Ontario · Receivership (court-appointed)
Application Record dated May 9, 2025 - Part 3 of 4
Application / notice of application · 9 May 2025
What we verified from this filing1 verified
- secured creditorsnote: No outstanding balance stated in these pages, only authorized facility limits/ceilings and registration priority language; a related facility letter to Giftcraft Ltd. and Giftcraft Midco, Inc. dated 2024 (the 'Related Facility Letter') is referenced but not reproduced here. Separately, a Guaranty of Payment dated January 10, 2019 (as amended, with joinders including Ripskirt Hawaii, LLC effective September 16, 2022) evidences joint and several guarantees by related corporate entities; guarantors' claims against the Borrower are contractually subordinated to the Bank's claims. · page: 2 · as of: 2024-03-21 · debtor: Giftcraft Ltd. (Borrower), with joint and several guarantees from Giftcraft Holdings USA Inc., Giftcraft Inc., Giftcraft Midco, Inc. (and, per related Guaranty of Payment, Giftcraft Holdings Inc., Yosox USA Inc. and Ripskirt Hawaii LLC) · creditor: HSBC Bank Canada · currency: CAD · security: General Security Agreement/GSA and Pledge Agreement from Borrower and Guarantors creating first-ranking Lien on all present and future/after-acquired Collateral (incl. intellectual property, share pledges, securities entitlements); assignment of book debts; security over cash/credit balances/deposit instruments; assignment of all-risk insurance. Facility Letter states facility LIMITS (not balances): Operating Loan Facility up to CAD 15,000,000 (with sub-limits: CAD Overdraft CAD 5,000,000, USD Overdraft USD-equiv CAD 5,000,000 combined cap CAD 5,000,000, DCs up to CAD 3,000,000, LGs up to CAD 3,000,000); Foreign Exchange Facility 1 up to USD 2,340,000; Foreign Exchange Facility 2 up to USD 1,071,000. Bank's Liens stated to rank in priority to all other Liens, subject only to Permitted Encumbrances.