EFFECTOR Therapeutics Declared in Default on $75M Oxford Finance Loan
EFFECTOR Therapeutics Declared in Default on $75M Oxford Finance Loan
On June 25, 2024, eFFECTOR Therapeutics, Inc. (the "Company") received written notice from Oxford Finance LLC ("Oxford") that events of default have occurred with respect to that certain Loan and Security Agreement dated as of March 19, 2021, as amended (the "Loan and Security Agreement"), by and between Oxford, as collateral agent, the parties who are lenders thereunder, the Company and eFFECTOR Therapeutics Operations, Inc., the Company's wholly owned subsidiary (the "Oxford Notice").
2024年6月25日，eFFECTOR Therapeutics公司（以下簡稱“公司”）收到了Oxford Finance LLC（以下簡稱“Oxford”）的書面通知，稱就於2021年3月19日簽訂並修訂的貸款及安全協議（以下簡稱“貸款及安全協議”），由Oxford作爲抵押代理人，貸款人，借款人和eFFECTOR Therapeutics Operations，Inc.全資子公司（以下簡稱“Oxford通知”）發生了違約事件。
The Oxford Notice indicates that events of default have occurred under the Loan and Security Agreement's Section 8.3 (Material Adverse Change) and Section 8.5 (Insolvency). The Oxford Notice indicates that all obligations are now immediately due and payable, the obligations under the Loan and Security Agreement shall accrue interest at the default rate, and lender and agent reserve all rights, powers, privileges and remedies provided under the Loan and Security Agreement.
Oxford通知指出，貸款及安全協議8.3條款（重大不利變化）和8.5條款（破產）發生了違約事件。Oxford通知指出，所有義務現在立即到期並應付款，貸款及安全協議下的義務將按照違約利率計息，貸款人和代理人保留貸款及安全協議規定的所有權利，力量，特權和救濟措施。