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Notes Payable
9 Months Ended
Sep. 30, 2017
Notes Payable  
Notes Payable

5. Notes Payable

 

In 2014, we borrowed an aggregate of $7.0 million in connection with a Loan and Security Agreement, as amended (LSA).  In July 2017, we paid in full the entire outstanding term loans balance of $3.5 million and accrued interest, with no penalty for prepayment. Through July 2017 and pursuant to the terms of the LSA, we were required to make monthly interest payments for all outstanding borrowings at an interest rate equal to the greater of (a) prime rate plus 3.25% or (b) 6.5% and monthly principal payments of 1/24th of our principal borrowings plus interest.  

   

Interest expense related to the term loans was $3 thousand and $159 thousand for the three and nine months ended September 30, 2017.  As of September 30, 2017, we had no accrued interest.