0001885809-21-000001.txt : 20211216 0001885809-21-000001.hdr.sgml : 20211216 20211216170041 ACCESSION NUMBER: 0001885809-21-000001 CONFORMED SUBMISSION TYPE: 1-A PUBLIC DOCUMENT COUNT: 35 FILED AS OF DATE: 20211216 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EquityLine Capital LLC CENTRAL INDEX KEY: 0001885809 IRS NUMBER: 872668427 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 1-A SEC ACT: 1933 Act SEC FILE NUMBER: 024-11756 FILM NUMBER: 211498399 BUSINESS ADDRESS: STREET 1: 920 NORTH KING STREET STREET 2: 2ND FLOOR CITY: WILMINGTON STATE: DE ZIP: 19801 BUSINESS PHONE: 416.939.6376 MAIL ADDRESS: STREET 1: 920 NORTH KING STREET STREET 2: 2ND FLOOR CITY: WILMINGTON STATE: DE ZIP: 19801 1-A 1 primary_doc.xml 1-A LIVE 0001885809 XXXXXXXX false false EquityLine Capital LLC DE 2020 0001885809 6199 87-2668427 0 7 920 North King Street Wilmington DE 19801 18882691988 NIcholas Antaki Other 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Assurance Dimensions Membership Units 100 NA Not Applicable 0 0 true true false Tier2 Audited Equity (common or preferred stock) Y Y N Y N N 5000000 100 10.0000 50000000.00 0.00 0.00 0.00 50000000.00 false true AL AK AZ AR CA CO CT DE DC FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA PR RI SC SD TN TX UT VT VA WA WV WI WY A0 A1 A2 A3 A4 A5 A6 A7 A8 A9 B0 Z4 AL AK AZ AR CA CO CT DE DC FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA PR RI SC SD TN TX UT VT VA WA WV WI WY A0 A1 A2 A3 A4 A5 A6 A7 A8 A9 B0 Z4 true PART II AND III 2 partiiandiii.htm PART 2 AND 3

Form 1-A Offering Circular

Regulation A Tier 2 Offering

Offering Circular

For

EQUITYLINE CAPITAL (DELAWARE) LP

A Delaware Limited Partnership

 

December 16, 2021

 

 

SECURITIES OFFERED: Equity in the form of Units of Class A Limited Partnership Interests paying an annual cumulative 7.5% paid monthly.

MAXIMUM OFFERING AMOUNT: 5,000,000 Units for $50,000,000.00

PRICE: $10.00 per Unit

MINIMUM OFFERING AMOUNT: No Minimum Offering Amount required

MINIMUM INVESTMENT AMOUNT: $500.00 for 50 Units per Investor

CONTACT INFORMATION:

EquityLine Capital (Delaware) LP

920 North King Street, 2nd Floor

Wilmington, DE 19801

Phone: 1-888-269-1988

 

Generally, no sale may be made to you in this offering if the aggregate purchase price you pay is more than 10% of the greater of your annual income or net worth. Different rules apply to accredited investors and non-natural persons. Before making any representation that your investment does not exceed applicable thresholds, Investors are encouraged to review rule 251(d)(2)(i)(C) of Regulation A. For general information on investing, we encourage you to refer to www.investor.gov.

 

EquityLine Capital (Delaware) LP, a limited partnership formed on September 8, 2020, in Delaware (the “Partnership”) is offering by means of this offering circular (the “Offering Circular”) equity in the form of Class A limited partnership interests paying a 7.5% cumulative dividend (the “Limited Partnership Interests,” the “Limited Partnership Units,” or in the singular an “Interest” or “Unit”) on a best-efforts basis. Each Unit is offered at $10.00, and the Minimum Investment Amount per Investor is $500.00. There is no Minimum Offering Amount. All Investors’ payments will first be deposited into an escrow account prior to the Partnership’s acceptance of such in exchange for Limited Partnership Units.

 

Sales of the Interests pursuant to this Regulation A Tier 2 Offering (the “Offering”) will commence immediately upon qualification by the Securities and Exchange Commission (the “Effective Date”) and will terminate on the earliest of: (a) the date the Partnership, in its sole discretion, elects to terminate, (b) the date upon which all Units have been sold, or (c) exactly 12 months after the Effective Date (the “Offering Period”).

 

The Units will be offered via the website https://equitylinemic.com (the “Platform”) on a continuous and ongoing basis. The acceptance of Investor subscriptions may be briefly paused at times to allow the Partnership to effectively and accurately process and settle subscriptions that have been received. There are no selling securityholders in this Offering.

 

The Partnership intends to raise Offering Proceeds to engage in the following activities: 1) to promote investment in this Offering through a professional marketing campaign; 2) to purchase and hold originated mortgages or mortgage secured debentures or notes consisting primarily of residential non-conventional mortgages and Alt-A Mortgages with a primary investment focus of Ontario, Canada. Subsequently, the Partnership may elect to expand its geographic focus to include additional areas of Canada and the United States, provided they meet the investment objectives of the Partnership. The investment will be made using mortgage secured loans to EquityLine Mortgage Investment Corporation (ELMIC), as well as direct mortgage and income producing real estate investment. These anticipated uses are not anticipated to change if the Partnership fails to reach the Maximum Offering Amount. The only change expected is the potential size of the asset portfolio if the Partnership raises amounts less than the Maximum Offering Amount. (See the “Use of Proceeds” below.) However, the Partnership reserves the right to change the anticipated or intended Use of Proceeds of this Offering as described in this section and as described elsewhere within this Offering Circular.

 

The General Partner and the Manager will receive compensation and income from the Partnership and is subject to certain conflicts of interest. (See the “Compensation of Management” and the “Conflicts of Interest” sections below for more details.) Investing in the Limited Partnership Interests is speculative and involves substantial risks, including risk of complete loss. Prospective Investors should purchase these securities only if they can afford a complete loss of their investment (see “Risk Factors” below starting on Page 4). There are material income tax risks associated with investing in the Partnership that prospective investors should consider. (See “Federal Income Tax Considerations” below.)

 

THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION DOES NOT PASS UPON THE MERITS OF OR GIVE ITS APPROVAL TO ANY SECURITIES OFFERED OR THE TERMS OF THE OFFERING, NOR DOES IT PASS UPON THE ACCURACY OR COMPLETENESS OF ANY OFFERING CIRCULAR OR OTHER SOLICITATION MATERIALS. THESE SECURITIES ARE OFFERED PURSUANT TO AN EXEMPTION FROM REGISTRATION WITH THE COMMISSION; HOWEVER, THE COMMISSION HAS NOT MADE AN INDEPENDENT DETERMINATION THAT THE SECURITIES OFFERED ARE EXEMPT FROM REGISTRATION. 

 

OFFERING PROCEEDS TABLE

 

  Price to public (1)

Underwriting discount and commissions (2)

Proceeds to the issuer (3) Proceeds to other persons (4)

Amount Per Unit

$10.00  $0.15  $9.85  $0.00 
Minimum Investment Amount (per Investor) $500.00  $7.50  $467.50  $25.00 

Minimum Offering Amount

 NONE   

N/A

 

   N/A   N/A 

Maximum Offering Amount 

$50,000,000.00  $750,000.00  $49,115,000.00  $135,000.00 

(1) Price to Investors was arbitrarily determined by the General Partner.

(2) The Partnership is not using an underwriter for the sale of the Class A Units. These commissions listed are those for Rialto Markets, a FINRA broker-dealer. Rialto Markets receives a 1.5% commission on the aggregate sales of the Units for a maximum of $750,000. See “Plan of Distribution” below.

(3) Net Deployable Proceeds to the Partnership only reflect an approximation of the Proceeds, less estimated commissions to the broker-dealer, less the deduction of organization and offering expenses reimbursement to the Manager. Any expenses associated with the Class A Units and/or other investments of the Partnership shall be paid by the Partnership in accordance with the terms set forth herein and in the Amended and Restated Limited Partnership Agreement.

(4) The initial expenses associated with this Offering, including legal and accounting expenses, will be paid by the Manager using the Proceeds. Notwithstanding the foregoing, once $1,000,000 in Offering Proceeds is raised the Partnership intends to reimburse the Manager for any organization and initial Offering costs and expenses incurred on behalf of the Partnership, which total approximately $135,000. There will be a $25 administration fee per transaction, to remain in the escrow account for direct payment of escrow and credit card fees.

   

INVESTOR SUITABILITY STANDARDS

 

All persons who purchase the Limited Partnership Interests pursuant to the Subscription Agreement, attached hereto as Exhibit 4, must comply with the Investor Suitability Standards as provided below. It is the responsibility of the purchaser of the Interests to verify compliance with the Investor Suitability Standards. The Partnership may request that the Investor verify compliance, but the Partnership is under no obligation to do so. By purchasing Interests pursuant to this Offering, the Investor self-certifies compliance with the Investor Suitability Standards. If, after the Partnership receives funds and transfers ownership of the Units, the Partnership discovers that the Investor does not comply with the Investor Suitability Standards as provided, the transfer will be deemed null and void ab initio and the Partnership will return funds to the purported purchaser. The amounts returned to the purported purchaser will be equal to the purchase price paid for the Interests less any costs incurred by the Partnership in the initial execution of the null purchase and any costs incurred by the Partnership in returning the funds. These costs may include any transfer fees, sales fees/commissions, or other fees paid to transfer agents or brokers.

 

The Limited Partnership Interests are being offered and sold only to “Qualified Purchasers” as defined in Regulation A.

Qualified Purchasers include:

(i) “Accredited Investors” defined under Rule 501(a) of Regulation D (as explained below); and

 

(ii) All other Investors so long as their investment in the Limited Partnership Interests does not represent more than 10% of the greater of the Investor’s, alone or together with a spouse or spousal equivalent, annual income or net worth (for natural persons), or 10% of the greater of annual revenue or net assets at fiscal year-end (for non-natural persons).

 

The Units are offered hereby and sold to Investors that meet one of the two categories above, to qualify as an Accredited Investor, for purposes of satisfying one of the tests in the Qualified Purchaser definition, an Investor must meet one of the following conditions:

1) An Accredited Investor, in the context of a natural person, includes anyone who:

(i) Earned income that exceeded $200,000 (or $300,000 together with a spouse or spousal equivalent) in each of the prior two years, and reasonably expects the same for the current year or

(ii) Has a net worth over $1 million, either alone, or together with a spouse or spousal equivalent (excluding the value of the person’s primary residence), or

(iii) Holds in good standing a Series 7, 65, or 82 license.

 

2) Additional Accredited Investor categories include:

(i) Any bank as defined in Section 3(a)(2) of the Act, or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act, whether acting in its individual or fiduciary capacity; any broker or dealer registered pursuant to Section 15 of the Securities and Exchange Act of 1934 (the “Exchange Act”); any insurance company as defined in Section 2(13) of the Exchange Act; any investment company registered under the Investment Fund Act of 1940 or a business development company as defined in Section 2(a)(48) of that Act; any Small Business Investment Fund (SBIC) licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958; any plan established and maintained by a State, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5 million any employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974, if the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such Act, which is either a bank, savings and loan association, insurance company, or registered investment advisor, or if the employee benefit plan has total assets in excess of $5 million or, if a self-directed plan, with investment decisions made solely by persons who are Accredited Investors;

(ii) Any private business development company as defined in Section 202(a)(22) of the Investment Advisors Act of 1940;

(iii) Any organization described in Section 501(c)(3)(d) of the Internal Revenue Code of 1986, as amended (the “Code”), corporation, Massachusetts or similar business trust, or partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5 million;

(iv) Any director or executive officer, or Fund of the issuer of the securities being sold, or any director, executive officer, or Fund of a Fund of that issuer;

(v) Any trust, with total assets in excess of $5 million, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a sophisticated person as described in Section 506(B)(b)(2)(ii) of the Code; or

(vi) Any entity in which all of the equity owners are Accredited Investors as defined above.

 

 

Page 1 

 

 

TABLE OF CONTENTS

 

  Page
SUMMARY OF THE PARTNERSHIP 3
RISK FACTORS 6
DILUTION 10
PLAN OF DISTRIBUTION 10
SELLING SECURITY HOLDERS 10
USE OF PROCEEDS 11
DESCRIPTION OF THE BUSINESS 14
PARTNERSHIP STRUCTURE 14
AFFILIATES 14
DESCRIPTION OF PROPERTY 17
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION 18
DIRECTORS, OFFICERS, AND SIGNIFICANT EMPLOYEES OF THE GENERAL PARTNER AND ITS AFFILIATES 23
BUSINESS EXPERIENCE OF THE GENERAL PARTNER AND THE MANAGER 23
COMPENSATION OF MANAGEMENT 28
CONFLICTS OF INTEREST 30
FIDUCIARY RESPONSIBILITY OF MANAGEMENT 31
SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN SECURITY HOLDERS 33
INTEREST OF MANAGEMENT AND CERTAIN OTHER TRANSACTIONS 33
FEDERAL INCOME TAX CONSIDERATIONS 34
ERISA CONSIDERATIONS 36
SECURITIES BEING OFFERED – DESCRIPTION OF THE SECURITIES 37
REPORTS TO LIMITED PARTNERS AS REQUIRED BY THE AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT 38
PART F/S 38
EXHIBIT INDEX 39
SIGNATURE PAGE 40

 

Page 2 

 

 

SUMMARY AND RISK FACTORS

 

The following information is only a brief summary of, and is qualified in its entirety by, the detailed information appearing elsewhere in this Offering. This Offering Circular, together with the exhibits attached including, but not limited to, the Amended and Restated Limited Partnership Agreement (the “LPA”), a copy of which is attached hereto as Exhibit 3 and should be carefully read in its entirety before any investment decision is made. If there is a conflict between the terms contained in this Offering Circular and the LPA, the LPA shall prevail and control, and no Investor should rely on any reference herein to the LPA without consulting the actual underlying document.

 

SUMMARY OF THE PARTNERSHIP

 

The investment objective of the Partnership is to primarily generate fixed income returns from residential mortgages (the “Portfolio Investments”) in Canada. To enhance the fixed income return, the Partnership also intends to invest in real estate projects in Canada, and potentially in the United States as long as Management determines each project an appropriate investment. This investment strategy combines income producing real estate and mortgages for the purpose of making returns from income and capital gain through appreciation of the real estate. The strategy is intended to enhance those investments returns using investments, directly, indirectly, or through funds, mortgage investment corporations, real estate investment trusts, private equity vehicles, second and subordinate lien loans and share investments where active investment participation is made available to the Partnership.

 

A unique model was developed to balance the Partnership’s goals of providing income and liquidity with the attractive higher returns that can be achieved from including a portion (25%) of the portfolio in an equity ownership approach to real estate ownership and development. In the short term, less than 12 month term, high rates mortgages will be used as part of the portfolio to generate immediate returns, providing readily liquidated assets while real estate projects mature, and the equity returns become available.

 

 

LIMITED PARTNERSHIP INFORMATION EquityLine Capital (Delaware) LP is a Delaware limited partnership (the “Partnership”) with a principal place of business located at 920 North King Street, 2nd Floor, Wilmington, DE 19801. Phone: 1-888-269-1988
MANAGEMENT:  GENERAL PARTNER AND MANAGER

General Partner

EquityLine Capital (Delaware) LLC, is the General Partner of the Partnership, thus managing the objectives and the overall direction of the Partnership.

 

Manager

The day-to-day management and investment decisions of the Partnership are vested in its Manager, EquityLine Services Corp., an Ontario, Canada corporation.

INVESTMENT OBJECTIVES OF THE PARTNERSHIP

Proceeds from this Offering will be used to purchase and hold originated mortgages and/or mortgage-secured debentures or notes consisting primarily of residential non-conventional mortgages and Alt-A Mortgages with a primary investment focus of Ontario, Canada. Subsequently, the Partnership may expand its geographic focus to include additional areas of Canada and the United States, provided they meet the investment objectives of the Partnership. (See “Description of the Business”)

 

The Partnership intends to invest in using mortgage secured loans to its Affiliate ELMIC, a Federally enacted (Canada) and provincially regulated mortgage lending entity, as well as direct mortgage and income producing real estate investment.

 

Planned investment up to 25% of the value of the portfolio (“Portfolio Investments”) in real estate projects in Canada and the United States to enhance the fixed income returns from residential mortgages, effectively combining income producing real estate and mortgages for the purpose of making returns from income and capital gain (through enhancement of the real estate if and when the opportunity arises). The strategy is intended to enhance those investments returns using investments directly, indirectly or through funds, mortgage investment corporations, real estate investment trusts, private equity vehicles, second and subordinate lien loans, income producing real estate projects with both Affiliates of the Partnership and third parties, and to share investments where active investment participation is made available to the Partnership.

  

Page 3 

 

 

 

SECURITIES OFFERED

Offering equity interests in the form of Class A Limited Partnership Units paying a 7.5% cumulative dividend, offered at a purchase price of $10.00 per Unit. The Minimum Investment Amount is $500.00 per Investor.

 

Maximum Offering Amount is $50,000,000.

COMPENSATION OF MANAGEMENT

In addition to the fees detailed in the detailed “Compensation of Management” section below, the Manager will receive reimbursement for an Organizational Fee of $135,000.

COMMISSIONS FOR SELLING Limited Partnership Interests

The Limited Partnership Interests may be offered and sold directly by the Partnership, the Manager, the General Partner, any Officer, or any employee of the Partnership and/or the Manager companies. No commissions for selling the Limited Partnership Interests will be paid to any of these parties (including the General Partner, Officers of both the Partnership and the General Partner, and employees of the Partnership and the General Partner).

 

The Partnership has engaged Rialto Markets, an independent FINRA registered broker-dealer to assist the Partnership with the Sales of the Units for a 1.5% commission on the aggregate sales.

NO LIQUIDITY

There is no public market for the Limited Partnership Interests, and none is expected to develop. (See “Description of the Securities” below.) Prospective Investors are urged to consult their own legal advisors with respect to purchasing the Units and secondary trading of the Limited Partnership Interests. (See “Risk Factors” below.)

 

Page 4 

 

 

LEVERAGING THE PORTFOLIO

The Partnership may utilize funds provided by third parties to leverage (up to a maximum leverage rate of 80%) the potential value of the Partnership’s property asset portfolio. The General Partner has the discretion as to the use of such leverage, and the terms of any such agreement between the Partnership and the third party providing such funds.

 

 

IDENTIFICATION OF AFFILIATES

See Exhibit 16 the “Affiliates Diagram”

 

 

PARTNERSHIP EXPENSES

Except as otherwise provided herein, the Partnership shall bear all costs and expenses associated with the Offering, the operation of the Partnership, including, but not limited to, the annual tax preparation of the Partnership's tax returns, any state and federal income tax due, accounting fees, filing fees, independent audit reports, costs and expenses associated with the acquisition, rehabilitation, holding and management of real estate, mortgages, and costs and expenses associated with the disposition of real estate.

 

 

  

Page 5 

 

 

RISK FACTORS

 

The Partnership commenced preliminary business development operations on September 8, 2020, and it is organized as a limited partnership under the laws of the State of Delaware. Accordingly, the Partnership has only a limited history upon which an evaluation of its prospects and future performance can be made. The Partnership’s proposed operations are subject to all business risks associated with new enterprises. The likelihood of the Partnership’s success must be considered in light of the problems, expenses, difficulties, complications, and delays frequently encountered in connection with the development of real estate, operation in a competitive industry, and the continued development of advertising, promotions and a corresponding customer base. There is a possibility that the Partnership could sustain losses in the future.

 

There can be no assurances that the Partnership will operate profitably. An investment in the Units involves a number of risks. Investors should carefully consider the following risks and other information in this Offering Circular before purchasing Units. Without limiting the generality of the foregoing, Investors should consider, among other things, the following risk factors:

 

Inadequacy Of Funds

 

Gross Offering Proceeds up to $50 million may be realized. Management believes that such Proceeds will capitalize and sustain the Partnership sufficiently to allow for the implementation of the Partnership’s business plans. It is the intention of the Partnership to acquire third-party financing of the Portfolio Assets whether or not the Maximum Offering of $50 million is raised. If only a fraction of this Offering is sold, or if certain assumptions contained in Management’s business plans prove to be incorrect, the Partnership may have inadequate funds to fully develop its business and may need debt financing or other capital investment to fully implement the Partnership’s business plans.

 

Dependence On Management

 

In the early stages of development, the Partnership’s business will be significantly dependent on the Partnership’s management team. The Partnership’s success will be particularly dependent upon the General Partner’s management team. The loss of any of these individuals on the management team could have a material adverse effect on the Partnership.

 

Risks Associated with Expansion

 

The Partnership plans on expanding its business through the acquisition of originated mortgages or mortgage secured debentures or notes. Any expansion of operations the Partnership may undertake will entail risks, such actions may involve specific operational activities which may negatively impact the profitability of the Partnership. Consequently, the Limited Partners must assume the risk that (i) such expansion may ultimately involve expenditures of funds beyond the resources available to the Partnership at that time, and (ii) management of such expanded operations may divert Management’s attention and resources away from its existing operations, all of which factors may have a material adverse effect on the Partnership’s present and prospective business activities.

 

General Economic Conditions

 

The financial success of the Partnership may be sensitive to adverse changes in general economic conditions in Canada and the United States, such as recession, inflation, unemployment, and interest rates. Such changing conditions could impact mortgage lending markets. The Partnership has no control over these changes.

 

Possible Fluctuations in Operating Results

 

The Partnership’s operating results may fluctuate significantly from period to period as a result of a variety of factors, including purchasing patterns of mortgages or mortgage notes, note defaults, and general economic conditions. Consequently, the Partnership’s revenues may vary by quarter, and the Partnership’s operating results may experience fluctuations.

 

Risks Of Borrowing

 

If the Partnership incurs indebtedness, a portion of its cash flow will have to be dedicated to the payment of principal and interest on such indebtedness. Typical loan agreements also might contain restrictive covenants which may impair the Partnership’s operating flexibility. Such loan agreements would also provide for default under certain circumstances, such as failure to meet certain financial covenants. A default under a loan agreement could result in the loan becoming immediately due and payable and, if unpaid, a judgment in favor of such lender which would be senior to the rights of owners of Limited Partnership Units of the Partnership. A judgment creditor would have the right to foreclose on any of the Partnership’s assets resulting in a material adverse effect on the Partnership’s business, operating results or financial condition.

 

Unanticipated Obstacles to Execution of The Business Plan

 

The Partnership’s business plans may change. Some of the Partnership’s potential business endeavors are capital intensive and may be subject to statutory or regulatory requirements. Management believes that the Partnership’s chosen activities and strategies are achievable in light of current economic and legal conditions with the skills, background, and knowledge of the Partnership’s principals and advisors. Management reserves the right to make significant modifications to the Partnership’s stated strategies depending on future events.

 

Management Discretion as To Use of Proceeds

 

The Net Proceeds from this Offering will be used for the purposes described under “Use of Proceeds.” The Partnership reserves the right to use the funds obtained from this Offering for other similar purposes not presently contemplated which it deems to be in the best interests of the Partnership and its Limited Partners in order to address changed circumstances or opportunities. As a result of the foregoing, the success of the Partnership will be substantially dependent upon the discretion and judgment of Management with respect to application and allocation of the net proceeds of this Offering. Investors in the Limited Partnership Units offered hereby will be entrusting their funds to the Partnership’s Management, upon whose judgment and discretion the investors must depend.

 

Control By Management

 

As of September 8, 2021, the Partnership’s Manager was empowered with certain duties and responsibilities related to management of the Partnership and investment operations. Investors in the Units should carefully review Exhibit 3 the Amended and Restated Limited Partnership Agreement and Exhibit 6 the Management Agreement with respect to manager control and obligations of the Manager to the Limited Partnership.

 

Limited Transferability & Liquidity

 

To satisfy the requirements of certain exemptions from registration under the Securities Act, and to conform with applicable state securities laws, each investor must acquire his Units for investment purposes only and not with a view towards distribution. Consequently, certain conditions of the Securities Act may need to be satisfied prior to any sale, transfer, or other disposition of the Units. Some of these conditions may include a minimum holding period, availability of certain reports, including financial statements from the Partnership, limitations on the percentage of Units sold and the manner in which they are sold. The Partnership can prohibit any sale, transfer or disposition unless it receives an opinion of counsel provided at the holder’s expense, in a form satisfactory to the Partnership, stating that the proposed sale, transfer or other disposition will not result in a violation of applicable federal or state securities laws and regulations. No public market exists for the Units and no market is expected to develop. Consequently, owners of the Units may have to hold their investment indefinitely and may not be able to liquidate their investments in the Partnership or pledge them as collateral for a loan in the event of an emergency or otherwise.

 

Broker - Dealer Sales of Units

 

The Partnership’s Limited Partnership Units are not presently included for trading on any exchange, and there can be no assurances that the Partnership will ultimately be registered on any exchange. No assurance can be given that the Limited Partnership Units of the Partnership will ever qualify for inclusion on the NASDAQ System or any other trading market. As a result, the Partnership’s Limited Partnership Units are covered by a Securities and Exchange Commission rule that opposes additional sales practice requirements on broker-dealers who sell such securities to persons other than established customers and accredited investors. For transactions covered by the rule, the broker-dealer must make a special suitability determination for the purchaser and receive the purchaser’s written agreement to the transaction prior to the sale. Consequently, the rule may affect the ability of broker-dealers to sell the Partnership’s securities and may also affect the ability of Limited Partners to sell their Units in the secondary market.

 

Long Term Nature of Investment

 

An investment in the Units may be long term and illiquid. As discussed above, the offer and sale of the Units will not be registered under the Securities Act or any foreign or state securities laws by reason of exemptions from such registration which depends in part on the investment intent of the investors. Prospective investors will be required to represent in writing that they are purchasing the Units for their own account for long-term investment and not with a view towards resale or distribution. Accordingly, purchasers of Units must be willing and able to bear the economic risk of their investment for an indefinite period of time. It is likely that investors will not be able to liquidate their investment in the event of an emergency.

 

Page 6 

 

 

Offering Price

 

The price of the Units offered has been arbitrarily established by the Partnership, considering such matters as the state of the Partnership’s business development and the general condition of the industry in which it operates. The Offering price bears little relationship to the assets, net worth, or any other objective criteria of value applicable to the Partnership.

 

Compliance With Securities Laws

 

The Units are being offered for sale in reliance upon certain exemptions from the registration requirements of the Securities Act, applicable Delaware securities laws, and other applicable state securities laws. If the sale of Units were to fail to qualify for these exemptions, purchasers may seek rescission of their purchases of Units. If a number of purchasers were to obtain rescission, the Partnership would face significant financial demands which could adversely affect the Partnership as a whole, as well as any non-rescinding purchasers.

 

Lack Of Firm Underwriter

 

The Units are offered on a “best efforts” basis by the Management and employees of the Partnership including the General Partner, the Manager, Officers and employees of the Partnership, and the General Partner and the Manager entities without compensation and on a “best efforts” basis through certain FINRA registered Broker-Dealers which enter into Participating Broker-Dealer Agreements with the Partnership. Accordingly, there is no assurance that the Partnership, or any FINRA broker-dealer, will sell the maximum Units offered or any lesser amount.

 

Projections: Forward Looking Information

 

Management has prepared projections regarding the Partnership’s anticipated financial performance. The Partnership’s projections are hypothetical and based upon factors influencing the business of the Partnership. The projections are based on Management’s best estimate of the probable results of operations of the Partnership, based on present circumstances, and have not been reviewed by the Partnership’s independent accountants. These projections are based on several assumptions, set forth therein, which Management believes are reasonable. Some assumptions upon which the projections are based, however, invariably will not materialize due the inevitable occurrence of unanticipated events and circumstances beyond Management’s control. Therefore, actual results of operations will vary from the projections, and such variances may be material. Assumptions regarding future changes in sales and revenues are necessarily speculative in nature.

 

In addition, projections do not and cannot take into account such factors as general economic conditions, unforeseen regulatory changes, the entry into the Partnership’s market of additional competitors, the terms and conditions of future capitalization, and other risks inherent to the Partnership’s business. While Management believes that the projections accurately reflect possible future results of the Partnership’s operations, those results cannot be guaranteed.

 

This Offering Circular contains forward-looking statements that involve risks and uncertainties. The use of words such as “anticipated,” “projected,” “forecasted,” “estimated,” “prospective,” “believes,” “expects,” “plans,” “future,” “intends,” “should,” “can,” “could,” “might,” “potential,” “continue,” “may,” “will,” and similar expressions identify forward-looking statements. Investors should not place undue reliance on these forward-looking statements, which may apply only as of the date of this Offering Circular.

 

Terrorist Attacks or Other Acts Of Violence Or War May Affect The Industry In Which The Partnership Operates, Its Operations & Its Profitability:

 

Terrorist attacks may harm the Partnership’s results of operations and an Investor’s investment. There can be no assurance that there will not be more terrorist attacks against the United States or U.S. businesses, and/or Canada or Canadian businesses. These attacks or armed conflicts may directly or indirectly impact the value of the property the Partnership owns or that secure its loans. Losses resulting from these types of events may be uninsurable or not insurable to the full extent of the loss suffered. Moreover, any of these events could cause consumer confidence and spending to decrease or result in increased volatility in the United States and worldwide financial markets and economy. They could also result in economic uncertainty in the United States or abroad. Adverse economic conditions resulting from terrorist activities could reduce demand for space in the Partnership’s properties due to the adverse effect on the economy and thereby reduce the value of the Partnership’s properties.

 

Page 7 

 

 

COVID-19:

 

In December 2019, the 2019 novel coronavirus (“Covid19”) surfaced in Wuhan, China. The World Health Organization declared a global emergency on January 30, 2020, with respect to the outbreak and several countries, including the United States, have initiated travel restrictions. The final impacts of the outbreak, and economic consequences, are unknown and still evolving.

 

Subordinated Loans and Mortgages

 

Some of the mortgages in which the Partnership intends to invest may be considered to be higher risk than conventional senior debt financing because the Partnership may not have a first-ranking charge on the underlying property. When a charge on property is in a position other than first-ranking, it is possible for the holder of a senior-ranking charge on the property, if the borrower is in default under the terms of its obligations to such holder, to take a number of actions against the borrower in priority to the subordinate charge and ultimately against the property to realize on the security given for the loan. Such actions may include a foreclosure action, the exercising of a quit claim or an action forcing the property to be sold. A foreclosure action or the exercise of a giving-in-payment clause may have the ultimate effect of depriving any person having other than a first-ranking charge on the property of the security of the property. If an action is taken to sell the property and sufficient proceeds are not realized from such sale to pay off creditors who have prior charges on the property, the holder of a subsequent charge may lose its investment or part thereof to the extent of such deficiency unless the holder can otherwise recover such deficiency from other property owned by the debtor. The Partnership may remedy a default under the terms of a prior charge on a property or satisfy the obligation of a borrower towards the holder of a prior ranking charge if required to protect the Partnership’s investments.

 

No Guarantees

 

There can be no assurance that mortgage loans of the Partnership will result in a guaranteed rate of distribution or any distribution to Unitholders or that losses will not be suffered on one or more mortgage loans. Moreover, at any point in time, the interest rates being charged for mortgages are reflective of the general level of interest rates and, as interest rates fluctuate, it is expected that the aggregate yield on mortgage investments will also change.

 

A mortgage borrower’s obligations to the Partnership or any other person are not guaranteed by the Government of the United States or the Government of Canada, the government of any province or state or any agency thereof nor are they insured under the National Housing Act (Canada). In the event that additional security is given by the borrower or a third party or that a private guarantor guarantees the mortgage borrower’s obligations, there is no assurance that such additional security or guarantee will be sufficient to make the Partnership whole if and when resort is to be had thereto.

 

Reliance on Borrowers

 

After funding a mortgage, although the Partnership may monitor the situation and has its own limited insurance policies in place, the Partnership relies upon borrowers to maintain adequate insurance and for proper adherence to environmental regulations.

 

Competition

 

The performance of the Partnership depends, in large part, on the Manager’s ability to source or acquire mortgage loans at favorable yields. The Manager competes with individuals, corporations and institutions for investment opportunities in the financing of real property. Certain of these competitors may have greater resources than the Partnership and may therefore operate with greater flexibility. As a result, the Manager may not be able to source or acquire sufficient mortgage loans at favorable yields or at all.

 

Sensitivity to Interest Rates

 

It is anticipated that the value of the Portfolio at any given time may be affected by the level of interest rates prevailing at such time. The Partnership’s income will consist primarily of interest payments on the mortgages comprising the Portfolio. If there is a decline in interest rates (as measured by the indices upon which the interest rates of the Partnership’s mortgages are based), the Partnership may find it difficult to source or otherwise generate additional mortgages bearing rates sufficient to achieve targeted annualized distributions on the offered Units. There can be no assurance that an interest rate environment in which there is a significant decline in interest rates would not adversely affect the Partnership’s ability to maintain distributions on the offered Units at a consistent level. Increasing interest rates may also adversely affect the Partnership’s performance and/or the value of the offered Units and the Partnership’s Portfolio.

 

Due to the term of the mortgages comprising the Portfolio and the inability to accurately predict the extent to which the Partnership’s mortgages may be prepaid, it is possible that the Partnership may not be able to sufficiently reduce interest rate risk associated with the replacement of such mortgages through new investments in mortgages.

 

Availability of Investments

 

Because the Partnership relies on the Manager and its affiliated brokerage, EquityLine Financial Corp., to source mortgages it invests in, the Partnership is exposed to adverse developments in the business and affairs of the Manager and EquityLine Financial, to the management and financial strength of each and to the ability of each to operate its business profitably. The ability of the Partnership to make investments in accordance with its investment objective and investment strategies depends upon the availability of suitable investments and the amount of funds available to make such investments. Additionally, the Partnership may occasionally hold excess funds to be invested in additional mortgages, which may negatively impact returns.

 

Financing

 

The net proceeds raised by the Offering may not be sufficient to accomplish all of the Partnership’s objectives and there is no assurance that alternative financing to pay for such objectives will be available. There can be assurance that the Partnership will have access to sufficient capital or access to capital on terms favorable to the Partnership for future mortgage portfolio acquisitions.

 

Page 8 

 

 

Risks Related to Mortgage Extensions and Mortgage Defaults

 

The Manager may from time to time deem it appropriate to extend or renew the term of a mortgage past its maturity, or to accrue the interest on a mortgage, in order to provide the borrower with increased repayment flexibility. The Manager generally will do so if it believes that there is a low risk to the Partnership of not being repaid the full principal and interest owing on the mortgage. In these circumstances, however, the Partnership is subject to the risk that the principal and/or accrued interest of such mortgage may not be repaid in a timely manner or at all, which could impact the cash flows of the Partnership during the period in which it is granting this accommodation.

 

Further, in the event that the valuation of the asset has fluctuated substantially due to market conditions, there is a risk that the Partnership may not recover all or substantially all of the principal and interest owed to the Partnership in respect of such mortgage. When a mortgage is extended past its maturity, the loan can either be held over on a month-to-month basis or renewed for an additional term at the time of its maturity. Notwithstanding any such extension or renewal, if the borrower subsequently defaults under any terms of the mortgage, the Manager has the ability to exercise its mortgage enforcement remedies in respect of the extended or renewed mortgage.

 

Exercising mortgage enforcement remedies is a process that requires a significant amount of time to complete, which could adversely impact the cash flows of the Partnership during the period of enforcement. In addition, as a result of potential declines in real estate values, there is no assurance that the Partnership will be able to recover all or substantially all of the outstanding principal and interest owed to the Partnership in respect of such mortgages by exercising its mortgage enforcement remedies. Should the Partnership be unable to recover all or substantially all of the principal and interest owed to the Partnership in respect of such mortgages, the Partnership’s net asset value would be reduced, and the returns, financial condition and results of operations of the Partnership could be adversely impacted.

 

Renewal of Mortgages Comprising the Portfolio

 

There can be no assurances that any of the mortgages comprising the Partnership’s Portfolio can or will be renewed at the same interest rates and terms, or in the same amounts as are currently in effect. With respect to each mortgage comprising the portfolio, it is possible that the mortgagor, the mortgagee or both, will elect to not renew. In addition, if the mortgages in the portfolio are renewed, the principal balance of such renewals, the interest rates and the other terms and conditions of such mortgages will be subject to negotiation between the mortgagors and the mortgagees at the time of renewal.

 

Foreclosure and Related Costs

 

One or more borrowers could fail to make payments according to the terms of their loan and the Partnership could therefore be forced to exercise its rights as mortgagee. The recovery of a portion of the Partnership’s assets may not be possible for an extended period of time during this process and there are circumstances where there may be complications in the enforcement of the Partnership’s rights as mortgagee. Legal fees and expenses and other costs incurred by the Partnership in enforcing its rights as mortgagee against a defaulting borrower are borne by the Partnership. Although these fees, costs and expenses are usually recoverable from the borrower directly or through the sale of the mortgaged property by power of sale or otherwise, there is no assurance that they will actually be recovered.

 

Furthermore, certain significant expenditures, including property taxes, capital repair and replacement costs, maintenance costs, mortgage payments, insurance costs and related charges must be made through the period of ownership of real property regardless of whether the property is producing income or whether mortgage payments are being made. The Partnership may therefore be required to incur additional outlays to protect its investment, even if the borrower is not honoring its contractual obligation.

 

Reliance on the Manager

 

The Manager will advise the Partnership in a manner consistent with the investment objective, the Portfolio Restrictions and the investment restrictions of the Partnership and will be responsible for the management and direction of the affairs of the Partnership relating to the administration and evaluation and assumption of the potential mortgages of the Partnership. Although the employees of the Manager who will be primarily responsible for the performance of the respective obligations of each such entity owed to the Partnership have extensive experience, there is no certainty that such individuals will continue to be employees of the Manager in the future. In addition, the Management Agreement may be terminated in certain circumstances. There is no assurance that the Manager will continue to provide services to the Partnership.

 

In addition, there is no certainty that the persons who are currently officers and directors of the Manager will continue to act in such capacity. Limited Partners will be required to rely on the good faith, expertise and judgment of the individuals comprising the management of the Manager from time to time. Limited Partners do not have the right to direct or influence in any manner the business or affairs of the Manager.

 

Page 9 

 

 

DILUTION

 

There have not been any transfers or sales of the Partnership’s Class A Units within the past year to the General Partner, Manager, Officers, or affiliated persons.

 

 

PLAN OF DISTRIBUTION

 

We have retained Rialto Markets, LLC as a FINRA registered broker-dealer for its onboarding services in this transaction. Participating broker-dealers, if any, and others may be indemnified by us with respect to this offering and the disclosures made in this Offering Circular. These provisions apply to all FINRA members participating in this offering, including, but not limited to, Rialto Markets, LLC.  Rialto Markets will receive a consulting fee of $5,000 (upon issuance of FINRA No Objection Letter), a Blue-Sky Service fee of $5,000, a commission/fee of 1.5% of the aggregate amount of gross proceeds from the offering. In addition to these fees, Rialto Markets may also receive expense reimbursements up to $21,000 for FINRA and Blue-Sky Fees. The maximum amounts of all items of Rialto’s participation related compensation in connection with this offering are disclosed, pursuant to FINRA rule 5110(c)(2)(C).

 

No Commissions or any other remuneration for the Unit sales will be provided to the Partnership, the General Partner, the Manager, any Officer, or any employee of any of these previously listed entities, relying on the safe harbor from broker-dealer registration set forth in Rule 3a4-1 under the Securities Exchange Act of 1934, as amended.

 

The Partnership has engaged Wilmington Trust as Escrow Agent for this Offering. The Partnership will not limit or restrict the sale of the Limited Partnership Interests during this 12-month Offering. No market exists for the Limited Partnership Interests and no market is anticipated or intended to exist, therefore there is no plan to stabilize the market for any of the securities to be offered.

 

The General Partner, Manager, Officers, and employees of the Partnership and General Partner and Manager entities are primarily engaged in the Partnership’s business of investment in real estate and none of them are, or have ever been, brokers nor dealers of securities. The General Partner, Manager, Officers, and employees of the Partnership/General Partner/Manager will not be compensated in connection with the sale of securities through this Offering. The Partnership believes that the General Partner, Manager, Officers, and employees are associated persons of the Partnership not deemed to be brokers under Exchange Act Rule 3a4-1 because: (1) no General Partner, Manager, Officer, or employee is subject to a statutory disqualification, as that term is defined in section 3(a)(39) of the Exchange Act at the time of their participation; (2) no General Partner, Manager, Officer, or employee will be compensated in connection with his participation by the payment of commissions or by other remuneration based either directly or indirectly on transactions in connection with the sale of securities through this Offering; (3) no General Partner, Manager, Officer, or employee is an associated person of a broker or dealer; (4) the General Partner, Manager, Officers, and employees primarily perform substantial duties for the Partnership[ other than the sale or promotion of securities; (5) no General Partner, Officer, or employee has acted as a broker or dealer within the preceding twelve months of the date of this Offering Circular; (6) no General Partner, Manager, Officer, or employee will participate in selling this Offering after more than twelve months from the Effective Date of the Offering.

 

  

SELLING SECURITY HOLDERS

 

There are no selling security holders in this Offering.

 

 

Page 10 

 

 

USE OF PROCEEDS

 

The Partnership intends to raise Offering Proceeds to engage in the following activities. First, to promote investments in this Offering through a professional marketing campaign with an advertising agency. Proceeds will be used to purchase and hold originated mortgages and/or mortgage-secured debentures or notes consisting primarily of residential non-conventional mortgages and Alt-A Mortgages with a primary investment focus of Ontario, Canada. Subsequently, the Partnership may expand its geographic focus to include additional areas of Canada and the United States, provided they meet the investment objectives of the Partnership.

 

A unique model was developed to balance the Partnership’s goals of providing income and liquidity with the attractive higher returns that can be achieved from including a portion (25%) of the portfolio in an equity ownership approach to real estate ownership and development. In the short term, less than 12 month term, high rates mortgages will be used as part of the portfolio to generate immediate returns, providing readily liquidated assets while real estate projects mature, and the equity returns become available.

 

ESTIMATED USE OF PROCEEDS BY AMOUNT/PERCENTAGE RAISED 

Amount & Percentage Offering Proceeds Raised

$12,500,000
(25%)

$25,000,000

(50%)

37,500,000
(75%)
$50,000,000
(100%)

Estimates of the Total Offering Expenses (sum of the following 2 rows of expenses)

$322,500

(2.58%)

$510,000

(2.04%)

$697,000

(1.86%)

$885,000

(1.39%)

Organizational Expenses 2

$135,000

(1.08%)

$135,000

(0.54%)

$135,000

(0.36%)

$135,000

(0.27%)

Estimated Commissions/ Sales Expenses 1

$187,500

(1.50%) 

$375,000

(1.50%)

$562,500

(1.50%)

$750,000

(1.50%)

Net Deployable Proceeds 3

$12,177,500

(97.42%)

$24,490,000

(97.96%)

$36,803,000

(98.14%)

$49,115,000

(98.23%)

Marketing Campaign Costs

$3,026,500

(24.21%)

$3,026,500

(12.11%)

$3,026,500

(8.07%)

$3,026,500

(6.05%)

Approximate Amount Available For Portfolio Investments

$9,151,000

(73.21%)

$21,463,500

(85.85%)

$33,776,500

(90.07%)

$46,088,500

(92.18%)

Asset Management Fee Payable to the Manager 4

$4,576 (.05% of the value of Portfolio Investments)

$10,732

(.05% of the value of Portfolio Investments)

$16,888

(.05% of the value of Portfolio Investments)

$23,044

(.05% of the value of Portfolio Investments)

Estimated Amounts, if any, Paid to each Affiliate

$0.00

(0%)

$0.00

(0%)

$0.00

(0%)

$0.00

(0%)

   

(1)Rialto Markets, an independent FINRA/SIPC registered broker-dealer, is acting as the broker/dealer of record by assisting the Partnership with the sales of Interests on a best-efforts basis, in exchange for 1.5% commission on the aggregate amount raised by the Partnership up to $750,000. No commissions for selling Limited Partnership Interests will be paid to the Partnership, the Manager, or to any Officer, or employee of the Partnership and/or the Manager.
(2)The initial expenses associated with this Offering, including legal and accounting expenses, will be paid by the Manager using the Proceeds. Notwithstanding the foregoing, the Partnership intends to reimburse the Manager for any organization and initial Offering costs and expenses incurred on behalf of the Partnership, which total approximately $135,000. There will be a $25 administration fee per transaction, to remain in the escrow account for direct payment of escrow and credit card fees.

(3)Net Deployable Proceeds to the Partnership only reflect an approximation of the Proceeds, less estimated commissions to the broker-dealer, less the deduction of organization and offering expenses reimbursement to the Manager. Any expenses associated with the Limited Partnership Interests and/or other investments of the Partnership shall be paid by the Partnership in accordance with the terms set forth herein and in the Amended and Restated Limited Partnership Agreement.
(4)Asset Management Fee equal to 0.5% of the value of the Portfolio Investments, payable to the Manager.

 

Page 11 

 

 

1) MARKETING CAMPAIGN $3,026,500.

 

With the Proceeds of the Offering, the Partnership intends to execute the following marketing campaign with an advertising agency which uses a systematic, data-driven approach in order to create compelling content, with exclusive focus on investor acquisition and outreach aiming to complete the raise.

 

Strategy

 

1.Laser target investor groups by segments
2.Develop focused messaging
3.Acquire precision data
4.Create a series of custom decision trees (funnels)
5.Create the outreach, remarketing, and post-invest-button campaigns
6.Test, measure, refine, and optimize the campaigns

 

Implementation

 

E5A crafts nuanced positioning and messaging specific to the marketing campaign structure, highlighting key differentiation points and selecting specific aspects to emphasize. Its reach to prospects will be targeted and nuanced, and explain the investment opportunity, as well as motivating them to invest.

 

Tactics

 

·Emails to Target Segments
·Mini-Site/Offering Page
·Investment Guide
·Video
·Data Build
·Ads Media Planning
·Media tech
·Execution – Total Transparency

 

Marketing Budget

  Pre-Pay Month 1 Month 2 Month 3 Month 4 Month 5 Month 6
Ad Agency $45,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000
Media $0 $52,000 $121,500 $158,000 $241,000 $274,000 $299,000
DRIP $0 $1,000 $2,000 $3,000 $4,000 $5,000 $5,000

 

Continued below:

   Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 TOTAL
Ad Agency  $30,000  $30,000  $30,000  $30,000  $30,000  $30,000  $405,000 
Media  $291,000  $291,000  $291,000  $266,000  $223,000  $64,000  $2,571,500 
DRIP  $5,000  $5,000  $5,000  $5,000  $5,000  $5,000  $50,000 
                        TOTAL  $3,026,500 

 

Page 12 

 

 

2) PORTFOLIO INVESTMENTS IN ORIGINATED MORTGAGES AND/OR MORTGAGE SECURED DEBENTURES Up to $45,703,500.

 

The primary objective of the Use of Proceeds is to purchase and hold originated mortgages (first and second) or mortgage secured debentures or notes consisting primarily of residential non-conventional mortgages and Alt-A Mortgages with a primary investment focus of Ontario, Canada.

 

Within the first twelve months after the Effective Date, the Partnership intends to focus on acquiring mortgages and maintain a portfolio of mortgages or mortgage secured debentures or notes with the mortgages consisting primarily of residential non-conventional mortgages and “Alt-A” Mortgages for the purpose of generating potential investment returns for Limited Partners in the Partnership.

 

EquityLine Mortgage Investment Corporation (“ELMIC”) shall serve as the primary but non-exclusive originator of loans for the Partnership’s loan portfolio. ELMIC qualifies as a “mortgage investment corporation” (within the meaning of the Income Tax Act (Canada)). By qualifying as a mortgage investment corporation, ELMIC is a non-bank provider of residential, and to a lesser extent, commercial, real estate finance. ELMIC finances loans that are secured by real estate assets but that may be identified as too risky by conventional bank lenders or loans which need to be funded quicker or are more customized than conventional bank lenders can accommodate. ELMIC’s investment objective is to preserve investors’ capital while providing a consistent stream of cash distributions. It is balanced by better security, reliability, and higher return. Investing predominantly in short-term residential, and to a lesser extent, commercial, real estate mortgage loans, ELMIC seeks to make loans in the alternative mortgage market, principally in the residential mortgage market, without the risk and time commitment of actually purchasing a property.

 

A unique model was developed to balance the Partnership’s goals of providing income and liquidity with the attractive higher returns that can be achieved from including a portion (25%) of the portfolio in an equity ownership approach to real estate ownership and development. In the short term, less than 12 month term, high rates mortgages will be used as part of the portfolio to generate immediate returns, providing readily liquidated assets while real estate projects mature, and the equity returns become available.

 

As overviewed above the Partnership will deploy funds accordingly. These anticipated uses will not change if the Partnership fails to reach the Maximum Offering Amount. The only change that will occur is the potential size of the asset portfolio if the Partnership raises less than the Maximum Offering Amount. The Net Proceeds (or “Net Deployable Proceeds”) from this Offering will not be used to compensate or otherwise make payments to the General Partner, Manager, Officer, or Limited Partners of the Partnership, unless and to the extent it is as otherwise stated below.

 

USE OF PROCEEDS TO DISCHARGE DEBT

 

Currently, there is no debt associated with the Partnership. However, if there were any debt, all debts will be paid prior to any distributions as specified in the Amended and Restated Limited Partnership Agreement.

 

ACQUISITION TO PURCHASE PROPERTY OUTSIDE NORMAL COURSE OF BUSINESS

 

The Partnership may engage in any lawful business activity in which a Delaware limited partnership may engage.

 

RESERVATION TO CHANGE USE OF PROCEEDS

 

The General Partner reserves the right to use the Proceeds of this offering in any lawful business activity in which a Delaware limited partnership may engage.

 

METHOD OF DEPRECIATION

 

The Partnership will use basic GAAP Principles, and the depreciation method will be implemented per project at the maximum allowable deprecation schedule that will best benefit all investors. The method of appraisal will be conducted by a certified third-party appraisal, and/or a combination of market data and income potential.

 

Page 13 

 

 

DESCRIPTION OF THE BUSINESS

 

The Partnership formed for the purpose of acquiring originated mortgages or mortgage secured debentures or notes (the “Notes” or the “Mortgages”) primarily from EquityLine Mortgage Investment Corporation (“ELMIC”), an affiliated entity that is owned and managed by the principals of the Partnership and an operating a Canadian mortgage lender. Potential investment could be made in or through other affiliated mortgage lenders and third-party originators/lenders. The Partnership intends to acquire mortgages and maintain a portfolio of mortgages or mortgage secured debentures or notes with the mortgages consisting primarily of residential non-conventional mortgages and “Alt-A” Mortgages for the purpose of generating potential investment returns for Limited Partners in the Partnership.

 

A unique model was developed to balance the Partnership’s goals of providing income and liquidity with the attractive higher returns that can be achieved from including a portion (25%) of the portfolio in an equity ownership approach to real estate ownership and development. In the short term, less than 12 month term, high rates mortgages will be used as part of the portfolio to generate immediate returns, providing readily liquidated assets while real estate projects mature, and the equity returns become available.

 

The EquityLine Group of Companies (collectively “EquityLine”) has a core focus on residential mortgages. EquityLine started as a mortgage brokerage, sourcing short-term funding to residential homeowners who needed help with renovations, upgrades, and debt consolidation.

 

In 2018, ELMIC was launched. This funded corporation was formed to undertake direct lending as an alternative to brokering residential loans and using third-party mortgage funds. The mortgage investment corporation structure provides qualified investors with an opportunity to participate in pools of Canadian residential mortgages. This investment product benefits investors with the opportunity to generate a predictable monthly income with returns above market for similar products. The mortgages that have been sourced and funded over the past four years by ELMIC have had an average interest rate of above 10%. The return on ELMIC’s currently funded mortgages from February 1, 2019 to October 1, 2020 is more than 11%, with a loan-to-value ratio ranging between 68 -74%. This anticipated continuing growth will enhance the economies of scale and returns achieved by ELMIC as a whole. Moreover, it is expected that a larger size portfolio will provide ELMIC with greater diversification of mortgages and increased mortgage funding capacity and flexibility.

 

PARTNERSHIP STRUCTURE

 

Number Employees of the Partnership

 

There are currently seven Partnership employees working part-time. The employees may increase work hours as needed up to full time. The General Partner may hire additional employees for the Partnership as needed.

 

 

AFFILIATES

 

See Exhibit 16 for the Affiliates Diagram

 

The EquityLine Group of Companies is comprised of affiliated companies. The first to be formed was EquityLine Financial Corporation (“EquityLine Financial”). It was incorporated in 2014 as a mortgage brokerage, sourcing short term funding to residential homeowners who needed help with renovations, upgrades, and debt consolidation.
ELMIC was incorporated under the Ontario Business Corporations Act ( “OBCA”) on January 18, 2018, to act as an affiliated investor funded direct lending vehicle. ELMIC does not have any subsidiaries.
EquityLine Services Corporation is the manager for ELMIC and the Partnership. The Manager was incorporated under the OBCA on January 18, 2018. The Manager provides its services directly or indirectly through EquityLine Financial which is an affiliated company to the Manager.
EquityLine includes the Velev companies which are also engaged in real estate development and finance. See Exhibit 16 for a diagram of the corporate structure.
The headquarters and registered office of ELMIC, the Manager, and EquityLine Financial is located at 550 Highway 7 Avenue East, Suite 338, Richmond Hill, Ontario L4B 3Z4. The EquityLine can be contacted at 1-888-269-1988 or info@ equitylinemic.com.

 

Page 14 

 

ELMIC Investment Strategy

Risk Mitigation Profile

Management of ELMIC believes the key to its success is its risk mitigation strategy. The Corporation’s risk mitigation strategy differs from the strategy adopted by a majority of other Mortgage Investment Corporations (“MICs”).
Many MICs operate on the fringe of the mortgage lending markets. They focus on 2nd and 3rd mortgages from individuals with soft or distressed credit. These MICs leverage this fringe credit profile to charge high interest rates that mitigate a default arrears ratio that averages approximately 1.9%.
EquityLine’s model is focused on lower-risk mortgages, targeting an average default ratio of 0.5% to 0.75%. This is achieved through a unique, well defined and strictly adhered to set of investment criteria.

 

EquityLine’s Mortgage Target Criteria

·Investment in a mix of qualified 1st and 2nd mortgages in carefully selected urban residential Southern Ontario communities
·An average mortgage duration of 6 to 12 months, designed to reduce risk, increase liquidity of the investments and keep the loan to value (“LTV”) unaffected by the potential downturn of the real estate market
·Mortgages limited to a maximum 80% LTV ratio
·A mortgage generally less than $300,000
·A requirement that high value LTV 2nd mortgages prepay interest for the term of the mortgage
·Generally, 35% of all mortgages require prepaid interest
·Targeted properties are classified as prime urban in larger communities around Southern Ontario
·All properties must have a current appraisal produced by an accredited member of the Appraisal Institute of Canada

 

To test its business model with investors, ELMIC decided to list on the Jamaican Stock Exchange (“JSE”) in February 2018. ELMIC’s legal and corporate advisors made the point that Jamaica was an underserved market and they believed that investors would welcome a fixed annual return of 8.00% on investments in high quality mortgages on Southern Ontario real estate. The Series A Preferred Shares of ELMIC were listed on the JSE public market and USD $5.3 million was raised. Series H Non-Voting Shares have been made available on a private placement basis to qualified investors through select exempt market dealers and, at the time, ELMIC’s JSE Series A Preferred Shares were potentially to be raised in the future. ELMIC is publicly traded on the JSE under the symbol “ELMIC”. In late 2019 ELMIC achieved its initial goals and targets, including share raise, dividend payments and fund lending. Documented results may not be indicative of ongoing outturns but, per their objective, the current Series A preferred shareholders receive a fixed annual return on 8% of investment. Based on an external reviewed and Board of Directors approved future business model, ELMIC is actively organized to process a system to accumulate greater assets and expand the growth of EquityLine Group of Companies.

 

Today, ELMIC is an established and successful corporation carefully managing millions of dollars of investor funds and loan portfolios while continuing to maintain conservative underwriting principles. To date, ELMIC has consistently paid all monthly dividends to investors and has not experiences any foreclosures on any funded mortgage.

 

EquityLine Group of Companies (“EquityLine”) success to date is based on its management team’s history in the mortgage industry as professionals who cumulatively have more than four decades of relevant and successful sectoral experience. (See “Directors, Officers, and Significant Employees of the General Partner and its Affiliates” below)

 

Page 15 

 

 

THE MARKET

 

Current State of the Mortgage Lending Market in Canada

 

In March of this year, the Mortgage Professionals Canada (“MPC”) released its latest State of the Mortgage Market report, which provides several new statistics and insights into the Canadian mortgage market.

 

Despite regular headlines about rising home prices and overvaluation in the country’s largest centers, the report finds that Canadians continue to see homeownership as an important element of their long-term financial plans.

 

The Mortgage Market by the Numbers

 

1.6 million: The number of homeowners with mortgages (out of a total of 9.91 million homeowners in Canada)

 

2.1.45 million: The number of Home Equity Line of Credit (“HELOC”) holders

• This is down 9% from 1.6 million last year 3. 4.82 million: The number of tenants in Canada

3..29% Canadian mortgage default rate: lower Canadian mortgage default rate of 0.29%. (CHMC Q2-2020) verses U.S residential Q2-2020 default rate of 2.49% (source: Board of Governors for the Federal Reserve System)

 

Mortgage Types by the Numbers

1.4%: Percentage of mortgage holders with fixed-rate mortgages in 2019
·Up from 68% in 2018
·For mortgages on homes purchased specifically in 2019, fixed-rate mortgages were chosen 85% of the time
2.21%: Percentage of mortgages that have variable or adjustable rates

• Down from 27% in 2018. But expect this percentage to rise in the coming year.

3.5%: Percentage that are a combination of fixed and variable, known as “hybrid” mortgages (unchanged from 2018)
4.“The lack of a cost advantage for variable rates, and with expectations for most of the year that variable rates were unlikely to fall for some time, caused a large majority of active borrowers to choose the security of a fixed rate,” Dunning wrote.

 

Amortization Periods by the Numbers


1.        11%: Percentage with extended amortizations of more than 25 years (unchanged from

2018)

• However, looking specifically at mortgages taken out in 2018 or later (after the stress test on uninsured mortgages came into effect), 14% have amortizations exceeding 25 years.

2.        21.2 years: The average amortization period (for all mortgage holders)

Source: canadianmortgagetrends.com (a Canadian mortgage industry publication with approximately 500,000 annual readers).

 

No Legal Proceedings

 

The Partnership has not had any bankruptcy proceedings or material reorganizations as of the date of this Offering Circular.

 

Page 16 

 

 

 DESCRIPTION OF PROPERTY

 

The Partnership does not currently own any business personal property or real property of any material significance.

 

Page 17 

 

 

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

 

PLAN OF OPERATIONS

 

The Partnership is a Delaware limited partnership formed on September 8, 2020, for the purpose of acquiring originated mortgages or mortgage secured debentures or notes primarily from ELMIC, a party owned and managed by the principals of the Partnership and operating a Canadian mortgage lender. Potential investment could be made in or through other affiliated mortgage lenders. The Partnership intends to acquire mortgages and maintain a portfolio of mortgages or mortgage secured debentures or notes with the mortgages consisting primarily of residential non-conventional mortgages and “Alt-A” Mortgages for the purpose of generating potential investment returns for Limited Partners in the Partnership.

 

The investment objectives of the Partnership also include the strategy to include investments in real estate projects primarily in Canada, and potentially in the United States as long as each project meets the Partnership’s investment objective to enhance the fixed income returns from residential mortgages. The investment strategy combines income producing real estate and mortgages for the purpose of making returns from income and capital gain (through enhancement of the real estate if and when the opportunity arises). The strategy is intended to enhance those investments returns using investments in securities, directly, indirectly or through funds, mortgage investment corporations, real estate investment trusts, private equity vehicles, second and subordinate lien loans and share investments where active investment participation is made available to the Partnership.

 

Planned investment up to 25% of the value of the portfolio (“Portfolio Investments”) in real estate projects in Canada and the United States to enhance the fixed income returns from residential mortgages, effectively combining income producing real estate and mortgages for the purpose of making returns from income and capital gain (through enhancement of the real estate if and when the opportunity arises). The strategy is intended to enhance those investments returns using investments directly, indirectly or through funds, mortgage investment corporations, real estate investment trusts, private equity vehicles, second and subordinate lien loans, income producing real estate projects with both Affiliates of the Partnership and third parties, and to share investments where active investment participation is made available to the Partnership.

 

The Portfolio Investments will be held on a pool basis such that as an investment is liquidated the General Partner may, in its discretion, determine to hold and reinvest the proceeds in replacement investments in the portfolio. This will particularly be the case for mortgage investments. Gains from real estate investments may be distributed at realization allowing some earlier recognition of returns, although less of a portfolio will be dedicated to the real estate. The expected gains in value will be used to enhance investor returns.

 

The Partnership has been created to provide investors with an opportunity to invest indirectly in mortgages and real estate selected by the Manager in accordance with the Partnership’s asset allocation model and its investment objectives and restrictions. The Partnership intends to build on the track record and experience of the principal of the Manager who has more than a decade of successful investing to offer investors an opportunity to benefit from its mortgage investment strategy as disclosed in this Memorandum.

 

In order to achieve the Partnership’s investment objective, the Manager will seek to source primarily, but not exclusively, first and subordinate charge Non-Conventional Mortgages and Alt-A Mortgages for investment by the Partnership. The originated mortgages or mortgage secured debentures or notes that the Partnership invests into can benefit a consumer real estate borrower by providing:

 

•  loan terms in line with the real estate investor’s investment model;

•  the ability to execute quickly on real estate investment opportunities;

•  potentially lower monthly payments; and

•  access to credit for more challenged borrowers and properties.

As a result of the above, it is the Manager’s opinion that borrowers are willing to pay the higher interest rates that the loan originators may charge for these specialty mortgages.

 

Investment Strategies for the Partnership

 

The Partnership works to achieve its investment objective by investing in a portfolio consisting primarily of residential, and to a lesser extent, commercial, mortgages that are secured by residential (including multi-residential) or commercial (if applicable) real property. The Partnership will seek to invest in originated mortgages that combine the highest yields and lowest loan to value ratios it can reasonably source. The Partnership’s Portfolio Restrictions (as described below) restrict the Partnership from investing in mortgage loans with a loan-to-value ratio in excess of 80%.

 

The Partnership intends to focus its investments primarily in urban markets and their surrounding areas, which the Manager believes are typically more liquid and provide less volatile security for mortgage loans. The Partnership intends to focus its investments in Ontario, particularly the Greater Toronto Area and Ottawa. However, the Partnership’s Portfolio Restrictions permit the Partnership to invest in mortgages across Canada if the Manager determines it to be advisable. As at the date of this Offering, the Partnership has not engaged and does not currently intend to engage licensed mortgage brokers outside of Ontario. The Partnership’s focus on short- term (6 to 12 months) mortgages (e.g., home equity lines) with LTV of 80% or less.

 

The Manager believes that these strategies combined provide the Partnership with opportunities to:

-obtain favorable yields and maximize returns through efficient sourcing and management of mortgage loans secured by real property;

-take advantage of yield benefits which arise from the Partnership’s quick access to capital through efficient processing and management of opportunities;

-take advantage of yield benefits which arise from the Partnership’s ability to offer more flexibility with the loans;

-gain access to a continuous supply of mortgage investment opportunities; and

-mitigate risk in the investment selection process through the significant experience and comprehensive underwriting practices of the Partnership and Manager.

 

The long-term strategy of the Partnership is to grow the Portfolio by continuing to acquire mortgages or mortgage secured debentures or notes. In order to facilitate the timely acquisition of mortgages, bridging the maturity of mortgages and to manage working capital timing requirements, the Partnership may obtain a loan facility with a financial institution or other lender. This facility shall not exceed 30% of the Partnership’s total assets. As at the date of this Offering, the Partnership does not have a loan facility outstanding and has not entered into any discussions with third-party lenders regarding any potential loan facilities.

 

Disclosure Regarding the Operations of ELMIC and EquityLine Financial (Primary Affiliated Loan Originator Entities)

 

ELMIC shall serve as the primary but non-exclusive originator of loans for the Partnership through its Affiliate EquityLine Financial (a Mortgage Broker) and third-party independent contracted Mortgage Brokers. ELMIC qualifies as a “mortgage investment corporation” (within the meaning of the Income Tax Act (Canada). By qualifying as a mortgage investment corporation, ELMIC is a non-bank provider of residential, and to a lesser extent, commercial, real estate finance. ELMIC finances loans that are secured by real estate assets but that may be identified as too risky by conventional bank lenders or loans which need to be funded quicker or are more customized than conventional bank lenders can accommodate. ELMIC’s investment objective is to preserve investors’ capital while providing a consistent stream of cash distributions. Investing predominantly in short-term residential, and to a lesser extent, commercial, real estate mortgage loans, ELMIC seeks to make loans in the alternative mortgage market principally in the residential mortgage market.

 

Home Equity Lines of Credit 

 

The mortgages provided by ELMIC are in most circumstances “home equity lines of credit”, which are second mortgages that have interest rates that fluctuate with the prime rate. ELMIC’s home equity lines are revolving credit lines that provide property owners with additional financing for debt consolidation, renovations and other uses. The mortgages typically involve an interest only payment each month and can be called at any time.

 

EquityLine Financial


 

EquityLine Financial offers mortgage brokering services, mortgage lending and private mortgage loan administration services. It is licensed as a mortgage brokerage, and through the Manager, operates as a licensed mortgage administration company, each through the Financial Services Regulatory Authority (formerly, Financial Services Commission of Ontario prior to June 8, 2019).

 

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Loan Portfolio Investment Process

 

The Partnership utilizes a Loan Portfolio (a pool of funded secured residential and commercial mortgages) investment process that is characterized by a macro-to-micro approach to identify attractive mortgage investment opportunities, beginning first with a macro-level economic analysis of various geographic housing markets and properties, and second with the identification of individual mortgage investment opportunities and the assessment of specific details of each project and borrower.

 

Mortgage investments will be sourced by the Manager directly and through ELMIC and through independent third party mortgage brokers. EquityLine Financial has an extensive broker network of external mortgage brokers. The Partnership will fund originated mortgage loans that meet the Partnership’s lending investment criteria and the Portfolio Restrictions, resulting from: (i) the reputation, experience and marketing ability of the Manager; (ii) the timely credit analysis and decision making processes followed by the Manager; and (iii) significant demand for capital in the market segments in which the Partnership will provide loans. At an early stage of the identification and evaluation process, the Manager will confirm that a mortgage opportunity satisfies the Partnership’s lending criteria and Portfolio Restrictions.

 

Once determined by the Manager to be satisfactory based on an initial review, the Manager is required to perform comprehensive due diligence of the underlying assets. This due diligence process revolves around the Manager’s system of underwriting loans and evaluating properties and borrowers. The due diligence procedures undertaken by the Manager generally include, but are not limited to, the following considerations:

 

1. General Market Analysis

a) Macroeconomic variables

i) Demographic characteristics

ii) Socioeconomic outlook

 

2. Local Market Analysis

a) Assessment of local market conditions

i) Level of infrastructure development

ii) Assessment of potential liquidity of local market

 

3. Project Analysis

a) Financial status of borrower

 

4. Type of Due Diligence

a) Financial due diligence

i) Legal due diligence - including title and off-title searches (property tax payments, work orders, fire code compliance, etc.)

ii) Analysis of taxes/utilities/expenses

iii) Independent valuation/appraisal report produced by an accredited member of the Appraisal Institute of Canada

 

The Manager considers each investment opportunity in a mortgage or mortgage secured debenture or note and makes the purchase decision on behalf of the Partnership. Mortgages that are determined to be satisfactory by the Manager upon completion of its due diligence and that comply with its lending criteria and meet the requirements of the Portfolio Restrictions (on a stand-alone basis as well as in the context of the Aggregate Funded and Committed Assets), or which are otherwise considered desirable due to certain attractive features, are acquired. “Aggregate Funded and Committed Assets” means (a) all existing mortgage investments and interim investments comprising the portfolio; plus (b) all mortgage investments previously approved and mortgage investments committed by or on behalf of the Partnership; plus (c) in the context of a mortgage loan approval review, the proposed mortgage investment being considered for approval; plus (d) cash and cash equivalents.

 

ELMIC and its broker network source most mortgages, however, the Partnership is not precluded from making any purchases from third parties. The Manager may source additional mortgages through various methods, including, but not limited to, asset acquisitions, origination, syndication with other participants or in such other manner deemed advisable.

 

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Portfolio Restrictions/Lending Criteria

 

The Manager has adopted the Portfolio Restrictions to manage the risk profile of the Partnership’s portfolio. Accordingly, the Manager actively and regularly evaluates the Aggregate Funded and Committed Assets for compliance with the Portfolio Restrictions.

 

The Portfolio Restrictions is a dynamic investment tool that assists the Manager in its development and maintenance of the Portfolio with a view to achieving the investment objectives of the Partnership. The Portfolio Restrictions, as summarized below, dictate the allocation of the Aggregate Funded and Committed Assets based upon various criteria as set out below:

 

1.  Maximum percentage allocation to a mortgage loan secured by any one property – not more than 10% of the Aggregate Funded and Committed Assets can be allocated to a mortgage loan secured by any one property;

 

2.  Maximum percentage allocation to a mortgage with any one borrower/borrower group – not more than 20% of the Aggregate Funded and Committed Assets can be allocated to a mortgage loan with any one borrower or group of related borrowers;

 

3.  Average term to maturity on mortgage loans – the average term to maturity on mortgage loans, comprising the Aggregate Funded and Committed Assets, shall not exceed 12 months. The target term to maturity on any one mortgage investment shall be 6-12 months;

 

4.  Maximum allocation to second mortgage positions – not more than 80% of the Aggregate Funded and Committed Assets shall be secured by second mortgage positions;

 

5.  Geographic restriction – not more than the following percentages set out below of the Aggregate Funded and Committed Assets can be invested in the corresponding regions: Ontario: 100%

 

Product type restriction – not more than the following percentages set out below of the Aggregate Funded and Committed Assets can be invested in mortgages secured by the product type set out below:

 

-Residential: 70%

-Multi-Residential Buildings: 30%

-Commercial: 30%

 

Maximum loan-to-value ratio of any one mortgage loan – on the date of funding, the maximum loan-to-value ratio of any one mortgage loan comprising the Aggregate Funded and Committed Assets shall not exceed 80%; and Maximum borrowing restriction – the Partnership will not borrow money in excess of 30% of the Partnership’s Net Asset Value at the time of borrowing.

 

Based on evolving market conditions and the investment history of the portfolio, the Portfolio Restrictions may be amended from time to time by the General Partner, in its sole discretion.

 

The Portfolio Restrictions will be assessed prior to the funding of each mortgage loan, assuming the subject mortgage loan is made. The Partnership plans to use mortgage portfolio monitoring and tracking software to assist in ensuring the Portfolio Restrictions are being met at the time a mortgage is made. Exceptions to the Partnership’s Portfolio Restrictions may be made by the Manager, subject to the unanimous approval of the independent directors, provided that (i) each individual exception upon funding a subject mortgage, excluding the effect of any subsequent exceptions, must be remedied within 120 days from the date of funding of the subject mortgage; and (ii) in the aggregate at any given time, permitted exceptions to the Portfolio Restrictions shall not represent more than 10% of the Partnership’s net asset value.

 

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Material Agreement Disclosure - Management Agreement

 

The Partnership and the Manager entered into a management and administration agreement on September 8, 2020 (the “Management Agreement”), which is summarized below. This is a summary only and is subject to the complete terms and conditions of the Management Agreement (See Exhibit 6 the “Management Agreement”).

 

General

 

Pursuant to the Management Agreement, EquityLine Services Corp. was appointed as the Manager of the Partnership. The Manager will manage and control the mortgage investments and activities of the Partnership (directly or indirectly) and to provide administrative and management services, and as appropriate, act as agent or trustee for the Partnership in exchange for a management fee equal to 0.5% per annum of the Aggregate Funded and Committed Assets of the Partnership (the “Management Fee”).

 

Duties of the Manager

 

The Management Agreement, unless terminated as described below, will continue until the dissolution and winding-up of the Partnership. Pursuant to the Management Agreement, the Manager agrees to act on a basis which is fair and reasonable and exercise its powers and duties under the Management Agreement honestly, prudently, in good faith and in the best interests of the Partnership and, in connection therewith, to exercise the degree of care, diligence and skill that might reasonably be expected from a prudent manager of a business of similar nature, having similar responsibilities, and in the same general business. The Manager will not be liable in connection with the performance of its activities under the Management Agreement except in cases of willful misconduct, bad faith, negligence, breach of its standard of care owed under the Management Agreement or material breach or default of its obligations under the Management Agreement attached hereto as Exhibit 6.

 

Management Services

 

The Manager shall provide full management services for the Partnership in relation to the business and activity of the Partnership, consisting of the day-to-day supervision, management and operation of mortgage investments and real estate as follows:

 

1.  Comply with the portfolio diversification requirements and investment objectives of the Partnership;

2.  Supervise the preparation of mortgage agreements, security documents and opinions and the disbursement of funds;

3.  Conduct monitoring of the investment exposures and covenant compliance of each mortgage investment; and

4.  Provide day-to-day management and administration of the portfolio of investments, including monitoring and servicing the collection.

As to the management of the portfolio of portfolio investments, the Manager will: 

 

1.  Undertake the day-to-day management, including the following but excluding those activities which require licensing as a mortgage broker or administrator which activities will be delegated to a duly licensed affiliate or third party:

- preparation of a monthly report on the costs and expenses incurred by the Partnership, the balance of the Partnership’s bank accounts and the contributions and distributions during the previous month such report to be delivered by the 15th day of each calendar month using data from the previous month;

-quarterly unaudited accounting and reporting of the performance of the portfolio investments and the activity of the Limited Partnership, such quarterly report or review to be prepared by the 15th day after the last day of each of April, July and October in each calendar year during the term of the Management Agreement; and

-quarterly reviews of (i) the portfolio; and (ii) each portfolio investment, such quarterly report or review to be prepared by the 20th day of each April, July and October in each calendar year during the term of the Management Agreement.

2.  Manage the minimization of losses, including the monitoring of all investments which form the activity of the Partnership, and with credit oversight pursuant to the credit and collection policy of the Partnership and Manager in furtherance of appropriate monitoring and oversight for similar businesses;

3.  Prepare an annual report and review of the activity of the Partnership, including audited annual financial statements; and

4.  Recommend to the Partnership and manage the dividend payments to the Limited Partners and the General Partner of the Partnership.

As to the general management of the portfolio of investments, the Manager will do the following: 

 

1.  Undertaking matters in relation to: (i) the proactive investment origination (identification and evaluation of prospects, relationship management with prospects, investment opportunity evaluation and initial due diligence, etc.); and (ii) the acquisition of investments forming the activity of the Partnership;

2.  Evaluation of investment proposals from brokers, agents and other sources;

3.  Negotiation, preparation and presentation of investment documentation, including negotiation of terms and conditions (subject to the involvement of duly licensed mortgage brokers and administrators as required by the law);

4.  Coordinating and supervising the provision of services of any person or company retained on behalf of or as agent of the Limited Partnership or including mortgage brokerage and administration;

5.  Enforcing any rights of the Partnership or defending any claims made against the Partnership on such terms and conditions as the Manager may in is sole discretion deem satisfactory;

6.  Taking all such action as may be required to maintain the existence of the Partnership; and

7.  Providing such other advice and services as the Partnership may from time to time request in connection with the activity of the Partnership and the investments held.

 

Administrative Services

The Manager shall provide administrative services for the Partnership as follows:

 

1. At all times maintain appropriate books of account and records for the Partnership in accordance with good accounting practice;

2.  Deliver financial information and reports in the form and at the times as are reasonably required;

3.  Provide the clerical, administrative and operational services necessary for the proper head office administration of the Partnership, including, without limitation, the provision of office accommodation and office equipment and facilities and personnel for the performance of such head office services, in accordance with the provisions of the Management Agreement and provision of such other facilities as may be required for the purpose of fulfilling the Manager’s duties;

4.  Perform the duties of keeping accounts and records of banking activities of the Partnership and the investments;

5.  Prepare and file all tax and securities law filings required to be filed in connection with the activity of the Partnership and the investments and determine tax installments payable, if any;

6.  Deal with and reply to all correspondence and other communications addressed to the Partnership ore relating to the activity of the Partnership and the investments;

7.  Maintain and permit any duly authorized representative of the Partnership to inspect documents or records kept in possession of the Manager in connection with the activity of the Partnership and the investments;

8.  Satisfy and maintain all such requirements, consents and approvals as are needed to comply with privacy legislation throughout Canada, such that each of the Manager, the Partnership, the auditors and accountants of the Limited Partnership, shall have a right to review the credit files and appropriate consents as to the release of any personal or confidential information, which consents will comply with all applicable privacy legislation;

9.  Maintain all of the books, records, materials or otherwise, created or arising in connection with the provision of the management services under the Management Agreement, for and on behalf of the Partnership, subject to appropriate systems designed to ensure the continuation of the management activities provided for;

10.  Ensure that the maintenance of all books, records, and the receipt and disbursement of any information by or on behalf of the Partnership meets privacy, security and confidentiality standards which are in compliance with all privacy legislation, and is in compliance with the laws,

11.  statutes, regulations and guidelines governing the Partnership, and making available for audit and inspection all such books, records and materials, to the Partnership;

12.  Be responsible for all capital markets activities, including all activities in relation to the offering of securities of the Partnership in accordance with the applicable provisions of the Partnership’s offering documents (whether under prospectus or otherwise) and the Limited Partnership Agreement and the laws of all relevant and applicable jurisdictions;

13.  Actively and regularly evaluate the portfolio in the context of the investment objectives and for compliance with the Portfolio Restrictions and the investment restrictions and monitor regularly on an ongoing basis the Partnership’s compliance with applicable laws and regulatory requirements;

14.  Negotiate contractual arrangements with third-party providers of services to the Partnership including, but not limited to, registrars, transfer agents, auditors and printers, and appoint, supervise and remove such third-party service providers and any replacements upon such terms as the Manager shall think fit;

15.  Manage and administer the payment to be made by the Partnership to its providers of goods and services;

16.  Instruct and supervise legal counsel in the drafting, execution and registration of valid and enforceable mortgage security for each loan;

17.  Recommend to the Board the amount of distributions to be made by the Partnership to holders of Units, if necessary; and

18.  Do all such acts (including such advising and management services with respect to the portfolio), take all such proceedings, execute all such documents and exercise all such rights and privileges, although not specifically mentioned here, as the Manager may deem necessary or ancillary to administer the Partnership and its affairs, and to carry out the purposes of the Partnership in order for the Partnership to seek to achieve its investment objectives or as the Partnership may from time to time reasonably request.

 

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Management and Related Fees

(a) Base Management Fee:

i) All of the Manager Fees will be exclusive of any applicable sales tax and other applicable taxes, which will be collected and required to be paid in addition to the Manager Fees. As remuneration for its services to be rendered hereunder, the Partnership shall pay to the Manager a fee (the “Management Fee”) equal to 0.5% per annum of the Aggregate Funded and Committed Assets of the Partnership, calculated daily, aggregated and paid monthly in arrears, plus applicable taxes.

ii) The Management Fee (together with all applicable taxes) shall be payable quarterly to the Manager on the last business day of each quarter, in arrears.

iii) Adjustments with respect to any overpayment or underpayment of the Management Fee shall be calculated as aforesaid for each Management Year and shall be made on the basis of the annual financial statements for the Partnership, within 30 days of the delivery thereof to the shareholders.

iv) The Manager may reduce, waive or defer management fees for any class of units of the Partnership as it shall determine in its sole discretion.

(b) Lender Fee: The Manager may retain the fees paid by a mortgagor for any mortgage funded where that fee is charged as a mortgage origination and servicing fee and is paid by the mortgagor at the time of the negotiation, funding or renewal of the mortgage asset.

(c) Manager Execution Fee and Bonus Fee Participation: The Manager is entitled to be paid the amount of 2% of the amount advanced on any directly originated mortgage or purchase price of any real estate assets that are invested in by the Partnership and is also entitled to the sharing of revenue and distributions as described in the Limited Partnership Agreement as a “Bonus Fee.” (See Exhibit 6 the “Management Agreement.”)

 

Termination

 

The Management Agreement shall be terminated if: (i) the Manager resigns; (ii) the Partnership is wound up or substantially all of the investments of the Partnership are sold; (iii) the Manager consents to or makes a general assignment for the benefit of creditors, or makes a proposal to creditors under any insolvency law, or is declared bankrupt or if a liquidator, trustee in bankruptcy, custodian or receiver or receiver and manager or interim receiver or other officer with similar powers is appointed to administer the property of the Manager; (iv) the Manager is convicted of fraud; or (v) the Manager is validly removed pursuant to the Management Agreement and the Limited Partnership Agreement of the Partnership.

 

The Partnership or the Manager may terminate the Management Agreement if the other party is in material default of its material obligations under the Management Agreement and does not remedy such breach within 60 days after written notice of such default is provided by a non-defaulting party.

 

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DIRECTORS, OFFICERS, AND SIGNIFICANT EMPLOYEES OF THE GENERAL PARTNER AND ITS AFFILIATES

 

The Partnership is managed by seasoned business professionals with extensive business and sectoral experience. The management team is dedicated to the success of the Partnership and to maximizing the investment performance of the Partnership.

At the present time, two entities and seven individuals are actively involved in the management of the Partnership. 

Directors:

 

Name Position Entity Age Term of Office Approx. Hrs./Week
Sergiy Shchavyelyev Limited Partner, Individual Principal, Directo Partnership, ELGP, ELMIC, ELSC 37 September 2020 - Present Full Time
Mark Korol, CPA, CFE, CFA, ABV, ICD.D Director, Chief Financial Officer ELMIC 58 August 2021 - Present Full Time
Robert Kay Independent Director, EVP ELMIC 79 September 2020 - Present Full Time
Ungad Chadda Independent Director ELMIC 49 September 2020 - Present Full Time
Donald Hathaway Independent Director ELMIC 84 September 2020 - Present Full Time
Eric Klein Independent Director ELMIC 61 September 2020 - Present Full Time
Willie Handler Independent Director ELMIC 67 September 2020 - Present Full Time
Sergiy Przhebelskyy Director, Chief Operating Officer Partnership, ELGP, ELMIC, ELSC 52 09/20/2020- Present Full Time

 

 Officers:

 

Name Position Entity Age Term of Office Approx. Hrs./Week
Roman Raskin Chief Financial Officer Partnership, ELGP, ELSC  36   September 2020 - Present  Full Time
Arthur Smelyansky, CIM, DMS, PFP Chief Portfolio Officer Partnership, ELGP, ELMIC, ELSC  39   September 2020 -Present  Full Time
Mark Simone Vice President Officer  Partnership, ELMIC
 65   September 2020 - Present  Full Time
Stephen Clarke Vice President Officer Partnership, ELMIC  54   September 2020 - Present  Full Time

 

 

Significant Employees:

Name Position Entity Age Term of Office Approx. Hrs./Week
Mary Moncada Office Manager Partnership, ELMIC, ELSC  57   October 2020 - Present  Full Time

 

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FAMILY RELATIONSHIP DISCLOSURE

 

No family relationships to disclose.

BUSINESS EXPERIENCE– GENERAL PARTNER & OFFICERS

Sergiy Shchavyelyev, Individual Principal of the General Partner, Director

 

Sergiy Shchavyelyev is the CEO and Founder of the EquityLine Mortgage Investment Corp. and VeleV Capital. EquityLine MIC is publicly traded corporation on the Jamaica Stock Exchange. Sergiy completed Financial Accounting certificate from Harvard Business School and holds a Master of Law Degree from Mechnikov National University. Sergiy currently manages over $110 million between funds and development projects. He is a real estate developer and mortgage broker, with extensive lending and financial experience in real estate assets. Sergiy has a track record of closing and redeveloping multi-million dollar transactions in the real estate industry. He owns, in part, a family operated real estate brokerage referred to herein as EquityLine Financial. Mr. Shchavyelyev is also a member of the advisory committee of PCMA Canada (Private Capital Markets Association of Canada).

 

Sergiy has been an active real estate broker from 2006 and mortgage specialist since 2008. Prior to working as a real estate broker, lender and re-developer, Sergiy worked in a small claims court and land registry office as a paralegal for over two years. He joined his family real estate business where he was involved in residential and commercial developments, custom built dwellings, apartment buildings and multi-million-dollar commercial real estate projects. Sergiy has completed over $750 million in real estate transactions.

 

Mark Korol, CPA, CFE, CFA, ABV, ICD.D, Director, Chief Financial Officer of the Partnership

 

Mark Korol has over 20 years’ experience as a Chief Financial Officer in a variety of industries, including seven years of public company experience at Zenon Environmental and CDI Education Corp. He has spent the last two years at the Arturos Group, an international vertically integrated hospitality business with 2,000 employees. Prior to Arturos Group, Mr. Mark spent 12 years with the Xela Group of Companies, a diversified multinational private company with 5,000 employees concentrated in the agricultural and hospitality industries. Mark has held various financial positions over his career including as a Research Analyst with National Bank Financial in Toronto, Ontario. Mark obtained his Bachelor of Commerce from the University of Windsor and a B.A. in Economics and Kinesiology from the University of Western Ontario. He is a Chartered Financial Analyst (CFA) and a Certified Public Accountant (CPA). Mark is also a Certified Fraud Examiner (CFE) and Accredited Business Valuator (ABV). He holds the Institute of Corporate Directors designation (ICD.D) and has been a Board member of both private and public companies with international operations.

 

Robert Kay, Executive Vice President, Independent Director

 

Robert Kay is a seasoned Corporate Director and Business Advisor. He combines business and legal skills with extensive experience in international commerce to develop and assess complex strategies with governments and multinational companies. Robert has served as a Corporate Director in both privately held and publicly listed companies, serving on Governance, Audit, and Strategy Committees. Robert is currently Chairman, Advisory Board of Migao Group; Corporate Director of ELMIC, Baycrest Geriatric Health Care & Research Centre for Aging and the Brain, and the Royal Canadian Military Institute.

 

Notable governance roles have included: Chairman-Canadian Commercial Corporation; Vice Chairman & Lead Director-Migao Corporation; Chairman-Migao Special Committee for Going Private; Chairman-Swiss/Canadian Chamber of Commerce; Director in Residence-Institute of Corporate Directors; Board Director-Changfeng Energy Inc; Board Director-American Chamber of Commerce (Ontario Council). Robert was a teaching Board Member in the Integrative Thinking Practicum of the MBA Degree Program at the University of Toronto. He is a former Deputy Judge of the Superior Court of Justice of Ontario SCC branch. Earlier in his career, Mr. Kay served as Personal Assistant to the Deputy Prime Minister of Canada. Robert is Chairman of the Baycrest Board Committee on Clinical Strategy, and Chairman of the Royal Canadian Military Institute Audit Committee. Mr. Kay is also a Member of the American Judges Association, and the Institute of Corporate Directors.

 

Ungad Chadda, Independent Director

 

Ungad Chadda was Senior Vice President of TMX Group, parent company of Toronto Stock Exchange and Enterprise Head of Corporate Strategy, Development and External Affairs. He was responsible for building and maintaining the TMX Group investor base as well as supporting its public interest mandate and strategies to grow as a company. Ungad joined TMX Group in 1997.

 

During his tenure, Ungad he has held progressively senior roles, including: Director of Listings, TSX Venture Exchange; Chief Operating Officer, TSX Venture Exchange; Vice President, Business Development, Toronto Stock Exchange and TSX Venture Exchange, Senior Vice President, Toronto Stock Exchange and President, Capital Formation.

 

Ungad is a Chartered Accountant and received his designation in 1996 practicing with Ernst and Young LLP. He is a past member of the Corporate Cabinet for the Centre for Addiction and Mental Health Foundation (CAMH), Chair of the World Federation of Exchanges (WFE) SME Advisory Board and a member of the Toronto Financial Services Alliance (TFSA) board.

 

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Donald Hathaway, Independent Director

 

Donald Hathaway has spent over forty years executing leadership roles in diverse business, academic and government settings. He has been a business CEO, a senior partner in two major international consultancies and a corporate director on multiple boards while accumulating expertise in strategy, finance, risk management, marketing and corporate governance. Some of Donald’s previous experience included: Director at SLM Logistics (TSX-V: SEL); Chair at Atlantis Systems Corp (TSX-AIQ); Chair at Neotel International (TSX – NIT); Director at American Railway Systems, (NASDQ – OTC). Currently Donald has the following directorships: Director at First Resource Management Group; Chair at IRC for Knowledge First Financial with 8 billion in AUM; Chair at IRC for Harvest Portfolios Group with approaching 1 billion AUM; Chair at MetaFLO technologies. Two of them are registered investment funds.

 

Key roles have included the inaugural President and CEO of the Ontario Centres of Excellence and of the Global Risk Institute in Financial Services, and as a Founder and the original Board Chair of Compute Canada, the national system of high performance computers supporting research at all Canadian universities (he remains the Emeritus Chair). He has been a Governor of both York University and Ontario Tech University, and he is a former Chair of the University of Waterloo Advisory Council; Board of Governors, The Ontario Free Trade Policy Advisory Council; and the Canadian Employment and Immigration Advisory Council. Donald studied electrical engineering, mathematics and holds MBA Degree from York University.

 

Eric Klein, Independent Director

 

Eric Klein is currently President of Klein Valuation Services Inc., a firm that focuses on business strategy, complex mergers, acquisitions, divestitures and financings for mid-sized Canadian corporations. With more than 30 years of experience, he focuses on providing results-driven corporate finance advisory services for mid-market Canadian companies. Recently, Eric was a senior executive with a Canadian public financial institution. Prior to that Eric was the founder and Managing Director of the Corporate Finance, Valuations & Transaction practice of Farber Financial Group. Eric is a graduate of McGill University and a graduate Diploma in Public Accounting and holds designations as a Chartered Public Accountant and Chartered Business Valuator. Currently he is a Director and Audit Committee Chair of INV Metals Inc. (TSX:INV) and a Director and Board Chairman of Braingrid Corporation (CSE:BGRD).

 

Willie Handler, Independent Director

 

Willie Handler has 28 years of experience in the insurance sector with 20 years working on insurance regulatory policy with the Financial Services Commission of Ontario and 8 years operating his own consulting business. He has provided strategic advice to a wide range of clients who dealing with an evolving regulatory environment. He holds a Bachelor of Science from the University of Toronto, a Master’s in Health Administration from the Fox School of Business at Temple University and a Master’s in Public Administration from the Schulich School of Business at York University.

 

Page 25 

 

 

OFFICERS

 

Roman Raskin, Chief Financial Officer

 

Roman Raskin is the Chief Financial Officer of ELSC and the Partnership. Roman, with over 15 years of experience servicing local and international clients.

 

Roman is the founder and principal of Raskin & Associates Chartered Professional Accountants, an accounting firm located in Toronto providing accounting and assurance, taxation, and business advisory services. Prior to Raskin and Associates, Roman held various accounting, audit and advisory roles at Crowe Soberman LLP, Williams & Partners LLP, G7G Partnership LLP and Sloan Partners. He is a Chartered Professional Accountant in Canada who takes pride in his work and offers personal commitment, strategy and unique foresight. Roman’s desire for continuous learning, an entrepreneurial spirit and a passion for others has heavily contributed to ELSC strong foundation.

 

Arthur Smelyansky, CIM, DMS, PFP, Chief Portfolio Officer

 

Arthur Smelyansky is the Chief Portfolio Officer of the Partnership, ELMIC and the Manager. He currently serves as the Chief Executive Officer and Portfolio Manager at Maccabi Capital Management LLC and is a Portfolio Manager, Hedge Fund Trader and Co-Founder of Maccabi Equity Income Fund. Arthur is a Canadian Securities Institute certified Personal Financial Planner, Chartered Investment Manager and Derivatives Market Specialist.

 

Arthur was the Senior Analyst and Trader at Bonello Holdings Inc., located in Toronto, Canada, from September 2012 to January 2018. During his tenure at Bonello Holding, the company improved investment returns from 6% to 9.71%. Mr. Smelyansky’s responsibilities ranged from credit analysis and research for the entire portfolio to the direct management of a book of assets worth almost $40 million. Arthur’s specialty is in options trading, and using derivatives to preserve capital and lower portfolio volatility.

 

Arthur holds the CIM (Chartered Investment Manager), DMS (Derivatives Market Specialist) and PFP (Personal Financial Planner) designations . He is currently in the process of obtaining the CAIA (Chartered Alternative Investment Analyst) designation.

 

Sergiy Przhebelskyy, Chief Operating Officer, Director

 

Sergiy Przhebelskyy is a director and the Chief Operating Officer of the Partnership and ELMIC. Sergiy brings a wealth of banking sector knowledge having spent time over seven years in the banking and financial sectors at TD and The National Bank of Canada. In 2014, Sergiy transitioned out of the traditional mortgage lending channels to the mortgage broker channel. During this time, Sergiy gained experience and insights into alternative mortgage lending practices including private mortgage financing. He has completed more than $200 million in residential mortgage transactions over his career as a mortgage specialist. His ability to effectively source deals that best met his client’s needs at competitive rates won him high praise.

 

At the Partnership and ELMIC, Sergiy is involved in daily operations of underwriting, deal compliance, administration, and office management. He has an excellent knowledge of real estate sector, appraisals reports, mortgage structuring and funding processes.

 

Mark Simone, Vice President Officer

 

Mark Simone is a business executive with extensive C-Suite experience in the development and management of businesses in the insurance, finance, and medical sectors. He was the President of Medipac International Insurance, Canada’s largest retailer of long-term travel medical insurance, the Executive and Managing Director of the Canadian Snowbird Association, one of Canada’s largest lifestyle affinity groups, the President of Ontario Health Clinics, serving over fifty thousand patients and, most recently, the Vice President of Strategic Relations with Pinnacle Wealth Brokers, Canada’s largest Exempt Market Dealer.

 

Mark has developed successful sales and marketing programs throughout his career and has personally founded and managed large scale consumer and trade shows. He has a passion and talent for developing strategic relationships and maintaining mutual paths to success for all stakeholders.

 

Stephen Clarke, Vice President Officer

 

Stephen Clarke is an executive leader with over 30 years’ experience in the marketing and sales areas of the wealth management and financial services sectors. Stephen has significant experience in different regulatory environments including the Investment Industry Regulatory Organization of Canada (IIROC), the Mutual Fund Dealers Association (MFDA), the Financial Services Regulatory Authority (FSRA) and Private Capital Markets (Issuers and Exempt Market Dealers). Stephen has worked in both the product (asset manager, issuer) and distribution side of the wealth management industry. He has a unique ability to structure and promote a wide range of innovative products through multiple channels to a diverse investor audience. He holds an Honours Bachelor of Commerce and a Master of Business Administration (MBA) from McMaster University.

 

Page 26 

 

 

LEGAL PROCEEDINGS DISCLOSURE

 

The Partnership is not presently a party to any material litigation, nor is any litigation known to be threatened against the Partnership, the General Partner, or the Manager companies. Furthermore, the Partnership, the General Partner, the Manager and affiliates have no bankruptcies, investigations, or criminal proceedings to disclose.

 

Page 27 

 

  

COMPENSATION OF MANAGEMENT

 

The Manager will receive compensation and reimbursement for costs incurred relating to this and other offerings, as discussed below. Note that the Manager will also be reimbursed $135,000 in Organizational fees for the Partnership as soon as $1,000,000 is raised in this Offering.

 

The General Partner will receive a share of revenue and distributions made to the Partnership Pro Rata to ownership percentage.

 

Phase of Operation Basis of Fee Amount of Fee
Asset Management Fee Paid to Manager  

 

Fees charged to the Partnership for management of its investments     0.5% per annum of the total amount of the Capital Account Balances of all the Class A Limited Partners, calculated and paid quarterly.

 

The total amount of fees that the Manager may receive cannot be determined at this time.
Execution Fee Paid to Manager

 

Fee charged to the Partnership for any amount advanced on ELMIC for the directly originated mortgage or purchase price of any real estate assets invested in by the Partnership.

2% on amount advanced to the Partnership

 

The total amount of fees that the Manager may receive cannot be determined at this time
Lender Fee Paid to Manager Mortgagor’s fees retained by the Manager (and detailed below).

The total amount of origination, and servicing fees that the Manager may receive cannot be determined at this time.

General Partner’s Participation/ Bonus Fee

 

The General Partner shall receive a share of revenue and distributions made to the Partnership in accordance with Section 3.6 of the Amended and Restated Limited Partnership Agreement

 

The total amount of revenue and distributions (the “General Partner’s Participation/ Bonus Fee”) cannot be determined at this time

 

There is no accrued compensation that is due to any member of Management. Each executive of the Manager, and the Manager entity will be entitled to reimbursement of expenses incurred while conducting Partnership business.

 

Page 28 

 

 

Management and Related Fees

(a) Base Management Fee:

i) All of the Manager Fees will be exclusive of any applicable sales tax and other applicable taxes, which will be collected and required to be paid in addition to the Manager Fees. As remuneration for its services to be rendered hereunder, the Partnership shall pay to the Manager a fee (the “Management Fee”) equal to 0.5% per annum of the Aggregate Funded and Committed Assets of the Partnership, calculated daily, aggregated and paid quarterly in arrears, plus applicable taxes.

ii) The Management Fee (together with all applicable taxes) shall be payable monthly to the Manager on the last business day of each month, in arrears.

iii) Adjustments with respect to any overpayment or underpayment of the Management Fee shall be calculated as aforesaid for each Management Year and shall be made on the basis of the annual financial statements for the Partnership, within 30 days of the delivery thereof to the shareholders.

iv) The Manager may reduce, waive or defer management fees for any class of units of the Partnership as it shall determine in its sole discretion.

(b) Lender Fee: The Manager may retain the fees paid by a mortgagor for any mortgage funded where that fee is charged as a mortgage origination and servicing fee and is paid by the mortgagor at the time of the negotiation, funding or renewal of the mortgage asset.

(c) Manager Execution Fee and Bonus Fee Participation: The Manager is entitled to be paid the amount of 2% of the amount advanced on any directly originated mortgage or purchase price of any real estate assets that are invested in by the Partnership and is also entitled to the sharing of revenue and distributions as described in the Limited Partnership Agreement as a “Bonus Fee.” (See Exhibit 6 the “Management Agreement.”)

(d) the General Partner is entitled to the sharing of revenue and distributions as provided in Section 3.6 of the Amended and Restated Limited Partnership Agreement as a “Bonus Fee.”

 

Page 29 

 

 

CONFLICTS OF INTEREST

 

The Partnership and its Affiliates experience conflicts of interest in connection with the management of the Partnership’s business. Some of these material conflicts include:

 

1. The Manager, EquityLine Services Corp., is an Affiliate incorporated under the Business Corporate Act in Ontario, Canada (the “OBCA”), and also manages other Affiliates of the Partnership.

 

2. The Manager receives a 0.5% asset management fee from the Partnership, as well as an execution fee of 2% for any amount advanced on directly originated mortgage or purchase price of any real estate assets in which the Partnership invests. The Manager may also retain the Mortgagor’s fees as a lender fee for the total amount of origination and servicing on behalf of the Partnership.

 

3. The principal individual executive of both the General Partner and the Manager of the Partnership is Sergiy Shchavyelyev. The Directors of the Affiliates are also Independent Directors advising the Partnership.

 

4. ELMIC, an Affiliate owned and managed by the principal of the Partnership, receives fees from the Partnership for operating as a Canadian mortgage lender.

 

5. The terms of the Partnership’s Amended and Restated Limited Partnership Agreement, and the terms of the Partnership’s Management Agreement, both of which include the rights and obligations and the compensation of the General Partner and the Manager and its Affiliates, were not negotiated at arm’s length.

 

6. The Limited Partners will not be entitled to notice of or to attend, and will not be entitled to vote at, any meeting of the Partnership, unless and until the Partnership shall have failed to fully pay an aggregate of three (3) monthly dividends on the Class A Units in accordance with the LPA, whether or not consecutive and whether or not such dividends were declared and whether or not there are any monies of the Partnership properly applicable to the payment of such dividends. Accordingly, such voting rights shall be applicable once there is accrued and unpaid an aggregate of $0.1875 per Unit. In the event of such non-payment, and for only so long as any such dividends remain in arrears, the Limited Partners shall be entitled to receive notice of all meetings of the Partnership and to attend thereat.

 

7. Parallel Funds The General Partner has and may, in its discretion and to the extent permitted by applicable law, create or sponsor partnerships or other vehicles formed for participating pro rata and pari passu in the portfolio companies of the Partnership. ("Parallel Fund"). The Parallel Fund may consist of certain investors who for a variety of reasons may not wish to participate in the investments through the Partnership. Any costs associated with the formation and administration of a Parallel Fund will be paid by the investors in the Parallel Fund. It is the intention of the General Partner that the Manager of the Partnership will also act as the Manager of the Parallel Fund; provided, however, if such an arrangement were to become prohibited or result in a conflict of interest, a separate Manager will be established.

 

Page 30 

 

 

FIDUCIARY RESPONSIBILITY OF MANAGEMENT

 

Pursuant to the Amended and Restated Limited Partnership Agreement for EquityLine Capital (Delaware) LP, dated September 8, 2020, the next two sections describe the authority and the positive obligations of the General Partner:

 

Authority of General Partner

Subject to any provisions of this Agreement requiring Approval of the Limited Partners:

(a)the General Partner is authorized to carry on the Activity of the Partnership, to administer, manage, control and operate the Activity of the Partnership, and, if a Mortgage Investment is liquidated before the end of the Term, the General Partner may, in its sole discretion, determine to hold and reinvest the proceeds as a replacement Mortgage Investment rather than capital to be distributed; and
(b)in furtherance of the foregoing, the General Partner shall have all power and authority to do any act, take any proceeding, make any decision or execute and deliver any instrument, deed, agreement or document necessary for or incidental to carrying out the business for and on behalf of and in the name of the Partnership in accordance with this Agreement.

No Person dealing with the Partnership will be required to inquire into the authority of the General Partner to do any act, take any proceeding, make any decision or execute and deliver any instrument, deed, agreement or document for and on behalf of or in the name of the Partnership.

Positive Obligations of the General Partner

The General Partner covenants and agrees that it will, at all times during the term of LPA:

(a)carry on the Activity of the Partnership in a commercially reasonable manner;
(b)act in the utmost fairness and in good faith toward the Limited Partners in carrying out, and devote as much time as is reasonably necessary for the conduct of, its obligations hereunder;
(c)maintain a system of accounting established and administered in accordance with GAAP, and keep adequate records and books of account in which accurate and complete entries will be made in accordance with such accounting principles reflecting all transactions required to be reflected by such accounting principles;
(d)the “Duty to Report” by delivering to each Limited Partner, as soon as practicable and in any event (i) within 90 days after the end of each Fiscal Year, audited financial statements and partnership tax information and reporting slips; at any time that statements for the Mortgage Investments are audited or reviewed by an independent accounting firm, the statements for the Partnership may be prepared on an internal basis, but in each instance, the financial statements delivered to the Limited Partners as to the Partnership will be certified by a duly

authorized officer or director of the General Partner certifying that the financial statements have been prepared in accordance with the requirements of this provision;

(e)abide by all applicable laws relating to the withholding and remittance of taxes, including pursuant to the Tax Act, appropriately withholding and remitting payments, including withholding tax payable on any distributions to be made to a Limited Partner, as are required by the provisions of applicable tax law, including the Tax Act, and each Limited Partner hereby authorizes the withholding and remittance of withholding tax as and when such shall be required by the application of tax law; and
(f)make the allocations and distributions contemplated by the LPA.

Page 31 

 

 

EquityLine’s Code of Conduct

EquityLine’s Managers have a code of business conduct that guides all the divisions within the group. This code includes:

- Strict compliance with legislation and regulation

- Adherence to a conservative risk profile in both lending and investing

- A strong and active Board that is weighted with independent directors who have significant experience in many areas of the financial services industry

 

Fiduciary Duties of Manager and General Partner Pursuant to the Delaware Code (all citations are taken directly from the Delaware Code, Title 6):

 

Section 15-404. General standards of partner’s conduct.

(a) The only fiduciary duties a partner owes to the partnership and the other partners are the duty of loyalty and the duty of care set forth in subsections (b) and (c) of this section.

(b) A partner’s duty of loyalty to the partnership and the other partners is limited to the following:

(1) To account to the partnership and hold as trustee for it any property, profit or benefit derived by the partner in the conduct or winding up of the partnership business or affairs or derived from a use by the partner of partnership property, including the appropriation of a partnership opportunity;

(2) To refrain from dealing with the partnership in the conduct or winding up of the partnership business or affairs as or on behalf of a party having an interest adverse to the partnership; and

(3) To refrain from competing with the partnership in the conduct of the partnership business or affairs before the dissolution of the partnership.

(c) A partner’s duty of care to the partnership and the other partners in the conduct and winding up of the partnership business or affairs is limited to refraining from engaging in grossly negligent or reckless conduct, intentional misconduct, or a knowing violation of law.

(d) A partner does not violate a duty or obligation under this chapter or under the partnership agreement solely because the partner’s conduct furthers the partner’s own interest.

(e) A partner may lend money to, borrow money from, act as a surety, guarantor or endorser for, guarantee or assume 1 or more specific obligations of, provide collateral for and transact other business with, the partnership and, subject to other applicable law, has the same rights and obligations with respect thereto as a person who is not a partner.

(f) This section applies to a person winding up the partnership business or affairs as the personal or legal representative of the last surviving partner as if the person were a partner.

 

Section 15-405. Actions by partnership and partners; derivative actions.

(a) A partnership may maintain an action against a partner for a breach of the partnership agreement, or for the violation of a duty to the partnership, causing harm to the partnership.

(b) A partner may maintain an action against the partnership or another partner for legal or equitable relief, with or without an accounting as to partnership business, to:

(1) Enforce the partner’s rights under the partnership agreement;

(2) Enforce the partner’s rights under this chapter, including:

(i) The partner’s rights under § 15-401, § 15-403 or § 15-404 of this title;

(ii) The partner’s right on dissociation to have the partner’s interest in the partnership purchased pursuant to § 15-701 of this title or enforce any other right under subchapter VI or VII of this chapter; or

(iii) The partner’s right to compel a dissolution and winding up of the partnership business under § 15-801 of this title or enforce any other right under subchapter VIII of this chapter; or

(3) Enforce the rights and otherwise protect the interests of the partner, including rights and interests arising independently of the partnership relationship.

(c) The accrual of, and any time limitation on, a right of action for a remedy under this section is governed by other law. A right to an accounting upon a dissolution and winding up does not revive a claim barred by law.

(d) A partner may bring a derivative action in the Court of Chancery in the right of a partnership to recover a judgment in the partnership’s favor.

(e) In a derivative action, the plaintiff must be a partner at the time of bringing the action and:

(1) At the time of the transaction of which the partner complains; or

(2) The partner’s status as a partner had devolved upon the partner by operation of law or pursuant to the terms of the partnership agreement from a person who was a partner at the time of the transaction.

(f) In a derivative action, the complaint shall set forth with particularity the effort, if any, of the plaintiff to secure initiation of the action by the partnership or the reason for not making the effort.

(g) If a derivative action is successful, in whole or in part, as a result of a judgment, compromise or settlement of any such action, the court may award the plaintiff reasonable expenses, including reasonable attorney’s fees, from any recovery in any such action or from a partnership.

Page 32 

 

 

SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN SECURITY HOLDERS

 

The following table contains certain information as of the Effective Date as to the number of Units beneficially owned by (i) each person known by the Partnership to own beneficially more than 10% of the Partnership’s units, (ii) each person who is a General Partner of the Partnership, (iii) all persons as a group who are General Partner and/or Officers of the Partnership, and as to the percentage of the outstanding units held by them on such dates and as adjusted to give effect to this Offering.

 

As of the date of this Offering there are no option agreements in place providing for the purchase of Limited Partnership Units.

Title of Class  Name and Address of Beneficial Owner  Amount and Nature of Beneficial Ownership  Amount and Nature of Beneficial Ownership Acquirable  Percent of Class
 Class A 

 Sergiy Shchavyelev, Principal of the General Partner   

   3.5%  None   3.5%

 

 

INTEREST OF MANAGEMENT AND CERTAIN OTHER TRANSACTIONS

 

The Partnership has not had any related-party transactions within the previous two fiscal years.

 

Page 33 

 

 

FEDERAL INCOME TAX CONSIDERATIONS

 

The following is a summary of certain relevant federal income tax considerations resulting from an investment in the Partnership but does not purport to cover all of the potential tax considerations applicable to any specific purchaser. Prospective investors are urged to consult with and rely upon their own tax advisors for advice on these and other tax matters with specific reference to their own tax situation and potential changes in applicable law discussion is a general summary of certain federal income tax consequences of acquiring, holding and disposing of partnership interests in the Partnership and is directed to individual investors who are United States citizens or residents and who will hold their interests in the Partnership as “capital assets” (generally, property held for investment). It is included for general information only and is not intended as a comprehensive analysis of all potential tax considerations inherent in making an investment in the Partnership. The tax consequences of an investment in the Partnership are complex and will vary depending upon each investor’s individual circumstances, and this discussion does not purport to address federal income tax consequences applicable to all categories of investors, some of whom may be subject to special or other treatment under the tax laws (including, without limitation, insurance companies, qualified pension plans, tax-exempt organizations, financial institutions or broker-dealers, traders in securities that elect to mark to market, Limited Partners owning capital stock as part of a “straddle,” “hedge” or “conversion transaction,” domestic corporations, “S” corporations, REITs or regulated investment companies, trusts and estates, persons who are not citizens or residents of the United States, persons who hold their interests in the Partnership through a company or other entity that is a pass-through entity for U.S. federal income tax purposes or persons for whom an interest in the Partnership is not a capital asset or who provide directly or indirectly services to the Partnership). Further, this discussion does not address all of the foreign, state, local or other tax laws that may be applicable to the Partnership or its Limited Partners.

 

Prospective investors also should be aware that uncertainty exists concerning various tax aspects of an investment in the Partnership. This summary is based upon the IRS Code, the Treasury Regulations (the “Treasury Regulations”) promulgated thereunder (including temporary and proposed Treasury Regulations), the legislative history of the IRS Code, current administrative interpretations and practices of the Internal Revenue Service (“IRS”), and judicial decisions, all as in effect on the date of this offering circular and all of which are under continuing review by Congress, the courts and the IRS and subject to change or differing interpretations. Any such changes may be applied with retroactive effect. Counsel to the Partnership has not opined on the federal, state or local income tax matters discussed herein, and no rulings have been requested or received from the IRS or any state or local taxing authority concerning any matters discussed herein. Consequently, no assurance is provided that the tax consequences described herein will continue to be applicable or that the positions taken by the Partnership in respect of tax matters will not be challenged, disallowed or adjusted by the IRS or any state or local taxing authority. 

 

Prospective investors are urged to consult with and rely upon their own tax advisors for advice on these and other tax matters with specific reference to their own tax situation and potential changes in applicable law.

 

FOREIGN INVESTORS: NON-U.S. INVESTORS ARE SUBJECT TO UNIQUE AND COMPLEX TAX CONSIDERATIONS. THE PARTNERSHIP AND THE GENERAL PARTNER MAKE NO DECLARATIONS AND OFFER NO ADVICE REGARDING THE TAX IMPLICATIONS TO SUCH FOREIGN INVESTORS, AND SUCH INVESTORS ARE URGED TO SEEK INDEPENDENT ADVICE FROM ITS OWN TAX COUNSEL OR ADVISORS BEFORE MAKING ANY INVESTMENT. 

 

Tax Classification of the Partnership as a Partnership

General.

 

The federal income tax consequences to the Investors of their investment in the Partnership will depend upon the classification of the Partnership as a “Partnership” for federal income tax purposes, rather than as an association taxable as a corporation. For federal income tax purposes, a partnership is not an entity subject to tax, but rather a conduit through which all items of partnership income, gain, loss, deduction and credit are passed through to its Limited Partners. Thus, income and deductions resulting from Partnership operations are allocated to the Investors in the Partnership and are taken into account by such Investors on their individual federal income tax returns. In addition, a distribution of money or marketable securities from the Partnership to a Limited Partner generally is not taxable to the Limited Partner unless the amount of the distribution exceeds the Limited Partner’s tax basis in his interest in the Partnership. In general, an unincorporated entity formed under the laws of a state in the United States with at least two partners, such as the Partnership, will be treated as a partnership for federal income tax purposes provided that (i) it is not a “publicly traded partnership” under Section 7704 of the IRS Code and (ii) does not affirmatively elect to be classified as an association taxable as a corporation under the so-called “check the box” regulations relating to entity classification. The Partnership is not currently a “publicly traded partnership” within the meaning of Section 7704 of the IRS Code for the reasons discussed below. In addition, the General Partner does not intend to affirmatively elect classification of the Partnership as an association taxable as a corporation. Accordingly, the General Partner expects that the Partnership will be classified as a partnership for federal income tax purposes.

 

Publicly Traded Partnership Rules.

 

Under Section 7704 of the IRS Code, a partnership that meets the definition of a “publicly traded partnership” may be treated as a corporation depending on the nature of its income. If the Partnership were so treated as a corporation for federal income tax purposes, the Partnership would be a separate taxable entity subject to corporate income tax, and distributions from the Partnership to a partners would be taxable to the partners in the same manner as a distribution from a corporation to a shareholder (i.e., as dividend income to the extent of the current and accumulated earnings and profits of the Partnership, as a nontaxable reduction of basis to the extent of the partner’s adjusted tax basis in his interests in the Partnership, and thereafter as gain from the sale or exchange of the Investors interests in the Partnership). The effect of classification of the Partnership as a corporation would be to reduce substantially the after-tax economic return on an investment in the Partnership.

 

A partnership will be deemed a publicly traded partnership if (a) interests in such partnership are traded on an established securities market, or (b) interests in such partnership are readily tradable on a secondary market or the substantial equivalent thereof. As discussed in this offering circular, interests in the Partnership (i) will not be traded on an established securities market; and (ii) will be subject to transfer restrictions set forth in the Limited Partnership Agreement. Specifically, the Limited Partnership Agreement generally prohibits any transfer of a partnership interest without the prior consent of the General Partner except in connection with an Exempt Transfer. The General Partner will consider prior to consenting to any transfer of an interest in the Partnership if such transfer would or could reasonably be expected to jeopardize the status of the Partnership as a partnership for federal income tax purposes.

 

The remaining discussion assumes that the Partnership will be treated as a Partnership and not as an association taxable as a corporation for federal income tax purposes. 

 

Allocation of Partnership Income, Gains, Losses, Deductions and Credits

 

Profits and Losses are allocated to the Limited Partners under the Limited Partnership Agreement. In general, Profits or Losses during any fiscal year will be allocated as of the end of such fiscal year to each Limited Partner in accordance with their ownership interests. Certain allocations may be effected to comply with the “qualified income offset” provisions of applicable Treasury Regulations relating to partnership allocations (as referenced below).

 

Under Section 704(b) of the IRS Code, a Partnership’s allocations will generally be respected for federal income tax purposes if they have “substantial economic effect” or are otherwise in accordance with the “limited partner’s interests in the partnership.” The Partnership will maintain a capital account for each Limited Partner in accordance with federal income tax accounting principles as set forth in the Treasury Regulations under Section 704(b), and the Limited Partnership Agreement does contain a qualified income offset provision. The Limited Partnership Agreement requires liquidating distributions to be made in accordance with the economic intent of the transaction and the allocations of Partnership income, gain, loss and deduction under the Limited Partnership Agreement are designed to be allocated to the limited partners with the economic benefit of such allocations and are in a manner generally in accord with the principles of Treasury Regulations issued under Section 704(b) of the IRS Code relating to the Limited Partner’s interest in the partnership. As a result, although the Limited Partnership Agreement may not follow in all respects applicable guidelines set forth in the Treasury Regulations issued under Section 704(b), the General Partner anticipates that the Partnership’s allocations would generally be respected as being in accordance with the Limited Partner’s interest in the Partnership. However, if the IRS were to determine that the Partnership’s allocations did not have substantial economic effect or were not otherwise in accordance with the Limited Partners’ interests in the Partnership, then the taxable income, gain, loss and deduction of the Partnership might be reallocated in a manner different from that specified in the Limited Partnership Agreement and such reallocation could have an adverse tax and financial effect on Limited Partners.

 

Page 34 

 

 

Limitations on Deduction of Losses

 

The ability of a Limited Partner to deduct the Limited Partner’s share of the Partnership’s losses or deductions during any particular year is subject to numerous limitations, including the basis limitation, the at-risk limitation, the passive activity loss limitation and the limitation on the deduction of investment interest. Each prospective investor should consult with its own tax advisor regarding the application of these rules to it in respect of an investment in the Partnership.

 

Basis Limitation. Subject to other loss limitation rules, a Limited Partner is allowed to deduct its allocable share of the Partnership’s losses (if any) only to the extent of such Limited Partner’s adjusted tax basis in its interests in the Partnership at the end of the Partnership’s taxable year in which the losses occur.

 

At-Risk LimitationIn the case of a Limited Partner that is an individual, trust, or certain type of corporation, the ability to utilize tax losses allocated to such Limited Partner under the Limited Partnership Agreement may be limited under the “at-risk” provisions of the IRS Code. For this purpose, a Limited Partner who acquires a Partnership interest pursuant to the Offering generally will have an initial at-risk amount with respect to the Partnership’s activities equal to the amount of cash contributed to the Partnership in exchange for its interest in the Partnership. This initial at-risk amount will be increased by the Limited Partner’s allocable share of the Partnership’s income and gains and decreased by their share of the Partnership’s losses and deductions and the amount of cash distributions made to the Limited Partner. Liabilities of the Partnership, whether recourse or nonrecourse, generally will not increase a Limited Partner’s amount at-risk with respect to the Partnership. Any losses or deductions that may not be deducted by reason of the at-risk limitation may be carried forward and deducted in later taxable years to the extent that the Limited Partner’s at-risk amount is increased in such later years (subject to application of the other loss limitations). Generally, the at-risk limitation is to be applied on an activity-by-activity basis. If the amount for which a Limited Partner is considered to be at-risk with respect to the activities of the Partnership is reduced below zero (e.g., by distributions), the Limited Partner will be required to recognize gross income to the extent that their at-risk amount is reduced below zero.

 

Passive Loss Limitation. To the extent that the Partnership is engaged in trade or business activities, such activities will be treated as “passive activities” in respect of any Limited Partner to whom Section 469 of the IRS Code applies (individuals, estates, trusts, personal service corporations and, with modifications, certain closely-held C corporations), and, subject to the discussion below regarding portfolio income, the income and losses in respect of those activities will be “passive activity income” and “passive activity losses.” Under Section 469 of the IRS Code, a taxpayer’s losses and income from all passive activities for a year are aggregated. Losses from one passive activity may be offset against income from other passive activities. However, if a taxpayer has a net loss from all passive activities, such taxpayer generally may not use such net loss to offset other types of income, such as wage and other earned income or portfolio income (e.g., interest, dividends and certain other investment type income). Limited Partner income and capital gains from certain types of investments are treated as portfolio income under the passive activity rules and are not considered to be income from a passive activity. Unused passive activity losses may be carried forward and offset against passive activity income in subsequent years. In addition, any unused loss from a particular passive activity may be deducted against other income in any year if the taxpayer’s entire interest in the activity is disposed of in a fully taxable transaction.

 

Non-Business Interest LimitationGenerally, a non-corporate taxpayer may deduct “investment interest” only to the extent of such taxpayer’s “net investment income.” Investment interest subject to such limitations may be carried forward to later years when the taxpayer has additional net investment income. Investment interest is interest paid on debt incurred or continued to acquire or carry property held for investment. Net investment income generally includes gross income and gains from property held for investment reduced by any expenses directly connected with the production of such income and gains. To the extent that interest is attributable to a passive activity, it is treated as a passive activity deduction and is subject to limitation under the passive activity rules and not under the investment interest limitation rules. 

 

Limitation on Deductibility of Capital Losses. The excess of capital losses over capital gains may be offset against ordinary income of a non-corporate taxpayer, subject to an annual deduction limitation of $3,000. A non-corporate taxpayer may carry excess capital losses forward indefinitely.

 

Taxation of Undistributed Partnership Income (Individual Investors)

 

Under the laws pertaining to federal income taxation of limited liability companies that are treated as partnerships, no federal income tax is paid by the Partnership as an entity. Each individual Limited Partner reports on his federal income tax return his distributive share of Partnership income, gains, losses, deductions and credits, whether or not any actual distribution is made to such limited partner during a taxable year. Each individual Limited Partner may deduct his distributive share of Partnership losses, if any, to the extent of the tax basis of his Units at the end of the Partnership year in which the losses occurred. The characterization of an item of profit or loss will usually be the same for the limited partner as it was for the Partnership. Since individual Limited Partners will be required to include Partnership income in their personal income without regard to whether there are distributions of Partnership income, such Investors will become liable for federal and state income taxes on Partnership income even though they have received no cash distributions from the Partnership with which to pay such taxes.

 

Tax Returns

 

Annually, the Partnership will provide the Limited Partners sufficient information from the Partnership's informational tax return for such persons to prepare their individual federal, state and local tax returns. The Partnership's informational tax returns will be prepared by a tax professional selected by the General Partner.

 

Page 35 

 

ERISA CONSIDERATIONS

When deciding whether to invest a portion of the assets of a qualified profit-sharing, pension or other retirement trust in the Partnership, a fiduciary should consider whether: (i) the investment is in accordance with the documents governing the particular plan; (ii) the investment satisfies the diversification requirements of Section 404(a)(1)(c) of Employee Retirement Income Security Act of 1974, as amended (“ERISA”); and (iii) the investment is prudent and in the exclusive interest of participants and beneficiaries of the plan.

PLAN ASSETS

Under ERISA, whether the assets of the Partnership are considered “plan assets” is also critical. ERISA generally requires that “plan assets” be held in trust and that the trustee or a duly authorized Manager have exclusive authority and discretion to manage and control the assets. ERISA also imposes certain duties on persons who are “fiduciaries” of employee benefit plans and prohibits certain transactions between such plans and parties in interest (including fiduciaries) with respect to the assets of such plans. Under ERISA and the Code, “fiduciaries” with respect to a plan include persons who: (i) have any power of control, management or disposition over the funds or other property of the plan; (ii) actually provide investment advice for a fee; or (iii) have discretion with regard to plan administration. If the underlying assets of the Partnership are considered to be “plan assets,” then the Manager(s) of the Partnership could be considered a fiduciary with respect to an investing employee benefit plan, and various transactions between Management or any Affiliate and the Partnership, such as the payment of fees to Managers, might result in prohibited transactions. A regulation adopted by the Department of Labor generally defines plan assets as not to include the underlying assets of the issuer of the securities held by a plan. However, where a plan acquires an equity interest in an entity that is neither a publicly offered security nor a security issued by certain registered investment companies, the plan’s assets include both the equity interest and an undivided interest in each of the underlying assets of the entity unless: (i) the entity is an operating company or; (ii) equity participation in the entity by benefit plan investors (as defined in the regulations) is not significant (i.e., less than twenty-five percent (25%) of any class of equity interests in the entity is held by benefit plan investors).

Benefit plan investors are not expected to acquire twenty-five percent (25%) or more of the Units offered by the Partnership. Management of the Partnership intends to preclude significant investment in the Partnership by such plans. Employee benefit plans (including IRAs), however, are urged to consult with their legal advisors before subscribing for the purchase of Units to ensure the investment is acceptable under ERISA regulations.

Failure to satisfy the fiduciary standards of conduct and other applicable requirements of ERISA, the Code, or other applicable statutory or common law may result in the imposition of civil penalties and can subject the fiduciary to liability for any resulting losses as well as equitable remedies. In addition, if an investment in the Partnership’s Units constitutes a prohibited transaction under the Code, the “disqualified person” that engaged in the transaction may be subject to the imposition of excise taxes with respect to the amount invested.

 

Page 36 

 

 

DESCRIPTION OF THE SECURITIES

 

The Partnership is offering up to 5 million Units of Class A Limited Partnership Interest at $10.00 per Unit with a minimum investment of $500.00 per Investor.

Summary of Distributions

The intention, subject to the discretion of the General Partner to change the terms of distribution and reflect the same in the attached Exhibit 3, the Amended and Restated Limited Partnership Agreement, specifically “Schedule B” for a Class issued for classes of Units is to make distribution as follows, provided the same will be made solely from revenue and proceeds available to the Partnership after payment of expenses and pari passu and pro rata with other Units.

 

The distribution terms are:

(i) the general costs and fees for the Partnership are paid first, excluding any management fee payable as a percentage of capital invested and subject to any specific agreement as to fees and costs allocated to a Class or Series;

(ii) the Amount Available for Distribution which is net of the costs and fees in Section 3.6(f)(ii) of the Limited Partnership Agreement will then be calculated and allocated on a pro rata (based on Capital Contributed) pari passu basis to each Class and the Management Fee for each Class calculated and paid to the Manager subject to any specific agreement as to fees and costs allocated to a Class or Series on the basis as described in Schedule “B” of the Limited Partnership Agreement;

(iii) next, pari passu the net amount by Class from Section 3.6(f)(ii) of the Limited Partnership Agreement on a per Unit basis will be paid using the funds available (on a currency separate basis), (some funds may be in reserve in case of shortfall in the following months to smooth out the distributions and avoid a need to claw back in the discretion of the General Partner) until the minimum return on Capital Contribution for each Class is distributed (any balance will be retained to year end);

(iv) then an annual true up for the Fiscal year will be calculated and paid within 60 days of calendar year end; the true up is increase the distribution for each Unit pro rata pari passu until each Unit has received a 10% (less Management Fee) return on Capital Contribution for the Fiscal Year;

(v) then to divide the amount remaining (if any) of Amount Available for Distribution over the 10% on Capital Contributed (less Management Fee) firstly 50/50 with the Manager (as Manager Bonus) and then equally per Unit.

The distributions will be made on the Units to the Limited Partners as determined by the General Partner, provided the same will be made as offered in the relevant Offering Memorandum and solely from revenue and proceeds available to the Partnership after payment of expenses pari passu and pro rata with other Units.

Allocation of Net Profits and Net Losses

Net Profits of the Partnership for any Fiscal Year and Net Loss of the Partnership for any Fiscal Year will be allocated by the Manager to the Limited Partners as follows:

(a) Net Profits or Net Losses of the Partnership for any Fiscal Year arising from a disposition of any interest in the Investments or from any other transaction giving rise to Amounts Available for Distribution will be allocated to the Limited Partners on the same basis as for distributions as set out in Section 3.6(f) of the Limited Partnership Agreement; and

(b) Net Profits of the Partnership and Net Losses of the Partnership for any Fiscal Year other than Net Profits or Net Losses arising from a disposition of any interest in the Investments or any other transaction giving rise to Amounts Available for Distribution, will be allocated to the Limited Partners on the same basis as for distributions as set out in Section 3.6(f) of the Amended and Restated Limited Partnership Agreement.

Redemption Timing: Monthly, 30-day notice and 30 days to pay (see limitations).

 


Redemption Payment: Redemption Price is the return of subscription price paid less costs directly associated subject to the following such that the Redemption Price will be reduced for early redemption on the following basis:

(i) 90% of the Redemption Price, if redeemed within 12 months from the date of issuance;


(ii) 92% of the Redemption Price if redeemed on or after 12 months from the date of issuance but within 24 months from the date of issuance;


(iii) 94% of the Redemption Price if redeemed on or after 24 months from the date of issuance but within 36 months from the date of issuance; and


(iv) 100% of the Redemption Price if redeemed on or after 36 months from the date of issuance.

 

Dividends:

 

Holders of the Class A Units shall be entitled to receive, and the Partnership shall pay thereon, if, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of dividends, fixed, cumulative, preferential monthly minimum cash dividends in an amount equal to $0.0625 per Class A Units (being an annual rate equal to $0.75 or 7.5%) payable, with respect to each Class A Unit Dividend Period, on the 15th day of each of the months of each year (the “Class A Units Dividend Payment Date”) in respect of such Class A Units Dividend Payment Date. Dividends on the Class A Units shall accrue daily from and including the date of issue of such Units.

 

Voting Rights:

 

The holders of Class A Units will not be entitled to notice of or to attend, and will not be entitled to vote at, any meeting of shareholders, unless and until the Partnership shall have failed to fully pay an aggregate of three (3) monthly dividends on the Class A Units in accordance with the Amended and Restated Limited Partnership Agreement, whether or not consecutive and whether or not such dividends were declared and whether or not there are any monies of the Partnership properly applicable to the payment of such dividends. Accordingly, such voting rights shall be applicable once there is accrued and unpaid an aggregate of $0.1875 per Unit. In the event of such non-payment, and for only so long as any such dividends remain in arrears, the holders of the Class A Units shall be entitled to receive notice of all meetings of Limited Partners and to attend thereat.

 

The holders of the Class A Units shall be entitled to vote together with all of the Voting Shares of the Partnership on the basis of one vote in respect of each Class A Unit held by each such holder, until all such arrears of such dividends shall have been paid, whereupon such rights shall cease unless and until the Partnership shall again fail to pay the three (3) monthly dividends on the Class A Units in accordance with the terms hereof, whether or not consecutive and whether or not such dividends were declared and whether or not there are any monies of the Partnership properly applicable to the payment of such dividends, in which event such voting rights shall become effective again and so on from time to time. The holders of Class A Units shall be entitled to vote separately as a class on any resolution to wind-up, dissolve or liquidate the Partnership and as set out in the LPA.

 

Redemptions

 

The Units are redeemable within 30 days notice and with payment to be made no later than 30 days thereafter subject to redemption right. (See Exhibit 3 the Amended and Restated Limited Partnership Agreement).

 

Redemption Price and Payment – Redemption Price is Return of subscription price paid less costs directly associated subject to the following such that the Redemption Price will be reduced for early redemption on the following basis:

90% of the Issuance Price, if redeemed within 12 months from the date of issuance; 
92% of the Issuance Price if redeemed on or after 12 months from the date of issuance but within 24 months from the date of issuance; 
94% of the Issuance Price if redeemed on or after 24 months from the date of issuance but within 36 months from the date of issuance; and 
100% of the Class A LP Units Issuance Price if redeemed on or after 36 months from the date of issuance.

 

The total amount payable by the Partnership for the Class A Limited Partnership Units tendered for redemption in the same calendar month may not exceed 1/12th of 25% of the total capital of the issued and outstanding Class A Units determined at the closing of the Class A Units Listing Date (the “Redemption Limit”); provided that the General Partner may, in its absolute discretion, waive such limitation in respect of all Units tendered for redemption in any period. To the extent the Partnership has received notices of redemption where the aggregate number of Class A Units would exceed the Redemption Limit, the Partnership shall redeem only such number of Class A Limited Partnership Units as to require the redemption of an aggregate number of Class A Limited Partnership Units in respect of redemptions equal to the Redemption Limit. The Partnership shall administer the foregoing and any cutbacks on a proportionate basis with respect to the aggregate number of Class A Limited Partnership Units represented by redemption notices. Any redemption notices (or portions thereof) which are not honored shall be honored at the next following Class A Units Monthly Shareholder Redemption Date, subject in all cases to the Partnership’s right to suspend redemptions and the Redemption Limit described herein;

 

redemptions will be restricted if, in the General Partner’s opinion (in its absolute discretion), the Partnership has insufficient liquid assets to fund such redemptions or the liquidation of assets at such time would be to the detriment of or adversely affect the remaining Limited Partners or the Partnership generally; and redemptions will be restricted if the redemption by the Partnership of all Class A Units surrendered for redemption in any period would be contrary to applicable law, in which case the Partnership shall redeem only the maximum number of Class A Units which it is then permitted to redeem selected on a pro rata basis from each holder of Class A Units surrendered for redemption according to the number of Class A Units surrendered for redemption by each such holder.

 

The Partnership may suspend the redemption of Class A Units for any period not exceeding 120 days during which the Partnership or the Manager determines that conditions exist which render impractical the sale of assets in the Portfolio or which impair the ability of the Manager to determine the value of assets of the Partnership or the Portfolio. The suspension may apply to all requests for redemption of Class A Units received prior to the suspension but as to which payment has not been made, as well as to all requests received while the suspension is in effect. Limited Partners who have tendered their Class A Units for redemption in such circumstances shall be notified of the suspension by the Partnership or the Manager and that the redemption will be effected following the termination of the suspension. All such holders of Class A Units shall have and shall be advised that they have the right to withdraw such Units surrendered for redemption. The suspension shall terminate in any event on the first day on which the condition giving rise to the suspension has ceased to exist provided that no other condition under which a suspension is authorized then exists. To the extent not inconsistent with the rules and regulations promulgated by any governmental body having jurisdiction over the Partnership, any declaration of suspension made by the Partnership or the Manager shall be conclusive.

 

Page 37 

 

 

REPORTS TO LIMITED PARTNERS AS REQUIRED BY THE AMENDED RESTATED LIMITED PARTNERSHIP AGREEMENT

 

Adequate accounting records (GAAP) shall be kept of all Partnership business and these shall be open to inspection by any of the Partners at any reasonable times.

 

Within 90 days after the end of each Fiscal Year, a general account of the affairs of the Partnership shall be furnished to each Partner, together with such appropriate information as may be required by each Partner for the purpose of preparing its income tax return for that year.

 

PART F/S

 

Unaudited Balance Statements For period Beginning January 1, 2021 and Ending June 30, 2021  

 

EquityLine Capital, LP     
Balance Sheet     
For the period ending June 30, 2021     
      
      
ASSETS     
Current Assets     
Cash  $—   
Total Current Assets   —   
      
TOTAL ASSETS  $—   
      
LIABILITIES AND PARTNER'S CAPITAL     
Current Liabilities     
Total Current Liabilities  $—   
      
TOTAL LIABILITIES   —   
      
Partner's Capital     
Preferred stock, no par, 1,000,000 authorized, 0 issued and     
outstanding as of December 31, 2020   —   
Common stock, no par, 3,000,000 authorized, issued and     
outstanding as of December 31, 2020   —   
Additional paid in capital   —   
Retained earnings   —   
TOTAL PARTNER'S CAPITAL   —   
      
TOTAL LIABILITIES AND     
PARTNER'S CAPITAL  $—   

 

 

EquityLine Capital, LP     
Statement of Operations     
For the period ending June 30, 2021     
      
REVENUE     
Total revenue  $—   
      
EXPENSES     
Total operating expenses   —   
      
LOSS FROM OPERATIONS   —   
      
OTHER INCOME (EXPENSES)   —   
   —   
      
      
NET LOSS  $—   

 

 

EquityLine Capital, LP
Statement of Partner's Capital
For the period ending June 30, 2021
             
   Outstanding  Additional Paid  Retained   
   Units  In Capital  Earnings  Total
             
December 31, 2021  100  $-  $-  $-
             
Issuance of Founders Units   -    -      -       
                     
Net income (loss)   -    -      -      -  
                     
Capital contributions             -        
                     
Distributions             -        
                     
June 30, 2021   100   $-     $-     $ 

 

 

EquityLine Capital, LP     
Statement of Cash Flows     
For the period ending June 30, 2021     
      
      
CASH FLOWS FROM OPERATING ACTIVITIES     
Net loss  $—   
Adjustments to reconcile net income (loss)     
to net cash provided by (used in)     
operating activities:     
Portfolio valuation adjustment     
      
      
      
Net cash provided by operating activities   —   
      
CASH FLOWS FROM INVESTING ACTIVITIES     
      
Net cash (used in) investing activities   —   
      
CASH FLOWS FROM FINANCING ACTIVITIES     
Contribution from shareholder   —   
      
Net cash provided by financing activities   —   
      
NET INCREASE IN CASH   —   
      
Cash  at beginning of year   —   
Cash at end of year  $—   
      
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION     
Cash paid during year for interest  $—   
Cash paid during year for income taxes  $—   

 

 

Financial Statements and Report of

Independent Certified Public Accountants

EquityLine Capital, LP

December 31, 2020

  

Independent Auditor's Report

 

  

Board of Directors and Partner of

EquityLine Capital, LP:

 

Opinion

We have audited the financial statements of EquityLine Capital, LP, which comprise the statement of financial position as at December 31, 2020, and the statement of operations, statement of changes in partner's capital, and statement of cash flows for the period from September 8, 2020 (inception) through December 31, 2020 and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements present fairly, in all material respects the financial position of EquityLine Capital, LP as at December 31, 2020, and of its financial performance and its cash flows for the period from September 8, 2020 (inception) through December 31, 2020 then ended in accordance with International Financial Reporting Standards (IFRSs).

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of EquityLine Capital, LP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United States of America, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRSs, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing EquityLine Capital, LP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate EquityLine Capital, LP or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing EquityLine Capital, LP's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also—

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error; design and perform audit procedures responsive to those risks; and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of EquityLine Capital, LP's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on EquityLine Capital, LP's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause EquityLine Capital, LP to cease to continue as a going concern.
Evaluate the overall presentation, structure, and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

/s/ Assurance Dimensions

Tampa, Florida

June 24, 2021

 

 

EquityLine Capital, LP     
Balance Sheet     
December 31, 2020     
      
      
ASSETS     
Current Assets     
Cash  $—   
Total Current Assets   —   
      
TOTAL ASSETS  $—   
      
LIABILITIES AND PARTNER'S CAPITAL     
Current Liabilities     
Total Current Liabilities  $—   
      
TOTAL LIABILITIES   —   
      
Partner's Capital     
Preferred stock, no par, 1,000,000 authorized, 0 issued and     
outstanding as of December 31, 2020   —   
Common stock, no par, 3,000,000 authorized, issued and     
outstanding as of December 31, 2020   —   
Additional paid in capital   —   
Retained earnings   —   
TOTAL PARTNER'S CAPITAL   —   
      
TOTAL LIABILITIES AND     
PARTNER'S CAPITAL  $—   

 

  

 

EquityLine Capital, LP     
Statement of Operations     
For the period from September 8, 2020 to December 31, 2020     
      
REVENUE     
Total revenue  $—   
      
EXPENSES     
Total operating expenses   —   
      
LOSS FROM OPERATIONS   —   
      
OTHER INCOME (EXPENSES)   —   
   —   
      
      
NET LOSS  $—   

 

 

EquityLine Capital, LP
Statement of Partner's Capital
For the period from September 8, 2020 to December 31, 2020
             
   Outstanding  Additional Paid  Retained   
   Units  In Capital  Earnings  Total
             
September 8, 2020  -  $-  $-  $-
             
Issuance of Founders Units   100    —      —      —   
                     
Net income (loss)   —      —      —      —   
                     
Capital contributions             —        
                     
Distributions             —        
                     
December 31, 2020   100   $—     $—     $—   

 

 

EquityLine Capital, LP     
Statement of Cash Flows     
For the period from September 8, 2020 to December 31, 2020     
      
      
CASH FLOWS FROM OPERATING ACTIVITIES     
Net loss  $—   
Adjustments to reconcile net income (loss)     
to net cash provided by (used in)     
operating activities:     
Portfolio valuation adjustment     
      
      
      
Net cash provided by operating activities   —   
      
CASH FLOWS FROM INVESTING ACTIVITIES     
      
Net cash (used in) investing activities   —   
      
CASH FLOWS FROM FINANCING ACTIVITIES     
Contribution from shareholder   —   
      
Net cash provided by financing activities   —   
      
NET INCREASE IN CASH   —   
      
Cash  at beginning of year   —   
Cash at end of year  $—   
      
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION     
Cash paid during year for interest  $—   
Cash paid during year for income taxes  $—   

 


Note A – Nature of Business and Organization

Equityline Capital (Delaware) LP is a Delaware Limited Partnership formed for the purpose of acquiring originated mortgages or mortgage secured debentures or notes primarily from Equityline Mortgage Investment Corporation, a party owned and managed by the Principals of the Partnership and operating a Canadian mortgage lender. The Partnership was formed as a Limited Partnership (LP) as its legal structure under the laws of the State of Delaware on September 8, 2020.

Note B – Significant Accounting Policies

Basis of Presentation

These financial statements have been prepared in accordance with the International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”). The financial statements comply with IFRS as issued by the IASB.

Cash and Cash Equivalents

The Partnership considers all highly liquid instruments with an original maturity of less than three months to be cash and cash equivalents. The Partnership places its temporary cash investments with high quality financial institutions. At times, such investments may be in excess of FDIC insurance limits. The Partnership does not believe it is exposed to any significant credit risk on cash and cash equivalents.

Income Taxes

The Partnership, with the consent of its stockholder has elected to be taxed under sections of federal and state income tax law, which provide that, in lieu of partnership income taxes, the member separately accounts for its share of the Partnership’s items of income, deductions, losses and credits. As a result of this election, no income taxes have been recognized in the accompanying financial statements. The Partnership periodically assesses whether it has incurred income tax expense or related interest or penalties in accordance for uncertain income tax positions. No such amounts were recognized.

The Partnership adopted the income tax standard for uncertain tax positions. As a result of this implementation, the Partnership evaluated its tax positions and determined that it has no uncertain tax positions as of December 31, 2020. The Partnership’s 2020 tax year is open for examination for federal and state taxing authorities.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Note C - Partner's Capital

Common shares are classified as equity. Incremental costs directly attributable to the issue of common shares are recognized as a deduction from equity. Dividends to shareholders are recognized in shareholders' equity. As of December 31, 2020 the general partner was the only partner of the partnership.

Note D - Commitments and Contingencies

Contingencies

Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Partnership but which will only be resolved when one or more future events occur or fail to occur. The Partnership's management and its legal counsel assess such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Partnership or unasserted claims that may result in such proceedings, the Partnership's legal counsel evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.

If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Partnership's financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, would be disclosed.

COVID-19

Management has concluded that the COVID-19 outbreak in 2020 may have a significant impact on business in general, but the potential impact on the Partnership is not currently measurable. Due to the level of risk this virus has had on the global economy, it is at least reasonably possible that it could have an impact on the operations of the Partnership in the near term that could materially impact the Partnership's financials. Management has not been able to measure the potential financial impact on the Partnership but will review commercial and federal financing options should the need arise.

Note E - Subsequent Events

Management has assessed subsequent events through June 24, 2021 the date on which the financial statements were available to be issued.

Page 38

EXHIBIT INDEX

 

Exhibit # Exhibit Name
2 Certificate of Limited Partnership
3 Amended Restated Limited Partnership Agreement
4 Subscription Agreement
6 Management Agreement
8 Escrow Agreement
11 Written Expert Consent Letter of Assurance Dimensions
12

Legal Opinion Letter Regarding of the Securities Offered

16 Affiliates Diagram

 

Page 39 

 

 

SIGNATURE PAGE

 

Pursuant to the requirements of Regulation A, the issuer certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form 1-A and has duly caused this Offering Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Toronto, in Ontario, Canada on December 16, 2021.

 

ISSUER:

EquityLine Capital (Delaware) LP, a Delaware limited partnership

920 North King Street, 2nd Floor

Wilmington, DE 19801

Phone: 1-888-269-1988

 

Signed by its General Partner:

EquityLine Capital (Delaware) LLC

 

s/Sergiy Shchavyelyev

Sergiy Shchavyelyev

Principal/Chief Executive Officer of the General Partner

Date: December 16, 2021

  

This Offering Statement has been signed by the following persons in the capacity and on the dates indicated.

  

s/Sergiy Shchavyelyev

Name: Sergiy Shchavyelyev

Title: Principal Executive Officer of the Partnership

Date: December 16, 2021

Location Signed: City of Toronto, Ontario, Canada

  

s/Roman Raskin

Name: Roman Raskin

Title: Chief Financial Officer / Principal Accounting Officer of the Partnership

Date: December 16, 2021

Location Signed: City of Toronto, Ontario, Canada

 

This Offering Statement has been signed by the following sole director in the capacity and on the date indicated.

 

 s/ Sergiy Shchavyelyev

Name: Sergiy Shchavyelyev

Title: Director of the Partnership & General Partner

Date: December 16, 2021

Location Signed: City of Toronto, Ontario, Canada

 

Page 40 

 

 

EX1A-2A CHARTER 3 a_formationpaper.htm CERTIFICATE OF LIMITED PARTNERSHIP

Text, letter

Description automatically generated Text, letter

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EX1A-3 HLDRS RTS 4 partag.htm AMENDED RESTATED LIMITED PARTNERSHIP AGREEMENT

 

 

 

EQUITYLINE CAPITAL (DELAWARE) LLC

- and -

EQUITYLINE SERVICE CORP.

- and -

EACH PERSON BECOMING PARTY HERETO AS A LIMITED PARTNER

BY EXECUTING A SUBSCRIPTION AGREEMENT THAT IS ACCEPTED BY THE GENERAL PARTNER

 


AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT FOR

EQUITYLINE CAPTIAL (DELAWARE) LIMITED PARTNERSHIP


 

October 18, 2021

 

 
 

TABLE OF CONTENTS

Article 1 INTERPRETATION Article 1 INTERPRETATION 2

1.1 Defined Terms 2

1.2 Interpretation Not Affected by Headings 6

1.3 Severability 6

1.4 Statutes 7

1.5 Terms Continuing 7

1.6 Terms Replaced 8

Article 2 PARTNERSHIP RELATIONSHIPS 8

2.1 Formation and Name of Partnership 8

2.2 Investment Objectives 8

2.3 Activity of the Partnership 9

2.4 Use of Partnership Name 9

2.5 Management Office for the Partnership 9

2.6 Fiscal Year 9

2.7 Representations and Warranties 9

2.8 Power of Attorney 9

2.9 Limited Liability of Limited Partners 10

2.10 Indemnity of Limited Partners 10

2.11 Other Activities; Investment Opportunities 11

2.12 Authority of General Partner 11

2.13 Positive Obligations of the General Partner 11

2.14 Limited Recourse 12

2.15 Authority of General Partner to Make Tax Elections 13

2.16 Limitation on Authority of Limited Partner 13

2.17 Waiver of Partition and Sale 14

2.18 Status of the Manager 14

2.19 Currency Management 14

Article 3 COMMITMENTS, CAPITAL AND INTERESTS; DELEGATION; EXPENSES 14

3.1 Exempt Offering 14

3.2 Capital 14

3.3 Capital Accounts 15

3.4 No Right to Withdraw 15

3.5 The Units 16

3.6 Unit Classes 17

3.7 Interest of General Partner 19

3.8 Commingling 19

3.9 Partnership Expenses 19

3.10 Expenses and Fees of the General Partner 19

3.11 Delegation 20

3.12 Informing Creditors and Execution of Documents 20

Article 4 DECISIONS 20

4.1 Partnership’s Direction to General Partner and Manager 20

4.2 Decisions To Be Made in Good Faith 20

4.3 Full Disclosure of Non-Arm’s Length Transaction 21

4.4 Specific Powers 21

 
 

4.5 Reimbursement of the General Partner 22

4.6 Manager as Agent 22

Article 5 BOOKS, RECORDS, ADMINISTRATION 22

5.1 Accounting 22

5.2 Recordkeeping and Reporting 22

5.3 Access to Records 23

Article 6 ALLOCATIONS AND DISTRIBUTIONS 23

6.1 Profit Distribution 23

6.2 Allocation of Net Profits and Net Losses 24

6.3 Computation of Income or Loss for Tax purposes 24

6.4 Amounts Available for Distribution 25

6.5 Determination of Distributions 25

6.6 Capital Reinvested 25

Article 7 REDEMPTION OF PARTNERSHIP UNITS 25

7.1 Right of Redemption – Units 25

7.2 Exercise of Redemption Right 25

The exercise of the Redemption rights will be subject to the following: 25

7.3 Cash Redemption 26

7.4 No Cash Redemption in Certain Circumstances 26

Article 8 TRANSFERS 26

8.1 Transfers 26

8.2 Transfer 26

8.3 Death of a Limited Partner 26

Article 9 Closing and Admission of new limited partners 27

9.1 Closings 27

9.2 Admission of Further Limited Partners 27

Article 10 ARBITRATION 27

10.1 Arbitration 27

Article 11 MEETINGS 28

11.1 Meetings 28

11.2 Accidental Omissions 28

11.3 Proxies 28

11.4 Validity of Proxies 28

11.5 Form of Proxy 28

11.6 Corporations, Trusts and Funds which are Partnership 28

11.7 Attendance of Others 28

11.8 Chairman 29

11.9 Quorum 29

11.10 Voting Process 29

11.11 Resolutions Binding 29

11.12 General Partner Rights 30

11.13 Amendment of Agreement 30

11.14 Minutes 30

 
 

Article 12 LIQUIDATION 30

12.1 Events of Dissolution 30

12.2 Procedure on Dissolution 31

12.3 Dissolution 32

12.4 No Right to Dissolve 32

Article 13 GENERAL PROVISIONS 32

13.1 Notices 32

13.2 Waiver 32

13.3 Rights of Partners Independent 33

13.4 Currency 33

13.5 Accounting Principles 33

13.6 Claims 33

13.7 Time of the Essence 33

13.8 Compounding of Interest 33

13.9 Paramountcy 33

13.10 Confidentiality 33

13.11 Successors and Assigns 34

13.12 Further Assurances 34

13.13 Entire Agreement 34

13.14 Governing Law 34

Article 14 EXECUTION 34

14.1 Declaration of the Parties 34

14.2 Counterparts 35

 

Schedule “A” ORIGNAL REGISTRATION AGREEMENT A-1

Schedule “B” CLASS UNIT ATTRIBUTES A-2

Schedule “C” ARBITRATION TERMS A-1

 

 
 

EQUITYLINE CAPITAL (DELAWARE) LIMITED PARTNERSHIP

AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT

 

THIS AGREEMENT is made as of the 18th day of October, 2021.

BETWEEN:

EQUITYLINE CAPITAL (DELAWARE) LLC, a limited liability company incorporated under the laws of Delaware

(“General Partner”)

- and -

EACH PERSON BECOMING PARTY HERETO AS A LIMITED PARTNER

BY EXECUTING A SUBSCRIPTION AGREEMENT THAT IS ACCEPTED BY THE GENERAL PARTNER

(“Limited Partner” singularly, and “Limited Partners” in the plural)

- and -

EQUITYLINE SERVICE CORP.

(“Manager”)

RECITALS:

A.EquityLine Capital (Delaware) Limited Partnership (the “Partnership”) is formed pursuant to the laws of Delaware by the filing of a Certificate of Limited Partnership and Agreement of Limited Partnership both dated September 8, 2020 appended as Schedule “A” for reference; and
B.The Partnership was formed to carry on the Activity of the Partnership (as defined below) on the terms and as described in this Limited Partnership Agreement.
C.The Partnership has not, prior to the date hereof, carried on any business or acquired any assets or liabilities.
D.It is considered necessary and desirable to enter into an agreement governing the relationship between the parties hereto from time to time.
E.This Agreement amends and restates the Agreement of Limited Partnership dated September 8, 2020, without novation, to the extent stated herein.

NOW THEREFORE in consideration of the premises and the mutual covenants, agreements and conditions set forth herein, the receipt and sufficiency of which is hereby acknowledged by each of the parties hereto, the parties hereto hereby covenant and agree as follows:

Article 1
 
 

INTERPRETATION

1.1Defined Terms

In this Agreement, unless the subject matter or context otherwise requires, all capitalized words and phrases shall have the meanings attributable thereto set out in this Section 1.1 or elsewhere in this Agreement:

(a)Accountants” means the firm of chartered professional accountants/chartered accountants as may be Approved by the Limited Partners from time to time as accountants of the Partnership.
(b)Act” means the Delaware Revised Uniform Limited Partnership Act (6 Del. C. #17-101, et seq.).
(c)Activity of the Partnership” has the meaning in Section 2.3.
(d)Affiliate” of any Person means:
(i)an “affiliate” within the meaning of the Business Corporations Act;
(ii)an “associate” within the meaning of the Business Corporations Act;
(iii)the natural born and legally adopted children of such Person who is an individual and all natural born or legally adopted descendants of such children;
(iv)a partnership (including a limited partner) in which the majority of partnership interests are directly or indirectly held by such Person or an Affiliate of such Person and such majority is sufficient to control the affairs of such partnership; or
(v)a trust in which the majority of beneficial interests are directly or indirectly held by such Person or an Affiliate of such Person and of which such Person or an Affiliate of such Person is, directly or indirectly, a trustee which directs the management or policies of the trust.
(e)Agreement”, “this Agreement”, “the Agreement”, “the Limited Partnership Agreement”, “hereto”, “hereof”, “herein”, “hereby”, “hereunder” and similar expressions mean or refer to this agreement as amended, restated or supplemented from time to time, and any indenture, agreement or instrument supplemental hereto or in implementation hereof and the expressions “Article”, “Section”, “Subsection” and “Schedule” followed by a letter or number mean and refer to the specified Article, Section, Subsection or Schedule of this Agreement.
(f)Alternate Entity” means a separate partnership, corporation or other investment entity formed or invested in (directly or indirectly) by the Partnership to hold or comprise the Mortgage Investments from time to time.
(g)Amount Available for Distribution” means all amount received from each Investment, less the aggregate of: (i) all expenses incurred in connection with the ownership, maintenance, operation, construction and development of the
 
 

Investments (on an Investment specific basis, including all amounts payable under the Management Agreement and any development and/or general contractor agreements as fees specific for Investment Management); (ii) amounts payable to third party lenders on account of principal, interest and other amounts payable under third party financing facilities in each case on a current basis; (iii) the amount of such capital and operating reserves as are established by the General Partner; (iv) general expenses of legal, accounting and similar third party services; and (iv) the amount of such additional reserves as the Manager or the General Partner, acting reasonably, shall determine to hold.

(h)Applicable Laws” means, with respect to any Person, property, transaction or event, all laws, by-laws, rules, regulations, orders, judgments, decrees, decisions or other requirements having the force of law, all codes, directives, policies or guidelines of any Governmental Authority and all common law relating to or applicable to such Person, property, transaction or event.
(i)Approved by the Limited Partners”, “Approve”, “Approval”, “Approved” or “Approval of the Limited Partners” means a resolution of the Limited Partners that is approved as follows:
(i)by not less than a majority of the dollar amount of the Aggregate Capital Contributions by votes cast by those Limited Partners on a vote per dollar basis and who, being entitled to do so, vote in person or by proxy at a duly convened meeting of Partnership, or any adjournment thereof, called in accordance with this Agreement; or
(ii)in writing (for which purpose counterparts and signatures by facsimile or other electronic transmission may be used) signed by Limited Partners holding not less than a majority of the dollar amount of the Aggregate Capital Contributions by votes cast by those Limited Partners on a vote per dollar basis and who are entitled to vote on the resolution,

and in each case excluding from the vote any Defaulting Partner.

(j)Arbitration Act” has the meaning attributed to it in 0.
(k)Arbitrator” has the meaning attributed to it in 0.
(l)Arm’s Length” means “arm’s length” within the meaning of the Tax Act.
(m)Business Day” means any day of any week except for Saturdays, Sundays or any statutory holidays in the Province of Ontario.
(n)Capital” means, as at any date, the Capital Contributions of such Limited Partner as at such date less any distributions of capital made to such Limited Partner prior to such date.
(o)Capital Account” has the meaning attributed to in Section 3.3.
(p)Capital Contribution” means the amount of the capital contribution at the time of determination made by a Limited Partner attributed to the Units including any
 
 

Additional Advances contributed by such Limited Partner from time to time pursuant to this Agreement.

(q)“Class” means a designated class of Units hereunder, and as described in Section 3.6.
(r)Declaration” means the declaration to be filed in respect of the Partnership under the Act, as amended from time to time.
(s)Dispute” has the meaning attributed to it in 0.
(t)Encumbrance” means any charge, lien, security interest, mortgage, hypothec or any other encumbrance.
(u)ETA” means any relevant excise or sales tax act .
(v)Fiscal Year” has the meaning attributed to it in Section 2.6.
(w)GAAP” means applicable generally accepted accounting principles and statements and interpretations (if applicable).
(x)General Partner” means EquityLine Capital (Delaware) LLC or such Person appointed pursuant to the terms of this Agreement to act in the stead of EquityLine Capital (Delaware) LLC.
(y)Governmental Authority” means any government, regulatory authority, governmental department, agency, commission, board, tribunal or court or other law, rule or regulation-making entity having jurisdiction on behalf of any nation, province or state or other subdivision thereof or any municipality, district or other subdivision thereof.
(z)Initial Closing” has the meaning attributed to it in Section 9.1(a).
(aa)Interest” has the meaning attributed to it in Section 3.5.
(bb)Investments” means any investments made to further the Activity.
(cc)Involuntary Transferee” has the meaning attributed to it in Section 8.3.
(dd)Lands” means any lands or premises, together with all easements, rights of way and other rights appurtenant thereto.
(ee)Limited Partner” means, for purposes of this Agreement, each of the limited partners becoming party hereto directly or by transfer of Units or by subscribing for Units and agreeing to be bound and each of their respective permitted successors and assigns; and “Limited Partners” means all of the Limited Partners.
(ff)Major Decisions” means the decisions in respect of the Partnership relating to:
(i)the entering into of any amendments to or extensions of this Agreement;
 
 
(ii)the entering into any material contract, agreement or commitment out of the ordinary course of business which results in any material change in or termination or suspension of any material part of the Mortgage Investments in aggregate or otherwise makes it impossible to carry on the Business of the Partnership;
(iii)any material change in the Business that is expected by the Manager acting reasonably to have a materially adverse effect on value or revenue;
(iv)any determination, step or action taken to terminate or wind up the Partnership or to sell all or substantially all of its assets.
(gg)Management Agreement” means the management and administration agreement dated September 8, 2020 between the Partnership and the Manager as said agreement is assigned, amended, restated, replaced, renewed, extended and/or supplemented from time to time.
(hh)Management Fee” has the meaning attributed to it in the Management Agreement.
(ii)Manager” means EquityLine Service Corp., and its permitted successors and assigns pursuant to the Management Agreement.
(jj)Manager and GP Operating Expenses” means, collectively, the day-to-day operating and administrative expenses, including overhead and compensation of employees, whether incurred by the General Partner or the Manager as more particularly set out in the Management Agreement.
(kk)Manager Fees” has the meaning attributed to it in the Management Agreement.
(ll)Mortgage Investments” means residential, commercial and industrial mortgages on real estate held as part of the Investments.
(mm)Net Losses” has the meaning attributed to it in Section 6.1.
(nn)Net Profits” has the meaning attributed to it in Section 6.1.
(oo)Notice” has the meaning attributed to it in Section 13.1.
(pp)Offering Memorandum” means any confidential information memorandum or offering memorandum for the offering of a Class of Units on a basis exempt from prospectus offering requirements and the prospectus for any public offering of Units.
(qq)Partners” means the Limited Partners and the General Partner, collectively.
(rr)Partnership Expenses” has the meaning attributed to it in the Management Agreement.
(ss)Person” means either a natural person, a partnership of any type, a corporation, an unlimited liability company, a limited liability company or similar entity, a
 
 

syndicate, an insurance company, a pension fund, a chartered bank, a trust, a trust company, a government or an agency thereof, a trustee or an executor, an administrator or other legal representative.

(tt)Record” means the register in which the Manager records the identity of the Limited Partners, each Limited Partner’s Interest and Capital Contribution.
(uu)Series” means a designated series of a Class of Units hereunder, and as described in Section 3.6.
(vv)Special Resolution” means a resolution of the Limited Partners that is approved by the Limited Partners holding not less than 66 2/3 % of the dollar amount of the Aggregate Capital Contributions of the Partnership and who, being entitled to do so, vote:
(i)in person or by proxy at a duly convened meeting of Limited Partners, or any adjournment thereof, called in accordance with this Agreement; p; or
(ii)in writing (for which purpose counterparts and signatures by facsimile may be used) by signing a copy of such written resolution.
(ww)Tax Act” means the Internal Revenue Code (United States).
(xx)Term” has the meaning attributed to in Section Error! Reference source not found..
(yy)Transfer” means the sale (including judicial sale), transfer, assignment (including by way of amalgamation), alienation, exchange, gift, lease, devise or bequest by operation of law or otherwise, whether voluntary or involuntary, and any mortgage, hypothecation, Pledge, Encumbrance or any other disposition or agreement for such by an Limited Partner, of the whole or any part of its Limited Partner’s Units or any of its rights under this Agreement.
(zz)Transferee” has the meaning attributed to it in Section 8.2(a).
(aaa)Transferor” has the meaning attributed to it in Section 8.2(a).
(bbb)Units” has the meaning attributed to it in Section 3.5(a).
1.2Interpretation Not Affected by Headings

Grammatical variations of any terms defined herein have similar meanings; words importing the singular number will include the plural and vice versa; words importing the masculine gender will include the feminine and neuter genders. The division of this Agreement into separate Articles, Sections and Subsections, the provision of a table of contents and index thereto, and the insertion of headings are for convenience of reference only and will not affect the construction or interpretation of this Agreement.

1.3Severability

If any covenant, obligation or agreement contained in this Agreement, or the application thereof to any Person or circumstance will, to any extent, be invalid or unenforceable, such invalid or

 
 

unenforceable covenant, obligation or agreement will be replaced to the extent its application to Persons or circumstances is held invalid or unenforceable, with a comparable covenant, obligation or agreement, as the case may be, which is consistent with the spirit and intent of the invalid or unenforceable covenant, obligation or agreement, as the case may be. The remainder of this Agreement or the application of such covenant, obligation or agreement to Persons or circumstances other than those as to which it is held invalid or unenforceable, will not be affected thereby and each covenant, obligation and agreement contained in this Agreement will be separately valid and enforceable to the fullest extent permitted by law.

1.4Statutes

Any reference to a statute will include and will be deemed to be a reference to the statute and the regulations made pursuant thereto, with all amendments made thereto and in force from time to time, and to any statute or regulation that may be passed which has the effect of supplementing or superseding the statute so referred to or the regulations made pursuant thereto.

1.5Terms Continuing

The following terms of the September 8, 2020 Agreement of Limited Partnership remain in full force and effect:

1.       Name. The name of the limited partnership formed hereby is EquityLine Capital (Delaware) LP (the "Partnership").

2.       Purpose. The Partnership is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Partnership is, engaging in any lawful act or activity for which limited partnerships may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.

3.       Registered Office. The registered office of the Partnership in the State of Delaware is c/o RL&F Service Corp., 920 North King Street, 2nd Floor, Wilmington, New Castle County, Delaware 19801, or such other agent as may hereafter be determined by the General Partner from time to time.

4.       Registered Agent. The name and address of the registered agent of the Partnership for service of process on the Partnership in the State of Delaware is RL&F Service Corp., 920 North King Street, 2nd Floor, Wilmington, New Castle County, Delaware 19801, or such other agent as may hereafter be determined by the General Partner from time to time.

5.       Partners. The names and the business, residence or mailing addresses of the General Partner and the Limited Partner are as follows:

General Partner

EquityLine Capital (Delaware) LLC
550 HWY 7 East, Suite 338

Richmond Hill, ON, L4B 3Z4, Canada

Limited Partner

Sergiy Shchavyelyev

 
 

550 HWY 7 East, Suite 338

Richmond Hill, ON, L4B 3Z4, Canada

 

6.       Powers. The powers of the General Partner include all powers, statutory and otherwise, possessed by general partners under the laws of the State of Delaware. Notwithstanding any other provisions of this Agreement, the General Partner is authorized to execute and deliver any document on behalf of the Partnership without any vote or consent of any other partner.

15.       Liability of Limited Partner. A limited partner shall not have any liability for the obligations or liabilities of the Partnership except to the extent required by the Act.

16.       Governing Law. This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.

1.6Terms Replaced

Save for the terms continued by Section 1.5, the terms of the September 8, 2020 Agreement of Limited Partnership are hereby replaced by the terms following, as amendment and replacement.

Article 2PARTNERSHIP RELATIONSHIPS
2.1Formation and Name of Partnership

The Partners acknowledge that the Partnership is formed as a limited partnership, in accordance with the laws of the State of Delaware and the provisions of this Agreement, to carry on business in common with a view to conducting business with the intention to profit.

2.2Investment Objectives

The business activity of the Partnership will consist of the following described investment business (the “Activity of the Partnership”).

The investment objectives of the Partnership are to generate favourable investment returns through the investments (“Investments”) directly, or indirectly through mortgage finance, in real estate projects in Canada and the United States for the purpose of making a return from income and capital gain, the intent is to use investments in actively managed real estate based indirect investments through funds, private equity vehicles and share investment including those related to the partnership or under common management.

Leverage may be employed on a situational basis where appropriate to amplify exposure to investments. The Manager may exit investments on achievement of the specific strategic plan for each individual investment such that the value-enhancing initiatives have been completed.

The General Partner and Manager are affiliated with other entities that engage in real estate investment. The Partnership will invest in investments identified by, invested in and managed by those affiliated entities and vice versa. The General Partner will in identifying, determining investment structure, participation and management will use reasonable efforts to obtain and allocate investments for the portfolio of the Partnership on a basis of first allocating suitable investments to the Partnership, but may share investments with and invest in investments of its affiliates.

 
 
2.3Activity of the Partnership
(a)The Partnership will not carry on any activity other than the Activity of the Partnership.
(b)The Partnership will carry on the Activity of the Partnership in such a manner as to ensure, to the greatest extent possible, the limited liability of the Limited Partners.
2.4Use of Partnership Name

No Partner other than the General Partner and the Manager has the right to use any part of the Partnership name to carry on any business or activity and the General Partner and the Manager may not use the Partnership name to carry on any business or activity other than the business of the Partnership. Each of the Limited Partners appoints the General Partner as its agent and attorney-in-fact solely to execute on its behalf any business name statement or registration relating to the Partnership and allowing the Partnership to carry on business using the declared name of the Partnership.

2.5Management Office for the Partnership

The management office of the Partnership will be located in Greater Toronto Area, Ontario, at such address as the Manager may designate in writing from time to time.

2.6Fiscal Year

The fiscal period of the Partnership will end on December 31 in each year, or such other date as is Approved by the Limited Partners. Each such fiscal period is herein referred to as a “Fiscal Year”.

2.7Representations and Warranties

Each Limited Partner hereby makes in favour of the General Partner and the other Limited Partners, the representations and warranties set out in the subscription form executed by them for the purpose of becoming a Limited Partner.

2.8Power of Attorney

The Limited Partners hereby irrevocably nominate, constitute and appoint the General Partner, with full power of substitution, as their agent and true and lawful attorney to act on their behalf with full power, and authority in their name, place and stead to execute and record or file as and where required:

(a)any instruments or documents required to continue and keep in good standing the Partnership as a limited partnership under the Act, or otherwise to comply with the laws of the United States and State of Delaware in order to maintain the limited liability of the Limited Partners and to comply with such laws;
(b)all instruments and any amendments necessary to reflect any amendment to this Agreement or any Transfer by a Limited Partner of its interest in the Partnership made in accordance with this Agreement;
 
 
(c)any instrument required in connection with the dissolution and termination of the Partnership in accordance with the provisions of this Agreement, including any elections under the Tax Act and under any similar legislation;
(d)the documents necessary to be filed with the appropriate governmental body or authority in connection with the business, property, assets and undertaking of the Partnership;
(e)such documents as may be necessary to give effect to the Activity of the Partnership;
(f)any other instrument or document on behalf of and in the name of the Partnership, including, without limitation, all debt instruments as may be deemed necessary by the General Partner to carry out fully this Agreement in accordance with its terms;
(g)any election, determination, designation, information return or similar document or instrument Approved by the Limited Partners as may be required at any time under the Tax Act or under any other taxation legislation or laws of like import of the United States or of any state thereof which relates to the affairs of the Partnership or the interest of any Person in the Partnership; and
(h)all other instruments and documents on its behalf and in its name or in the name of the Partnership as may be deemed necessary by the General Partner to carry out fully this Agreement in accordance with its terms.

The Limited Partners agree to be bound by any actions made or taken by the General Partner pursuant to this power of attorney and hereby waive any and all defences which may be available to negate or disaffirm the action of the General Partner taken in good faith under this power of attorney. This power of attorney will continue in respect of the General Partner so long as it is the general partner of the Partnership, and will terminate thereafter, but will continue in respect of a new General Partner as if the new General Partner were the original attorney.

2.9Limited Liability of Limited Partners

Subject to the provisions of the Act and any similar applicable legislation in other relevant jurisdictions, the liability of each Limited Partner for the debts, liabilities and obligations of the Partnership will be limited to its Capital Contribution and its share of any undistributed income of the Partnership, as hereinafter described. Where a Limited Partner has received the return of all or part of its Capital Contribution, it is nevertheless liable to the Partnership or, where the Partnership is dissolved, to the creditors of the Partnership, for any amount, not in excess of the amount returned with interest, necessary to discharge the liabilities of the Partnership to all creditors who extended credit or whose claims otherwise arose before the return of the Capital Contribution. Following full payment of its Capital Contribution, a Limited Partner will not be liable for any further claims or assessments.

2.10Indemnity of Limited Partners

The General Partner will indemnify and hold harmless the Limited Partners for all costs, expenses, damages or liabilities suffered or incurred by the Limited Partners if the limited liability of the Limited Partners is lost for or by reason of the negligence of the General Partner in performing its duties and obligations hereunder provided that the General Partner will not

 
 

indemnify a Limited Partner for the Limited Partner’s own actions which are in contravention of the Act or this Agreement.

2.11Other Activities; Investment Opportunities

The parties hereto each acknowledge and agree that:

(a)No Limited Partner acting in their capacity as a Limited Partner is permitted to take part in the management of the business of the Partnership; and
(b)save as specifically described herein, nothing in this Agreement will be deemed to restrict in any way the freedom of any Limited Partner or any principal or Affiliate of a Limited Partner to conduct any business or activity whatsoever without any accountability to the other parties hereto. For the avoidance of doubt, each Limited Partner will have the absolute right to engage in any business venture for its own individual profit and the other parties hereto will not, by reason of this Agreement, have any interest in any other property owned by such Limited Partner, or any business or venture engaged in by such Limited Partner or any Affiliate of such Limited Partner (whether or not similar to the Activity of the Partnership).
2.12Authority of General Partner

Subject to any provisions of this Agreement requiring Approval of the Limited Partners:

(a)the General Partner is authorized to carry on the Activity of the Partnership, to administer, manage, control and operate the Activity of the Partnership, and, if a Mortgage Investment is liquidated before the end of the Term, the General Partner may, in its sole discretion, determine to hold and reinvest the proceeds as a replacement Mortgage Investment rather than capital to be distributed; and
(b)in furtherance of the foregoing, the General Partner shall have all power and authority to do any act, take any proceeding, make any decision or execute and deliver any instrument, deed, agreement or document necessary for or incidental to carrying out the business for and on behalf of and in the name of the Partnership in accordance with this Agreement.

No Person dealing with the Partnership will be required to inquire into the authority of the General Partner to do any act, take any proceeding, make any decision or execute and deliver any instrument, deed, agreement or document for and on behalf of or in the name of the Partnership.

2.13Positive Obligations of the General Partner

The General Partner covenants and agrees that it will, at all times during the term of this Agreement:

(a)carry on the Activity of the Partnership in a commercially reasonable manner;
(b)act in the utmost fairness and in good faith toward the Limited Partners in carrying out, and devote as much time as is reasonably necessary for the conduct of, its obligations hereunder;
 
 
(c)maintain a system of accounting established and administered in accordance with GAAP, and keep adequate records and books of account in which accurate and complete entries will be made in accordance with such accounting principles reflecting all transactions required to be reflected by such accounting principles;
(d)deliver to each Limited Partner, as soon as practicable and in any event (i) within 90 days after the end of each Fiscal Year, audited financial statements and partnership tax information and reporting slips; at any time that statements for the Mortgage Investments are audited or reviewed by an independent accounting firm, the statements for the Partnership may be prepared on an internal basis, but in each instance, the financial statements delivered to the Limited Partners as to the Partnership will be certified by a duly authorized officer or director of the General Partner certifying that the financial statements have been prepared in accordance with the requirements of this provision;
(e)abide by all applicable laws relating to the withholding and remittance of taxes, including pursuant to the Tax Act, appropriately withholding and remitting payments, including withholding tax payable on any distributions to be made to a Limited Partner, as are required by the provisions of applicable tax law, including the Tax Act, and each Limited Partner hereby authorizes the withholding and remittance of withholding tax as and when such shall be required by the application of tax law; and
(f)make the allocations and distributions contemplated by Article 6.
2.14Limited Recourse
(a)Notwithstanding this Agreement or any other agreement or instrument entered into by a Limited Partner and/or its nominee in respect or in furtherance of the Activity of the Partnership or this Agreement, the obligations of that Limited Partner to the other Partners pursuant to this Agreement and all such other agreements and instruments will be limited to:
(i)such Limited Partner’s Capital;
(ii)any unpaid capital contributions agreed to be paid in respect of his Interest in the Partnership; and
(iii)together with any undistributed income,

provided, however, that each Limited Partner acknowledges and agrees that, if any part of his Capital Contributions are returned or limited partnership property is distributed to such Limited Partner, then such Limited Partner might, in accordance with applicable law and if so requested by the Manager or the General Partner, be obligated to return amounts previously distributed to such Limited Partner, to the extent that such distributions constitute a return of the amount such Limited Partner had agreed to contribute to the Partnership at a time when creditors had valid and unsatisfied claims against the Partnership.

(b)Each Limited Partner acknowledges and agrees that the obligations created under this Agreement and each agreement or instrument entered into by a Limited
 
 

Partner or its Affiliates in respect or in furtherance of the Activity of the Partnership or this Agreement are not personally binding upon, and resort will not be had to, nor will recourse or satisfaction be sought from the private property of, any (i) unitholder, shareholder, beneficial owner, grantor, trustee or constituent member of such Limited Partner or Affiliate, (ii) annuitants under a plan of which a unitholder of such Limited Partner or Affiliate thereof acts as a trustee or carrier; or (iii) any director, officer, trustee, employee or agent of such Limited Partner or its Affiliate. For the avoidance of doubt, pursuant to the terms of this Agreement, no Partner or third party will have recourse for such obligations to any property, assets or undertaking of such Limited Partner except for that Limited Partner’s Interest.

(c)The General Partner acknowledges and agrees that it has unlimited liability for the debts, liabilities and obligations of the Partnership.
(d)Except where otherwise Approved by the Limited Partners, every instrument creating an obligation of the Partnership to third parties will be entered into by the Partnership or the General Partner or an Alternate Entity and contain provisions to the effect that only the Alternate Entity or the Partnership (as applicable) and the Mortgage Investments will be bound thereby and that the obligations thereunder are not otherwise binding upon, nor will recourse be had to, any Limited Partner or any property of an Limited Partner.
2.15Authority of General Partner to Make Tax Elections

The General Partner will be entitled to make or execute elections under the Tax Act, and any other applicable taxation legislation that relate to a Fiscal Year on behalf of the Partnership and the Limited Partners and will have the authority to act for the Partnership in connection therewith.

2.16Limitation on Authority of Limited Partner

No Limited Partner shall:

(a)take part in the control or management of the Activity of the Partnership provided that each Limited Partner shall have the right from time to time to examine into the state and progress of the business and affairs of the Partnership to the extent provided under the Act;
(b)execute any document which binds or purports to bind the Partnership, the General Partner or any other Limited Partner as such;
(c)hold itself out as having the power or authority to bind or sign on behalf of the Partnership, the General Partner or any other Limited Partner as such;
(d)have any authority to undertake any obligation or responsibility on behalf of the Partnership (except that the General Partner may act on behalf of the Partnership in that capacity notwithstanding that it may also be a Limited Partner); or
(e)except for (i) the disclosure of the fact of investment in the Partnership including the name of the Partnership, the amount of that Limited Partner’s Commitment, the Aggregate Commitments, the amount then advanced and returned and the internal rate of return for the investment for that Limited Partner as reasonably
 
 

required in the ordinary course by each Limited Partner, or (ii) as is required by applicable law, regulation or government issued guideline; disclose the terms of this Agreement or the agreements, business arrangements or relationship among the Limited Partners as to the Partnership or this Agreement to any Person, other than their employees and professional advisors in the ordinary course.

2.17Waiver of Partition and Sale

Each Limited Partner waives the benefit of all provisions of law, as now in effect or as hereafter enacted, relating to actions for a partition and/or division of real and personal property and each Limited Partner agrees that it will not resort to any action at law or in equity to partition its interest in the Mortgage Investments or to seek division in respect thereof except as herein permitted.

2.18          Status of the Manager

The Manager represents and warrants to each Limited Partner that:

(a)it is and shall continue to be a corporation incorporated and in good standing under the laws of Ontario;
(b)it has and shall continue to have the requisite capacity and corporate authority to act as Manager for the Partnership and to perform its obligations under this Agreement, and such obligations do not and shall not conflict with or breach its constating documents or any agreement by which it is bound; and
(c)it shall carry out its powers and authorities and manage and operate the Partnership and the undertaking, property and assets thereof in a reasonable and prudent manner, in accordance with the Management Agreement and will act honestly, in good faith and in the best interests of the Partnership.
2.19Currency Management

The General Partner may undertake the Activity segregating for currency, investing Canadian dollars in Canadian investments and US dollars in US investments to allow payment to Limited Partners in the currency they subscribe.

Article 3COMMITMENTS, CAPITAL AND INTERESTS; DELEGATION; EXPENSES
3.1Exempt Offering

Each Limited Partner shall subscribe for the Units by Class acquired through an offering exempt from prospectus offering requirements or, if initiated by the General Partner, a public offering. Each Class and Offering will be made on the terms determined by the General Partner and will be set out in the relevant Offering Memorandum. Units may be offered by Class and by series in either Canadian or US dollars as determined by the General Partner.

3.2Capital
(a)The General Partner may raise capital by the offering of units of any Class, at such times, amounts and terms as the General Partner may determine.
 
 
(b)The General Partner may, from time to time, hold funds raised in investments which are suitable while assembling funds for an Investment, including securities, interest-bearing accounts and guaranteed investment certificates.
3.3Capital Accounts
(a)The General Partner will record a separate capital account (each a “Capital Account”) for each Limited Partner and will, on receipt of any contribution of Capital from a Limited Partner, credit the capital account of such Limited Partner with the amount contributed. As among the Limited Partners, no Limited Partner will be responsible for any requirement to contribute Capital for another Limited Partner, nor for losses allocated for another Limited Partner, nor share in the income or, if applicable, allocation of tax deductible expenses attributed to any other Limited Partner.
(b)Each Capital Account shall be established and maintained in accordance with the following provisions:
(i)Each Limited Partner's Capital Account shall be increased by:
(A)the cash amount of all Capital Contributions made by such Limited Partner to the Partnership;
(B)the amount of any Net Profit or other item of income or gain allocated to such Partner under Section 6.2; and
(C)any liabilities of the Partnership that are assumed by such Limited Partner or secured by any property distributed to such Limited Partner.
(ii)Each Limited Partner's Capital Account shall be decreased by:
(A)the cash amount or book value of any property distributed to such Limited Partner;
(B)the amount of any Net Loss or other item of loss or deduction allocated to such Partner under Section 6.2; and
(C)the amount of any liabilities of such Limited Partner assumed by the Partnership or which are secured by any property contributed by such Limited Partner to the Partnership.
3.4No Right to Withdraw

No Limited Partner will have the right to withdraw any or all of its Capital or to receive any distribution from the Partnership except as expressly provided in this Agreement. Limited Partners will be entitled to tender Units held for redemption on the following basis, provided that the General Partner may issue notice at any time that the redemptions are suspended for such period of time as the General Partner shall determine to ensure that the Partnership is fiscally able to redeem, as determined by the General Partner acting reasonably. Redemptions will be on a first tendered basis and redemption will be subject to the suspension as noted. Redemption notices not able to be satisfied will be held in the order, if any, of priority allocated to a Class, and then in the order of receipt for redemption by Class after the restoration of the redemption period.

 
 

Redemption will be available as to Units on a Class and series basis on the basis described in the relevant Offering Memorandum and Schedule B hereto. Provided redemption will be available depending on the Partnership having the liquidity to make such payments without adverse effect on the capital, reserves and operating requirements of the Partnership as determined by the General Partner in its discretion. If the General Partner, acting reasonably determines that there are not sufficient funds to redeem the Units tendered at any anniversary date, then the redemptions shall be completed in the order received first as to the time, until the funds available have been so applied and the remaining tendered Units will be held in that order as tendered and will be allocated for redemption at such time as the General Partner reasonably determines funds are available for redemption.

3.5The Units
(a)The Limited Partners will commit to contribute to pay on subscription for the Units the sums set out in the Offering Memorandum and subscription form for that Unit. The number and class of limited partner units (the “Units”) will be set out in the Partnership records.
(b)Except as otherwise provided in this Agreement as to the basis for the sharing of profit on a per Class basis, the Units shall each rank equally, and shall have no preference or right, over any other Unit. Each of the issued Units (but not committed but unissued Units), will, for all purposes, represent a right to participate in the revenue and distributions arising from the conduct of the Activity of the Partnership and each Unit will represent a right to participate in the costs, expenses, Net Profits, and Net Losses of the Activity of the Partnership, on the basis set out in section 3.6.
(c)The holders of Class A Units will not be entitled to notice of or to attend, and will not be entitled to vote at, any meeting of shareholders, unless and until the Partnership shall have failed to fully pay an aggregate of three (3) monthly dividends on the Class A Units in accordance with this Amended and Restated Limited Partnership Agreement.
(d)The attributes, rights, benefits, entitlements and votes attributed to all Units, are identical on a per Unit basis.
(e)The sum of the Units held by a Limited Partner may be referred to herein as the Interest of the Limited Partner (“Interest”).
(f)Other Units of the same or other Class, may be issued in the discretion of the General Partner from time to time. The General Partner may create Classes of Units as the General Partner may determine. The Units created by the General Partner will have the characteristics determined by the General Partner at the time those Units are issued.
(g)The Class and terms for Units will be set out in the Offering Memorandum, Schedule B and the subscription agreements for the issue. As each Class is created, or offering made, a revised Schedule B to this Agreement will be created setting out the Unit attributes. Those attributes will reflect the description in the Offering Memorandum and will be binding on the Limited Partners acquiring these
 
 

Unit, and to the extent the attributes affect the relationship with other Classes will be binding on the holders of these other Classes and Tokens.

3.6Unit Classes
(a)The Capital of the Partnership shall be divided into classes (“Class”) of Units. The initial classes of Units to be subscribed for will be known as “Class A Units” having the attributes as set out in Schedule “B” hereto. Thereafter Units will be issued in classes designated a Class and so on at the times, in the manner and on the terms as determined by the General Partner. The Classes may be further issued in series, the GP may determine the basis for creating and allocating series with the initial intent being to create series to differentiate Canadian dollar and United States dollar subscriptions.
(b)Units of each Class shall have the following characteristics in addition to those set out on Schedule “B” relating to that Class, and similarly as to Units in a series of a Class:
(i)each of the issued Units in a Class shall rank equally and shall have no preference or right over any other Unit of that Class;
(ii)the attributes, rights, benefits, entitlements, and votes attributed to all Units of a Class are identical on a per Unit basis for that Class.
(iii)each Unit (but not committed but unissued Units), will, for all purposes, represent a right to participate, in accordance with the terms of Article 6, in the revenue and distributions arising from the conduct of the Activity of the Partnership and in the costs, expenses, Net Profits, and Net Losses of the Activity of the Partnership, on an equal, pari passu, pro rata per Unit on a Class basis;
(iv)each of the Units will have a right to one vote for each Unit in respect of all matters to be decided by the Limited Partners; and
(v)the Units will be entitled to their rights of return and participation asset out in the relevant Offering Memorandum and related amended Schedule B hereto.
(vi)A Class may be divided into series(“Series”) with each Series having the characteristics set out in the Schedule A for that Class and as described in the relevant Offering Memorandum for the Class and Series offered.
(c)The General Partner may determine to have the Partnership issue further Units of the same or a different Class from time to time, and in series or not. Such Units in separate Class or a different series in a Class may be issued at a different price and may bear the right to distributions and entitlements that differ from the other Units, including the Units first issued.
(d)Limited Partners may subscribe for a class of Units if they are eligible to do so pursuant to applicable securities laws. The Units will be available for subscription by Class by those subscribers who meet the criteria set out in the relevant Offering Memorandum.
 
 
(e)The intention, subject to the discretion of the General Partner to change the terms of distribution and reflect the same in the Offering Memorandum and Schedule “B” for a Class issued for classes of Units is to make distribution as follows, provided the same will be made solely from revenue and proceeds available to the Partnership after payment of expenses and pari passu and pro rata with other Units. It is intended that Units will be entitled to distributions, on a pro-rated, pari passu basis as amongst all other holders of the same Class of Units, payable after payment of Partnership Expenses pari passu and pro rata with other Units in accordance with the terms below. Rights to distribution may vary by Class and the description in Schedule "B" as to a Class sets out the right to participate as to either (iii) or (iv) and if applicable in (v) which will be as set out in Schedule "B". Distribution will be made monthly, established on last Business day of each month and paid 15 days after).

The distribution terms are:

(i)the general costs and fees for the Partnership are paid first, excluding any management fee payable as a percentage of capital invested and subject to any specific agreement as to fees and costs allocated to a Class or Series;
(ii)the Amount Available for Distribution which is net of the costs and fees in Section 3.6(f)(ii) will then be calculated and allocated on a pro rata (based on Capital Contributed) pari passu basis to each Class and the Management Fee for each Class calculated and paid to the Manager subject to any specific agreement as to fees and costs allocated to a Class or Series on the basis as described in Schedule “B”;
(iii)next, pari passu the net amount by Class from Section 3.6(f)(ii) on a per Unit basis will be paid using the funds available (on a currency separate basis), (some funds may be in reserve in case of shortfall in the following months to  smooth out the distributions and avoid a need to claw back in the discretion of the General Partner) until the minimum return on Capital Contribution for each Class is distributed (any balance will be retained to year end);
(iv)then an annual true up for the Fiscal year will be calculated and paid within 60 days of calendar year end; the true up is increase the distribution for each Unit pro rata pari passu until each Unit has received a 10% (less Management Fee) return on Capital Contribution for the Fiscal Year;
(v)then to divide the amount remaining (if any) of Amount Available for Distribution over the 10% on Capital Contributed (less Management Fee) firstly 50/50 with the Manager (as Manager Bonus) and then equally per Unit.
(f)The distributions will be made on the Units to the Limited Partners as determined by the General Partner, provided the same will be made as offered in the relevant Offering Memorandum and solely from revenue and proceeds available to the Partnership after payment of expenses pari passu and pro rata with other Units.
 
 
3.7Interest of General Partner

The interest of the General Partner in the Partnership does not entitle the General Partner to vote for any matters to be put to the Limited Partners at law or matters to be Approved by the Limited Partners as provided in this Agreement. The General Partner will be entitled to participate in distributions with each Class on the basis set out in the Offering Memorandum and Schedule A for that Class, if any.

3.8Commingling

The funds and assets of the Partnership shall not be commingled with the funds or assets of any Person, including those of the General Partner, Manager or its Affiliates.

3.9Partnership Expenses

Subject to the terms of the Management Agreement, the Partnership will be responsible for the following costs and expenses:

(a)Offering and Organizational Expenses;
(b)for the acquisition of, and the ongoing operation of, the Mortgage Investments and the earning of income through a Mortgage Investment, as hereinafter outlined;
(c)all Partnership Expenses;
(d)the costs of any litigation, director and officer liability or other insurance and indemnification or extraordinary expense or liability relating to the affairs of the Partnership;
(e)all unreimbursed out-of-pocket costs relating to investments that are not consummated, including legal, accounting and consulting fees, and all extraordinary professional fees incurred in connection with the Partnership or the Mortgage Investments; and
(f)any taxes, fees, or other governmental charges levied against the Partnership and all expenses incurred in connection with any tax audit, investigation, settlement or review of the Partnership or the Mortgage Investments.
(g)a 2.0% of purchase price acquisition fee for all real estate direct investments will be paid to the Manager as compensation for efforts to identify investments, perform due diligence and complete the acquisition.
(h)any fees paid by mortgagors for mortgages advanced in accordance with reasonable industry practice will be retained by the Manager.
3.10Expenses and Fees of the General Partner

The Manager and the General Partner will each be responsible for the Manager and GP Operating Expenses, which shall explicitly exclude brokerage and mortgage administration fees which the Manager or a third party may charge in addition, except to the extent that legal, accounting or other specialized consulting or professional services are required that the Manager or the General Partner (as applicable) would not normally be expected to render with its own professional staff.

 
 
3.11Delegation

Subject to applicable laws, the General Partner may take all actions it deems necessary or advisable to effectuate the Activity of the Partnership. The General Partner may act as manager and administrator or may delegate all, or some, of its duties and responsibilities under this Agreement to a manager and/or an administrator and in connection therewith, may enter into a management and/or an administration agreement with such manager/administrator, it being agreed that management will initially be delegated to the Manager or one or more of its Affiliates, the General Partner may:

(a)agree to pay to such manager/administrator the fees, costs and expenses as are consistent with market terms and required by the manager/administrator for the undertaking of the administration of the Activity of the Partnership, the relationship of the Partnership with its Limited Partners, the undertaking of the accounting of the Partnership, and related matters relating to distributions hereunder notwithstanding that the Manager is not at arm’s length from the General Partner and generally on the terms of the Management Agreement; and
(b)pay from Partnership resources the fees payable to a manager and such other fees and expenses as are charged in connection therewith.
3.12Informing Creditors and Execution of Documents

The General Partner shall inform each creditor of the Partnership, prior to conducting any transaction with such creditor, that the Partnership is a limited partnership within the meaning of the Act. The General Partner shall use its best efforts to ensure that all written contracts and other written instruments creating an obligation upon the Partnership contain or are accompanied by an acknowledgment that neither the Limited Partners nor their assignees will have any personal liability thereunder, provided that the General Partner may execute contracts and other written instruments for and on behalf of the Partnership:

(a)solely in the name of the General Partner;
(b)in the name of the General Partner as general partner of the Partnership; or
(c)in the name of the Partnership;

and all such contracts and written instruments shall be binding on the Partnership.

Article 4DECISIONS
4.1Partnership’s Direction to General Partner and Manager

All decisions and determinations required to be made in respect of the Partnership, shall be made by the General Partner, and as delegated the Manager, acting reasonably and in compliance with the terms of this Agreement.

4.2Decisions To Be Made in Good Faith

Each Limited Partner agrees that all decisions concerning the Partnership, required to be made by it will be made by it in good faith and strictly upon the merits of the proposed action, and the making of such decisions will not be unreasonably withheld or delayed. Each Limited Partner

 
 

agrees that nothing contained in this Agreement will require a Limited Partner to incur any liability or to pay any amount which is required to be Approved by the Limited Partners unless the same has been Approved by the Limited Partners. Approval by the Limited Partners of any decision will also constitute Approval by the Limited Partners of any steps reasonably necessary to implement, perform or carry out such decision.

4.3Full Disclosure of Non-Arm’s Length Transaction

Save and except for the Management Agreement which is hereby approved, prior to entering into any material agreement, contract, purchase order or other commitment as to the Partnership or the Mortgage Investments with a Person who is not at Arm’s Length with a Limited Partner or Manager, the interested Limited Partner or Manager with whom such transaction is not at Arm’s Length shall make prompt and full disclosure of its interest to the Board of the General Partner.

4.4Specific Powers

Without limiting the generality of Section 4.1 or any other specific power in this section or elsewhere in this Agreement, subject to compliance with agreements made as to Mortgage Investments or the Partnership, the Manager and the General Partner are each hereby authorized, at the appropriate times, and from time to time on behalf of and without further authority from the Partnership:

(a)to retain or act as the registrar and transfer agent on behalf of the Partnership;
(b)to engage such professional advisers as advisable in order to perform or assist it in the performance of its duties hereunder;
(c)to open and operate a separate bank account for a Mortgage Investment in order to deposit and distribute funds with respect to a particular Mortgage Investment;
(d)to execute, deliver and carry out all other agreements which require execution to further an investment;
(e)to pay all taxes, fees and other expenses relating to the orderly maintenance and management of an investment;
(f)to invest funds not immediately required for an investment;
(g)to make distributions to the Partnership in accordance with the provisions of this Agreement;
(h)to provide or arrange for the provision of such financial and other reporting functions as may be required by the provisions hereof;
(i)to enter into agreements pursuant to which it delegates to and retains persons to provide supervision, management and administration of a Mortgage Investment, including pursuant to the Management Agreement;
(j)to borrow money including, without limitation, pursuant to a secured warehouse line in order to accumulate investments prior to calling for capital from the Limited Partners (if applicable);
 
 
(k)to draw, make, execute and issue promissory notes, evidences of notes, evidences of indebtedness and other negotiable or non-negotiable instruments; and to secure the payment thereof by Encumbrance or by the creation of any other appropriate security interest on the investment (whether directly or indirectly held); provided that any money so borrowed must be used for the Partnership; and
(l)to execute any and all other deeds, documents, income tax election forms, information returns and instruments and to do all acts as may be necessary or desirable to carry out the intent and purpose of this Agreement, including, without limitation, retaining qualified agents to carry out any of the foregoing.
4.5Reimbursement of the General Partner

The General Partner is entitled to reimbursement by the Partnership for all reasonable third-party costs and expenses that are incurred by the General Partner on behalf of the Partnership in the ordinary course of business or other costs and expenses incidental to acting as General Partner to the Partnership which are incurred, provided the General Partner is not in default of its duties hereunder in connection with such costs and expenses.

4.6Manager as Agent

Each Limited Partner hereby irrevocably nominates, constitutes and appoints the Manager, with full power of substitution, as its agent and true and lawful attorney with full power, and authority in its name, place and stead to execute and record or file as and where required all other instruments and documents as may be deemed necessary by the Manager to carry out the powers, duties and matters Approved by the Limited Partners are provided hereunder but subject to the terms of the Management Agreement.

The Partnership shall be bound by any actions made or taken by the Manager pursuant to the authority granted to the Manager hereunder and as Manager, including as to those matters Approved by the Partnership and this power of attorney and relating to the Partnership and each Partner hereby waives any and all defences which may be available to negate or disaffirm the action of the Manager taken in good faith under this power of attorney.

Article 5BOOKS, RECORDS, ADMINISTRATION
5.1Accounting

The Manager will retain a firm of chartered accountants as the Accountants for the Partnership (the “Accountants”). The Accountants shall initially be determined by the Manager in its discretion and thereafter any replacement accountant shall be Approved by the Limited Partners from time to time. The Accountants shall perform a review engagement or audit of the financial records in respect of the Partnership, as determined by the General Partner or, if applicable, as required by law, including the operating statements for the Investments and pay the costs thereof as a cost of the Partnership.

5.2Recordkeeping and Reporting
(a)The General Partner shall have charge of all of the activities of the accounting, bookkeeping and recordkeeping of the Partnership. The General Partner shall retain the Accountants to review the financial statements and tax reporting for the Partnership and pay the costs thereof as a cost of the Partnership.
 
 
(b)The Partnership books of account shall be kept in a commercially reasonable manner and as determined by GAAP.
(c)The General Partner shall cause to be maintained complete and accurate books, records, reports, and accounts of all Partnership transactions. The General Partner shall cause to be entered into the Partnership books an accurate account of all transactions carried out by any Partner on behalf of the Partnership.
(d)Adequate accounting records shall be kept of all Partnership business and these shall be open to inspection by any of the Partners at any reasonable times. Within 90 days after the end of each Fiscal Year, a general account of the affairs of the Partnership shall be furnished to each Partner, together with such appropriate information as may be required by each Partner for the purpose of preparing its income tax return for that year.
(e)The books, records, reports, and accounts of the Partnership shall be kept at the Partnership’s principal place of business or at such other location as shall be Approved by the Limited Partners. Each Partner shall, at all times, have access to, and may inspect and copy, any Partnership books and records.
(f)A minute book shall be maintained at the office of the Partnership. The minute book shall contain a copy of this Agreement, all prior agreements superseded by this Agreement, all future amendments to this Agreement, all policy statements adopted by the Partnership and minutes of the meetings of Partners.
5.3Access to Records

The General Partner will furnish to the Limited Partners, and the Accountants, if applicable, such information and documents with respect to the Partnership and its operations as may be in its possession and control and which may be reasonably required by the Limited Partners or the Accountants, including such information and documents as may be required in connection with the preparation of their tax returns or financial statements. Each Limited Partner will have the right, at all reasonable times and intervals, upon reasonable notice and during usual business hours to audit, examine and make copies of extracts from books and records pertaining to the Partnership. Such right may be exercised through any agent or employee of such Limited Partner designated by it or by any outside independent chartered accountant designated by such Limited Partner. A Limited Partner will bear all expenses incurred in any examination made for its account. The General Partner will, promptly upon a request from any Limited Partner, exercise all available rights to require and obtain financial information of and as to the Mortgage Investments and provide such to all of the Limited Partners. Each Limited Partner will hold all such information provided to it in confidence and will take commercially reasonable steps to maintain such confidentiality.

Article 6ALLOCATIONS AND DISTRIBUTIONS
6.1Profit Distribution

For purposes of this Agreement, “Net Profits” and “Net Losses” shall mean the net profits or net losses of the Partnership, determined in the ordinary course, in accordance with GAAP. The Net Profits and Net Losses of the Partnership for each Fiscal Year shall be allocated among the Limited Partners as provided in Section 6.2.

 
 
6.2Allocation of Net Profits and Net Losses

Net Profits of the Partnership for any Fiscal Year and Net Loss of the Partnership for any Fiscal Year will be allocated by the Manager to the Limited Partners as follows:

(a)Net Profits or Net Losses of the Partnership for any Fiscal Year arising from a disposition of any interest in the Investments or from any other transaction giving rise to Amounts Available for Distribution will be allocated to the Limited Partners on the same basis as for distributions as set out in Section 3.6(f); and
(b)Net Profits of the Partnership and Net Losses of the Partnership for any Fiscal Year other than Net Profits or Net Losses arising from a disposition of any interest in the Investments or any other transaction giving rise to Amounts Available for Distribution, will be allocated to the Limited Partners on the same basis as for distributions as set out in Section 3.6(f).
6.3Computation of Income or Loss for Tax purposes
(a)The Manager shall have the right, in computing the income or loss of the Partnership for tax purposes, to adopt a different method of accounting than GAAP, to adopt different treatments of particular items, and to make and revoke such elections on behalf of the Partnership and the Partners as the Manager deems to be appropriate to reflect the terms of this Agreement.
(b)All income, gains, losses and deductions of the Partnership shall be allocated among the Limited Partners in accordance with the allocation of such income, gains, losses and deductions among the Limited Partners for computing their Capital Accounts, except that, if any such allocation for tax purposes is not permitted by the Tax Act, the Partnership's subsequent income, gains, losses and deductions shall be allocated among the Limited Partners for tax purposes, to the extent permitted by the Tax Act, so as to reflect as nearly as possible the allocation set forth herein in computing their Capital Accounts.
(c)Allocations under Section 6.3(b) are solely for purposes of federal and state taxes and shall not affect, or in any way be taken into account in computing, any Limited Partner's Capital Account or share of Net Profits, Net Losses, distributions or other items under any provisions of this Agreement.
(d)The Manager may, if any allocation is successfully challenged by the relevant taxing authority, notwithstanding the foregoing, but acting reasonably, adjust the amount of Net Profits or Net Losses allocated, including the allocation of any income or loss for tax purposes, to the extent it determines that such adjusted amounts better reflect the substantive economic entitlements of the Limited Partners. The Manager will claim discretionary deductions to the maximum extent available pursuant to applicable tax laws including the Tax Act, and will take all such reasonable steps to ensure that all such discretionary deductions with respect to the Mortgage Investments are claimed to the maximum extent permitted by applicable tax law.
 
 

6.4           Amounts Available for Distribution

Distributions will be made on the basis set out in Section 3.6(f).

 

6.5Determination of Distributions

The Manager will calculate the amount of Amounts Available for Distribution for each financial month, from time to time and in the discretion of the General Partner distributions will be made using the funds comprising the Amounts Available for Distribution, taking account of reserves and the bonus fee rights of the Manager.

6.6Capital Reinvested

The Investments will be held on a pool basis such that if an Investment is liquidated the General Partner may, in its discretion, determine to hold and reinvest the proceeds in a replacement Investment.

Article 7REDEMPTION OF PARTNERSHIP UNITS
7.1Right of Redemption – Units

Rights of redemption will be available, on a Class basis, for each Class will be as set out in the relevant Offering Memorandum and Schedule “B” hereto.

7.2Exercise of Redemption Right

The exercise of the Redemption rights will be subject to the following:

(a)A Limited Partner who desires to exercise their right to require redemption, must deliver a duly completed and properly executed notice requiring the Partnership to redeem Units, in a form approved by the General Partner, specifying the number of Units to be so redeemed, such notice to be sent to the Partnership at its head office along with the Unit Certificate(s) representing the Unit(s) to be redeemed. The Notice must be received 30 days before the Redemption Date to be considered for that particular Redemption Date. If 30 days notice is not given, the General Partner will not be required to consider redeeming the Unit(s) until the next subsequent Redemption Date. No form or manner of completion or execution is sufficient unless the same is in all respects satisfactory to the General Partner and is accompanied by any evidence that the General Partner may reasonably require with respect to the identity, capacity or authority of the person giving such notice. The General Partner shall be entitled in their sole discretion to accelerate the Redemption Date specified by the Partnership Limited Partner in the notice.
(b)All notices shall be time and date stamped.
(c)Upon receipt by the Partnership of the notice to redeem Units, the Limited Partner shall thereafter cease to have any rights with respect to the Units tendered for redemption (other than to receive the redemption payment therefor) including the right to receive any distributions thereon which are declared payable to the Limited Partners of record on a date which is subsequent to the day of receipt by the Partnership of such notice. Units shall be considered to be tendered for redemption on the date that the Partnership has, to the satisfaction of the General
 
 

Partner, received the notice and other required documents or evidence as aforesaid.

(d)All Partnership Units which are redeemed under this Article 7 shall be cancelled and such Partnership Units shall no longer be outstanding and shall not be reissued.
7.3Cash Redemption

Limited Partners whose Units are redeemed will be entitled to receive a redemption price per Unit (hereinafter the “Redemption Price”) determined on the basis set out in the relevant Offering Memorandum and Schedule “B”.

The General Partner may reduce the Redemption Price by any Redemption Discount that may apply if the Units being redeemed are within the early redemption period specific to the Units being redeemed. The Redemption Discount and early redemption period will be as set out in the relevant Offering Memorandum and Schedule “B” hereto. This Redemption Discount may be increased, decreased, amended or waived at any time and from time to time at the discretion of the General Partner.

7.4No Cash Redemption in Certain Circumstances

The total amount payable by the Partnership for the Class A Limited Partnership Units tendered for redemption in the same calendar month may not exceed 1/12th of 25% of the total capital of the issued and outstanding Class A Units determined at the closing of the Class A Units Listing Date (the “Redemption Limit”); provided that the General Partner may, in its absolute discretion, waive such limitation in respect of all Units tendered for redemption in any period.

Article 8TRANSFERS

8.1           Transfers

Any transfer of a Unit must be on notice to the General Partner, comply with applicable law (including securities law applicable to the seller and buyer) and complies with Section 8.2

8.2Transfer
(a)Any transfer will require that a Person (the “Transferee”) execute and deliver an agreement in favour of the remaining Limited Partners and the Partnership whereby it agrees to be bound by and entitled to the benefit of this Agreement and all other agreements to which a Limited Partner (the “Transferor”) is a party in its capacity as an Limited Partner.
(b)No Transfer otherwise permitted under this Section may be made unless the proposed Transferor gives written notice of the Transfer to the General Partner, which notice will include a statement from the proposed Transferee, as to compliance with 9.2(a).
8.3Death of a Limited Partner

Where a Person (the “Involuntary Transferee”) becomes entitled to an Interest of a Limited Partner on the death of such a Limited Partner, or otherwise by operation of law, the Involuntary

 
 

Transferee, will not be recorded as or become a Limited Partner until the Involuntary Transferee satisfies the following:

(a)Evidence of Entitlement - The Involuntary Transferee claiming the entitlement must produce evidence satisfactory to the General Partner of such entitlement.
(b)Acknowledgement - The Involuntary Transferee claiming such entitlement must acknowledge in writing that it is bound by the terms of this Agreement, on terms satisfactory to the General Partner.
(c)Other - The Involuntary Transferee claiming such entitlement must deliver such other evidence, approvals, and consents as may be required the General Partner, by law or by this Agreement.
Article 9Closing and Admission of new limited partners
9.1Closings
(a)The General Partner shall, in its sole discretion, determine when the initial closing (the “Initial Closing”) of the initial offering of Units shall occur.
(b)Subject to the terms of Section 9.2, following the Initial Closing, the General Partner may from time to time admit additional Limited Partners or accept increases in Commitments from existing Limited Partners.
9.2Admission of Further Limited Partners
(a)On acceptance by the General Partner of any subscription, in whole or in part, all Partners shall be deemed to consent to the admission of the subscriber as a Limited Partner. Each Person becoming a party to this Agreement, as a “Limited Partner”, by executing a subscription agreement which is accepted by the General Partner (“Subscription Agreement”) shall be bound by the terms hereof and such Person shall become a Limited Partner upon the entering of its name in the Record.
(b)The General Partner shall cause the Record to be amended and shall file with appropriate authorities all such other documents as may be required by the Act, or under any other applicable legislation in other relevant state, and shall cause the admission of the additional Limited Partner to be reflected in all other relevant Partnership books and records.
Article 10ARBITRATION
10.1Arbitration

All disputes, disagreements, controversies, questions or claims arising out of or relating to this Agreement, including, without limitation, with respect to its formation, execution, validity, application, interpretation, performance, breach, termination or enforcement shall be determined by arbitration under the Arbitration Act (Ontario), except as varied by the provisions set forth in 0 hereto. Each Limited Partner accepts and attorns to the jurisdiction of an arbitration on the terms of this section.

Article 11
 
 

MEETINGS

11.1Meetings

The holders of Class A Units will not be entitled to notice of or to attend, and will not be entitled to vote at, any meeting of shareholders, unless and until the Partnership shall have failed to fully pay an aggregate of three (3) monthly dividends on the Class A Units in accordance with this Amended and Restated Limited Partnership Agreement,

11.2Accidental Omissions

Accidental omission to give notice of a meeting to, or the non-receipt of notice of a meeting by, any Partner shall not invalidate the proceedings at that meeting provided such Partner is in attendance at such meeting.

11.3Proxies

Any Limited Partner entitled to vote at a meeting may vote by proxy if a proxy has been received by the Manager or the chairman of the meeting for verification prior to the meeting.

11.4Validity of Proxies

A proxy shall be considered to be valid unless challenged at the time of or prior to its exercise, and the Person challenging shall have the burden of proving to the satisfaction of the chairman of the meeting that the proxy is invalid and any decision of the chairman concerning the validity of a proxy will be final.

11.5Form of Proxy

Every proxy shall be substantially in the form which follows or such other form as may be approved by the General Partner or as may be satisfactory to the chairman of the meeting at which it is sought to be exercised:

_____________________, a Limited Partner of EquityLine Capital (Delaware) Limited Partnership, hereby appoints _____________________ of _____________________ in the State of _____________________ as my proxy, with full power of substitution to vote for me, and on my behalf, at the meeting of Partnership to be held on the ________ day of _____________________, 20    and every adjournment thereof and on every poll that may take place in consequence thereof. As witness my hand this ____ day of _____________________, 20 __.”

11.6Corporations, Trusts and Funds which are Partnership

A Limited Partner which is a corporation, partnership, trust, fund or other entity may appoint an officer, director or other authorized Person as its representative to attend, vote and act on its behalf at a meeting of Partnership.

11.7Attendance of Others

All officers and directors of the General Partner shall be entitled to attend and receive notice of any meeting of Limited Partners.

 
 
11.8Chairman

The chief executive officer or president of the General Partner shall be the chairman of a meeting of the Limited Partners.

11.9Quorum

Subject to this Agreement, a quorum at any meeting of the Partnership shall consist of not less than two Limited Partners holding in the aggregate not less than 10% of the aggregate number of Units held by Partners who are entitled to vote, present in person or by their duly appointed representative.

If within half an hour after the time fixed for the holding of such meeting a quorum for the meeting is not present, the meeting shall be held at the same time and, if available, the same place not less than 5 days and not more than 10 days later (or if that day is not a Business Day, the first Business Day after that day), and the Manager shall give at least 2 days’ notice in writing to all Limited Partners entitled to vote of the date of the reconvening of the adjourned meeting. If there is no quorum present at the adjourned meeting, the Limited Partners then present in person or represented by proxy shall constitute a quorum and shall have the authority to make binding decisions on matters to be dealt with at those meetings.

11.10Voting Rights

The holders of Class A Units will not be entitled to notice of or to attend, and will not be entitled to vote at, any meeting of shareholders, unless and until the Partnership shall have failed to fully pay an aggregate of three (3) monthly dividends on the Class A Units in accordance with the Amended and Restated Limited Partnership Agreement, whether or not consecutive and whether or not such dividends were declared and whether or not there are any monies of the Partnership properly applicable to the payment of such dividends. Accordingly, such voting rights shall be applicable once there is accrued and unpaid an aggregate of $0.1875 per Unit. In the event of such non-payment, and for only so long as any such dividends remain in arrears, the holders of the Class A Units shall be entitled to receive notice of all meetings of Limited Partners and to attend thereat.

The holders of the Class A Units shall be entitled to vote together with all of the Voting Shares of the Partnership on the basis of one vote in respect of each Class A Unit held by each such holder, until all such arrears of such dividends shall have been paid, whereupon such rights shall cease unless and until the Partnership shall again fail to pay the three (3) monthly dividends on the Class A Units in accordance with the terms hereof, whether or not consecutive and whether or not such dividends were declared and whether or not there are any monies of the Partnership properly applicable to the payment of such dividends, in which ev ent such voting rights shall become effective again and so on from time to time. The holders of Class A Units shall be entitled to vote separately as a class on any resolution to wind-up, dissolve or liquidate the Partnership and as set out in this LPA.

11.11Resolutions Binding

Any resolution passed in accordance with this Agreement shall be binding on all the Partners and their respective heirs, executors, administrators, successors and assigns, whether or not any such Partner was present in person or voted against any resolution so passed.

 
 
11.12General Partner Rights

It is acknowledged and agreed that in the event that any of the resolutions of the Limited Partners to amend this Agreement adversely affect the rights of the General Partner, that the General Partner shall have the right to approve or disapprove the said resolution, and the right of the General Partner shall be considered a veto in relation to the vote of the Limited Partners.

11.13Amendment of Agreement

Unless otherwise provided for herein, this Agreement may be amended in writing on the initiative of the General Partner with the Approval of the Limited Partners but specifically the General Partner may, without prior notice to or consent from any Limited Partner, amend any provision of this Agreement from time to time:

(a)for the purpose of adding to this Agreement any further covenant, restrictions, deletions or provisions which in the opinion of the General Partner are necessary for the protection of the Partnership;
(b)to cure any ambiguity or to correct or supplement any provisions contained herein which, in the opinion of the General Partner, may be defective or inconsistent with any other provisions contained herein provided that such cure, correction or supplemental provision does not and will not, in the opinion of the General Partner, adversely affect the interests of the Partnership;
(c)to make any change that is necessary or desirable to satisfy any requirements, conditions or guidelines contained in any opinion, directive, order, statute, ruling or regulation of any federal, provincial, state, municipal or other governmental entity and/or under Applicable Laws, so long as such change is made in a manner that minimizes any adverse effect on the Partnership; and
(d)to make such other provisions in regard to matters or questions arising under this Agreement which in the opinion of the General Partner do not and will not adversely affect the interest of the Partnership.

Each Limited Partner will be notified of full details of any amendment to this Agreement within 30 days of the effective date of the amendment.

11.14Minutes

The General Partner shall cause minutes to be kept of all proceedings and resolutions at every meeting, and copies of any resolutions to be made and entered in books to be kept for that purpose, and any minutes, if signed by the chairman of the meeting, shall be deemed as conclusive evidence of the matters stated in them, and such meeting shall be deemed to have been duly convened and held and all resolutions and proceedings shown in them shall be deemed to have been duly passed and taken.

Article 12LIQUIDATION
12.1Events of Dissolution
(a)The Partnership will follow the procedure for dissolution established in Section 12.2 upon an election to dissolve the Partnership being Approved by the Limited Partners.
 
 
(b)The Partnership shall not be dissolved or terminated by, and shall continue in existence notwithstanding, the change in Partnership composition, whether by withdrawal, expulsion or admission of any Partner.
(c)Except as expressly provided in this Agreement, the Partnership shall not be terminated by the happening of any act or event and, without limiting the generality of the foregoing, the Partnership shall not be terminated by reason of any one or more Partners having disposed of their Interest in the Partnership in accordance with the provisions of this Agreement, by operation of law or in any other manner whatsoever, or having otherwise ceased to be Partners, or by reason of the admission of any one or more new Partners to the Partnership or the acquisition by any Person in accordance with this Agreement of the Units of any Partner.
(d)Each Partner agrees not to dissolve the Partnership by the voluntary action of such Partner. The Partnership shall continue, notwithstanding the withdrawal of any Partner or any Partner providing such notice of intention to dissolve. The Partnership will not come to an end by reason of the death, disability, bankruptcy, insolvency, receivership, dissolution or winding-up of any Partner.

12.2        Procedure on Dissolution

(a)General Partner (or, if the General Partner is unable or unwilling to act in such capacity or has become bankrupt, such other Person as the Limited Partners may appoint by Approval by the Limited Partners) will act as a receiver and liquidator of the assets of the Partnership and will sell or otherwise dispose of the investments, all of the assets of the Partnership other than cash shall be offered for sale upon such terms as the General Partner shall determine, and cash shall be distributed as the General Partner reasonably thinks is best to maximize dissolution process and distributions, upon the best terms available in the open market. A Partner shall not be precluded from negotiating or bidding for the purchase of any or all of the investments being sold provided the sale is completed by public auction or tender or the purchase by the Partner is Approved by the Limited Partners as being at fair market value, provided that the purchasing Partner shall not be entitled to vote on any such Approval of the Limited Partners. The sale proceeds net of expenses of sale, distribution costs, taxes payable, and indebtedness owing on or in relation to any assets of the Partnership and all other cash and remaining assets shall be applied as follows:
(i)pay or provide for the payment of the debts and liabilities and obligations of the Partnership, and liquidation expenses, including the payment of any Manager Fees (as such term is defined in the Management Agreement) that are unpaid and have accrued up to (and including) the date upon which the Partnership is to be dissolved; and
(ii)then distribute the balance to the Limited Partners in accordance with Section 6.4.
(b)The General Partner shall file the declaration of dissolution prescribed by the Act and satisfy all applicable formalities in such circumstances as may be prescribed by the laws of other jurisdictions where the Partnership is registered.
 
 
12.3Dissolution
(a)The Partnership will be considered dissolved only upon the completion of all matters set forth in Section 12.2.
(b)The General Partner shall immediately publish any required notice of the dissolution and termination of the Partnership, in such a manner as to indicate the effective date of dissolution, and with sufficient particularity as to avoid further liability or responsibilities for the Limited Partners, for the affairs of the Partnership.
(c)Upon termination or dissolution of the Partnership and distribution of its remaining assets, the General Partner will be required to return funds to the Partnership for distribution to the Limited Partners to the extent, if any, that the amount previously distributed to the General Partner on account of its Carried Interest exceeds the aggregate amount due to the General Partner as its Carried Interest on a cumulative basis.
12.4No Right to Dissolve

No Limited Partner will have the right to request the dissolution of the Partnership, the winding-up of its affairs, or the distribution of the Mortgage Investments.

Article 13GENERAL PROVISIONS
13.1Notices

Each notice (a “Notice”) will be in writing and will be effectively given if: (a) delivered by electronic mail to the electronic mail address on record for a Limited Partner including if so recorded a dealer, nominee or securities deposit service; (b) if there is no electronic address (i) hand delivered personally or (ii) by courier or by prepaid registered mail addressed to the address provided to the Manager, or to such other address of a party as it will specify to the other party by written notice given in the manner aforesaid. Any such Notice mailed as aforesaid will be deemed to have been given and received three (3) Business Days following the day on which it was mailed; provided, or any Notice sent by electronic mail will be deemed to have been received on the day the sender sends it to the email server of the recipient, as confirmed by the sender’s electronic mail system, if that day is a Business Day and it was received before 5:00 p.m. local time in the place of receipt and otherwise on the next Business Day.

Each of the aforesaid parties may change its address for receiving notices by giving notice in the matter as set out above to the other party.

13.2Waiver

No consent or waiver, express or implied, by a party to or of any breach or default by another party in the performance of such other party of its obligations hereunder will be deemed or construed to be a consent or waiver to or of any other breach or default in the performance by such other party of the same or any other obligation of such other party hereunder. Failure on the part of a party to complain of any act or failure to act of another party or to declare the other party in default, irrespective of how long such failure continues, will not constitute a waiver by such first mentioned party of its rights hereunder.

 
 
13.3Rights of Partners Independent

The rights available to the Partners under this Agreement and at law will be deemed to be joint and not dependent on each other and each such right will be accordingly construed as complete in itself and not by reference to any other such right. Any one or more or any combination of such rights may be exercised from time to time and no such exercise will exhaust the rights or preclude the exercise of any one or more of such rights or combination thereof from time to time thereafter or simultaneously.

13.4Currency

Units may be offered in Canadian or US dollars and payments to Limited Partners will be made in the currency subscribed.

13.5Accounting Principles

All calculations made or referred to herein will be made in accordance with GAAP applied on a consistent basis, except where otherwise expressly provided herein.

13.6Claims

Each of the Partners will notify the others of any claim, demand, right or cause of action asserted, threatened or instituted against it (other than by a Partner) which involves the performance of this Agreement or the Mortgage Investments.

13.7Time of the Essence

Time will be deemed to be of the essence with respect to all time limits mentioned in this Agreement.

13.8Compounding of Interest

Any interest payable on any amount hereunder will be calculated daily and compounded annually.

13.9Paramountcy

In the event of any conflict, inconsistency or ambiguity between the terms of this Agreement and the terms of any other agreement made between the parties hereto pertaining to the Mortgage Investments or any matter relating thereto, the terms of this Agreement will govern.

13.10Confidentiality

Each of the Partners agrees to keep in the strictest confidence all information pertaining to the Partnership and the Mortgage Investments to which it may have access as a Limited Partner or otherwise, subject to the rights of the Partners to:

(a)disclose any information they are compelled to disclose under any Applicable Laws;
(b)disclose any information which is public knowledge; and/or
(c)disclose any information to its attorneys, advisors, consultants, officers, appraisers, directors and employees, and those of its subsidiaries or its parent
 
 

company, on a need to know basis, provided however, that each such Person agrees to keep such information in the strictest confidence.

13.11Successors and Assigns

All of the terms and provisions of this Agreement will be binding upon the parties hereto and their respective successors and assigns but will ensure to the benefit of and be enforceable by the successors and assigns of any parties hereto only to the extent that they are permitted successors and assigns pursuant to the terms hereof. No party may assign its rights hereunder except as expressly provided herein.

13.12Further Assurances

Each party hereto agrees that it will from time to time at the reasonable request of another party execute and deliver such assignments, instruments and conveyances and take such further action as may be required to accomplish the purposes of this Agreement.

13.13Entire Agreement

This Agreement constitutes the entire agreement between the parties hereto pertaining to the subject matter hereof and supersedes all prior and contemporaneous agreements, understandings, negotiations and discussions, whether oral or written, of the parties, and there are no warranties, representations or other agreements among the parties in connection with the subject matter hereof except as specifically set forth herein or in any Schedules.

13.14Governing Law

This Agreement will be governed by and construed in accordance with the laws of the State of Delaware and will be treated in all respects as a Delaware contract.

Article 14EXECUTION
14.1Declaration of the Parties
(a)Each of the Partners declares and expressly acknowledges that the provisions hereof were not imposed by any of them but, on the contrary, that they were freely negotiated. This Agreement reflects the true agreement entered into among the Partners and in relation to the Partnership.
(b)In addition, each of the Partners has obtained sufficient explanations of the nature and extent of each of the provisions hereof, has had the opportunity to have such provisions examined by its legal advisor and declares itself satisfied that each and every one of them is legible and comprehensible.
(c)Each of the Partners declares and acknowledges that each of the provisions hereof, including those providing, such as, among others, the obligation to sell its Interest to the other Limited Partners for a price which may be less than its market value, is reasonable, not abusive and necessary to protect the interests of the parties.
(d)The common interest of the parties justifies the inclusion of these provisions, the possible application of which is intended for each of the parties, to the same degree and with the same force.
 
 
(e)Each of the parties therefore hereby expressly waives the right to plead the nullity of any provision because it is incomprehensible, illegible or abusive.
(f)Each person becoming a Limited Partner if acceptance of their subscription pursuant to an offering becomes bound by the terms of this Agreement.
(g)The attributes of any Class of Unit as set out in a Schedule “B” is binding on the General Partner and Limited Partners in accordance with the Agreement.
14.2Counterparts

This Agreement may be executed in any number of counterparts, each of which will be deemed to be an original and all of which taken together constitute one agreement. Delivery of an executed counterpart of this Agreement by facsimile or transmitted electronically in legible form, including without limitation in a tagged image format file (TIFF) or portable document format (PDF), will be equally effective as delivery of a manually executed counterpart of this Agreement.

[Next page is the signing page]

 

 
 

IN WITNESS WHEREOF this Agreement has been executed by the parties hereto as of the date hereinabove first mentioned.

   

EQUITYLINE SERVICE CORP.

 

By:  
Name:  
Title:  
     
By:  
Name:  
Title:  
  I/We have the authority to bind the Corporation.

 

   

EQUITYLINE CAPITAL (DELAWARE) LLC

 

 

By:  
Name:  
Title:  
     
By:  
Name:  
Title:  
  I/We have the authority to bind the Corporation.
   
 

 

Sergiy Shchavyelyev

   
  Each Limited Partner by subscription for Units and execution of the Subscription Agreement

 

 
 

 

Schedule “A” 

AGREEMENT OF LIMITED PARTNERSHIP

OF

EQUITYLINE CAPITAL (DELAWARE) LP

This Agreement of Limited Partnership of EquityLine Capital (Delaware) LP (this "Agreement"), is entered into by and between EquityLine Capital (Delaware) LLC, a Delaware limited liability company, as general partner (the "General Partner"), and Sergiy Shchavyelyev, as limited partner (the "Limited Partner").

The General Partner and the Limited Partner hereby form a limited partnership pursuant to and in accordance with the Delaware Revised Uniform Limited Partnership Act (6 Del.C. § 17-101, et seq.), as amended from time to time (the "Act"), and hereby agree as follows:

1.              Name. The name of the limited partnership formed hereby is EquityLine Capital (Delaware) LP (the "Partnership").

2.              Purpose. The Partnership is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Partnership is, engaging in any lawful act or activity for which limited partnerships may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.

3.              Registered Office. The registered office of the Partnership in the State of Delaware is c/o RL&F Service Corp., 920 North King Street, 2nd Floor, Wilmington, New Castle County, Delaware 19801, or such other agent as may hereafter be determined by the General Partner from time to time.

4.              Registered Agent. The name and address of the registered agent of the Partnership for service of process on the Partnership in the State of Delaware is RL&F Service Corp., 920 North King Street, 2nd Floor, Wilmington, New Castle County, Delaware 19801, or such other agent as may hereafter be determined by the General Partner from time to time.

5.              Partners. The names and the business, residence or mailing addresses of the General Partner and the Limited Partner are as follows:

General Partner

EquityLine Capital (Delaware) LLC
550 HWY 7 East, Suite 338

Richmond Hill, ON, L4B 3Z4, Canada

Limited Partner

Sergiy Shchavyelyev

550 HWY 7 East, Suite 338

Richmond Hill, ON, L4B 3Z4, Canada

6.                   Powers. The powers of the General Partner include all powers, statutory and otherwise, possessed by general partners under the laws of the State of Delaware. Notwithstanding any

 
 

other provisions of this Agreement, the General Partner is authorized to execute and deliver any document on behalf of the Partnership without any vote or consent of any other partner.

7.                   Dissolution. The Partnership shall dissolve, and its affairs shall be wound up if (a) all of the partners of the Partnership approve in writing, (b) an event of withdrawal of a general partner has occurred under the Act unless the business of the Partnership is continued in accordance with the Act, (c) there are no limited partners of the Partnership unless the business of the Partnership is continued in accordance with the Act, or (d) an entry of a decree of judicial dissolution has occurred under §17-802 of the Act; provided, however, the Partnership shall not be dissolved or required to be wound up upon an event of withdrawal of a general partner described in Section 7(b) if (i) at the time of such event of withdrawal, there is at least one (1) other general partner of the Partnership who carries on the business of the Partnership (any remaining general partner being hereby authorized to carry on the business of the Partnership), or (ii) within ninety (90) days after the occurrence of such event of withdrawal, all remaining partners agree in writing to continue the business of the Partnership and to the appointment, effective as of the date of the event of withdrawal, of one (1) or more additional general partners of the Partnership.

8.                   Capital Contributions. The partners of the Partnership have made such capital contributions as set forth in the books and records of the Partnership.

9.                   Additional Contributions. No partner of the Partnership is required to make any additional capital contribution to the Partnership.

10.                Allocation of Profits and Losses. The Partnership's profits and losses shall be allocated in proportion to the capital contributions of the partners of the Partnership.

11.                Distributions. Distributions shall be made to the partners of the Partnership at the times and in the aggregate amounts determined by the General Partner. Such distributions shall be allocated among the partners of the Partnership in the same proportion as their then capital account balances. Notwithstanding any provision to the contrary contained in this Agreement, the Partnership shall not make a distribution to a partner of the Partnership on account of its interest in the Partnership if such distribution would violate the Act or other applicable law.

12.                Assignments.

(a)                 A limited partner may assign all or any part of its partnership interest in the Partnership and may withdraw from the Partnership only with the consent of the General Partner. The transferee of a limited partner shall be admitted to the Partnership as a limited partner of the Partnership upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. If a limited partner transfers all of its limited partner interest in the Partnership pursuant to this Section, such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor limited partner shall cease to be a limited partner of the Partnership. Notwithstanding anything in this Agreement to the contrary, any successor to a limited partner by merger, division or consolidation shall, without further act, be a limited partner hereunder, and such merger, division or consolidation shall not constitute an assignment for purposes of this Agreement and the Partnership shall continue without dissolution.

(b)                 A general partner may assign all or any part of its partnership interest in the Partnership and may withdraw from the Partnership without the consent of any other partner. The transferee of a general partner shall be admitted to the Partnership as a general partner of the Partnership upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. If a general partner transfers all of its general partner interest in the Partnership pursuant to this Section, such admission shall be deemed effective immediately prior to the transfer and,

 
 

immediately following such admission, the transferor general partner shall cease to be a general partner of the Partnership. The parties hereto agree that following such an assigning general partner ceasing to be a general partner of the Partnership in accordance with this Agreement, any remaining general partners of the Partnership, including a substitute general partner, are hereby authorized to, and shall, continue the business of the Partnership without dissolution. Notwithstanding anything in this Agreement to the contrary, any successor to a general partner by merger, division or consolidation shall, without further act, be a general partner hereunder, and such merger, division or consolidation shall not constitute an assignment for purposes of this Agreement and the Partnership shall continue without dissolution.

13.           Withdrawal. Except to the extent set forth in Section 12, no right is given to any partner of the Partnership to withdraw from the Partnership.

14.           Admission of Additional Partners.

(a)       One (1) or more additional limited partners of the Partnership may be admitted to the Partnership with only the consent of the General Partner.

(b)       One (1) or more additional general partners of the Partnership may be admitted to the Partnership with only the consent of the General Partner.

15.           Liability of Limited Partner. A limited partner shall not have any liability for the obligations or liabilities of the Partnership except to the extent required by the Act.

16.           Governing Law. This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.

17.           Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if all parties hereto had signed the same document. All counterparts shall be construed together and shall constitute one instrument.

18.           Severability. The invalidity or unenforceability of any particular provision of this Agreement shall not affect the other provisions hereof, and this Agreement shall be construed in all respects as if such invalid or unenforceable provision were omitted.

19.           Exculpation and Indemnification. To the fullest extent permitted by law, the General Partner shall not be liable to the Partnership or any other person or entity who is bound by this Agreement for any loss, damage or claim incurred by reason of any act or omission performed or omitted by the General Partner in good faith on behalf of the Partnership and in a manner reasonably believed to be within the scope of the authority conferred on the General Partner by this Agreement, except that the General Partner shall be liable for any such loss, damage or claim incurred by reason of the General Partner's willful misconduct. To the full extent permitted by applicable law, the General Partner shall be entitled to indemnification from the Partnership for any loss, damage or claim incurred by the General Partner by reason of any act or omission performed or omitted by the General Partner in good faith on behalf of the Partnership and in a manner reasonably believed to be within the scope of the authority conferred on the General Partner by this Agreement, except that the General Partner shall not be entitled to be indemnified in respect of any loss, damage or claim incurred by the General Partner by reason of its willful misconduct with respect to such acts or omissions; provided, however, that any indemnity under this Section 19 shall be provided out of and to the extent of Partnership assets only, and the Limited Partners shall not have personal liability on account thereof.

[signature page follows]

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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, have duly executed this Agreement of Limited Partnership as of the 8th day of

September , 2020.

GENERAL PARTNER:

EQUITYLINE CAPITAL (DELAWARE) LLC

By: Sergiy Shchavyelyev
Title: CEO

LIMITED PARTNER:

Sergiy Shchavyelyev

RLF1 23963810v.3

 

 
 

CERTIFICATE OF LIMITED PARTNERSHIP

OF

EQUITYLINE CAPITAL (DELAWARE) LP

 

THIS Certificate of Limited Partnership of EquityLine Capital (Delaware) LP (the "Partnership"), dated as of September 8, 2020, is being duly executed and filed

 

by EquityLine Capital (Delaware) LLC, a Delaware limited liability company, as the sole general partner, to form a limited partnership under the Delaware Revised Uniform Limited Partnership Act (6 Del. C. § 17-101, et seq.).

 

1.              Name. The name of the limited partnership is EquityLine Capital (Delaware) LP.

 

2.              Registered Office. The address of the registered office of the Partnership in the State of Delaware is c/o RL&F Service Corp., 920 North King Street, 2nd Floor, Wilmington, New Castle County, Delaware 19801.

 

3.              Registered Agent. The name and address of the registered agent for service of process on the Partnership in the State of Delaware are RL&F Service Corp., 920 North King Street, 2nd Floor, Wilmington, New Castle County, Delaware 19801.

 

4.              General Partner. The name and the mailing address of the sole general partner of the Partnership are:

 

EquityLine Capital (Delaware) LLC
550 HWY 7 East, Suite 338

Richmond Hill, ON, L4B 3Z4, Canada

 

IN WITNESS WHEREOF, the undersigned has executed this Certificate of Limited Partnership as of the date first-above written.

 

EquityLine Capital (Delaware) LLC, as general partner

 

By:

Name: Sergiy Shchavyelyev Title: CEO

 
 

 

SCHEDULE “B”
CLASS UNIT ATTRIBUTES

Class A

The Class A Units may be purchased by persons who comply with Investor Suitability Standards. Purchasers must either be Qualified Purchasers or Accredited Investors as defined and detailed in the Offering Circular.

The Class A Units are offered in US Dollar on the following terms:

Price - $10 US Dollars

Series – Yes for Series 1 – US Dollars

Offered - May be offered to the general public according to the Regulation A Offering.

Redemption Timing – Monthly, 30-day notice and 30 days to pay according to the following limitations.

Redemption Price and Payment – Redemption Price is Return of Class A Unit Issuance price paid less costs directly associated subject to the following such that the Redemption Price will be reduced for early redemption on the following basis:

(i) 90% of the Class A Unit Issuance Price, if redeemed within 12 months from the date of issuance; 

(ii) 92% of the Class A Unit Issuance Price if redeemed on or after 12 months from the date of issuance but within 24 months from the date of issuance; 

(iii) 94% of the Class A Unit Issuance Price if redeemed on or after 24 months from the date of issuance but within 36 months from the date of issuance; and 

(iv) 100% of the Class A Unit Issuance Price if redeemed on or after 36 months from the date of issuance.

The total amount payable by the Partnership for the Class A Limited Partnership Units tendered for redemption in the same calendar month may not exceed 1/12th of 25% of the total capital of the issued and outstanding Class A Units determined at the closing of the Class A Units Listing Date (the “Redemption Limit”); provided that the General Partner may, in its absolute discretion, waive such limitation in respect of all Units tendered for redemption in any period.

Dividends – Holders of the Class A Units shall be entitled to receive, and the Partnership shall pay thereon, if, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of dividends, fixed, cumulative, preferential monthly minimum cash dividends in an amount equal to $0.0625 per Class A Units (being an annual rate equal to $0.75 or 7.5%) payable, with respect to each Class A Unit Dividend Period, on the 15th day of each of the months of each year (the “Class A Units Dividend Payment Date”) in respect of such Class A Units Dividend Payment Date. Dividends on the Class A Units shall accrue daily from and including the date of issue of such shares.

Additional True Up Participation – Annual true up for the Fiscal year will be calculated and paid (if any) within 60 days of calendar year end; the true up is increase the distribution for each Unit

 
 

pro rata pari passu until each Unit has received a 10% (less Management Fee) return on Capital Contribution for the Fiscal Year. Any amount remaining (if any) from the Amount Available for Distribution over the 10% on Capital Contributed (less Management Fee) will be divided 50/50 with the Manager (as a Manager Bonus) and then equally per unit.

 

Cap on Units to be issued – 5,000,000 (Five Million) LP Units

Offering Time – Sales of the Interests pursuant to the Regulation A Tier 2 Offering (the “Offering”) will commence immediately upon qualification by the Securities and Exchange Commission (the “Effective Date”) and will terminate on the earliest of: (a) the date the Partnership, in its sole discretion, elects to terminate, (b) the date upon which all Units have been sold, or (c) exactly 12 months after the Effective Date (the “Offering Period”).

 

 

Management and Related Fees:

(a) Base Management Fee:

i) All of the Manager Fees will be exclusive of any applicable sales tax and other applicable taxes, which will be collected and required to be paid in addition to the Manager Fees. As remuneration for its services to be rendered hereunder, the Partnership shall pay to the Manager a fee (the “Management Fee”) equal to 0.5% per annum of the Aggregate Funded and Committed Assets of the Partnership, calculated daily, aggregated and paid monthly in arrears, plus applicable taxes.

ii) The Management Fee (together with all applicable taxes) shall be payable monthly to the Manager on the last business day of each month, in arrears.

iii) Adjustments with respect to any overpayment or underpayment of the Management Fee shall be calculated as aforesaid for each Management Year and shall be made on the basis of the annual financial statements for the Partnership, within 30 days of the delivery thereof to the shareholders.

iv) The Manager may reduce, waive or defer management fees for any class of units of the Partnership as it shall determine in its sole discretion.

(b) Lender Fee: The Manager may retain the fees paid by a mortgagor for any mortgage funded where that fee is charged as a mortgage origination and servicing fee and is paid by the mortgagor at the time of the negotiation, funding or renewal of the mortgage asset.

(c) Manager Execution Fee and Bonus Fee Participation: The Manager is entitled to be paid the amount of 2% of the amount advanced on any directly originated mortgage or purchase price of any real estate assets that are invested in by the Partnership and is also entitled to the sharing of revenue and distributions as described in the Limited Partnership Agreement as a “Bonus Fee.”

 

 

 
 

SCHEDULE “C”

ARBITRATION TERMS

1.Any dispute, controversy or claim arising under, out of or relating to this Agreement (a “Dispute”), including its formulation, validity, binding effect, interpretation, performance, breach or termination, as well as claims for non-contractual claims, is to be referred to and finally determined by arbitration in accordance with the provisions of the Arbitration Act (Ontario) (the “Arbitration Act”), except as varied or excluded by this Agreement. Any party may initiate arbitration proceeding by delivering notice (a “Notice to Arbitrate”) to the other party(ies). The Notice to Arbitrate is to be in writing and is to set out a concise description of the Dispute to be submitted to arbitration. The arbitration, including the rendering of the award or decision, is to take place in Toronto, Ontario, which is to be the place of arbitration. The language to be used in the arbitration will be English.
2.The arbitral tribunal is to be composed of one arbitrator (the “Arbitrator”). The party that delivers a Notice to Arbitrate (the “Applicant”) will, in the Notice to Arbitrate, nominate an individual to act as the Arbitrator. Within 15 days of the date of receipt of the Notice to Arbitrate, the other party(ies) (the “Respondent”) will, in writing, either signify its acceptance of the nominee or, in the alternative, propose an alternative to act as the Arbitrator. If the Applicant and the Respondent do not agree within 10 Business Days thereafter as to whom will act as Arbitrator, then either party may apply to the Supreme Court of Ontario for the appointment of an arbitrator pursuant to the provisions of the Arbitration Act. Each of the Applicant and the Respondent will be responsible for one-half of the costs of the application. The parties will act reasonably and in good faith to select an Arbitrator who is objective, independent, knowledgeable and experienced with respect to the type of issues in dispute.
3.Within 10 Business Days after the appointment of the Arbitrator, the Applicant will send the Respondent a statement of claim setting out in sufficient detail the facts and any contentions of law on which it relies (the “Statement of Claim”) and the relief claimed.
4.Within 30 Business Days after the receipt of the Statement of Claim, the Respondent will send the Applicant a statement of defence stating in sufficient detail which of the facts and contentions of law in the Statement of Claim are admitted or denied, and, with respect to those denied, the grounds, facts and/or contentions of law relied on to support that denial and the relief claimed, together with the same matters in respect of any counterclaim against the Applicant (the “Statement of Defence”).
5.Within 10 Business Days after the receipt of the Statement of Defence, the Applicant may send the Respondent a statement of reply (the “Statement of Reply”). If the Respondent has made a counterclaim against the Applicant, the Respondent may then send the Applicant a Statement of Reply within the same 10 Business Days.
6.All Statements of Claim, Statements of Defence and Statements of Reply are to be accompanied by copies or, if the documents are especially voluminous, lists of all relevant documents on which the party concerned relies.
 
 
7.After submission of all of the Statements of Claim, Statements of Defence and Statements of Reply, as the case may be, the Arbitrator will give directions for the further conduct of the arbitration.
8.The Arbitrator may at any time, fix the date, time and place of hearings in the arbitration and will give the parties adequate notice of that date, time and place. Subject to any adjournments which the Arbitrator may allow, hearings are to be continued on successive Business Days until the hearings are concluded and the hearings shall be completed within 10 Business Days.
9.All hearings are to be conducted in private unless the parties otherwise agree. The Applicant and Respondent may be represented at any hearing by counsel or other agent.
10.Except as may be necessary in the course of enforcement of any award of the Arbitrator and other judicial proceedings regarding the Arbitration or that award, the parties and the Arbitrator will keep and will cause all Persons participating in the arbitration process to keep the existence and content of arbitration, including the pleadings, evidence, transcripts and awards of the Arbitrator made, strictly confidential.
11.All and any awards of the Arbitrator are to be made by the Arbitrator within 30 Business Days of completion of the hearings, are to be made in accordance with the rules set out in this Schedule and in writing and are final and binding on the parties, except that any party may appeal an award to the court on a question of law, a question of fact or a question of mixed fact and law as provided in section 31 or section 34 of the Arbitration Act and any party may apply to set aside an award as provided in section 30 of the Arbitration Act.
12.Where there exist multiple and contemporaneous disputes, claims, questions or disagreements related to this Agreement, the resolution of those disputes, claims, questions or disagreements will be combined in a single arbitration before a single Arbitrator, who was the first Arbitrator to be appointed, conducted pursuant to this Schedule unless that Arbitrator determines that it is impracticable to so combine resolutions.
13.The costs of the arbitration, including counsel fees and disbursements and the costs and disbursements of the Arbitrator, are to be in the discretion of the Arbitrator.
14.Notwithstanding any other provision of this Schedule, a party may seek from a court of the State of Delaware any interim relief that may be necessary to protect the rights, powers or property of that party pending the appointment of the Arbitrator. Either party may make an application to the Arbitrator seeking injunctive relief to maintain the status quo until such time as the arbitration award is rendered or the controversy is otherwise resolved.
15.If the parties enter into any other agreement concerning the settlement of Disputes by arbitration, the other agreement will be deemed to include all provisions of this Schedule unless the other agreement expressly specifies otherwise.
16.This Schedule survives the expiry or termination of this Agreement for any reason.
EX1A-4 SUBS AGMT 5 sub.htm SUBSCRIPTION AGREEMENT

 

EQUITYLINE CAPITAL (DELAWARE) LP

CLASS A LIMITED PARTNERSHIP UNITS

 

REGULATION A+ SUBSCRIPTION AGREEMENT

 

Investing in securities represented by the Class A Limited Partnership Uints (the “Units,” or in the singular a “Unit”) of EquityLine Capital (Delaware) LP (the “Partnership”) involves significant risks. This investment is suitable only for persons who can afford to lose their entire investment and such investment could be illiquid for an indefinite period of time. No public market currently exists for the Units, and if a public market develops following this offering, it may not continue.

 

The Units have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities or blue sky laws and are being offered and sold in reliance on exemptions from the registration requirements of the Securities Act and state securities or blue sky laws. Although an offering statement has been filed with the Securities and Exchange Commission (the “SEC”), that offering statement does not include the same information that would be included in a registration statement under the Securities Act. The Units have not been approved or disapproved by the SEC, any state securities commission or other regulatory authority, nor have any of the foregoing authorities passed upon the merits of this offering or the adequacy or accuracy of the offering circular or any other materials or information made available to subscriber in connection with this offering, through the online website platform at www.holidaylifestylefund.com (the “Portal”), or the SEC’s EDGAR website at https://sec.report.

No sale may be made to persons in this offering who are not “accredited investors” if the aggregate purchase price is more than 10% of the greater of such investors’ annual income or net worth. The Partnership is relying on the representations and warranties set forth by each subscriber in this Subscription Agreement and the other information provided by subscriber in connection with this offering to determine compliance with this requirement.

Prospective investors may not treat the contents of the Subscription Agreement, the offering circular or any of the other materials available (collectively, the “Offering Materials”) or any prior or subsequent communications from the Partnership or any of its affiliates, officer, employees or agents as investment, legal or tax advice. In making an investment decision, investors must rely on their own examination of the Partnership and the terms of this offering, including the merits and the risks involved. Each prospective investor should consult the investor’s own counsel, accountant and other professional advisor as to investment, legal, tax and other related matters concerning the investor’s proposed investment.

The Partnership reserves the right in its sole discretion and for any reason whatsoever to modify, amend and/or withdraw all or a portion of the offering and/or accept or reject in whole or in part any prospective investment in the Units or to allot to any prospective investor less than the amount of Units such investor desires to purchase.

Except as otherwise indicated, the Offering Materials speak as of their date. Neither the delivery nor the purchase of the Units shall, under any circumstances, create any implication that there has been no change in the affairs of the Partnership since that date.

This Subscription Agreement (the "Agreement") is made as of the date set forth below by and between the undersigned (the "Subscriber") and the Partnership and is intended to set forth certain representations, covenants and agreements between Subscriber and the Partnership with respect to the offering (the "Offering") for sale by the Partnership of the Units as described in the Partnership's offering circular dated November 24, 2021 (the "Offering Circular"), a copy of which has been delivered to Subscriber. The Units are also referred to herein as the "Securities."

ARTICLE I SUBSCRIPTION

1.01  Subscription. Subject to the terms and conditions hereof, Subscriber hereby irrevocably subscribes for and agrees to purchase from the Partnership the number of Units set forth on the Subscription Agreement Signature Page, and the Partnership agrees to sell such Units to Subscriber at a purchase price of $10.00 per Unit for the total amount set forth on the Subscription Agreement

 
 

Signature Page (the "Purchase Price"), subject to the Partnership's right to sell to Subscriber such lesser number of Units as the Partnership may, in its sole discretion, deem necessary or desirable.

1.02       Delivery of Subscription Amount; Acceptance of Subscription; Delivery of Securities. Subscriber understands and agrees that this Subscription is made subject to the following terms and conditions: 

(a)    Contemporaneously with the execution and delivery of this Agreement through the Platform, Subscriber shall pay the Purchase Price for the Units in the form of ACH debit transfer, wire transfer, or credit card payment. Your subscription is irrevocable. The Partnership selected a transfer agent Partnership (the “Transfer Agent”) to maintain all such funds for Subscriber’s benefit until the earliest to occur of: (i) the Closing, (ii) the rejection of such subscription or (iii) the termination of the Offering by the Partnership in its sole discretion. 

(b)   Payment of the Purchase Price shall be made by Subscriber via the Portal, and shall be received through the Transfer Agent, and shall be held in an escrow account operated by the escrow agent the Partnership selected to hold funds until released by the Partnership, there is no minimum offering (the “Escrow Agent”).

(c)    This subscription shall be deemed to be accepted only when this Agreement has been signed by an authorized officer or agent of the Partnership, and the deposit of the payment of the purchase price for clearance will not be deemed an acceptance of this Agreement.

(d)   The Partnership shall have the right to reject this subscription, in whole or in part.

(e)    The payment of the Subscription Amount (or, in the case of rejection of a portion of the Subscriber's subscription, the part of the payment relating to such rejected portion) will be returned promptly, without interest or deduction, if Subscriber's subscription is rejected in whole or in part or if the Offering is withdrawn or canceled.

(f)        Subscriber shall receive notice and evidence of the digital entry (or other manner of record) of the number of the Units owned by Subscriber reflected on the books and records of the Partnership and verified by the Transfer Agent, which books and records shall bear a notation that Units were sold in reliance upon Regulation A. 

(g)       Limited Partnership Agreement. You have received and read a copy of the Partnership’s operating agreement (the “Operating Agreement”) and agree that your execution of this Agreement constitutes your consent to the Operating Agreement, and that upon acceptance of this Subscription Agreement by the Partnership, you will become a member of the Partnership as a holder of Class A Units. When this Agreement is countersigned by the Partnership, the Operating Agreement shall be binding upon acceptance of your subscription.

(h)       The Platform. The Offering is described in the Offering Circular, available through the online website platform at www.holidaylifestylefund.com or the SEC’s EDGAR website at https://sec.report. Please read this Agreement, the Offering Circular, and the Operating Agreement. While they are subject to change, as described below, the Partnership advises you to print and retain a copy of these documents for your records.

ARTICLE II REPRESENTATIONS AND WARRANTIES OF SUBSCRIBER

By executing this Subscription Agreement, Subscriber (and, if Subscriber is purchasing the Securities subscribed for hereby in a fiduciary capacity, the person or persons for whom Subscriber is so purchasing) represents and warrants, which representations and warranties are true and complete in all material respects as of the date of each Closing Date: 

2.01  Requisite Power and Authority. Such Subscriber has all necessary power and authority under all applicable provisions of law to execute and deliver this Subscription Agreement. All action on Subscriber's part required for the lawful execution and delivery of this Subscription Agreement has been or will be effectively taken prior to the Closing. Upon execution and delivery, this Subscription Agreement will be a valid and binding obligation of Subscriber, enforceable in accordance with its terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting enforcement of creditors' rights and (b) as limited by general principles of equity that restrict the availability of equitable remedies. 

 
 

2.02  Investment Representations. Subscriber understands that the Securities have not been registered under the Securities Act. Subscriber also understands that the Securities are being offered and sold pursuant to an exemption from registration contained in the Securities Act based in part upon Subscriber's representations contained in this Agreement. Subscriber is purchasing the Units for Subscriber’s own account. Subscriber has received and reviewed this Agreement, The Offering Circular and the Operating Agreement. Subscriber and/or Subscriber’s advisors, who are not affiliated with and not compensated directly or indirectly by the Partnership or an affiliate thereof, have such knowledge and experience in business and financial matters as will enable them to utilize the information which they have received in connection with the Offering to evaluate the merits and risks of an investment, to make an informed investment decision and to protect Subscriber’s own interest in connection with an investment in the Units.

2.03  Illiquidity and Continued Economic Risk. Subscriber acknowledges and agrees that there is no ready public market for the Securities and that there is no guarantee that a market for their resale will ever exist. Subscriber must bear the economic risk of this investment indefinitely and the Partnership has no obligation to list the Securities on any market or take any steps (including registration under the Securities Act or the Securities Exchange Act of 1934, as amended) with respect to facilitating trading or resale of the Securities. Subscriber acknowledges that Subscriber is able to bear the economic risk of losing Subscriber's entire investment in the Securities. Subscriber also understands that an investment in the Partnership involves significant risks and has taken full cognizance of and understands all of the risk factors relating to the purchase of Securities.

2.04  Accredited Investor Status or Investment Limits. Subscriber represents that either:

(a)    Subscriber is an "Accredited Investor" within the meaning of Rule 501 of Regulation D under the Securities Act; or 

(b)   The Purchase Price set out below, on the signature page of this Agreement, together with any other amounts previously used to purchase Securities in this Offering, does not exceed 10% of the greater of the Subscriber's annual income or net worth. Subscriber represents that to the extent it has any questions with respect to its status as an accredited investor, or the application of the investment limits, it has sought professional advice. 

2.05  Additional Subscriber Information; Payment Information. Subscriber agrees to provide any additional documentation the Partnership may reasonably request, including documentation as may be required by the Partnership to form a reasonable basis that the Subscriber qualifies as an “accredited investor” as that term is defined in Rule 501 under Regulation D promulgated under the Act, or otherwise as a “qualified purchaser” as that term is defined in Regulation A promulgated under the Act, or as may be required by the securities administrators or regulators of any state, to confirm that the Subscriber meets any applicable minimum financial suitability standards and has satisfied any applicable maximum investment limits. Subscriber acknowledges that Subscriber’s responses to questions on the Platform (as defined in the Offering Circular) are true, complete and accurate in all respects. Payment information provided by Subscriber through the Platform is true, accurate and correct and such payment information shall be deemed to be a part of this Agreement as if and to the same extent that such information was set forth herein.

2.06  Partnership Information. Subscriber has read the Offering Circular filed with the SEC, including the section titled "Risk Factors." Subscriber understands that the Partnership is subject to all the risks described therein, whether or not those risks are explicitly set out in the Offering Circular. Subscriber acknowledges that no representations or warranties have been made to Subscriber, or to Subscriber's advisors or representative, by the Partnership or others with respect to the business or prospects of the Partnership or its financial condition. 

2.07  Neither the Partnership nor the Platform is an Investment Adviser. Subscriber understands that neither the Partnership nor the Platform is registered under the Investment Partnership Act of 1940 or the Investment Advisers Act of 1940.

2.08  Valuation. Subscriber acknowledges that the price of the Securities was set by the Partnership on the basis of the Partnership's internal valuation and no warranties are made as to value. Subscriber further acknowledges that future offerings of Securities may be made at lower valuations, with the result that the Subscriber's investment will bear a lower valuation.

 
 

2.09  Domicile. Subscriber maintains Subscriber's domicile (and is not a transient or temporary resident) at the address shown on the signature page and provided on the Platform.

2.10  Power of Attorney. Any power of attorney of the Subscriber granted in favor of the Partnership contained in the Operating Agreement has been executed by the Subscriber in compliance with the laws of the state, province or jurisdiction in which such agreements were executed.

2.11  Brokerage Fees. The Partnership has engaged Rialto markets acting on its behalf to sell the Units on a best-efforts basis for a 1.5% commission of the total aggregate sales of the Unit. There are no other claims for brokerage commission, finders' fees or similar compensation in connection with the transactions contemplated by this Subscription Agreement or related documents based on any arrangement or agreement binding upon Subscriber. Subscriber will indemnify and hold the Partnership harmless against any liability, loss or expense (including, without limitation, reasonable attorneys' fees and out-of-pocket expenses) arising in connection with any such claim.

2.12  Foreign Investors. If Subscriber is not a United States person (as defined by Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended), Subscriber hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any invitation to subscribe for the Securities or any use of this Subscription Agreement, including (a) the legal requirements within its jurisdiction for the purchase of the Securities, (b) any foreign exchange restrictions applicable to such purchase, (c) any governmental or other consents that may need to be obtained, and (d) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale, or transfer of the Securities. Subscriber's subscription and payment for and continued beneficial ownership of the Securities will not violate any applicable securities or other laws of the Subscriber's jurisdiction. 

2.13  Terms and Conditions of the Platform. Subscriber acknowledges that it has read, understands and agrees to the terms and conditions, privacy policy and disclaimers on the Platform.

2.14  Transfer Restrictions. Subscriber acknowledges and agrees that Units are subject to restrictions on transfer as described in the Operating Agreement. The Units shall bear a digital or physical restrictive legend in substantially the following form (and a stop transfer order may be placed against transfer of such certificates or instruments):

THE SECURITIES EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO SIGNIFICANT RESTRICTIONS ON TRANSFER PURSUANT TO THE PARTNERSHIP’S OPERATING AGREEMENT AND THE SUBSCRIPTION AGREEMENT PURSUANT TO WHICH THESE SECURITIES WERE ORIGINALLY SOLD. ANY PURPORTED TRANSFER IN VIOLATION OF SUCH PROVISIONS SHALL BE VOID, AB INITIO.

ARTICLE III SURVIVAL; INDEMNIFICATION

3.01  Survival; Indemnification. All representations, warranties and covenants contained in this Agreement and the indemnification contained herein shall survive (a) the acceptance of this Agreement by the Partnership, (b) changes in the transactions, documents and instruments described herein which are not material or which are to the benefit of Subscriber, and (c) the death or disability of Subscriber. Subscriber acknowledges the meaning and legal consequences of the representations, warranties and covenants in Article II hereof and that the Partnership has relied upon such representations, warranties and covenants in determining Subscriber's qualification and suitability to purchase the Securities. Subscriber hereby agrees to indemnify, defend and hold harmless the Partnership, its officers, directors, employees, agents and controlling persons, from and against any and all losses, claims, damages, liabilities, expenses (including attorneys' fees and disbursements), judgments or amounts paid in settlement of actions arising out of or resulting from the untruth of any representation of Subscriber herein or the breach of any warranty or covenant herein by Subscriber. Notwithstanding the foregoing, however, no representation, warranty, covenant or acknowledgment made herein by Subscriber shall in any manner be deemed to constitute a waiver of any rights granted to it under the Securities Act or state securities laws. 

ARTICLE IV MISCELLANEOUS PROVISIONS

 
 

4.01  Captions and Headings. The Article and Section headings throughout this Agreement are for convenience of reference only and shall in no way be deemed to define, limit or add to any provision of this Agreement. 

4.02  Notification of Changes. Subscriber agrees and covenants to notify the Partnership immediately upon the occurrence of any event prior to the consummation of this Offering that would cause any representation, warranty, covenant or other statement contained in this Agreement to be false or incorrect or of any change in any statement made herein occurring prior to the consummation of this Offering.

4.03  Assignability. This Agreement is not assignable by Subscriber, and may not be modified, waived or terminated except by an instrument in writing signed by the party against whom enforcement of such modification, waiver or termination is sought. 

4.04  Binding Effect. Except as otherwise provided herein, this Agreement shall be binding upon and inure to the benefit of the parties and their heirs, executors, administrators, successors, legal representatives and assigns, and the agreements, representations, warranties and acknowledgments contained herein shall be deemed to be made by and be binding upon such heirs, executors, administrators, successors, legal representatives and assigns. 

4.05  Obligations Irrevocable. The obligations of Subscriber shall be irrevocable, except with the consent of the Partnership, until the consummation or termination of the Offering.

4.06  Entire Agreement; Amendment. This Agreement states the entire agreement and understanding of the parties relating to the matters contained herein, superseding all prior contracts or agreements, whether oral or written. No amendment of the Agreement shall be made without the express written consent of the parties. 

4.07  Severability. The invalidity or unenforceability of any particular provision of this Agreement shall not affect any other provision hereof, which shall be construed in all respects as if such invalid or unenforceable provision were omitted. 

4.08  Notices. All notices and communications to be given or otherwise made to the Subscriber shall be deemed to be sufficient if sent by electronic mail to such address as set forth for the Subscriber at the records of the Partnership (or that you submitted to us via the Platform). You shall send all notices or other communications required to be given hereunder to the Partnership via email at: [info@ ], with a copy sent either certified mail or in another traceable form of delivery to the Partnership at the following address:

EquityLine Capital (Delaware) LLC

c/o RL&F Service Corp.
920 North King Street, 2nd Floor

Wilmington, New Castle County, Delaware 19801

Attention: Investor Relations.

Any such notice or communication shall be deemed to have been delivered and received on the first business day following that on which the electronic mail has been sent (assuming that there is no error in delivery). As used in this Section, “business day” shall mean any day other than a day on which banking institutions in the State of Florida are legally closed for business.

4.09  Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which together shall be deemed to be one and the same agreement. 

4.10  Digital Signatures. Digital (“electronic”) signatures, often referred to as an “e-signature”, enable paperless contracts and help speed up business transactions. The 2001 E-Sign Act was meant to ease the adoption of electronic signatures. The mechanics of this Subscription Agreement’s electronic signature include your signing this Agreement below by typing in your name, with the underlying software recording your IP address, your browser identification, the timestamp, and a securities hash within an SSL encrypted environment. This electronically signed Subscription Agreement will be available to both you and the Partnership, as well as any associated brokers, so they can store and access it at any time, and it will be stored and accessible on the Platform and hosting provider, including backups. You and the Partnership each hereby consents and agrees that electronically signing this Agreement constitutes your signature, acceptance and

 
 

agreement as if actually signed by you in writing. Further, all parties agree that no certification authority or other third-party verification is necessary to validate any electronic signature; and that the lack of such certification or third-party verification will not in any way affect the enforceability of your signature or resulting contract between you and the Partnership. You understand and agree that your e-signature executed in conjunction with the electronic submission of this Subscription Agreement shall be legally binding and such transaction shall be considered authorized by you. By signing electronically below, you agree your electronic signature is the legal equivalent of your manual signature on this Subscription Agreement you consent to be legally bound by this Subscription Agreement’s terms and conditions. Alternatively, you may opt-out of this provision by printing a copy of this Agreement, signing it manually and returning it to the Partnership and, if your subscription is accepted, the Partnership will manually countersign it and return a countersigned copy to you via email.

4.11  Consent to Electronic Delivery of Tax Documents. Please read this disclosure about how the Partnership will provide certain documents that it is required by the Internal Revenue Service (the “IRS”) to send to you (“Tax Documents”) in connection with your Units. A Tax Document provides important information you need to complete your tax returns. Tax Documents include Form 1099 and/or Form K-1. Occasionally, the Partnership is required to send you CORRECTED Tax Documents. Additionally, the Partnership may include inserts with your Tax Documents. The Partnership is required to send Tax Documents to you in writing, which means in paper form. When you consent to electronic delivery of your Tax Documents, you will be consenting to delivery of Tax Documents, including these corrected Tax Documents and inserts, electronically instead of in paper form. By executing this Agreement on the Platform, you are consenting in the affirmative that the Partnership may send Tax Documents to you electronically, and acknowledging that you are able to access Tax Documents from the site. If you subsequently withdraw consent to receive Tax Documents electronically, a paper copy will be provided. Your consent to receive the Tax Documents electronically continues for every tax year until you withdraw your consent. You can withdraw your consent before the Tax Document is furnished by mailing a letter including your name, mailing address, effective tax year, and indicating your intent to withdraw consent to the electronic delivery of Tax Documents to the Partnership at:

EquityLine Capital (Delaware) LLC

c/o RL&F Service Corp.
920 North King Street, 2nd Floor

Wilmington, New Castle County, Delaware 19801

Phone:

If you withdraw consent to receive Tax Documents electronically, a paper copy will be provided. you must keep your e-mail address current with the Partnership. You must promptly notify the Partnership of a change of your email address. If your mailing address, email address, telephone number or other contact information changes, you may also provide updated information by contacting the Partnership.

4.12  Electronic Delivery of Information. Subscriber and the Partnership each hereby agree that all current and future notices, confirmations and other communications regarding this Agreement, the Operating Agreement and future communications in general between the parties, may be made by email, sent to the email address of record as set forth in this Agreement or as otherwise from time to time changed or updated and disclosed to the other party, without necessity of confirmation of receipt, delivery or reading, and such form of electronic communication is sufficient for all matters regarding the relationship between the parties. If any such electronically sent communication fails to be received for any reason, including but not limited to such communications being diverted to the recipients spam filters by the recipients email service provider, or due to a recipient’s change of address, or due to technology issues by the recipients service provider, the parties agree that the burden of such failure to receive is on the recipient and not the sender, and that the sender is under no obligation to resend communications via any other means, including but not limited to postal service or overnight courier, and that such communications shall for all purposes, including legal and regulatory, be deemed to have been delivered and received. No physical, paper documents will be sent to you, and if you desire physical documents then you agree to be satisfied by directly and personally printing, at your own expense, the electronically sent communication(s) and maintaining such physical records in any manner or form that you desire.

[SIGNATURE PAGE FOLLOWS]

 
 

 

SUBSCRIPTION AGREEMENT SIGNATURE PAGE

 

IN WITNESS WHEREOF, Subscriber or its duly authorized representative has executed and delivered this Subscription Agreement by signing or clicking “I Agree” and has delivered the Purchase Price as of the date set forth above.

 

 

Name of Subscriber    
Social Security Number or Taxpayer ID Number    
Date    

 

 

Aggregate Purchase Price (based on a price of $1,000.00 per Unit): $
(
enter total Purchase Price in USD)

 

 

 

ADDRESS:

 

 

Street

 

 

City State Zip

 

 

Telephone

 

 

Email

 

 

 

EQUITYLINE CAPITAL (DELAWARE) LP

EQUITYLINE CAPITAL (DELAWARE) LLC

SUBSCRIPTION AGREEMENT SIGNATURE PAGE (CONTINUED)

 

ACCEPTED AND AGREED TO:

EQUITYLINE CAPITAL (DELAWARE) LLC,

A Delaware limited liability company in its capacity as general partner of EQUITYLINE CAPITAL (DELAWARE) LP

 
By: _____________________________________
Name: 
Title: Executive Officer

 

EquityLine Capital (Delaware) LLC

c/o RL&F Service Corp.
920 North King Street, 2nd Floor

Wilmington, New Castle County, Delaware 19801

Phone:

Email: info@

EX1A-6 MAT CTRCT 6 a_managagreement.htm MANAGEMENT AGREEMENT

Execution Form

 

 

 

 

 

 

EquityLine Services Corp.
as Manager

and

EquityLine Capital (Delaware) LP

 

 

MANAGEMENT AND ADMINISTRATION AGREEMENT

September 8, 2020

 

 

 

 

 
 
Article 1 APPOINTMENT AND ACKNOWLEDGMENT OF MANAGER 1
1.01   Appointment of Manager 1
1.02   Acknowledgment of Manager 1
1.03   Replacement/Resignation of Manager 2
1.04   Other Activities of Manager; Investment Opportunities 2
1.05   Intellectual Property 2
Article 2 DUTIES AND FUNCTIONS OF MANAGER 3
2.01   Management Services 3
2.02   General Administration Functions; Accounting, Payments and Records 4
2.03   Insurance 5
2.04   Accounts 6
Article 3 DELEGATION AND RECOURSE 6
3.01   Delegation 6
3.02   Liability for Delegation 6
Article 4 FEES AND EXPENSES 6
4.01   Calculation of Management Fees 6
4.02   Taxes Relating to Fees 7
4.03   Manager’s Costs and Expenses 7
Article 5 STANDARD OF CARE AND INDEMNITY 8
5.01   Standard of Care 8
5.02   Standard of Care 8
Article 6 REPRESENTATIONS, WARRANTIES AND COVENANTS 9
6.01   Representations and Warranties 9
6.02   Covenants 10
Article 7 EFFECTIVE PERIOD, TERMINATION, ASSIGNMENT AND AMENDMENT 10
7.01   Effective Period 10
7.02   Termination 10
7.03   Transition or Termination 11
7.04   Assignment 11
7.05   Amendment 11
Article 8 GENERAL 11
8.01   Notice 11
8.02   Schedules 12
8.03   Interpretation 12
8.04   Calculation of Time Periods 12
8.05   Entire Agreement 12
8.06   Arbitration 12
8.07   Governing Laws 13
 
 

 

MANAGEMENT AND ADMINISTRATION AGREEMENT

THIS AGREEMENT effective as of the 8th day of September, 2020

BETWEEN:

EquityLine Service Corp., a corporation existing under the laws of Ontario

(hereinafter referred to as the “Manager”)

OF THE FIRST PART,

- and -

EquityLine Capital (Delaware) LP, a Delaware limited partnership by its general partner EquityLine Capital (Delaware) LCC, a Delaware limited liability company (the “General Partner”)

(hereinafter referred to as the “US LP”)

OF THE SECOND PART,

Article 1
APPOINTMENT AND ACKNOWLEDGMENT OF MANAGER

1.01Appointment of Manager

The US LP hereby appoints the Manager to manage and control (whether directly or indirectly) the investments and activities of the US LP and to provide or to cause to be provided administrative and management services, and as appropriate, act as agent or trustee for the US LP, as set out in Article 2 hereof, subject to the limitations and restrictions set forth in this Agreement.

1.02Acknowledgment of Manager
(1)The Manager hereby accepts the appointment as manager to manage and control the business operations of the US LP comprising the activity of the US LP (and the making of investments in accordance with Article 2 hereof) and agrees to be bound by the terms hereof. The Manager hereby acknowledges that all activities engaged in by the Manager either (i) as agent or trustee for and on behalf of the US LP, where the undertaking of such duties and responsibilities requires that it be undertaken in an agency capacity; or (ii) as an independent contractor providing management services to its customer, the US LP will be undertaken subject to the terms of this Agreement.
(2)The US LP will extend to the Manager such cooperation and assistance as may be reasonably required to carry out the duties hereunder; provided, however, that the parties shall be deemed to be independent contractors and the employees of one shall not be deemed to be the employees of the other. Furthermore, this Agreement is not intended by the parties to constitute or create a joint venture, partnership, or any other formal business organization of any kind between the US LP and the Manager as to the matters dealt with in this Agreement, other than an agency and/or trustee relationship and/or a contractor–customer arrangement, and the rights and obligations of the parties shall be only those expressly set forth herein.
 
 
1.03Replacement/Resignation of Manager
(1)Except as described in Article 7, the US LP may not replace the Manager as the manager, or as trustee and nominee, for the US LP. Upon any such valid replacement, if necessary, the Manager will transfer and assign any investments held for the US LP to a validly appointed replacement manager and, if required, trustee and nominee, and resign as manager, agent, trustee and nominee upon such replacement.
(2)The Manager may resign as the manager at any time upon providing 90 days’ prior written notice to the US LP. Upon resignation, the Manager must propose a successor manager.
(3)The foregoing shall be subject to the requirement that the Manager continues to have those rights of indemnity, and those rights to the payments and fees provided, under the terms of this Agreement following the replacement or resignation of the Manager, and this Agreement shall remain in force and effect for such purpose.
1.04Other Activities of Manager; Investment Opportunities

The US LP acknowledges and agrees that:

(a)the Manager is (or may in the future be) be engaged in or affiliated with other entities that engage in real estate and Mortgage investment;
(b)the US LP may invest in investments owned, identified by, invested in and managed by affiliates of the Manager;
(c)neither the Manager nor any of the Manager’s employees, officers, directors, Affiliates or associates shall be required to devote their full time and business efforts to the duties of the Manager specified in this Agreement, but instead shall devote only so much of such time and efforts as the Manager reasonably deems necessary;
(d)the Manager and its affiliates are engaged in the business of investing in, acquiring and/or managing investments and businesses for the Manager’s own account, for the account of its affiliates and associates, and for the account of unaffiliated parties, and understands that the Manager plans to continue to be engaged in such business (and other business and investment activities) during the term of this Agreement; and
(e)no aspect or element of such activities on its own account or for others than the US LP shall be deemed to be engaged in for the benefit of the US LP or any current or future subsidiaries of the US LP, nor to constitute a conflict of interest.
1.05Intellectual Property

Any tools, techniques, software and methodologies derived from, or used by, the Manager shall remain the property of the Manager at all times. The US LP acknowledges that during the Term, it may acquire information which is confidential to the Manager and which information is the exclusive property of the Manager. The US LP covenants and agrees with the Manager that during the Term or at any time thereafter it shall keep confidential such information and shall not use it for its own purposes or any other purposes not intended by the Manager, unless release thereof is agreed to by the Manager or required by law, or until such time as the information ceases to be confidential (other than by reason of disclosure of such information in any manner by the US LP).

Article 2

 
 


DUTIES AND FUNCTIONS OF MANAGER

2.01Management Services
(a)The Manager shall provide full management services for the US LP in relation to the business and activity of the US LP, consisting of the day-to-day supervision, management and operation of investments in accordance with Schedule “B”.
(b)As to the management of the portfolio of portfolio investments, the Manager will:
(i)undertake the day-to-day management, including the following:
(A)preparation of a monthly report on the costs and expenses incurred by the US LP, the balance of the US LP’s bank accounts and the contributions and distributions during the previous month, such report to be delivered by the 15th of each calendar month using data from the previous month;
(B)quarterly unaudited accounting and reporting of the performance of the portfolio investments and the activity of the US LP, such quarterly report or review to be prepared by the 5th day after the last day of each of April, July, October in each calendar year during the Term; and
(C)quarterly reviews of (i) the portfolio; and (ii) each portfolio investment, such quarterly report or review to be prepared by the 20th day of each April, July, October in each calendar year during the Term;
(ii)manage the minimization of losses, including the monitoring of all investments which form the activity of the US LP, and with credit oversight pursuant to the credit and collection policy of the US LP and manager in furtherance of appropriate monitoring and oversight for similar businesses;
(iii)prepare an annual report and review of the activity of the US LP, including audited financial statements;
(iv)recommend to the US LP and manage the payments to the limited partners of the US LP.
(c)As to the general management of the portfolio of investments, the Manager will do the following:
(i)undertaking matters in relation to: (i) the proactive investment origination (identification and evaluation of prospects, relationship management with prospects, investment opportunity evaluation and initial due diligence, etc.); and (ii) the acquisition of investments forming the activity of the US LP;
(ii)evaluation of investment proposals from brokers, agents and other sources;
(iii)negotiation, preparation and presentation of investment documentation, including negotiation of terms and conditions;
 
 
(iv)coordinating and supervising the provision of services of any person or company retained on behalf of or as agent of the US LP or including Mortgage brokerage and administration;
(v)enforcing any rights of the US LP or defending any claims made against the US LP on such terms and conditions as the Manager may in its sole discretion deem satisfactory;
(vi)taking all such action as may be required to maintain the existence of the US LP; and
(vii)providing such other advice and services as the US LP may from time to time request in connection with the activity of the US LP and the investments held.
2.02General Administration Functions; Accounting, Payments and Records

The Manager shall:

(a)at all times maintain appropriate books of account and records for the US LP in accordance with good accounting practice. The US LP shall have the right at all reasonable times and intervals to cause such inspection of the books and records so maintained by the Manager to be made as may be reasonable under the circumstances. The Manager shall make available to the accountants or auditors of the US LP such information and material as may be required by such accountants for the purposes of their review engagement and shall otherwise give such cooperation as may be reasonably necessary for such accountants or auditors to carry out their duties in accordance with the provisions hereof;
(b)deliver or cause to be delivered financial information and reports in the form and at the times as are reasonably required;
(c)provide the clerical, administrative and operational services necessary for the proper head office administration of the US LP, including, without limitation, provision of office accommodation and office equipment and facilities and personnel for the performance of such head office services, in accordance with the provisions hereof and any shareholders agreement and provision of such other facilities as may be required for the purpose of fulfilling the Manager’s duties hereunder;
(d)perform the duties of keeping accounts and records of banking activities of the activity of the US LP and the investments (coordinated as required with a Mortgage administrator);
(e)prepare and file all tax and securities laws returns and filings required to be filed in connection with the activity of the US LP and the investments and determine tax instalments payable, if any;
(f)deal with and reply to all correspondence and other communications addressed to the US LP or relating to the activity of the US LP and the investments;
(g)maintain and permit any duly authorized representative of the US LP to inspect documents or records kept in the possession of the Manager in connection with the activity of the US LP and the investments;
 
 
(h)maintain all of the books, records, materials or otherwise, created or arising in connection with the provision of the management services hereunder, for and on behalf of the US LP, subject to appropriate systems designed to ensure the continuation of the management activities provided for hereunder, despite occurrences such as systems breakdown, natural disasters and similar events; such steps shall be taken and measures maintained in accordance with reasonable and usual practice in the industry, and should specifically provide for regular testing of the business recovery system and the Manager will provide notification to the US LP of the completion of each regular test, and of any material change to its business resumption and contingency plans which has the possibility or likelihood of seriously impacting the provision of the management services hereunder;
(i)ensure that the maintenance of all books, records, and the receipt and disbursement of any information by or on behalf of the US LP meets privacy, security and confidentiality standards which are in compliance with all privacy legislation, and is in compliance with the laws, statutes, regulations and guidelines governing the US LP, and making available for audit and inspection all such books, records and materials, to the US LP;
(j)be responsible for all capital market activities, including all activities in relation to the offering of securities of the US LP in accordance with the applicable provisions of the US LP’s offering documents (whether under prospectus or otherwise) and articles of the US LP and by-laws and the laws of all relevant and applicable jurisdictions;
(k)actively and regularly evaluate the investment Portfolio in the context of the investment aims of the US LP and monitor regularly on an ongoing basis the US LP’s compliance with applicable laws and regulatory requirements;
(l)negotiate contractual arrangements with third-party providers of services to the US LP including, but not limited to, registrars, transfer agents, auditors and printers, and appoint, supervise and remove such third-party service providers and any replacements upon such terms as the Manager shall think fit;
(m)manage and administer the payment to be made by the US LP to its providers of goods and services;
(n)recommend to the board of directors of the General Partner the amount of distributions to be made by the US LP to holders of shares, if necessary;
(o)do all such acts (including such advising and management services with respect to the Mortgage portfolio), take all such proceedings, execute all such documents and exercise all such rights and privileges, although not specifically mentioned here, as the Manager may deem necessary or ancillary to administer the US LP and its affairs, and to carry out the purposes of the US LP.
2.03Insurance

The Manager covenants to, at the expense of the US LP, administer and maintain insurance, on a commercially reasonable basis, as the Manager reasonably determines is necessary or desirable for the US LP, having regard to the activity of the US LP and the investments, taking into account insurance held as to such investments.

 
 
2.04Accounts
(a)The Manager covenants to undertake all collection activities for, and deposit the funds as received by, the US LP, in the form collected, to the US LP trust account, to be received, held and deposited in trust and disbursed in accordance with the terms of this Agreement.
(b)At no time will collections be received, held, deposited or disbursed other than in accordance with the requirements of this Agreement, and specifically deposits to the designated trust collection account are to be impressed with a trust in favour of the US LP.
(c)The Manager covenants to: (i) maintain accounts of the US LP in United States or Canadian dollars and such other currencies as the Manager deems necessary; and (ii) to engage in currency and other hedging agreements as appropriate depending on the income and obligations of the US LP in relation to the investments.

Article 3
DELEGATION AND RECOURSE

3.01Delegation

The Manager shall be entitled to delegate the whole or any part or parts of its functions, powers, duties and obligations under this Agreement to any affiliate or any other Person, which, in each case, possesses the reasonably necessary capabilities for the management and administration of one or more investments as determined by the Manager but specifically as required to deal with Mortgage brokerage and administration requirements pursuant to applicable law.

3.02Liability for Delegation

The Manager shall remain liable for any act or omission of any Person so delegated under Section 3.01 as if such act or omission were the Manager’s own. The Manager shall not be liable for any act or omission of any Person, and shall have no liability in relation thereto simply by reason of being the Manager provided, however, that nothing herein shall absolve the Manager of any liability, losses, claims or damages, resulting from the gross negligence of, fraudulent act by, material breach of this Agreement or wilful misconduct of the Manager.

Article 4
FEES AND EXPENSES

4.01Calculation of Management Fees
(a)Base Management Fee:

i) Subject to adjustments and set-off in accordance with Section 4.02 below, as remuneration for its services to be rendered hereunder, the US LP shall pay to the Manager a fee (the “Management Fee”) equal to ½ of 1% per annum of the Aggregate Funded and Committed Assets of the US LP, calculated daily, aggregated and paid monthly in arrears, plus applicable taxes.

ii) The Management Fee (together with all applicable taxes) shall be payable monthly to the Manager on the last business day of each month, in arrears.

 
 

iii) Adjustments with respect to any overpayment or underpayment of the Management Fee shall be calculated as aforesaid for each Management Year and shall be made on the basis of the annual financial statements for the US LP, within 30 days of the delivery thereof to the shareholders.

iv) The Manager may reduce, waive or defer management fees for any class of units of the US LP as it shall determine in its sole discretion.

(b) Lender Fee: The Manager may retain the fees paid by a mortgagor for any mortgage funded where that fee is charged as a mortgage origination and servicing fee and is paid by the mortgagor at the time of the negotiation, funding or renewal of the mortgage asset.

( c) Manager Execution Fee and Bonus Fee Participation: The Manager is entitled to be paid the amount of 2% of the amount advanced on any directly originated mortgage or purchase price of any real estate assets that are invested in by the Partnership and is also entitled to the sharing of revenue and distributions as proved in s. 3.6 of the Limited Partnership Agreement as a “Bonus Fee”.

4.02Taxes Relating to Fees

All of the Manager Fees will be exclusive of any applicable sales tax and other applicable taxes, which will be collected and required to be paid in addition to the Manager Fees.

4.03Manager’s Costs and Expenses
(a)Subject to the other provisions of this Section 4.03, in addition to the Management Fee, the Manager is entitled to be reimbursed by the US LP for expenses incurred in performing its obligations under this Agreement, including:
(b)The Manager will be responsible for all of its own day to day operating and administrative expenses, including overhead and compensation of employees, professional staff and advisors, and the cost of office space, office equipment, communications, utilities and other such normal overhead expenses whether incurred by the Manager or an agent thereof (collectively, the “Manager Operating Expenses”), except to the extent that legal, accounting or other specialized consulting or professional services are required that the Manager would not normally be expected to render with its own professional staff.
(c)The US LP will be responsible for the costs and expenses of organizing the US LP and undertaking the offering of units, including, but not limited to, document preparation, legal, accounting, printing, filing, travel and other organizational expenses (“Offering and Organizational Expenses”).
(d)The Manager will pay all expenses directly related to its own operations only, and the US LP acknowledges and agrees that:
(i)financial reporting costs, and mailing and printing expenses for periodic reports to securityholders and other securityholder communications including marketing and advertising expenses will be paid by the US LP as an additional charge;
(ii)expenses for custodians, transfer agents, outside counsel, ratings agents, valuators, accountants and other professional advisors and all extraordinary professional fees incurred in connection with the portfolio
 
 

investments and the fees paid to a trustee for holding the investments will be paid by the US LP as an additional charge;

(iii)ongoing regulatory filing fees, license fees and other fees (including in respect of the US LP, stock exchange fees, corporate filing fees and listing fees) will be paid by the US LP as an additional charge;
(iv)any additional fees payable to the Manager for performance of extraordinary services on behalf of the US LP will be paid by the US LP as an additional charge;
(v)any director and officer liability or other insurance, litigation or indemnification expenses, expenses of any advisory committee, expenses incurred in connection with meetings of the US LP will be paid by the US LP as an additional charge;
(vi)any governmental charges levied against the US LP or the investments and all expenses incurred in connection with any tax audit, investigation, settlement or review of the investments will be paid by the US LP as an additional charge;
(vii)interest on and fees and expenses arising out of all borrowings made for the portfolio investments as permitted under the terms hereof will be paid by the US LP as an additional charge;
(viii)the costs of prosecuting or defending any legal action for or against the investments or the Manager including any expenses incurred in connection with any foreclosure proceedings and any other legal proceedings in which the Manager participates on behalf of the US LP for the purpose of protecting the property of the US LP, including without limitation, costs associated with the enforcement of Mortgage, will be paid by the US LP as an additional charge;
(ix)all out-of-pocket expenses incurred by the US LP or the Manager in connection with sourcing, identifying, managing and disposing of investments, whether or not consummated, including fees and expenses of third party advisors in connection therewith will be paid by the US LP as an additional charge;
(x)other administrative expenses of the US LP will be paid by the US LP as an additional charge; and
(xi)the costs and expenses incurred by the Manager in connection with the preparation of any budgets, statements, schedules, computations and other reports required to be provided by the Manager under this Agreement are to the account of the Manager.

Article 5
STANDARD OF CARE AND INDEMNITY

5.01Standard of Care

The Manager shall act on a basis which is fair and reasonable and exercise its powers and duties under this Agreement, honestly, prudently, in good faith and in the best interests of the US LP

 
 

and, in connection therewith, shall exercise the degree of care, diligence and skill that might reasonably be expected from a prudent manager of a business of similar nature, having similar responsibilities, and in the same general business.

5.02Standard of Care
(a)The US LP agrees that the Manager and its directors, officers, employees and representatives (each, a “US LP Indemnitee”, and collectively the “US LP Indemnitees”), shall not be liable, responsible or accountable, in damages or otherwise, to the US LP for any default, failure or defect in the portfolio held by the US LP or for any act performed, or failure to act, by the Manager within the scope of the authority conferred on the Manager by this Agreement, unless such act or omission constitutes wilful misconduct, bad faith, negligence, breach of its standard of care owed under this Agreement or material breach or default of its obligations under this Agreement.
(b)The Manager may in its discretion seek and rely upon the advice of investment counsel, portfolio managers, financial consultants, brokers, accountants, lawyers and other professional or financial advisors but shall not be bound by such advice and shall not be liable provided it has complied with the obligations imposed by Section 5.01 for acting or failing to act in accordance with such advice. The Manager shall not be liable for any loss of or depreciation in any investment or for any other act or omission provided it has complied with the obligations imposed by Section 5.01.
(c)To the extent permitted by applicable law, the US LP shall indemnify and hold harmless the US LP Indemnitees from and against any loss (other than loss of profits), expense, damage or injury suffered or sustained by any of the US LP Indemnitee by reason of any acts, omissions or alleged acts or omissions arising out of their activities on behalf of the US LP or in furtherance of the interests of the US LP, including but not limited to any judgment, award, settlement, reasonable attorneys’ fees and disbursements and other costs or expenses incurred in connection with the defence of any actual or threatened action, proceeding or claim (a “Claim”), and including any payments made by the Manager to any of its officers or directors pursuant to an indemnification provision no broader than this Section 5.02, if the acts, omissions or alleged acts or omissions upon which such Claim is based were within the scope of the authority of the Manager in accordance with this Agreement and were not the result of such US LP Indemnitee’s wilful misconduct, bad faith, negligence, breach by the US LP Indemnitee of its standard of care owed under this Agreement, or breach or default by the US LP Indemnitee of its obligations under this Agreement. A US LP Indemnitee shall not consent to entry of any judgment, or enter into any settlement without the prior approval of the US LP, which approval shall not be unreasonably withheld. Any such indemnification shall only be from the assets of the US LP. The provisions of this Section 5.02 are not designed to replace or supersede provisions relating to exculpation and/or indemnity contained in other agreements to which the Manager is a party.

Article 6

 
 


REPRESENTATIONS, WARRANTIES AND COVENANTS

6.01Representations and Warranties
(a)The Manager represents and warrants that:
(i)the Manager is a corporation validly subsisting under the laws of Ontario and is duly qualified in every jurisdiction where its obligations hereunder require it to be so qualified; and
(ii)the execution and delivery of and compliance with this Agreement have been duly and validly authorized by all necessary corporate action on the part of the Manager and that this Agreement has been duly executed and when delivered, will constitute a valid and binding agreement in accordance with its terms.
6.02Covenants

The Manager hereby covenants and agrees with the US LP that:

(a)it will, subject to the express terms of this Agreement and the provisions of the policies and business plan of the US LP, carry out the duties hereunder in a proper, prudent and efficient manner;
(b)it will duly and punctually complete or cause to be completed all of the matters herein and in the US LP policies and business plan provided for;
(c)it will from time to time execute and deliver any and all documents, statements, instruments of further assurance and other instruments and will take other or further action reasonably necessary or advisable to accomplish the purposes of this Agreement; and
(d)it will not take any action that would, to the knowledge of the Manager, cause the US LP to be in violation of any applicable law or regulation or cause a investment to be in violation of any applicable law or regulation.

Article 7
EFFECTIVE PERIOD, TERMINATION, ASSIGNMENT AND AMENDMENT

7.01Effective Period

This Agreement shall continue in force during the Term, unless terminated as hereinafter provided or is terminated for any other reason on any other basis.

7.02Termination
(a)This Agreement shall be terminated if:
(i)the Manager resigns as manager pursuant to Section 1.03;
(ii)the US LP is wound-up or substantially all of the investments of the US LP are sold;
 
 
(iii)the Manager consents to or makes a general assignment for the benefit of creditors, or makes a proposal to creditors under any insolvency law, or is declared bankrupt or if a liquidator, trustee in bankruptcy, custodian or receiver or receiver and manager or interim receiver or other officer with similar powers is appointed to administer the property of the Manager;
(iv)the Manager is convicted of fraud; or
(v)the Manager is validly removed pursuant to this Agreement and the Articles.
(b)A party may terminate this Agreement if any other party is in material default of its material obligations hereunder and does not remedy such breach within 60 days after written notice of such default is provided by a non-defaulting party.
(c)On termination of this Agreement or removal of the Manager, the US LP shall be required to pay to the Manager all Management Fees, which have accrued to (and including) the date of termination of this Agreement or removal of the Manager.
(d)For clarity, resignation of the Manager is not a termination for the purposes of this section.
7.03Transition or Termination

On termination of this Agreement for any reason, the Manager shall update, reconcile and deliver to the US LP all books and records maintained by it concerning the services provided hereunder and shall submit appropriate reports as contemplated by section 2.02 of this Agreement to the date of termination.

7.04Assignment

No party may assign this Agreement or any benefits or obligations hereunder (except as provided in Section 3.01) without the prior written consent of the other parties, which consent may not be unreasonably withheld. Notwithstanding the foregoing, the Manager shall have the right at any time, to transfer and assign this Agreement, or any benefits or obligations hereunder, to an affiliate by providing written notice of the same to the other parties.

7.05Amendment

No amendment or waiver of any provision of this Agreement shall be binding on any party unless consented to in writing by such party, which consent may not be unreasonably withheld.

Article 8
GENERAL

8.01Notice

Each notice (a “Notice”) will be in writing and will be effectively given if: (x) delivered by electronic mail to the electronic mail address for a party; (y) hand delivered personally or (z) by courier or (except during a mail disruption) sent by prepaid registered mail addressed:

 
 

 

(a)

if to the US LP, at:

 

EquityLine Capital (Delaware) LP c/o EquityLine Mortgage Investment Corp

Attention: Chief Executive Officer of EquityLine Mortgage Investment Corp.

E-mail: sergiy@equitylinefinancial.com

   
(b)

if to the Manager, at:

 

Attention: Chief Executive Officer of EquityLine Service Corp.

E-mail: sergiy@equitylinefinancial.com

 

or to such other address of a party as it will specify to the other party by written notice given in the manner aforesaid. Any such Notice mailed as aforesaid will be deemed to have been given and received three (3) Business Days following the day on which it was mailed; provided, however, that in the event of an interruption of normal mail service receipt, prior to, or within 3 Business Days following the date on which a notice was mailed, then such Notice must be sent by electronic mail or hand delivery. Any Notice hand delivered will be deemed to have been given on the date of delivery, if delivered before 5:00 p.m. local time in the place of receipt on a Business Day and otherwise will be deemed to have been given on the next Business Day. Any Notice sent by electronic mail will be deemed to have been received on the day the sender sends it to the email server of the recipient, as confirmed by the sender’s electronic mail system, if that day is a Business Day and it was received before 5:00 p.m. local time in the place of receipt and otherwise on the next Business Day.

Each of the aforesaid parties may change its address for receiving notices by giving notice in the matter as set out above to the other party.

8.02Schedules

The following schedules referred to herein and attached hereto are included in this Agreement, and the provisions of the same form a part hereof:

Schedule “A” – Definitions and Defined Terms

Schedule “B” – Specific Duties and Responsibilities

Schedule “C” – Arbitration Rules

8.03Interpretation

Words importing the singular number only shall include the plural, and vice versa, and words importing the masculine gender shall include the feminine gender and neuter gender, and words importing persons shall include firms and corporations, and vice versa. The headings in this Agreement are included for convenience of reference only and do not define or limit any of the provisions hereof or otherwise affect their construction or effect.

 
 
8.04Calculation of Time Periods

When calculating the time within which or following which any act is to be done or step taken pursuant to this Agreement the date which is the reference day in calculating such period shall be excluded. If the last day of such period is a non-Business Day, the period in question shall end on the next business day.

8.05Entire Agreement

This Agreement constitutes the entire agreement between the parties relating to the management and administration of the US LP and the investments and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written, among the parties with respect thereto.

8.06Arbitration

If any dispute occurs among the parties hereto with respect to any matter which cannot be resolved by the provisions hereof or by agreement of the parties, the matter in dispute shall be resolved by arbitration pursuant to Schedule “C”.

Notwithstanding that a dispute may occur between the parties hereto, the Manager agrees that unless and until terminated under the terms of this Agreement, the Manager shall continue to provide the management services provided for pursuant to the terms of this Agreement.

8.07Governing Laws

This Agreement shall be construed and interpreted in accordance with, enforced according to and governed by the laws of the Province of Ontario and the laws of Canada applicable therein.

 

 

 
 

IN WITNESS WHEREOF the parties have hereto executed this Management and Administration Agreement dated September 8, 2020.

    EQUITYLINE CAPITAL (DELAWARE) LP by its General Partner EQUITYLINE CAPITAL (DELAWARE) LLC  
By:    
Name: Sergiy Shchavyelyev  
Title: Chief Executive Officer and Director (President)  
   
   
   
   
   

EQUITYLINE SERVICE CORP.

 

 
By:    
Name: Sergiy Shchavyelyev  

Title: Chief Executive Officer and Director (President)

 

 

 

 
 

 

SCHEDULE “A”
DEFINITIONS AND DEFINED TERMS

In this Agreement, unless the subject matter or context otherwise requires, the following terms shall have the following meanings.

Activity of the US LP” means the investment of funds in a portfolio as described in the Limited Partnership Agreement governing the US LP.

Aggregate Funded and Committed Assets” means [NTD].

Investment Objective” means the investment objectives of the US LP as set out in the limited partnership agreement governing the US LP.

Management Fee” shall have the meaning attributed thereto in Section 4.01(a).

Management Year” means initially the period from January 1, to December 31, prorated for any part year.

Manager Fees” means, collectively, the Management Fee and the Lender Fees.

Manager Operating Expenses” shall have the meaning attributed thereto in Section 4.05(a).

Notice” shall have the meaning attributed thereto in Section 8.01.

Offering and Organizational Expenses” shall have the meaning attributed thereto in Section 4.03(b).

Term” means the period commencing upon the date of this Agreement and terminating (a) on the date upon which the US LP has ceased carrying on its Mortgage investment operations and has been wound up and all of the US LP’s investments have been sold and all proceeds therefrom realized and all other obligations and matters with respect thereto have been concluded; or (b) upon which this Agreement is terminated in accordance with Article 7.

 

 
 

SCHEDULE “B”
SPECIFIC DUTIES AND RESPONSIBILITIES

The Manager will:

(1)Comply with the portfolio diversification requirements and Investment Objective of the US LP
(2)Comply with the Credit Risk Policy of the US LP.
(3)Comply with the Conflict of Interest and Allocation Policy of the US LP.
(4)Conduct monitoring of the investment exposures and covenant compliance of each Mortgage investment.
(5)Provide day-to-day management and administration of the portfolio of investments, including monitoring and servicing the collection.

 

 
 

 

SCHEDULE “C”
ARBITRATION RULES

(1)Any dispute, controversy or claim arising under, out of or relating to this Agreement (a “Dispute”), including its formulation, validity, binding effect, interpretation, performance, breach or termination, as well as claims for non-contractual claims, is to be referred to and finally determined by arbitration in accordance with the provisions of the Arbitration Act, except as varied or excluded by this Agreement. Any party may initiate arbitration proceeding by delivering notice (a “Notice to Arbitrate”) to the other party(ies). The Notice to Arbitrate is to be in writing and is to set out a concise description of the Dispute to be submitted to arbitration. The arbitration, including the rendering of the award or decision, is to take place in Toronto, Ontario which is to be the place of arbitration. The language to be used in the arbitration will be English.
(2)The arbitral tribunal is to be composed of one arbitrator (the “Arbitrator”). The party that delivers a Notice to Arbitrate (the “Applicant”) will, in the Notice to Arbitrate, nominate an individual to act as the Arbitrator. Within 15 days of the date of receipt of the Notice to Arbitrate, the other party(ies) (the “Respondent”) will, in writing, either signify its acceptance of the nominee or, in the alternative, propose an alternative to act as the Arbitrator. If the Applicant and the Respondent do not agree within 10 Business Days thereafter as to whom will act as Arbitrator, then either party may apply to the Supreme Court of British Columbia for the appointment of an arbitrator pursuant to the provisions of the Arbitration Act. Each of the Applicant and the Respondent will be responsible for one-half of the costs of the application. The parties will act reasonably and in good faith to select an Arbitrator who is objective, independent, knowledgeable and experienced with respect to the type of issues in dispute.
(3)Within 10 Business Days after the appointment of the Arbitrator, the Applicant will send the Respondent a statement of claim setting out in sufficient detail the facts and any contentions of law on which it relies (the “Statement of Claim”) and the relief claimed.
(4)Within 30 Business Days after the receipt of the Statement of Claim, the Respondent will send the Applicant a statement of defence stating in sufficient detail which of the facts and contentions of law in the Statement of Claim are admitted or denied, and, with respect to those denied, the grounds, facts and/or contentions of law relied on to support that denial and the relief claimed, together with the same matters in respect of any counterclaim against the Applicant (the “Statement of Defence”).
(5)Within 10 Business Days after the receipt of the Statement of Defence, the Applicant may send the Respondent a statement of reply (the “Statement of Reply”). If the Respondent has made a counterclaim against the Applicant, the Respondent may then send the Applicant a Statement of Reply within the same 10 Business Days.
(6)All Statements of Claim, Statements of Defence and Statements of Reply are to be accompanied by copies or, if the documents are especially voluminous, lists of all relevant documents on which the party concerned relies.
(7)After submission of all of the Statements of Claim, Statements of Defence and Statements of Reply, as the case may be, the Arbitrator will give directions for the further conduct of the arbitration.
 
 
(8)The Arbitrator may at any time, fix the date, time and place of hearings in the arbitration and will give the parties adequate notice of that date, time and place. Subject to any adjournments which the Arbitrator may allow, hearings are to be continued on successive Business Days until the hearings are concluded and the hearings shall be completed within ten (10) Business Days.
(9)All hearings are to be conducted in private unless the parties otherwise agree. The Applicant and Respondent may be represented at any hearing by counsel or other agent.
(10)Except as may be necessary in the course of enforcement of any award of the Arbitrator and other judicial proceedings regarding the Arbitration or that award, the parties and the Arbitrator will keep and will cause all Persons participating in the arbitration process to keep the existence and content of arbitration, including the pleadings, evidence, transcripts and awards of the Arbitrator made, strictly confidential.
(11)All and any awards of the Arbitrator are to be made by the Arbitrator within 30 Business Days of completion of the hearings, are to be made in accordance with the rules set out in this Schedule and in writing and are final and binding on the parties, except that any party may appeal an award to the court on a question of law, a question of fact or a question of mixed fact and law as provided in the Arbitration Act Ontario and any party may apply to set aside an award as provided in section 30 of the Arbitration Act. Any award of the Arbitrator is to include pre- and post-award interest on any amount of money ordered by the Arbitrator to be paid by one or more parties.
(12)Where there exist multiple and contemporaneous disputes, claims, questions or disagreements related to this Agreement, the resolution of those disputes, claims, questions or disagreements will be combined in a single arbitration before a single Arbitrator, who was the first Arbitrator to be appointed, conducted pursuant to this Section unless that Arbitrator determines that it is impracticable to so combine resolutions.
(13)The costs of the arbitration, including counsel fees and disbursements and the costs and disbursements of the Arbitrator, are to be in the discretion of the Arbitrator.
(14)Notwithstanding any other provision of this Section, a party may seek from a court of the Province of Ontario any interim relief that may be necessary to protect the rights, powers or property of that party pending the appointment of the Arbitrator. Either party may make an application to the Arbitrator seeking injunctive relief to maintain the status quo until such time as the arbitration award is rendered or the controversy is otherwise resolved.
(15)If the parties enter into any other agreement concerning the settlement of Disputes by arbitration, the other agreement will be deemed to include all provisions of this Section unless the other agreement expressly specifies otherwise.
(16)This Schedule survives the termination of this Agreement for any reason.

 

 

 

 

EX1A-8 ESCW AGMT 7 escrow.htm ESCROW AGREEMENT

ESCROW AGREEMENT

 

This ESCROW AGREEMENT (this “Agreement”) dated as of this 13th day of December 2021 by and among EquityLine Capital (Delaware) LP a Delaware corporation (the “Company”), having an address at c/o RL&F Service Corp. 920 King Street, 2nd Fl, Wilmington, DE 19801; Rialto Markets, LLC, having an address at 42 Broadway, Ste 12-129, NY, NY 10004 (“Placement Agent”), and WILMINGTON TRUST,

NATIONAL ASSOCIATION (the “Escrow Agent”), with its principal corporate trust office at 99 Wood Avenue South, 10th Floor, Iselin, NJ 08830. The Company and the Placement Agent, each a “Party,” are collectively referred to as “Parties” and individually, a “Party.”

 

All capitalized terms not herein defined shall have the meaning ascribed to them in that certain Subscription Agreement, dated as of or about December 13, 2021, as amended or supplemented from time-to-time, including all attachments, schedules and exhibits thereto (the “Subscription Agreement”).

 

 

W I T N E S S E T H:

 

WHEREAS, the Company proposes to sell (the “Financing Transaction”) a maximum of 5 million units, par value (“Common Stock”), at an offering price of $10 per share (the “Shares”) for an offering amount of $50,000,000; in a public offering (the “Offering”) to investors (each, an “Investor”); and

 

WHEREAS, subject to all conditions to closing being satisfied or waived, the closing(s) of the Offering shall take place from time to time until the earlier of (a) the date which is one year after this Offering being qualified by the U.S. Securities and Exchange Commission (the “SEC” or the “Commission”), or (b) the date on which this Offering is earlier terminated by the Company in its sole discretion (the “Termination Date”) (the earlier of (a) or (b), the “Final Termination Date”); and

 

WHEREAS, there is no minimum offering amount and all funds shall only be returned to the potential Investors in the event the Offering is not consummated or if the Company, in its sole discretion, rejects all or a part of a particular potential Investor’s subscription; and

 

WHEREAS, in connection with the Financing Transaction contemplated by the Subscription Agreement, the Company entered into a Placement Agent Agreement between the Company and the Placement Agent, and certain other agreements, documents, instruments and certificates necessary to carry out the purposes thereof, including without limitation the Subscription Agreement (collectively, the “Transaction Documents”); and

 

WHEREAS, the Company and Placement Agent desire to establish an escrow account with the Escrow Agent into which the Company and Placement Agent shall instruct the Investors to deposit checks or make a wire transfer for the payment of money made payable to the order of “WILMINGTON TRUST, N.A. as Escrow Agent for EquityLine Capital LP. Escrow,” and the Escrow Agent is willing to accept said checks and other instruments for the payment of money in accordance with the terms hereinafter set forth; and

 

WTNA -- Subscription Escrow Agreement (with Placement Agent) (05/2021)

 
 

WHEREAS, the Company and Placement Agent represent and warrant to the Escrow Agent that they have not stated to any individual or entity that the Escrow Agent’s duties will include anything other than those duties stated in this Agreement; and

 

WHEREAS, THE ISSUER AND THE PLACEMENT AGENT UNDERSTAND THAT THE ESCROW AGENT, BY ACCEPTING THE APPOINMTMENT AND DESIGNATION AS ESCROW AGENT HEREUNDER, IN NO WAY ENDORSES THE MERITS OF THE OFFERING OF THE SECURITIES. THE ISSUER AND THE PLACEMENT AGENT AGREE TO NOTIFY ANY PERSON ACTING ON ITS BEHALF THAT THE ESCROW AGENT’S POSITION AS ESCROW AGENT DOES NOT CONSTITUTE SUCH AN ENDORSEMENT, AND TO PROHIBIT SAID PERSONS FROM THE USE OF THE ESCROW AGENT’S NAME AS AN ENDORSER OF SUCH

OFFERING. The Issuer and the Placement Agent further agree to include with any sales literature, in which the Escrow Agent’s name appears and which is used in connection with such offering, a statement to the effect that the Escrow Agent in no way endorses the merits of the offering; and

 

WHEREAS, the Company and Placement Agent represent and warrant to the Escrow Agent that a copy of each document that has been delivered to the Investor and third parties that include Escrow Agent’s name and duties, has been attached hereto as Schedule I.

 

NOW, THEREFORE, IT IS AGREED as follows:

 

ARTICLE 1 ESCROW DEPOSIT

 

Section 1.1 Delivery of Escrow Funds.

 

(a)            Placement Agent and the Company shall instruct the Investor to deliver to Escrow Agent checks made payable to the order of “WILMINGTON TRUST, N.A. as Escrow Agent for EquityLine Capital (Delaware) LP Escrow”, or wire transfer to:

 

M&T Bank

ABA #: 031100092

A/C #: 152819-000

A/C Name: EquityLine Capital Escrow Attn: Boris Treyger

 

 

 

International Wires:

 

M&T

Buffalo, New York ABA: 022000046

 

WTNA -- Subscription Escrow Agreement (with Placement Agent) (05/2021)

 
 

SWIFT: MANTUS33

Beneficiary Bank: Wilmington Trust Beneficiary ABA: 031100092

A/C #: 151819-000

A/C Name: EquityLine Capital Escrow

 

All such checks and wire transfers remitted to the Escrow Agent shall be accompanied by information identifying each Investor, subscription, the Investor’s social security or taxpayer identification number and address. In the event the Investor’s address and/or social security number or taxpayer identification number are not provided to Escrow Agent by the Investor, then Placement Agent and/or the Company agree to promptly upon request provide Escrow Agent with such information in writing. The checks or wire transfers shall be deposited into a non interest- bearing account at WILMINGTON TRUST, NATIONAL ASSOCIATION entitled “WILMINGTON TRUST, N.A. as Escrow Agent for EquityLine Capital LP Escrow” (the “Escrow Account”).

 

(b)          The collected funds deposited into the Escrow Account are referred to as the “Escrow Funds.”

 

(c)           The Escrow Agent shall have no duty or responsibility to enforce the collection or demand payment of any funds deposited into the Escrow Account. If, for any reason, any check deposited into the Escrow Account shall be returned unpaid to the Escrow Agent, the sole duty of the Escrow Agent shall be to return the check to the Investor and advise the Company and Placement Agent promptly thereof.

 

 

(d)           All funds received by the Escrow Agent shall be held only in non-interest bearing bank accounts at WILMINGTON TRUST, NATIONAL ASSOCIATION.

 

 

(e)   In the event that market conditions are such that negative interest applies to amounts deposited with the Escrow Agent, the Company and Placement Agent [jointly and severally] shall be responsible for the payment of such interest and the Escrow Agent shall be entitled to deduct from amounts on deposit with it an amount necessary to pay such negative interest. For the avoidance of doubt, the indemnification protections afforded to the Escrow Agent under Section

 

 

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2.2   of this Agreement shall cover any interest-related expenses (including, but not limited to, negative interest) incurred by the Escrow Agent in the performance of its duties hereunder.

 

 

 

 

Section 1.2 Release of Escrow Funds. The Escrow Funds shall be paid by the Escrow Agent in accordance with the following:

 

(a)            In the event that the Company advises the Escrow Agent in writing that the Offering has been terminated (the “Termination Notice”), the Escrow Agent shall promptly return the funds paid by each Investor to such Investor without interest or offset.

 

(b)           At each Closing, the Company and the Placement Agent shall provide the Escrow Agent with written instructions regarding the disbursement of the Escrow Funds in accordance with Exhibit A attached hereto and made a part hereof and signed by the Company and the Placement Agent (the “Disbursement Instructions”).

 

(c)            If by 5:00 P.M. Eastern time on the Final Termination Date, the Escrow Agent has not received written Disbursement Instructions from the Company and Placement Agent regarding the disbursement of the Escrow Funds in the Escrow Account, if any, then the Escrow Agent shall promptly return such Escrow Funds, if any, to the Investors without interest or offset. The Escrow Funds returned to the Investors shall be free and clear of any and all claims of the Escrow Agent.

 

(d)           The Escrow Agent shall not be required to pay any uncollected funds or any funds that are not available for withdrawal.

 

(e)             The Placement Agent or the Company will provide the Escrow Agent with the payment instructions for each Investor, to whom the funds should be returned in accordance with this section.

 

(f)            In the event that Escrow Agent makes any payment to any other party pursuant to this Escrow Agreement and for any reason such payment (or any portion thereof) is required to be returned to the Escrow Account or another party or is subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a receiver, trustee or other party under any bankruptcy or insolvency law, other federal or state law, common law or equitable doctrine, then the recipient party shall repay to the Escrow Agent upon written request the amount so paid to it.

 

(g)           The Escrow Agent shall, in its sole discretion, comply with judgments or orders issued or process entered by any court with respect to the Escrow Amount, including without limitation any attachment, levy or garnishment, without any obligation to determine such court's jurisdiction in the matter and in accordance with its normal business practices. If the Escrow Agent complies with any such judgment, order or process, then it shall not be liable to any of the Parties

 

 

 

WTNA -- Subscription Escrow Agreement (with Placement Agent) (05/2021)

 
 

or any other person by reason of such compliance, regardless of the final disposition of any such judgment, order or process.

 

(h)           Each Party understands and agrees that Escrow Agent shall have no obligation or duty to act upon a written direction delivered to Escrow Agent for the disbursement of all or part of the Escrow Amount under this Agreement (a “Written Direction”) if such Written Direction is not

 

(i)in writing,

 

(ii)  signed by representatives of both Parties listed in Schedule II to this Agreement, in each case, each such individual an “Authorized Representative” of such Party), and

 

(iii)  delivered to, and able to be authenticated by, Escrow Agent in accordance with Section 1.4 below.

 

(i)             Upon request by any Party, the Escrow Agent set up each Party with on-line access to the account(s) established pursuant to this Agreement, which each Party can use to view and verify transaction on such account(s).

 

(j)             A Party may specify in a Written Direction whether such Escrow Amount shall be disbursed by way of wire transfer or check. If the written notice for the disbursement of funds does not so specify the disbursement means, Escrow Agent may disburse the Escrow Amount by wire transfer.

 

Section 1.3 Written Direction and Other Instruction.

 

(a)            With respect to any Written Direction or any other notice, direction or other instruction required to be delivered by a Party to Escrow Agent under this Agreement, Escrow Agent is authorized to follow and rely upon any and all such instructions given to it from time to time if the Escrow Agent believes, in good faith, that such instruction is genuine and to have been signed by an Authorized Representative of such Party. Escrow Agent shall have no duty or obligation to verify that the person who sent such instruction is, in fact, a person duly authorized to give instructions on behalf of a Party, other than to verify that the signature of the Authorized Representative on any such instruction appears to be the signature of such person. Each Party acknowledges and agrees that it is fully informed of the protections and risks associated with the various methods of transmitting instructions to Escrow Agent, and that there may be more secure methods of transmitting instructions other than the method selected by such Party. Escrow Agent shall have no responsibility or liability for any loss which may result from (i) any action taken or not taken by Escrow Agent in good faith reliance on any such signatures or instructions, (ii) as a result of a Party’s reliance upon or use of any particular method of delivering instructions to Escrow Agent, including the risk of interception of such instruction and misuse by third parties, or

(iii) any officer or Authorized Representative of a Party named in Exhibit B delivered hereunder prior to actual receipt by Escrow Agent of a more current incumbency certificate or an updated

 

WTNA -- Subscription Escrow Agreement (with Placement Agent) (05/2021)

 
 

Exhibit and a reasonable time for Escrow Agent to act upon such updated or more current certificate or Exhibit .

 

(b)           Each Party may, at any time, update Schedule II by signing and submitting to Escrow Agent an update of such Schedule. Any updated Schedule shall not be effective unless Escrow Agent countersigns a copy thereof. Escrow Agent shall be entitled to a reasonable time to act to implement any changes on an updated Schedule II.

 

Section 1.4 Delivery and Authentication of Written Direction.

 

(a)            A Written Direction must be delivered to Escrow Agent by one of the delivery methods set forth in Section 4.3.

 

(b)           Each Party and Escrow Agent hereby agree that the following security procedures will be used to verify the authenticity of a Written Direction delivered by any Party to Escrow Agent under this Agreement:

 

(i)The Written Direction must include the name and signature of the person delivering the disbursement request to Escrow Agent. Escrow Agent will check that the name and signature of the person identified on the Written Direction appears to be the same as the name and signature of an Authorized Representative of such Party;

 

(ii)Escrow Agent will make a telephone call to an Authorized Representative of the Party purporting to deliver the Written Direction (which Authorized Representative may be the same as the Authorized Representative who delivered the Written Direction) at any telephone number for such Authorized Representative as set forth on Exhibit A to obtain oral confirmation of delivery of the Written Direction. If the Written Direction is a joint written notice of the Parties, the Escrow Agent shall call back an Authorized Representative of both of those Parties; and

 

(iii)If the Written Direction is sent by email to Escrow Agent, Escrow Agent also shall review such email address to verify that it appears to have been sent from an email address for an Authorized Representative of one of the Parties as set forth on Schedule II, as applicable, or from an email address for a person authorized under Schedule II to email a Written Direction to Escrow Agent on behalf of the Authorized Representative).

 

(c)            Each Party acknowledges and agrees that given its particular circumstances, including the nature of its business, the size, type and frequency of its instructions, transactions and files, internal procedures and systems, the alternative security procedures offered by Escrow Agent and the security procedures in general use by other customers and banks similarly situated, the security procedures set forth in this Section 1.4 are a commercially reasonable method of verifying the authenticity of a payment order in a Written Direction.

 

 

 

 

WTNA -- Subscription Escrow Agreement (with Placement Agent) (05/2021)

 
 

(d)           Escrow Agent is authorized to execute, and each Party expressly agrees to be bound by any payment order in a Written Direction issued in its name (and associated funds transfer) (i) that is accepted by Escrow Agent in accordance with the security procedures set forth in this Section 1.4 , whether or not authorized by such Party and/or (ii) that is authorized by or on behalf of such Party or for which such Party is otherwise bound under the law of agency, whether or not the security procedures set forth in this Section 1.4 were followed, and to debit the Escrow Account for the amount of the payment order. Notwithstanding anything else, Escrow Agent shall be deemed to have acted in good faith and without negligence, gross negligence or misconduct if Escrow Agent is authorized to execute the payment order under this Section 1.4 . Any action taken by Escrow Agent pursuant to this paragraph prior to Escrow Agent’s actual receipt and acknowledgement of a notice of revocation, cancellation or amendment of a Written Direction shall not be affected by such notice.

 

(e)            The security procedures set forth in this Section 1.4 are intended to verify the authenticity of payment orders provided to Escrow Agent and are not designed to, and do not, detect errors in the transmission or content of any payment order. Escrow Agent is not responsible for detecting an error in the payment order, regardless of whether any of the Parties believes the error was apparent, and Escrow Agent is not liable for any damages arising from any failure to detect an error.

 

(f)            When instructed to credit or pay a party by both name and a unique numeric or alpha-numeric identifier (e.g. ABA number or account number), Escrow Agent, and any other banks participating in the funds transfer, may rely solely on the unique identifier, even if it identifies a party different than the party named. Each Party agrees to be bound by the rules of any funds transfer network used in connection with any payment order accepted by Escrow Agent hereunder.

 

(g)           Escrow Agent shall not be obliged to make any payment requested under this Escrow Agreement if it is unable to validate the authenticity of the request by the security procedures set forth in this Section 1.4 . Escrow Agent’s inability to confirm a payment order may result in a delay or failure to act on that payment order. Notwithstanding anything else in this Agreement, Escrow Agent shall not be required to treat a payment order as having been received until Escrow Agent has authenticated it pursuant to the security procedures in this Section 2.3 and shall not be liable or responsible for any losses arising in relation to such delay or failure to act.

 

ARTICLE 2

PROVISIONS CONCERNING THE ESCROW AGENT

 

Section 2.1 Acceptance by Escrow Agent. The Escrow Agent hereby accepts and agrees to perform its obligations hereunder, provided that:

 

(a)            The Escrow Agent shall be entitled to rely upon any order, judgment, opinion, or other writing delivered to it in compliance with the provisions of this Agreement without being required to determine the authenticity or the correctness of any fact stated therein or the propriety or validity of service thereof.

 

WTNA -- Subscription Escrow Agreement (with Placement Agent) (05/2021)

 
 

 

(b)           The Escrow Agent shall be entitled to rely on and shall not be liable for any action taken or omitted to be taken by the Escrow Agent in accordance with the advice of counsel or other professionals retained or consulted by the Escrow Agent. The Escrow Agent shall be reimbursed as set forth in Section 2.2 for any and all compensation (fees, expenses and other costs) paid and/or reimbursed to such counsel and/or professionals. The Escrow Agent may perform any and all of its duties through its agents, representatives, attorneys, custodians, and/or nominees and shall not be responsible for the acts or omissions of such agents, representatives, attorneys, custodians or nominees appointed with due care.

 

(c)          In the event that the Escrow Agent shall be uncertain as to its duties or rights hereunder, the Escrow Agent shall be entitled to (i) refrain from taking any action other than to keep safely the Escrow Funds until it shall be directed otherwise by a court of competent jurisdiction, or (ii) deliver the Escrow Funds to a court of competent jurisdiction.

 

(d)           The Escrow Agent shall have no duty, responsibility or obligation to interpret or enforce the terms of any agreement other than Escrow Agent’s obligations hereunder, and the Escrow Agent shall not be required to make a request that any monies be delivered to the Escrow Account The Escrow Agent makes no representation as to the validity, value, genuineness or collectability of any security or other document or instrument held by or delivered to it.

 

(e)            The Escrow Agent shall be obligated to perform only such duties as are expressly set forth in this Agreement. No implied covenants or obligations shall be inferred from this Agreement against the Escrow Agent, nor shall the Escrow Agent be bound by the provisions of any agreement by the Company beyond the specific terms hereof. Without limiting the foregoing, the Escrow Agent shall dispose of the Escrow Funds in accordance with the express provisions of this Agreement, and has not reviewed and shall not make, be required to make or be liable in any manner for its failure to make, any determination under any other document, or any other agreement.

 

(f)            No term or provision of this Agreement is intended to create, nor shall any such term or provision be deemed to have created, any trust, joint venture, partnership, between or among the Escrow Agent and any of the Parties.

 

 

Section 2.2. Indemnification. Placement Agent and the Company agree, jointly and severally, to indemnify and hold the Escrow Agent and its employees, officers, directors and agents (the “Indemnified Parties”) the “Indemnified Parties”) harmless from any and against all liabilities, losses, actions, suits or proceedings at law or in equity, and any other expenses, fees or charges of any character or nature, (including, without limitation, negative interest, attorney's fees and expenses and the costs of enforcement of this Escrow Agreement or any provision thereof), which an Indemnified Party may incur or with which it may be threatened by reason of acting as or on behalf of the Escrow Agent under this Escrow Agreement or arising out of the existence of the Escrow Account, except to the extent the same shall be have been finally adjudicated to have been directly caused by the Escrow Agent's gross negligence or willful misconduct. Placement Agent and the Company agree, jointly and severally, to pay or reimburse the Escrow Agent upon request for any transfer taxes or other taxes relating to the Escrow Funds incurred in connection herewith

 

WTNA -- Subscription Escrow Agreement (with Placement Agent) (05/2021)

 
 

and shall indemnify and hold harmless the Escrow Agent with respect to any amounts that it is obligated to pay in the way of such taxes. The terms of this paragraph shall survive termination of this Agreement.

 

 

Section 2.3. Limitation of Liability. THE ESCROW AGENT SHALL NOT BE LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY (I) DAMAGES, LOSSES OR EXPENSES ARISING OUT OF THE SERVICES PROVIDED HEREUNDER, OTHER THAN DAMAGES, LOSSES OR EXPENSES WHICH HAVE BEEN FINALLY ADJUDICATED TO HAVE DIRECTLY RESULTED FROM THE ESCROW AGENT’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, OR (II) SPECIAL, INDIRECT, PUNITIVE OR CONSEQUENTIAL DAMAGES OR LOSSES OF ANY KIND WHATSOEVER (INCLUDING WITHOUT LIMITATION LOST PROFITS), EVEN IF THE ESCROW AGENT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSSES OR DAMAGES AND REGARDLESS OF THE FORM OF ACTION, OR (III) AMOUNT IN EXCESS OF THE ESCROW FUNDS.

 

Section 2.4. Resignation and Termination of the Escrow Agent. The Escrow Agent may resign at any time by giving 30 days’ prior written notice of such resignation to Placement Agent and the Company. Upon providing such notice, the Escrow Agent shall have no further obligation hereunder except to hold as depositary the Escrow Funds that it receives until the end of such 30- day period. In such event, the Escrow Agent shall not take any action, other than receiving and depositing the Investor’s checks and wire transfers in accordance with this Agreement, until the Company has designated a banking corporation, trust company, attorney or other person as successor. Upon receipt of such written designation signed by Placement Agent and the Company, the Escrow Agent shall promptly deliver the Escrow Funds to such successor and shall thereafter have no further obligations hereunder. If the Company and Placement Agent have failed to appoint a successor escrow agent prior to the expiration of thirty (30) days following the delivery of such notice of resignation or removal, the Escrow Agent shall be entitled, at its sole discretion and at the expense of the Company and/or Placement Agent, to (a) return the Escrow Funds to the Company, or (b) petition any court of competent jurisdiction for the appointment of a successor escrow agent or for other appropriate relief, and any such resulting appointment shall be binding upon the parties. In either case provided for in this paragraph, the Escrow Agent shall be relieved of all further obligations and released from all liability thereafter arising with respect to the Escrow Funds.

 

Section 2.5 Termination. The Company and Placement Agent may terminate the appointment of the Escrow Agent hereunder upon written notice specifying the date upon which such termination shall take effect, which date shall be at least 30 days from the date of such notice. In the event of such termination, the Company and Placement Agent shall, within 30 days of such notice, appoint a successor escrow agent and the Escrow Agent shall, upon receipt of written instructions signed by the Company and Placement Agent, turn over to such successor escrow agent all of the Escrow Funds Upon receipt of the Escrow Funds, the successor escrow agent shall become the escrow agent hereunder and shall be bound by all of the provisions hereof and the Escrow Agent shall be relieved of all further obligations and released from all liability thereafter arising with respect to the Escrow Funds and under this Agreement. If the Company has failed to

 

WTNA -- Subscription Escrow Agreement (with Placement Agent) (05/2021)

 
 

appoint a successor escrow agent prior to the expiration of thirty (30) days following the delivery of the notice of termination, the Escrow Agent shall be entitled, at its sole discretion and at the expense of the Company, to (a) return the Escrow Funds to the Company, or (b) petition any court of competent jurisdiction for the appointment of a successor escrow agent or for other appropriate relief, and any such resulting appointment shall be binding upon the parties.

 

Section 2.6 Compensation. Escrow Agent shall be entitled, for the duties to be performed by it hereunder, to compensation as stated in the schedule attached hereto as Schedule III, which fee shall be paid by the Company upon the signing of this Agreement. In addition, the Company shall be obligated to reimburse Escrow Agent for all fees, costs and expenses incurred or that become due in connection with this Agreement or the Escrow Account, including attorney’s fees. Neither the modification, cancellation, termination, resignation or rescission of this Agreement nor the resignation or termination of the Escrow Agent shall affect the right of Escrow Agent to retain the amount of any fee which has been paid, or to be reimbursed or paid any amount which has been incurred or becomes due, prior to the effective date of any such modification, cancellation, termination, resignation or rescission. To the extent the Escrow Agent has incurred any such expenses, or any such fee becomes due, prior to any closing, the Escrow Agent shall advise the Company and the Company shall direct all such amounts to be paid directly at any such closing. As security for the due and punctual performance of any and all of the Company’s obligations to the Escrow Agent hereunder, now or hereafter arising, the Company, hereby pledges, assigns and grants to the Escrow Agent a continuing security interest in, and a lien on and right of setoff against, the Escrow Funds and all distributions thereon, investments thereof or additions thereto. If any fees, expenses or costs incurred by, or any obligations owed to, the Escrow Agent hereunder are not promptly paid when due, the Escrow Agent may reimburse itself therefor from the Escrow Funds, and may sell, convey or otherwise dispose of any Escrow Funds for such purpose. The security interest and setoff rights of the Escrow Agent shall at all times be valid, perfected and enforceable by the Escrow Agent against the Parties and all third parties in accordance with the terms of this Escrow Agreement. The terms of this paragraph shall survive termination of this Agreement.

 

Section 2.7. Merger or Consolidation. Any corporation or association into which the Escrow Agent may be converted or merged, or with which it may be consolidated, or to which it may sell or transfer all or substantially all of its corporate trust business and assets as a whole or substantially as a whole, or any corporation or association resulting from any such conversion, sale, merger, consolidation or transfer to which the Escrow Agent is a party, shall be and become the successor escrow agent under this Agreement and shall have and succeed to the rights, powers, duties, immunities and privileges as its predecessor, without the execution or filing of any instrument or paper or the performance of any further act.

 

Section 2.8. Attachment of Escrow Funds; Compliance with Legal Orders. In the event that any Escrow Amount shall be attached, garnished or levied upon by any court order, or the delivery thereof shall be stayed or enjoined by an order of a court, or any order, judgment or decree shall be made or entered by any court order affecting the Escrow Funds , the Escrow Agent is hereby expressly authorized, in its sole discretion, to respond as it deems appropriate or to comply with all writs, orders or decrees so entered or issued, or which it is advised by legal counsel of its own

 

WTNA -- Subscription Escrow Agreement (with Placement Agent) (05/2021)

 
 

choosing is binding upon it, whether with or without jurisdiction. In the event that the Escrow Agent obeys or complies with any such writ, order or decree it shall not be liable to any Party or to any other person, firm or corporation, should, by reason of such compliance notwithstanding, such writ, order or decree be subsequently reversed, modified, annulled, set aside or vacated.

 

Section 2.9 Force Majeure. The Escrow Agent shall not be responsible or liable for any failure or delay in the performance of its obligation under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fire; flood; wars; acts of terrorism; civil or military disturbances; sabotage; epidemic; pandemics; riots; interruptions, loss or malfunctions of utilities, computer (hardware or software) or communications services; accidents; labor disputes; acts of civil or military authority or governmental action; hacking, cyber-attacks or other unauthorized infiltration of Escrow Agent’s information technology infrastructure it being understood that the Escrow Agent shall use commercially reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as reasonably practicable under the circumstances.

 

 

Section 2.10 No Financial Obligation. Escrow Agent shall not be required to use its own funds in the performance of any of its obligations or duties or the exercise of any of its rights or powers, and shall not be required to take any action which, in Escrow Agent's sole and absolute judgment, could involve it in expense or liability unless furnished with security and indemnity which it deems, in its sole and absolute discretion, to be satisfactory.

 

ARTICLE 3 MISCELLANEOUS

 

Section 3.1. Successors and Assigns. This Agreement shall be binding on and inure to the benefit of each Party and the Escrow Agent and their respective successors and permitted assigns. No other persons shall have any rights under this Agreement. No assignment of the interest of any of the Parties shall be binding unless and until written notice of such assignment shall be delivered to the other Parties and Escrow Agent and shall require the prior written consent of the other Parties and Escrow Agent (such consent not to be unreasonably withheld).

 

Section 3.2. Escheat. Each Party is aware that under applicable state law, property which is presumed abandoned may under certain circumstances escheat to the applicable state. The Escrow Agent shall have no liability to any of the Parties, their respective heirs, legal representatives, successors and assigns, or any other party, should any or all of the Escrow Funds escheat by operation of law.

 

Section 3.3. Notices. All notices, requests, demands, and other communications required under this Escrow Agreement shall be in writing, in English, and shall be deemed to have been duly given if delivered (i) personally, (ii) by facsimile transmission with written confirmation of receipt,

(iii) by overnight delivery with a reputable national overnight delivery service, (iv) by mail or by

 

WTNA -- Subscription Escrow Agreement (with Placement Agent) (05/2021)

 
 

certified mail, return receipt requested, and postage prepaid, or (v) by electronic transmission; including by way of e-mail (as long as such email is accompanied by a PDF or similar version of the relevant document bearing the signature of an Authorized Representative for the Party sending the notice) with email confirmation of receipt. If any notice is mailed, it shall be deemed given five business days after the date such notice is deposited in the United States mail. If notice is given to a party, it shall be given at the address for such party set forth below. It shall be the responsibility of the Company to notify the Escrow Agent in writing of any name or address changes. In the case of communications delivered to the Escrow Agent, such communications shall be deemed to have been given on the date received by the Escrow Agent. :

 

If to Placement Agent:

 

Title Head of Operations Company Rialto Markets LLC

Address 42 Broadway, Ste 12-129, NY, NY 10004

Telephone # (917) 279-7453

Email Address ryan@rialtomarkets.com

 

 

 

 

If to the Company:

 

Company Name Title Address

Telephone # Email Address

EquityLine Capital (Delaware) LP Sergiy Shchavyelyev

CEO

550 HWY 7 East, Suite 338 Richmond Hill, ON L4B 3Z4 (416) 939-6376

sergiy@equitylinemic.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WTNA -- Subscription Escrow Agreement (with Placement Agent) (05/2021)

 
 

If to the Escrow Agent

 

WILMINGTON TRUST, NATIONAL ASSOCIATION

99 Wood Avenue South, 10th Floor Iselin, NJ 08830

Attention: Boris Treyger Phone: (212) 941-4416

Email: btreyger@wilmingtontrust.com

 

 

 

Section 3.4. Governing Law and Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware. Each Party and Escrow Agent hereby consents to the exclusive personal jurisdiction of the courts located in the State of Delaware in the event of a dispute arising out of or under this Agreement. Each Party and Escrow Agent hereby irrevocably waives any objection to the laying of the venue of any suit, action or proceeding and irrevocably submits to the exclusive jurisdiction of such court in such suit, action or proceeding.

 

Section 3.5. Entire Agreement. This Agreement and the Exhibits attached hereto (as updated from time to time in accordance herewith) set forth the entire agreement and understanding of the parties related to the Escrow Amount. If a court of competent jurisdiction declares a provision invalid, it will be ineffective only to the extent of the invalidity, so that the remainder of the provision and Escrow Agreement will continue in full force and effect.

 

 

Section 3.6. Amendment. This Agreement may be amended, modified, superseded, rescinded, or canceled only by a written instrument executed by each of the Parties and the Escrow Agent.

 

Section 3.7. Waivers. The failure of any party to this Agreement at any time or times to require performance of any provision under this Agreement shall in no manner affect the right at a later time to enforce the same performance. A waiver by any party to this Agreement of any such condition or breach of any term, covenant, representation, or warranty contained in this Agreement, in any one or more instances, shall neither be construed as a further or continuing waiver of any such condition or breach nor a waiver of any other condition or breach of any other term, covenant, representation, or warranty contained in this Agreement.

 

Section 3.8. Headings. Section headings of this Agreement have been inserted for convenience of reference only and shall in no way restrict or otherwise modify any of the terms or provisions of this Escrow Agreement.

 

Section 3.9. Electronic Signatures; Facsimile Signatures; Counterparts. This Escrow Agreement may be executed in one or more counterparts. Such execution of counterparts may occur by manual signature, electronic signature, facsimile signature, manual signature transmitted by means of facsimile transmission or manual signature contained in an imaged document attached to an email transmission, and any such execution that is not by manual signature shall have the same legal effect, validity and enforceability as a manual signature. Each such counterpart executed in accordance with the foregoing shall be deemed an original, with all such counterparts

 

WTNA -- Subscription Escrow Agreement (with Placement Agent) (05/2021)

 
 

together constituting one and the same instrument. The exchange of executed copies of this Escrow Agreement or of executed signature pages to this Escrow Agreement by electronic transmission, facsimile transmission or as an imaged document attached to an email transmission shall constitute effective execution and delivery hereof. Any copy of this Escrow Agreement which is fully executed and transmitted in accordance with the terms hereof may be used for all purposes in lieu of a manually executed copy of this Escrow Agreement and shall have the same legal effect, validity and enforceability as if executed by manual signature.

 

Section 3.10. Waiver of Jury Trial. EACH OF THE PARTIES HERETO AND THE ESCROW AGENT EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN RESOLVING ANY CLAIM OR COUNTERCLAIM RELATING TO OR ARISING OUT OF THIS AGREEMENT.

 

 

Section 3.11 Termination. This Agreement will terminate upon the Final Termination Date.

 

Section 3.12 Anti-Terrorism/Anti-Money Laundering Laws.

 

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW

ACCOUNT - To help the United States government fight the funding of terrorism or money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens a new account. What this means for the parties to this Agreement: the Escrow Agent will ask for your name, address, date of birth, and other information that will allow the Escrow Agent to identify you (e.g., your social security number or tax identification number.) The Escrow Agent may also ask to see your driver’s license or other identifying documents (e.g., passport, evidence of formation of corporation, limited liability company, limited partnership, etc., certificate of good standing.)

 

 

[The balance of this page intentionally left blank – signature page follows]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WTNA -- Subscription Escrow Agreement (with Placement Agent) (05/2021)

 
 

IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date first set forth above.

 

 

EquityLine Capital (Delaware) LP

 

 

_______

 

By:

 

Rialto Markets

 

______

 

By:

 

Name: Sergiy Shchavyelyev Name: Ryan Simmons

 

Title: _CEO Title: HOO

 

 

 

WILMINGTON TRUST, NATIONAL ASSOCIATION

as Escrow Agent

 

 

By: Name: Boris Treyger

Title: Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WTNA -- Subscription Escrow Agreement (with Placement Agent) (05/2021)

 
 

Schedule I

Form 1 a

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WTNA -- Subscription Escrow Agreement (with Placement Agent) (05/2021)

 
 

 

EXHIBIT B

 

 

CERTIFICATE AS TO AUTHORIZED SIGNATURES OF [COMPANY]/[PLACEMENT AGENT]

 

[Company]/[Placement Agent] hereby designates each of the following persons as its Authorized Representative for purposes of this Agreement, and confirms that the title, contact information and specimen signature of each such person as set forth below is true and correct. Each such Authorized Representative is authorized to initiate and approve transactions of all types for the Escrow Account[s] established under the Agreement to which this Exhibit A is attached, on behalf of [Company]/[Placement Agent].

 

 

 

Name (print):  
Specimen Signature:  
Title:  

Telephone Number

(required):

If more than one, list all applicable telephone numbers.

Office:

Cell:

E-mail (required):

If more than one, list all applicable email addresses.

Email 1:

Email 2:

 

 

Name (print):  
Specimen Signature:  
Title:  

Telephone Number

(required):

If more than one, list all applicable telephone numbers.

Office:

Cell:

E-mail (required):

If more than one, list all applicable email addresses.

Email 1:

Email 2:

 

 

 

 

 

 

DM3\4035041.2 DM3\4443613.1

 
 

 

Name (print):  
Specimen Signature:  
Title:  

Telephone Number

(required):

If more than one, list all applicable telephone numbers.

Office:

Cell:

E-mail (required):

If more than one, list all applicable email addresses.

Email 1:

Email 2:

 

Additional Email Addresses:

The following additional email addresses also may be used by Escrow Agent to verify the email address used to send any Payment Notice to Escrow Agent:

Email 1: Email 2: Email 3:

 

 

COMPLETE BELOW TO UPDATE EXHIBIT A

If Company wishes to update this Exhibit A, Company must complete, sign and send to Escrow Agent an updated copy of this Exhibit A with such changes. Any updated Exhibit A shall be effective once signed by Company and Escrow Agent and shall entirely supersede and replace any prior Exhibit A to this Agreement.

[       ] By:        

Name:

Title:

Date:

 

 

WILMINGTON TRUST, NATIONAL ASSOCIATION (as Escrow Agent)

 

By: Name:

Title:

Date:

 
 

 

 

 

 

 

 

Schedule III

 

Fees of Escrow Agent

 

Acceptance Fee: Waived

 

Initial Fees as they relate to Wilmington Trust acting in the capacity of Escrow Agent – includes review of the Escrow Agreement; acceptance of the Escrow appointment; setting up of Escrow Account(s) and accounting records; and coordination of receipt of Escrow Information for deposit to the Escrow Account(s). Acceptance Fee payable at time of Escrow Agreement execution.

 

 

 

Escrow Agent Administration Fee: $8,000

 

For ordinary administrative services by Escrow Agent – includes daily routine account management; monitoring claim notices pursuant to the agreement; and disbursement of Escrow Information in accordance with the agreement.

 

 

 

Wilmington Trust’s bid is based on the following assumptions:

 

Number of Escrow Accounts to be established: 1
Est. Term: Under 12 months
Escrow funds remain un-invested

 

 

 

Out-of-Pocket Expenses: Billed At Cost

 
 

Exhibit A

 

FORM OF ESCROW DISBURSEMENT INSTRUCTIONS AND RELEASE NOTICE

 

 

 

Date:

 

WILMINGTON TRUST, NATIONAL ASSOCIATION

99 Wood Avenue South, 10th Floor Iselin, NJ 08830

Attention: Boris Treyger Dear Mr./Ms :

 

In accordance with the terms of Section 1.2 of the Escrow Agreement dated as of , 2021

(the "Escrow Agreement"), by and between

(the “Company”),

(“Placement

Agent”) and WILMINGTON TRUST, NATIONAL ASSOCIATION (the "Escrow Agent"), the Company and Placement Agent hereby direct the Escrow Agent to distribute all of the Escrow Funds (as defined in the Escrow Agreement) in accordance with the following wire instructions:

 

:       $

 

:       $

 

:       $

 

 

Very truly yours,

 

Company

 

By: Name: Title:

 

Placement Agent

 

By: Name: Title:

 
 

 

       

 

 

Wilmington Trust Escrow Agreement EquityLine Capita...- Placement .docx

55774c8252a87c05f9499a97f48b175e6bb7d436 MM / DD / YYYY

Completed

 

 

 

 

 

12 / 07 / 2021

18:13:18 UTC-5

 

Sent for signature to Sergiy Shchavyelyev (sergiy@equitylinemic.com) and Ryan Simmons (ryan@rialtomarkets.com) from compliance@rialtomarkets.com IP: 173.54.35.233

 

 

 

12 / 07 / 2021

18:13:43 UTC-5

 

 

 

12 / 07 / 2021

18:13:52 UTC-5

 

Viewed by Sergiy Shchavyelyev (sergiy@equitylinemic.com) IP: 72.139.205.55

 

 

 

Signed by Sergiy Shchavyelyev (sergiy@equitylinemic.com) IP: 72.139.205.55

 

 

 

12 / 07 / 2021

18:42:53 UTC-5

 

 

 

12 / 07 / 2021

18:43:17 UTC-5

 

 

 

12 / 07 / 2021

18:43:17 UTC-5

 

Viewed by Ryan Simmons (ryan@rialtomarkets.com) IP: 174.206.234.252

 

 

 

Signed by Ryan Simmons (ryan@rialtomarkets.com) IP: 174.206.234.252

 

 

 

The document has been completed.

 

 

 

 

 

 

 

EX1A-11 CONSENT 8 consent.htm WRITTEN EXPERT CONSENT LETTER OF ASSURANCE DIMENSIONS

CONSENT OF INDEPENDENT AUDITOR

 

We consent to the use, in this Offering Circular on Form 1-A, as amended, of our independent auditor’s report dated June 24, 2021, with respect to the audited balance sheet of Equityline Capital LP as of December 31, 2020, and the related statements of operations, changes in stockholders’ deficit, and cash flows for the period from September 8, 2020 to December 31, 2020, and the related notes to the financial statements.

 

Very truly yours,

 

Assuarance Dimensions

 

/s/ Assurance Dimensions

Tampa, Florida

December 14, 2021

 

EX1A-12 OPN CNSL 9 legalopinion.htm LEGAL OPINION LETTER REGARDING OF THE SECURITIES OFFERED

December 6, 2021

 

Securities and Exchange Commission

 

 

Dear Sirs:

 

Re:Regulation A Offering of limited partnership units (Class A) (“UNITS”) of EquityLine Capital (Delaware) LP (“EquityLine Capital”)

 

We have been requested and authorized as general counsel by EquityLine Capital (Delaware) LP to render this opinion in connection with its issuance of securities consisting of 5 million Class A Units (“Units”). We are qualified to practice law in the Provinces of Ontario, British Columbia and Alberta Canada; to provide this opinion we have retained and relied on the corporate legal services of Richards Layton & Finger, a duly qualified law firm in the State of Delaware and the ongoing corporate servicing and maintenance provided by RL&F Services Corp., duly qualified in such capacity in the State of Delaware.

 

In order to render this opinion, we have relied on the legal work of Richards Layton & Finger and have also reviewed the following documents (the “Reviewed Documents”) and have relied on the corporate materials and :

1.EquityLine Capital’s Certificate of Limited Partnership dated September 8, 2020 filed under the Delaware Revised Uniform Limited Partnership Act filed with the Delaware Secretary of State for as instrument number SR20207197429 File Number 3632060 on September 10, 2020;

2. The Certificate of Formation of Equityline Capital (Delaware) LLC the general partner of Equityline Capital filed with the Delaware Secretary of State for as instrument number SR2020719576 File Number 3631808  on September 10, 2020.

3.IRS EIN 87-2594070, form SS-4, CP 575 B.
3.EquityLine Capital Agreement of Limited Partnership dated September 8, 2020 authorizing the creation, issuance and sale of the Units.

 

Except for our review of the corporate materials and confirmations provided by Richards Layton & Finger and the Reviewed Documents, we have not undertaken any independent examination of any fact or contract, agreement or other instrument that may have been executed by or may be binding on the EquityLine Capital, nor have we conducted any searches of public records other than as expressly set forth herein. As to matters wherein our opinion is stated to be “to our knowledge”, “actual knowledge” or words of similar import, such knowledge does not include constructive knowledge or any information that we might have gained had we conducted further investigation.

Whenever a statement herein is qualified by the phrase “to our knowledge” or “known to us” or a similar phrase, we have, with your consent, advised you concerning only the current actual knowledge of the facts in the possession of those attorneys who are currently members of or associated with this firm and who have performed legal services on behalf of the EquityLine Capital, and which knowledge we have recognized as being pertinent to the matters set forth herein.

In such examination, I have assumed the genuineness of all signatures, the authenticity of all company records, documents, instruments and certificates submitted to us as originals and the conformity with the original company records, documents, instruments and certificates of all such records, documents, instruments and certificates submitted to me as copies. I have assumed that the Reviewed Documents were not executed or delivered under fraud, duress or mistake; provided, however, I am not aware of any facts which would cause us to believe such assumption to be incorrect; and that any photostatic copies or facsimiles of organizational documents provided to us were properly and timely filed with the governing jurisdiction.

Based on the foregoing and subject to the limitations, assumptions and exceptions expressed below, it is my opinion that:

 

Based on the foregoing, and qualified in the manner and to the extent set forth in this letter, I am of the opinion that:

 

1.       EquityLine Capital is a limited partnership validly existing and in good standing under the laws of the State of Delaware and qualified to transact business and in good standing under the laws of the State of Delaware.

2.       The Units have been duly authorized by all necessary action on the part of EquityLine Capital for the creation, issuance and sale of such Units.

3.       The Units when issued for the consideration required by the offering shall be fully paid and non-assessable.

4.       The opinions expressed herein are based upon the applicable laws, rules and regulations in effect and the facts in existence as of the date of this letter. In delivering this letter to you, we assume no obligation, and I advise you that I shall make no effort, to update the opinions set forth herein, to conduct any inquiry into the continued accuracy of such opinions, or to apprise any addressee hereof or their respective counsel or their respective assignees of any facts, matters, transactions, events or occurrences taking place, and of which I may acquire knowledge, after the date of this letter, or of any change in any applicable laws or facts occurring after the date of this letter, which may affect the opinions set forth herein. No opinions are offered or implied as to any matter, and no inference may be drawn, beyond the strict scope of the specific issues expressly addressed by the opinions herein.

 

Yours truly,

Cassels Brock & Blackwell LLP

s/Alison Manzer, Dr.

Partner

 

AM/ar

 

 

 

 

 

ADD EXHB 10 orgchart.htm AFFILIATES DIAGRAM

Diagram, schematic

Description automatically generated

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