Alberta · CCAA
Exhibits - Affidavit of Darrel Monette
Affidavit · 20 April 2026
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What we verified from this filing7 verified
- secured creditorsnote: Interest-free financing repayable in semi-annual payments, due June 2027. · page: 236 · as of: 2025-10-31 · amount: 920521 · debtor: Monette Farms Ltd. (combined group) · creditor: PPSA equipment financiers (PMSI class) - CNH Industrial Capital Canada Ltd. · currency: CAD · security: Secured by equipment with carrying value of $1,078,461
- secured creditorsnote: Part of syndicated credit agreement with total facilities up to $908,000,000 (2024 - $930,000,000), including $190,000,000 revolving operating facility, $718,000,000 revolving capital facility, and $12,000,000 individual borrower facility for Darrel Monette (shareholder, related party). Due April 2026; presented as current/callable; Group not in compliance with minimum fixed charge coverage ratio covenant as at Oct 31, 2025. · page: 236 · as of: 2025-10-31 · amount: 598324000 · debtor: Monette Farms Ltd. (combined group) · creditor: Bank of Nova Scotia (as agent) and syndicate lenders (Farm Credit Canada, Bank of Montreal, Royal Bank of Canada, Canadian Imperial Bank of Commerce, TD Bank, Canadian Western Bank, Conexus Credit Union, Export Development Canada) - Scotiabank syndicated demand loan (CAD tranche) · currency: CAD · security: General security agreement - first charge over all present and future personal property and undertakings of the Group; $2,000,000,000 first charged fixed and floating charge mortgage over all present and future acquired real property; guarantee by shareholders and combined companies
- secured creditorsnote: USD-denominated facility, reported in CAD; due April 2026; same syndicated agreement and covenant non-compliance noted for the group. · page: 236 · as of: 2025-10-31 · amount: 119698300 · debtor: Monette Farms Ltd. (combined group) · creditor: Bank of Nova Scotia (as agent) and syndicate lenders - Scotiabank syndicated USD term facility · currency: CAD · security: Same general security agreement, $2,000,000,000 real property mortgage, and guarantee as the CAD demand loan tranche
- secured creditorsnote: Callable credit facility; stated credit limit of $30,000,000 (facility limit, not balance); floating rate prime plus 1.5%; due April 2026. · page: 236 · as of: 2025-10-31 · amount: 25310435 · debtor: Monette Farms Ltd. (combined group) · creditor: Stockmen's Financial Ltd. · currency: CAD · security: Secured by specific inventory (carrying value $78,960,926)
- secured creditorsnote: 6% per annum, due in full May 2030. · page: 236 · as of: 2025-10-31 · amount: 23901779 · debtor: Monette Farms Ltd. (combined group) · creditor: DS Wealth Solutions Ltd. · currency: CAD · security: Non-recourse except for collateral charge over all rights, title and interest in the Group's critical illness and disability policy
- secured creditorsnote: Interest between prime rate less 2% and prime rate; maturing February 2028. · page: 236 · as of: 2025-10-31 · amount: 16666500 · debtor: Monette Farms Ltd. (combined group) · creditor: Vendor (take-back mortgage) · currency: CAD · security: Secured by land with carrying value of $16,644,000
- secured creditorsnote: Semi-annual instalments of $120,925 including interest at 30-day CAD-BA-CORRA plus 7.21%; due October 2026; presented as current. · page: 237 · as of: 2025-10-31 · amount: 1147000 · debtor: Monette Farms Ltd. (combined group) · creditor: Scotia Leasing · currency: CAD · security: Secured by assets under capital lease obligations (net book value $678,842)