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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 />