Olenox Corp., a wholly owned subsidiary of Safe & Green Holdings Corp., has secured a Promissory Note in favor of Prosperity Bank for an aggregate principal amount of $2,000,000. The Note establishes a revolving Line of Credit, with net loan proceeds of $1,984,998 received by Olenox after processing fees. This financial arrangement is secured by the parent company's Certificate of Deposit with a balance of approximately $2,000,000. The Note imposes several covenants on Olenox, including maintaining operational records and providing financial documentation to the lender upon request. Interest will accrue at 5% per annum, with monthly payments due starting July 2, 2025, and full repayment due by June 2, 2026, if no demand is made earlier. Michael McLaren provides a commercial guaranty for the loan. In case of default, the interest rate could rise to 18%.
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