ISUN, INC.: debt financing — iSun receives default notice from Decathlon on $8M loan; acceleration demanded

ISUN, INC.

Decathlon Growth Credit declared Event of Default on May 9, 2024, citing failure to deliver Deposit Account Control Agreements.
Default also includes incurrence of unpermitted indebtedness and granting liens in violation of the Loan Agreement.
Decathlon demands immediate payment of all obligations owed, plus collection costs.
Loan Agreement was entered December 12, 2023 for up to $8 million principal amount.

item 2.04

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ISUN, INC. faced acceleration on loan of up to $8,000,000 with Decathlon Growth Credit, LLC.

Instrument: loan
Principal: up to $8,000,000
Counterparty: Decathlon Growth Credit, LLC
Event: acceleration

Exact text from the filing

Revenue Loan and Security Agreement (the “Loan Agreement”) with Decathlon Specialty Finance, LLC, pursuant to which the Company borrowed the aggregate principal amount of up to $8,000,000, as described in the Company’s Current Report on Form 8-K, dated December 13, 2023. On May 9, 2024, the Company received notice from Decathlon Growth Credit, LLC (“Decathlon”),

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Source: SEC EDGAR

accession 0001493152-24-019847

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