British Columbia · Receivership (court-appointed)
Affidavit #1 of Cameron Bailey, sworn October 16, 2024
Affidavit · 17 October 2024
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What we verified from this filing3 verified
- secured creditorsnote: This is one of two currency components of the same Indebtedness (also USD$16,562,455.08); RBC also held facility limits (not balances) under the Loan Agreement: Operating Loan Max $10,000,000 (or USD equiv.), EDC Guaranteed LC limit USD$3,000,000, Contract Revolver Facility max USD$30,000,000. RBC issued demand letters and NITES on Aug 7, 2024; entered forbearance Letter Agreement Aug 19, 2024 with Consent Receiver Order. · page: 6 · as of: 2024-10-11 · amount: 174307.09 · debtor: Vicinity Motor (Bus) Corp. (Borrower); guaranteed by Vicinity Motor Corp. (Vicinity Parent), Vicinity Motor (Bus) USA Corp., and Vicinity Motor Property, LLC · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: General security agreements (Oct 25, 2017 - Borrower, Vicinity USA, Vicinity Parent; Feb 17, 2023 - Vicinity Property); s.427 Bank Act security (Sept 22, 2017); blocked accounts agreement (Oct 25, 2017); deed of trust/assignment of leases and rents/fixture filing over Ferndale Property (Feb 17, 2023); assignment of material contracts (Feb 17, 2023); unlimited guarantees from Vicinity USA, Vicinity Property, and Vicinity Parent (corporate affiliate guarantors)
- secured creditorsnote: This is the USD component of the same Indebtedness (also CAD$174,307.09), together with accruing costs and interest. · page: 6 · as of: 2024-10-11 · amount: 16562455.08 · debtor: Vicinity Motor (Bus) Corp. (Borrower); guaranteed by Vicinity Motor Corp. (Vicinity Parent), Vicinity Motor (Bus) USA Corp., and Vicinity Motor Property, LLC · creditor: Royal Bank of Canada (RBC) · currency: USD · security: Same security package as CAD entry: general security agreements, s.427 Bank Act security, blocked accounts agreement, deed of trust over Ferndale Property, assignment of material contracts, unlimited guarantees from Vicinity USA, Vicinity Property, and Vicinity Parent
- secured creditorsnote: EDC independently issued demand letters and Notices of Intention to Enforce Security to the Debtors (per Bank's information); amount of any direct EDC claim against Debtors not stated in this affidavit - the USD$22,500,000 figure is a guarantee ceiling, not a stated balance owed to EDC. Affidavit states Debtors have no other material creditors than EDC (para 36). · page: 6 · debtor: Vicinity Motor (Bus) Corp. and guarantors (same Debtors) · creditor: Export Development Canada (EDC) · currency: USD · security: Priority Agreement dated March 29, 2023 with RBC granting RBC priority over Debtors' personal/moveable property except 'EDC Priority Collateral' (cession of rank in EDC's favour over that carved-out collateral); EDC Guarantee (guarantee approval ref. 80-101318, dated Feb 21, 2023, as amended Feb 16/Apr 16/Apr 30, 2024) guaranteeing Borrower's indebtedness to RBC under the Contract Revolver Facility (max USD$30,000,000) up to USD$22,500,000