to be cost - effective. In this <br />way, the Monitor was able to obtain the benefit of prior title opinions while simultaneously updating each <br />opinion in favour of the Monitor. In addition, both Canadian and U.S. counsel to the Monitor reviewed the <br />updated U.S. opinions and the prior U.S. opinions, and discussed such opinions with Local U.S. Counsel. <br />