Alberta · NOI
Affidavit of Arthur Price sworn April 15, 2025 (Part 1)
Affidavit · 15 April 2025
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing3 verified
- secured creditorsnote: Under FCC (Third Amended and Restated) Loan Agreement dated June 14, 2024, three loans were extended: Loan A (advance for land improvements) $14,111,111.12, Loan B (refinancing) $2,559,318.26, Loan C (refinancing) $4,881,795.16. Document states amounts 'extended' as loans, not a current outstanding balance, and gives no as-of date; components are individual loan amounts, not summed - total not stated so amount left null. · page: 9 · debtor: Sunterra Farms Ltd. and Sunwold Farms Limited (FCC Borrowers) · creditor: Farm Credit Canada (FCC) · currency: CAD · security: Real property mortgages: Sunterra Farm Property (granted by Sunterra Farms Ltd., registered Nov 20, 2019) registered principal $40,000,000 (facility 0000712352002); Sunwold Farm Property (granted by Lariagra Farms, registered Feb 13, 2021) registered principal $7,000,000 (facility 0000712352001); Lariagra Farm Property (granted by Lariagra Farms Ltd., registered Sept 26, 2022, facility 0000714144001); GSAs over AllPAAP of Sunterra Enterprises, Sunterra Beef, Sunterra Food Corporation, Trochu, Sunterra Markets, Sunterra Farm Enterprises; first security interest in 4,500 sows granted by Sunwold Farms. Guarantors: Sunterra Beef, Sunterra Farm Enterprises, Sunterra Food Corporation, Sunterra Markets, Sunterra Enterprises, Trochu, Sunterra Farms Iowa, Sunwold Farms US (joint and several), and Lariagra Farms (unlimited guarantee); UCC agreement from Sunterra Farms Iowa and Sunwold Farms US.
- secured creditorsnote: Separate FCC loan agreement dated January 1, 2018 ("FCC Lariagra Loan"), loan number 0000666428001, in the amount of $3,500,000, with Sunterra Farms Ltd. and J.S. Farraro & Co Inc. as guarantors. This is the amount of the loan as extended, not a stated current outstanding balance, so amount left null. · page: 10 · debtor: Lariagra Farms Ltd. · creditor: Farm Credit Canada (FCC) · currency: CAD · security: Secured by the Sunwold Farm Property mortgage
- secured creditorsnote: Exact total indebtedness as of March 11, 2025 per Demand for Repayment/Notices of Intention to Enforce Security dated March 13-14, 2025 (comprising Loan Segments 1-3: $11,796,132.13 + $522,911.66 + $5,213,307.78). Affidavit prose (paras 23) describes the same facilities by original/limit amounts: Operating Loan $12,000,000, Non-revolving loan $982,272, Collateral Mortgage $7,000,000 - these are facility limits/original advances, not the stated balance. Guarantors include related companies (Sunterra Beef Ltd., Sunterra Farm Enterprises Ltd., Sunterra Enterprises Inc., Lariagra Farms Ltd.) and disputed 'Alleged Guarantors' Sunterra Farms Iowa Inc. and Sunwold Farms Inc. (US entities) - whether these six entities are guarantors under the 2022 Loan Agreement is a matter of dispute between NBC and the Sunterra Group. · page: 26 · as of: 2025-03-11 · amount: 17532351.57 · debtor: Sunterra Food Corporation, Trochu Meat Processors Ltd., Sunterra Quality Food Markets Inc., Sunterra Farms Ltd., Sunwold Farms Limited (jointly and severally, the "Borrowers") · creditor: National Bank of Canada (previously Canadian Western Bank) · currency: CAD · security: GSAs over all present and after-acquired property (AllPAAP) of the Borrowers and Sunterra Beef Ltd.; registered mortgage over Trochu Property (233 North Road, Trochu, AB) dated May 3, 2023, original principal $13,000,000; Promissory Note $2,000,000; Multiple Entity/Borrowers' Cross Guarantee dated Jan 23, 2023; Full Liability Guarantees from Sunterra Beef Ltd. (Dec 6, 2013 & Jan 23, 2023), Sunterra Enterprises Inc., Sunterra Farms Iowa Inc. and Sunwold Farms Inc. (Dec 31, 2020), Sunterra Farm Enterprises Ltd., Sunterra Farms Ltd. and Sunwold Farms Ltd. (Dec 31, 2020), Lariagra Farms Ltd. (Jan 23, 2023).