Court File and Parties

COURT FILE NO.: CV-16-11389-00CL

DATE: 2021-05-27

SUPERIOR COURT OF JUSTICE - ONTARIO

RE: IN THE MATTER OF THE COMPANIES' CREDITORS ARRANGEMENT ACT, R.S.C. 1985, c. C-36, AS AMENDED

AND IN THE MATTER OF A PLAN OF COMPROMISE OR ARRANGEMENT OF URBANCORP TORONTO MANAGEMENT INC., URBANCORP (ST. CLAIR VILLAGE) INC., URBANCORP (PATRICIA) INC., URBANCORP (MALLOW) INC., URBANCORP (LAWRENCE) INC., URBANCORP DOWNSVIEW PARK DEVELOPMENT INC., URBANCORP (952 QUEEN WEST) INC., KING RESIDENTIAL INC., URBANCORP 60 ST. CLAIR INC., HIGH RES. INC., BRIDGE ON KING INC. (Collectively the “Applicants”) AND THE AFFILIATED ENTITIES LISTED IN SCHEDULE “A” HERETO

BEFORE: Chief Justice G.B. Morawetz

COUNSEL: Danny Nunes, for the Applicant Neil Rabinovitch, for the Israeli Functionary Robert Drake and Mario Forte, for Fuller Landau Robin Schwill, for the Monitor

HEARD: May 27, 2021

Endorsement

[1] The motion was not opposed.

[2] The evidentiary basis for the requested relief is set out in the Forty-Sixth Report (the “Report”) of KSV Restructuring Inc., in its capacity as the monitor of the Urbancorp CCAA Entities (the “Monitor”), and in particular, the Executive Summary, set out in Section 1.4 of the Report (CaseLines A851-853).

[3] The required cash flow projection and the Monitor’s report on the cash flow projection is referenced in the Report. The cash flow projection indicates that the Urbancorp CCAA Entities have sufficient resources such that they can continue to function during the proposed Stay Period.

[4] I am satisfied, having reviewed the Report and hearing submissions, that the Applicants have been and continue to act in good faith and with due diligence, such that the requested extension of the Stay Period to August 31, 2021 is reasonable in the circumstances.

[5] I am also satisfied that the LCs (as defined in the Report) should be assigned to the Israeli Functionary, in his capacity as the Foreign Representative.

[6] The Report and the activities of the Monitor as described therein are also approved.

[7] The requested fees and disbursements of the Monitor, the Monitor’s counsel and the Applicants’ counsel, as set out in the Report are also approved.

[8] The motion is granted and the order has been signed in the form submitted.

Chief Justice Morawetz

Date: May 27, 2021