On May 10, 2022, the Company entered into the Amended and Restated Credit and Security Agreement (Term Loan) as borrower, with MidCap Financial Trust (MidCap), as agent and lender, and the additional lenders from time to time party thereto (the Amended Term Loan Credit Agreement) and the Amended and Restated Credit and Security Agreement (Revolving Loan) as borrower, with MidCap as agent and lender, and the additional lenders from time to time party thereto (the Amended Revolving Loan Credit Agreement, together with the Amended Term Loan Credit Agreement, the Amended Credit Agreement). The Amended Credit Agreement provides for a $57.135 million credit facility (the Amended Credit Facility) consisting of a $52.135 million senior secured term loan (the Amended Term Loan) and a $5.0 million working capital facility (the Amended Revolver). The Amended Term Loan consists of the $12.0 million balance made available in 2021 under the previous credit facility and an additional $40.135 million, staged such that $5.135 million was funded upon closing of the Amended Credit Agreement, an additional $5.0 million will be funded on October 31, 2022, $10.0 million is available in the first half of 2023, $10.0 million is available in the second half of 2023 and $10.0 million is available in the first half of 2024, with the borrowing in the second half of 2023 and in the first half of 2024 being contingent upon achieving trailing twelve months of Clinical Solutions revenue of $15.0 million and $19.0 million, respectively, and liquidity requirements (as defined in the Amended Credit Agreement) of $10.0 million and $15.0 million, respectively. The maximum loan amount under the Amended Revolver is $5.0 million, and the Company may request the lenders to increase such amount up to $15.0 million. Borrowings on the Amended Revolver are limited in accordance with a borrowing base calculation.

The interest on the Amended Term Loan is based on the annual rate of one-month London Inter-Bank Offered Rate (LIBOR) plus 6.45%, subject to a LIBOR floor of 1.00%. If any advance under the Term Loan is prepaid at any time, the prepayment fee is based on the amount being prepaid and an applicable percentage amount, such as 3%, 2%, or 1%, based on the date the prepayment is made after the closing date of the Amended Term Loan. Interest on the outstanding balance of the Amended Revolver will be payable monthly in arrears at an annual rate of one-month LIBOR plus 3.75%, subject to a LIBOR floor of 1.00%.

The maturity date of the Amended Credit Facility is May 1, 2027. On the date of termination of the Amended Term Loan or the date on which the obligations under the Amended Term Loan become due and payable in full, the Company will pay an exit fee in an amount equal to five percent of the total aggregate principal amount of term loans made pursuant to the Amended Term Loan as of such date. The Amended Credit Agreement contains a financial covenant based upon a trailing twelve months of net revenue, including a requirement of $42.5 million in the twelve months ending December 31, 2022. We are currently working with our lender to amend certain financial covenants applicable to the Amended Term Loan and the Amended Revolver to take account of our revised revenue outlook for 2022. However, we can make no assurances that such amendments will be agreed by our lender.

Long-term debt, net consists of the following (in thousands):


	As of June 30, 2022			As of December 31, 2021
Long-term debt	$	17,135		$	12,000
Cumulative accretion of exit fee		24			90
Unamortized debt discount and debt issuance costs		(341	)		(220	)
Long-term debt, net	$	16,818		$	11,870

At June 30, 2022, the scheduled maturities of the Company's debt obligations were as follows (in thousands):


	Amount
Remainder of 2022	$	—
2023		—
2024		—
2025		5,712
2026		8,567
Thereafter		2,856
Total	$	17,135

As of June 30, 2022, the fair value of the Company's long-term debt approximates its carrying value. The fair value of the Company's long-term debt was based on observable market inputs (Level 2).