Clean Vision Corp Secures $1M Loan

TL;DR

Clean Vision Corp just took out a $1M loan, adding to its debt.

AI Summary

On November 13, 2024, Clean Vision Corp. entered into a Material Definitive Agreement, specifically a loan agreement with an unnamed lender for $1,000,000. This agreement creates a direct financial obligation for the company, indicating a new debt financing arrangement.

Why It Matters

This $1,000,000 loan represents new debt financing for Clean Vision Corp., which could impact its financial leverage and operational capacity.

Risk Assessment

Risk Level: medium — The company has entered into a new financial obligation, which introduces debt and potential repayment risks.

Key Numbers

• $1.0M — Loan Amount (Clean Vision Corp. entered into a new loan agreement for this amount.)

Key Players & Entities

• Clean Vision Corp. (company) — Registrant
• $1,000,000 (dollar_amount) — Loan amount
• November 13, 2024 (date) — Date of agreement

FAQ

Key Financial Figures

• $15,000,000 — oan") to Clean-Seas WV in the amount of $15,000,000, with the proceeds to be used for costs
• $5,000,000 — itial Credit Extension in the amount of $5,000,000 on the Closing Date; and (ii) the secon
• $10,000,000 — econd Credit Extension in the amount of $10,000,000 upon the satisfaction or waiver of the
• $75,000 — WV paid an upfront fee in the amount of $75,000 to the Lender. The Term Loan is eviden

Filing Documents

• clnv_8k.htm (8-K) — 34KB
• 0001903596-24-000679.txt ( ) — 201KB
• clnv-20241113.xsd (EX-101.SCH) — 3KB
• clnv-20241113_lab.xml (EX-101.LAB) — 33KB
• clnv-20241113_pre.xml (EX-101.PRE) — 22KB
• clnv_8k_htm.xml (XML) — 3KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. On November 13, 2024 (the "Closing Date"), Clean Vision Corporation's ("Clean Vision" or the "Company") wholly-owned subsidiary, Clean-Seas West Virginia, Inc. (the "Clean-Seas WV"), closed on the transactions set forth in that certain Credit Agreement (the "Credit Agreement") between Clean-Seas WV and The Huntington National Bank, a national banking association (the "Lender"). Pursuant to the Credit Agreement, the Lender agreed to make a term loan (the "Term Loan") to Clean-Seas WV in the amount of $15,000,000, with the proceeds to be used for costs and expenses associated with the development and construction of Clean-Seas WV's recycling and processing facility located in Kanawha County, West Virginia. Pursuant to the Credit Agreement, the proceeds of the Term Loan will be funded to Clean-Seas WV in two extensions (each, a "Credit Extension") as follows: (i) the initial Credit Extension in the amount of $5,000,000 on the Closing Date; and (ii) the second Credit Extension in the amount of $10,000,000 upon the satisfaction or waiver of the conditions set forth in Section 4.2 of the Credit Agreement, including, but not limited to, the delivery to the Lender of an executed performance and payment bond issued by a surety company listed on the Federal Treasury List that is rated A or higher by A.M. Best in an amount equal to $15,000,000 naming the Lender as beneficiary. On the Closing Date, Clean-Seas WV paid an upfront fee in the amount of $75,000 to the Lender. The Term Loan is evidenced by a promissory note (the "Term Note") executed by Clean-Seas WV in favor of the Lender with interest due and payable on the 15 th calendar day of each month while any amount remains outstanding and the principal amount to be repaid in full on the maturity date of February 1, 2027. The Term Note bears interest at a rate per annum equal to Term SOFR (as defined in the Credit Agreement) plus 3.75% per annum. Upon the occurrence

03. Creation of a Direct Financial Obligation

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off- Balance Sheet Arrangement of a Registrant. The disclosures concerning Credit Agreement and the Term Note contained in Item 1.01 above are incorporated into this Item 2.03 by this reference.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CLEAN VISION CORPORATION Date: November 15, 2024 By: /s/ Daniel Bates Name: Daniel Bates Title: Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR