Extracted from this filing and checked against the source text.
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
OPENLANE, Inc. entered into Canadian Receivables Purchase Agreement with Computershare Trust Company of Canada, as trustee of AFCI Funding Trust, BMO Nesbitt Burns, Inc., as financial services agent and as agent for the Bank of Montreal lender group, and Royal Bank of Canada, as agent for the Royal Bank of Canada lender group valued at CDN$300 million (effective 2023-03-01).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Computershare Trust Company of Canada, as trustee of AFCI Funding Trust, BMO Nesbitt Burns, Inc., as financial services agent and as agent for the Bank of Montreal lender group, and Royal Bank of Canada, as agent for the Royal Bank of Canada lender group
- Value
- CDN$300 million
- Effective
- 2023-03-01
Exact text from the filing
On March 1, 2023, Automotive Finance Canada Inc. (“AFCI”), a subsidiary of KAR Auction Services, Inc. (the “Company”), and the Company, as performance guarantor, entered into a Receivables Purchase Agreement (the “Canadian Receivables Purchase Agreement”), dated March 1, 2023, with Computershare Trust Company of Canada, as trustee of AFCI Funding Trust (“Trust”), BMO Nesbitt Burns, Inc., as financial services agent and as agent for the Bank of Montreal lender group (“BMO”), and Royal Bank of Canada, as agent for the Royal Bank of Canada lender group (“RBC” and collectively with BMO, “Lenders”)
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