British Columbia · Receivership (court-appointed)
Affidavit of Peter Mullin made October 17, 2023
Affidavit · 17 October 2023
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 filing8 verified
- secured creditorsnote: $94,000,000 is the Facility Limit (maximum commitment), not a stated outstanding balance; the actual outstanding balance is not disclosed on these excerpted pages (see demand letters, Exhibit R, not provided in this extract) · page: 9 · debtor: Haro and Thurlow Acquisition Corp. (Borrower) / Haro-Thurlow Street Project Limited Partnership · creditor: Bank of Montreal · currency: CAD · security: Credit Agreement dated August 21, 2018 (demand, non-revolving acquisition loan Facility); Mortgage (Exhibit B); Zou-Yu Mortgage (Exhibit C); Equitable Mortgage (Exhibit D); General Security Agreement (Exhibit E) over Collateral of all Credit Parties. 'Facility Limit' defined as $94,000,000, single Advance
- secured creditorsnote: Guarantee cap, not a stated balance · page: 170 · debtor: 1104227 B.C. Ltd. (Guarantor) · creditor: Bank of Montreal · currency: CAD · security: Guarantee in respect of the Obligations, amount $50,000,000 (per First Amendment; replaces and is not in addition to a prior $1,375,000 Guarantee, which is to be released upon delivery of the $50,000,000 Guarantee)
- secured creditorsnote: Guarantee cap, not a stated balance · page: 170 · debtor: 1115830 B.C. Ltd. (Guarantor) · creditor: Bank of Montreal · currency: CAD · security: Guarantee in respect of the Obligations, amount $50,000,000 (per First Amendment)
- secured creditorsnote: $7,000,000 is the registered principal amount of the mortgage/guarantee cap, not a stated balance; mortgagors/guarantors are individuals; limited recourse to mortgaged land and rents except for specified carve-outs (misrepresentation, hazardous materials, insurance, expropriation) · page: 170 · debtor: Wei Zou and Xia Yu (individuals) · creditor: Bank of Montreal · currency: CAD · security: West 17th Mortgage (Land Title Office Doc# CA8742911), first-ranking all-indebtedness mortgage over the West 17th Property, registered 2021-01-29, principal amount $7,000,000, general assignment of rents, supported by limited recourse Guarantee of $7,000,000
- secured creditorsnote: Guarantee cap, not a stated balance; Harlow Holdings Ltd. is also the registered title-holder (Nominee) of the mortgaged Property and a related party to the Borrower · page: 273 · as of: 2018-10-03 · debtor: Harlow Holdings Ltd. (Nominee; registered owner of the Property; Guarantor) · creditor: Bank of Montreal · currency: CAD · security: Guarantee for Indebtedness of an Incorporated Company, liability limited to $94,000,000 plus interest at Prime + 5.0% p.a.
- secured creditorsnote: Guarantee cap, not a stated balance · page: 276 · as of: 2018-10-03 · debtor: Terrapoint Developments Ltd. (Guarantor) · creditor: Bank of Montreal · currency: CAD · security: Guarantee for Indebtedness of an Incorporated Company, liability limited to $10,000,000 plus interest at Prime + 5.0% p.a.
- secured creditorsnote: Guarantee cap (aggregate for both entities), not a stated balance; related corporate entities · page: 279 · as of: 2018-10-03 · debtor: Cloudbreak Holdings Ltd. and CM (Canada) Asset Management Co. Ltd. (joint Guarantors) · creditor: Bank of Montreal · currency: CAD · security: Joint and several Guarantee for Indebtedness of an Incorporated Company, aggregate liability of the undersigned limited to $50,000,000 plus interest at Prime + 5.0% p.a.
- secured creditorsnote: Personal guarantee; guarantors are individuals (directors/principals), not companies · page: 282 · debtor: Kang Yu Zou and Wei Dong (individuals) - per Exhibit I 'Kang-Dong Guarantee' · creditor: Bank of Montreal · currency: CAD · security: Guarantee for Indebtedness of an Individual, liability limited to $50,000,000 plus interest at Prime + 5.0% p.a.