ISun : Accelaration/Increase of Financial Obligation - Form 8-K
May 16, 2024 at 01:54 am IST
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Item 2.04
Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
On December 12, 2023, iSun, Inc. (the "Company") and its subsidiaries entered into the 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"), successor in interest to Decathlon Specialty Finance, LLC, of an Event of Default under the Loan Agreement, with respect to (i) the Company's failure to deliver Deposit Account Control Agreements to Decathlon as required by the Loan Agreement, (ii) the Company's incurrence of indebtedness not permitted under the Loan Agreement, and (iii) the Company's grant of liens on its assets in violation of the Loan Agreement. The notice states that Decathlon has demanded the immediate payment of all obligations owed by the Company to Decathlon, including Decathlon's costs of collection.
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iSun, Inc. is a solar energy services and infrastructure deployment company. The Company provides a suite of solar services across residential, commercial, industrial and municipal, and utility-scale projects and provides solar electric vehicle (EV) charging solutions for both grid-tied and battery- backed solar EV charging systems. The Companyâs Residential segment designs, arranges financing, integrates, installs, and manages systems, primarily for residential homeowners. Its Commercial and Industrial segment designs, integrates, installs, and manages systems ranging in size from 50 kW (kilowatt) to multi-MW (megawatt) systems primarily for larger commercial and industrial projects. Its Utility segment develops, designs, engineers, arranges financing, installs, and manages systems ranging in size from 500 kW to multi-MW systems primarily for asset owners, businesses, and municipalities. The Utility segment is originating projects in Vermont, North Carolina, Ohio, and others.
ISUN, INC. 
