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2015-02-06_GENERAL DOCUMENTS - C1981013
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2015-02-06_GENERAL DOCUMENTS - C1981013
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Last modified
8/24/2016 5:57:17 PM
Creation date
2/9/2015 1:20:38 PM
Metadata
Fields
Template:
DRMS Permit Index
Permit No
C1981013
IBM Index Class Name
General Documents
Doc Date
2/6/2015
Doc Name
Notice of Filing of Report of the Monitor in the Canadian Proceeding
From
US Bankruptcy Court
To
DRMS
Permit Index Doc Type
General Correspondence
Email Name
LDS
MPB
Media Type
D
Archive
No
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-11- <br />things, the Security Documents create valid security interests in favour of the Trustee in the <br />personal property collateral described therein in which the Applicants have rights and are <br />sufficient to create valid security interests in favour of the Trustee in any such collateral in which <br />the Applicants subsequently acquire any rights, and such security interest, to the extent capable <br />of perfection by registration of a financing statement under applicable legislation and to the <br />extent that such legislation applies to the perfection of such collateral, has been validly perfected. <br />The Opinions also provide, in respect of the real property, that, among other things, the Security <br />Documents create valid charges in favour of the Trustee in the real property interests described <br />therein in which the Applicants have rights, subject to (i) certain standard assumptions and <br />qualifications and (ii) certain issues relating to certain leases and assets, but not the perfection of <br />security thereon, which were identified and known to the parties at the time the security was <br />originally taken and perfected. <br />31. The Monitor notes that no opinions were given as to the rank or priority of any <br />mortgage, assignment, pledge, charge or security interest created by, or purported to be created <br />by, any of the Security Documents. <br />32. The Monitor did not obtain opinions in connection with security granted by the <br />Applicants in favour of Marret (in its individual capacity, as opposed to its capacity as a holder <br />and/or manager of the Secured Notes, whose security is held by the Trustee). The Monitor is <br />advised that no amounts are presently owing directly to Marret in its individual capacity, other <br />than amounts owed in respect of the Secured Notes held or controlled by Marret, so it was <br />determined that no such opinions were necessary. <br />
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