Ontario · Receivership (court-appointed)
Application Record - Enlightened Funding Corporation
Application / notice of application · 6 October 2023
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing2 verified
- secured creditorsnote: Total indebtedness owing under Credit Agreement, excluding accruing fees, expenses and costs. Dealer (926749 Ontario Ltd.) is a guarantor of a portion of the obligations under a Dealer Guarantee dated May 26, 2022. Personal guarantees also exist from Hugh Waddell and Adam Mounzer (per credit agreement Schedule 5.3(d)); Hugh Waddell's limited guarantee is stated at $10,000,000 (facility-related guarantee cap, not a balance). · page: 12 · as of: 2023-10-06 · amount: 19406788.71 · debtor: Velocity Asset and Credit Corporation · creditor: Enlightened Funding Corporation · currency: CAD · security: General Security Agreement (GSA) dated May 26, 2022 over Velocity's present and future assets; Security Agreement dated May 26, 2022 over Dealer's leases, leased vehicles, rights, collections and Dealer Blocked Account; Blocked Account Agreements with BMO dated May 20, 2022 (Velocity) and May 11, 2022 (Dealer); PPSA registrations under GSA and Dealer Security Agreement
- secured creditorsnote: Beacon is party to an agreement acknowledging Enlightened's subsequent PPSA registration and limiting/subordinating Beacon's claims over the Property. · page: 13 · debtor: Velocity Asset and Credit Corporation · creditor: Beacon Holdings Limited · currency: CAD · security: PPSA registration securing 100 common shares in Velocity