On January 6, 2017 (the effective date), ConforMIS, Inc. entered into a loan and security agreement with Oxford Finance LLC, as a collateral agent, and the lenders party thereto from time to time, pursuant to which the Lenders agreed to make term loans to the company for working capital and general business purposes, in a principal amount of up to $50 million. Through the term loan facility with Oxford, the company initially accessed $15 million of borrowings on January 6, 2017, and an additional funding of $15 million is available to the company, at its option, through December 2017 and an additional $20 million is available through June 2018, in each case, subject to the satisfaction of certain revenue milestones and customary drawdown conditions. The credit facility is secured by substantially all of the company's personal property other than the company's intellectual property. Under the terms of the credit facility, the company cannot grant a security interest in its intellectual property to any other party. The term loan under the credit facility bears interest at a floating annual rate calculated at the greater of 30 day LIBOR or 0.53%, plus 6.47%. The company is required to make monthly interest only payments in arrears commencing on the second payment date following the funding date of each term loan, and continuing on the payment date of each successive month thereafter through and including the payment date immediately preceding the amortization date of February 1, 2019 (subject to extension to February 1, 2020 if the Borrower draws the second tranche of $15 million loans under the term loan facility).