British Columbia · Receivership (court-appointed)
Affidavit #1 of W. Wang
Affidavit · 22 January 2024
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 filing12 verified
- secured creditorsnote: DISCHARGED / repaid in full via Tranche 2 of the Senior B Loan (Section 2.2(d)); Fox Island Development Ltd. is also a Petitioner - related party. · page: 6 · debtor: International Trade Center Properties Ltd. (ITC Borrower) · creditor: Fox Island Development Ltd. (ITC-Junior Lender, prior facility) · currency: CAD · security: Mortgage and assignment of rents charging the Property except UB Lot A (land title nos. CA7901075 etc.), and UB Lot A (CA8244894/CA8244895); PPSA registrations 909783L, 90979L. Original bridge term loan 'up to CAD$23,600,000' (facility limit, not a balance)
- secured creditorsnote: DISCHARGED / repaid in full via Tranche 1 of the Senior B Loan (Section 2.2(a)) together with the Senior A Loan; no current balance stated. · page: 6 · debtor: International Trade Center Properties Ltd. (ITC Borrower) · creditor: Romspen Investment Corporation (ITC-Romspen Lender) · currency: CAD · security: Mortgage and assignment of rents charging Hotel Property (land title nos. CA4543291/CA4543292, as modified); PPSA registration 733861. Original construction loan commitment 'up to CAD$25,600,000' (facility limit, not a balance)
- secured creditorsnote: Petitioners Fox Island Development Ltd. and Advanced Venture Holding Co., Ltd. are also lenders under this separate UB Project Security - related party overlap. · page: 6 · debtor: 34083 Yukon Inc. (UB Nominee), Kensington Union Bay Properties Limited Partnership, Kensington Union Bay Properties GP Ltd. (UB Borrowers) · creditor: UB Project Lenders (Fox Island Development Ltd., Advanced Venture Holding Co., Ltd., 1078688 B.C. Ltd.) · currency: CAD · security: Mortgage and assignment of rents charging UB Property (land title nos. CA8965637/CA8965638); PPSA registration 921510M. Original bridge term loan facility 'up to CAD$16,250,000' (facility ceiling, not a stated balance)
- secured creditorsnote: Fox Island Development Ltd. (a Petitioner in this proceeding) is also a Senior A Lender - related party overlap. Individual co-lenders Jeff Ding, Mudan Chen, Yuguo Sun and Xingzhen Wang are natural persons. · page: 13 · debtor: International Trade Center Properties Ltd. (ITC Borrower) · creditor: Senior A Lenders (Fox Island Development Ltd. as 'Lender A', Jeff Ding, Mudan Chen, Yuguo Sun, Xingzhen Wang) · currency: CAD · security: Senior A Mortgage charging Hotel Property, registered principal amount not more than CAD$21,600,000 (registration ceiling, not a stated balance)
- secured creditorsnote: This is the aggregate principal of the non-revolving term loan (Tranches 1-4) as originally advanced/committed, not a confirmed current outstanding balance. Only repayment received per affidavit is $6,481,759.26 paid on/about March 29, 2023 (page 4). Demand letters and Notices of Intention to Enforce Security sent to Borrowers and Guarantors on December 7, 2023 (Exhibits L, M). · page: 17 · as of: Senior B Loan Agreement dated for reference June 14, 2021 (aggregate principal of the Loan, Section 2.1) · amount: 35849266.69 · debtor: 34083 Yukon Inc. (Kensington Union Bay Properties Nominee Ltd.), Kensington Union Bay Properties Limited Partnership, Kensington Union Bay Properties GP Ltd., International Trade Center Properties Ltd. (Loan B Borrowers); guaranteed by Hotel Versante Ltd., Sunwins Enterprise Ltd., Mo Yeung Properties Ltd. and Mo Yeung Ching · creditor: Fox Island Development Ltd. and Advanced Venture Holding Co., Ltd. (Senior B Lenders / Petitioners) · currency: CAD · security: ITC Hotel Mortgage (up to $37,000,000), ITC Bar Mortgage ($37,000,000), UB Mortgage (up to $37,000,000), SpaV Mortgage ($5,000,000), Residence Mortgage ($1,500,000), GSA, assignment of material contracts, guarantee, environmental indemnity, debt service deficiency agreement
- secured creditorsnote: Named respondent in this foreclosure proceeding (also listed separately as 'Richmond Centre Branch'). Term loan due April 1, 2022. · page: 32 · as of: Senior B Loan Agreement dated for reference June 14, 2021 · amount: 17500000 · debtor: 34083 Yukon Inc. (UB Nominee), Kensington Union Bay Properties Limited Partnership, Kensington Union Bay Properties GP Ltd. (UB Borrowers) · creditor: Gulf and Fraser Fishermen's Credit Union (UB-GF Lender) · currency: CAD · security: Mortgage and assignment of rents charging UB Lot 1 and UB Lot 3 (land title nos. CA8962721/CA8962722); PPSA registrations 365710L, 934709M, 840715L, 339993M, 339995M
- secured creditorsnote: Vendor-take-back loan; initial principal was CAD$24,000,000. Per ITC Senior B 2nd Amending Agreement, a contemplated paydown (contingent on completion of the UB Lot A Refinancing) would reduce the outstanding principal from $14,000,000 to $9,000,000, with UB-VTB Security to be released from UB Lot A (page 89) - not confirmed completed in these pages. · page: 32 · as of: Senior B Loan Agreement dated for reference June 14, 2021 · amount: 14000000 · debtor: 34083 Yukon Inc. (UB Nominee), Kensington Union Bay Properties Limited Partnership, Kensington Union Bay Properties GP Ltd. (UB Borrowers) · creditor: 3003297 Nova Scotia Company (UB-VTB Lender) · currency: CAD · security: Mortgage and assignment of rents charging UB Lot 1 and UB Lot A (land title nos. CA6518044/CA6518045, as modified)
- secured creditorsnote: Stated as 'no more than' CAD$4,500,000 aggregate outstanding on two term loans (original amounts $3,800,000 and $2,400,000). · page: 33 · as of: First Funding Date (2021-06-14) · amount: 4500000 · debtor: Mo Yeung Properties Ltd. (MYPCo) · creditor: Business Development Bank of Canada (SpaV-BDC Lender) · currency: CAD · security: Mortgage and assignment of rents charging SpaV-SL1 and SpaV-SL3 (land title nos. CA4158466/CA4158467, CA3987797/CA3987798); PPSA registration 194526I
- secured creditorsnote: Borrowers intended (per loan agreement) to pay down this indebtedness to CAD$3,000,000 using Tranche 3 proceeds; no confirmation of completion in these pages. Security subject to priority/standstill agreement with Senior B Lenders. · page: 33 · as of: First Funding Date (2021-06-14) · amount: 6000000 · debtor: International Trade Center Properties Ltd., Mo Yeung Ching, Sunwins Enterprise Ltd. · creditor: 1260101 B.C. Ltd. (ITC-126 Lender) · currency: CAD · security: Mortgage and assignment of rents charging ITC Property (land title nos. CA8411144); PPSA registration 447781M
- secured creditorsnote: Named respondent in this foreclosure proceeding. Due on or about March 30, 2022. · page: 34 · as of: First Funding Date (2021-06-14) · amount: 900000 · debtor: Mo Yeung Ching (personally) · creditor: Morteq Lending Corp (Residence-SL128-Morteq Lender) · currency: CAD · security: Mortgage and assignment of rents charging Residence-SL128 (land title nos. CA8177818/CA8177819); PPSA registration 967285M
- secured creditorsnote: Indebtedness stated as due July 15, 2021, prior to First Funding Date representation, suggesting matured debt at time of representation. · page: 34 · as of: First Funding Date (2021-06-14) · amount: 1500000 · debtor: Mo Yeung Properties Ltd. (MYPCo) · creditor: Kingdom Mortgage Limited Partnership (SpaV-Kingdom Lender) · currency: CAD · security: Mortgage and assignment of rents charging SpaV-SL1 and SpaV-SL3 (land title nos. CA9068226/CA9068227); PPSA registration 980860M
- secured creditorsnote: Indebtedness stated as due December 20, 2021 (prior to loan agreement's later amendments), suggesting matured debt at time of representation. · page: 34 · as of: First Funding Date (2021-06-14) · amount: 4000000 · debtor: Mo Yeung Properties Ltd. (MYPCo) · creditor: Jin-Ocean Mortgage Investment Corporation (SpaV-Jin Lender) · currency: CAD · security: Mortgage and assignment of rents charging SpaV-SL1 and SpaV-SL3 (land title nos. CA8585810/CA8585811); PPSA registration 663915M