On May 31, 2016, the Ontario Superior Court of Justice (the "Court") issued an order appointing Alvarez & Marsal Canada Inc. ("A&M") as receiver and manager (in such capacity, the “Receiver”), without security, and Construction Lien Trustee (in such capacity, the “Construction Lien Trustee”) of all of the property, assets, and undertakings, of (a) Urbancorp (Leslieville) Developments Inc. (“UC Leslieville”), (b) Urbancorp (Riverdale) Developments Inc. (“UC Riverdale”); and (c) Urbancorp (The Beach) Developments Inc. (“UC Beach”, together with UC Riverdale, the”Guarantors”, and the Guarantors, together with UC Leslieville, the “Debtors”) acquired for, or used in relation to the Debtors’ business.