Ontario · Receivership (court-appointed)
Application Record returnable October 12, 2023 - Part 1 of 3
Application / notice of application · 2 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 filing5 verified
- secured creditorsnote: Interest and costs continue to accrue on this balance; Senior Commitment Letter originally provided principal of $52,800,000 · page: 30 · as of: 2023-09-13 · amount: 42055404.91 · debtor: 1776411 Ontario Ltd. and 1333 Weber Street Kitchener LP · creditor: Senior Lenders (Equitable Bank and Concentra Bank) · currency: CAD · security: Senior Secured Loan Facility (Mortgage Loan No. 50715); first-ranking $82,000,000 charge/mortgage over the Real Property (registered principal amount, not a balance), General Security Agreement over personal property, General Assignment of Rents and Leases; first preference and absolute priority over the Junior Lender (GMIC) per Interlender Agreement; Equitable Bank Proportionate Share 33.604336% (principal $24,800,000) and Concentra Bank 40.650407% (principal $30,000,000) of aggregate $73,800,000 Loan
- secured creditorsnote: GMIC is the Applicant in these proceedings, acting in its capacity as junior secured lender in the Syndicate; principal amount increased from original $13,000,000 to $16,000,000 (2022-05-03) and $19,000,000 (2023-04-27); interest and costs continue to accrue · page: 30 · as of: 2023-09-13 · amount: 19598083.91 · debtor: 1776411 Ontario Ltd. and 1333 Weber Street Kitchener LP · creditor: Genesis Mortgage Investment Corp. (GMIC) - Junior Secured Lender · currency: CAD · security: Junior Secured Loan Facility (Mortgage Loan No. 50716); second-ranking charge under same $82,000,000 Mortgage (subordinate to Senior Lenders), GSA, Assignment of Rents; subordinate/postponed pursuant to Interlender Agreement; Proportionate Share 25.745257% (principal $19,000,000 of $73,800,000 aggregate Loan)
- secured creditorsnote: Facility for issuance of letters of credit to the municipality/region to secure development costs; administered/tracked separately from the Senior Secured Loan Facility balance · page: 30 · as of: 2023-09-13 · amount: 2698148.2 · debtor: 1776411 Ontario Ltd. and 1333 Weber Street Kitchener LP · creditor: Concentra Bank (Letter of Credit Facility) · currency: CAD · security: Non-revolving LC Facility (facility limit $2,700,000) under the Senior Commitment Letter, secured by the same Security package (Mortgage, GSA, Assignment of Rents) as the Senior Secured Loan Facility
- secured creditorsnote: Amount reported is the stated 'Required Cash Collateral' of $750,000 secured by the Westmount Security; the Security also secures other unquantified obligations of the Debtor under two deposit trust agreements (purchaser deposit monies); Required Cash Collateral was subsequently assigned by Westmount to the Secured Parties (GMIC et al.) · page: 38 · amount: 750000 · debtor: 1776411 Ontario Ltd. and 1333 Weber Street Kitchener LP · creditor: Westmount Guarantee Services Inc. · currency: CAD · security: Mortgage against the Real Property securing a registered principal amount originally $20,000,000 (registered 2020-11-24), amended to $50,000,000 (registration ceiling, not a balance) on 2023-05-08; also PPSA security interest in certain personal property; second charge subordinate to the Senior Secured Loan Facility per Westmount Priority Agreement, but first charge/priority over the Security to the extent of purchaser deposit monies held in trust
- secured creditorsnote: Subordinated and postponed to the Loan Facilities/Security pursuant to a COR Subordination and Standstill Agreement dated 2023-05-08, under which COR also agreed not to challenge enforcement; disputed - on 2023-09-28 COR issued a Statement of Claim against CMLS, Computershare and GMIC, many of whose assertions GMIC denies · page: 39 · debtor: 1776411 Ontario Ltd. · creditor: CORFinancial Corp. (COR) · currency: CAD · security: Charge registered against the Real Property and PPSA security interests securing the COR Facility, a loan with a maximum principal amount of $3,500,000 (facility limit, not a stated balance) per commitment letter dated 2023-05-08