Alberta · CCAA
Affidavit of Authur Price Volume 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 filing5 verified
- secured creditorsnote: Figure is 'Principal Not Due' per FCC credit facility schedule, current as of the Third Amended and Restated Credit Agreement dated June 14, 2024; to be reduced via repayment from 30% of sale proceeds of Echo/256/Other Purchase Transactions. · page: 9 · as of: 2024-06-14 · amount: 14111111.12 · debtor: Sunterra Farms Ltd., Sunwold Farms Limited (FCC Borrowers) · creditor: Farm Credit Canada (FCC) · currency: CAD · security: Advancer loan, Credit Facility 0000712352001, 5-year variable-open, maturity 2029-06-01; secured in part by registered mortgage against 'FCC Sunwold Farm Property' granted by Lariagra Farms Ltd., registered Feb 13, 2021, principal $7,000,000; GSAs (AllPAAP) from FCC Guarantors; joint and several guarantees from Sunterra Beef, Sunterra Farm Enterprises, Sunterra Food Corp, Sunterra Markets, Sunterra Enterprises, Trochu, and unlimited guarantee from Lariagra Farms; UCC agreement from Sunterra Farms Iowa and Sunwold Farms US
- secured creditorsnote: Figure is 'Principal Not Due' per FCC credit facility schedule, current as of the Third Amended and Restated Credit Agreement dated June 14, 2024. · page: 9 · as of: 2024-06-14 · amount: 2559318.26 · debtor: Sunterra Farms Ltd., Sunwold Farms Limited (FCC Borrowers) · creditor: Farm Credit Canada (FCC) · currency: CAD · security: Re-financing of existing FCC loan, Credit Facility 0000712352002, 5-year fixed, maturity 2024-12-02; secured by registered mortgage against 'FCC Sunterra Farm Property' granted by Sunterra Farms Ltd., registered Nov 20, 2019, principal $40,000,000; GSAs and joint/several guarantees as noted for FCC Loan A
- secured creditorsnote: Figure is 'Principal Not Due' per FCC credit facility schedule, current as of the Third Amended and Restated Credit Agreement dated June 14, 2024. · page: 10 · as of: 2024-06-14 · amount: 4881795.16 · debtor: Sunterra Farms Ltd., Sunwold Farms Limited (FCC Borrowers) · creditor: Farm Credit Canada (FCC) · currency: CAD · security: Re-financing of existing FCC loan, Credit Facility 0000714144001, 5-year fixed, maturity 2024-12-02; secured by registered mortgage against 'Lariagra Farm Property' granted by Lariagra Farms Ltd., registered Sept 26, 2022 (principal amount not stated in excerpt); GSAs and joint/several guarantees as noted for FCC Loan A
- secured creditorsnote: Loan agreement dated January 1, 2018, loan number 0000666428001; amount stated is the original loan amount, not a confirmed current outstanding balance. · page: 10 · as of: 2018-01-01 · amount: 3500000 · debtor: Lariagra Farms Ltd. · creditor: Farm Credit Canada (FCC) - Lariagra Loan · currency: CAD · security: Secured by the Sunwold Farm Property; guaranteed by Sunterra Farms Ltd. and J.S. Farraro & Co Inc.
- secured creditorsnote: Total indebtedness per demand/NOI letter dated March 14, 2025, stated as of March 11, 2025: Loan Segment 1 (Demand Operating Loan) $11,796,132.13, Loan Segment 2 (Demand Non-Revolving) $522,911.66, Loan Segment 3 (Demand Collateral Mortgage) $5,213,307.78. NBC also claims Sunterra Farm Enterprises, Sunterra Enterprises, Lariagra Farms, Sunterra Farms Iowa Inc. and Sunwold Farms Inc. are guarantors under the 2022 Loan Agreement, which is disputed by the Sunterra Group (Affidavit para 22). Interest accrues at approx. $1,015.43/day. · 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 (Borrowers, jointly and severally) · creditor: National Bank of Canada (previously Canadian Western Bank) ("NBC") · currency: CAD · security: GSAs over all present and after-acquired property (AllPAAP) of the Borrowers; Demand Collateral Mortgage over Trochu Property registered May 3, 2023 (registered principal $13,000,000); Borrowers' Cross Guarantee dated Jan 23, 2023; Full Liability Guarantees from Sunterra Beef Ltd. (Dec 6, 2013 & Jan 23, 2023), Sunterra Enterprises Inc. (Dec 31, 2020 & Jan 23, 2023), Sunterra Farm Enterprises Ltd. (Dec 31, 2020 & Jan 23, 2023), Lariagra Farms Ltd. (Jan 23, 2023); Assignment/postponement of creditor claims; PPSA registrations (AllPAAP and specific credit registrations) against Sunterra Food Corp, Sunterra Markets, Trochu, Sunwold Farms, Sunterra Farms, Sunterra Farm Enterprises, Lariagra Farms, Sunterra Enterprises, Sunterra Beef, Sunterra Farms Iowa, Sunwold Farms US