Telkonet, Inc. Enters into Thirteenth Amendment to the Loan and Security Agreement with Heritage Bank of Commerce
December 15, 2021 at 01:00 pm
Share
Effective as of December 13, 2021, Telkonet, Inc. (the Company and Borrower) entered into a Thirteenth Amendment to the Loan and Security Agreement (the Amendment) with Heritage Bank of Commerce (the Bank). The Company and the Bank are parties to a certain Loan and Security Agreement (the Loan Agreement) dated as of September 30, 2014 referenced in a Current Report on Form 8-K filed with the Securities and Exchange Commission on October 2, 2014.
The Amendment reduces the credit extension amount to $1,000,000, reduces unrestricted cash maintained in Borrowers accounts at Bank to be at least $1,000,000 and extends the revolving maturity date to March 31, 2022, unless earlier accelerated under the terms of the Loan Agreement.
Telkonet, Inc. is a provider of the EcoSmart and Rhapsody Platforms of intelligent automation solutions designed to optimize energy efficiency and analytics in support of the emerging Internet of Things (IoT). Its EcoSmart Platform consists of EcoSmart Product Suite, EcoCentral, and EcoCare. Its EcoSmart Product Suite includes thermostats, sensors, switches, and outlets, which provide monitoring, management, and reporting over individual and grouped energy consumption throughout building environments. Its EcoCentral is a cloud-based dashboard that provides visualization and remote management services. Its EcoCare offers professional support and maintenance services, including engineering, analytics, reporting, software and hardware updates. The Rhapsody Platform focuses on utilizing Wi-Fi and Bluetooth low energy (BLE) for mobile application-based setup and configuration. Its platforms are deployed primarily in the hospitality, educational, governmental and other commercial markets.