Long-term debt	3 Months Ended
Mar. 31, 2017
Long-term debt
Long-term debt	8Long-term debt On June 14, 2013, the Company entered into a venture debt loan facility with Hercules, which was amended and restated on June 26, 2014, and again on May 6, 2016 (“2016 Amended Facility”). The 2016 Amended Facility increased the total potential commitment from Hercules from $20.0 million to up to $40.0 million, of which $20.0 million was outstanding as of March 31, 2017, and December 31, 2016, and extended the maturity date from June 30, 2018, to May 1, 2020. The Company has not drawn down any additional amounts as of March 31, 2017, following the May 2016 amendment. The interest rate is adjustable and is the greater of (i) 8.25% or (ii) 8.25% plus the prime rate less 5.25%. Under the 2016 Amended Facility, the interest rate will initially be 8.25% per annum with a back-end fee of 4.85% and facility fee of 0.75% of the outstanding loan amounts. The interest-only payment period is set at November 2017, but can be extended to May 2018 upon the Company raising a cumulative $30.0 million in up-front corporate payments and/or proceeds from equity financings (“Raisings”), and further extended to November 2018 upon the Company raising a cumulative $50.0 million from the Raisings. The amortized cost of the 2016 Amended Loan as of March 31, 2017, was $20.4 million and $20.2 million as of December 31, 2016, and is recorded net of discount and debt issuance costs. The foreign currency gain on the loan in the three months ended March 31, 2017, was $0.3 million and a gain of $0.9 million in the same period 2016. The fair value of the loan approximates its carrying amount, given the impact of discounting is insignificant as the loan is amortized at a market conforming interest rate. In the three months ended March 31, 2017, an amount of $0.5 million and $0.6 million in the same period 2016 was recorded as interest expense in relation to the 2016 Amended Facility. As a covenant in the 2016 Amended Facility, the Company has periodic reporting requirements and is required to keep a minimum cash balance deposited in bank accounts in the United States, equivalent to the lesser of the outstanding balance of principal due and 50% of worldwide cash reserves. This restriction on the cash reserves only relates to the location of the cash reserves, and such cash reserves can be used at the discretion of the Company. In combination with other convents, the 2016 Amended Facility restricts the Company’s ability to, among other things, incur future indebtedness and obtain additional debt financing, to make investments in securities or in other companies, to transfer assets, to perform certain corporate changes, to make loans to employees, officers and directors, and to make dividend payments and other distributions. The Company secured the facilities by pledging the shares in its subsidiaries, substantially all its receivables, moveable assets as well as the equipment, fixtures, inventory and cash of uniQure Inc.

8Long-term debt

On June 14, 2013, the Company entered into a venture debt loan facility with Hercules, which was amended and restated on June 26, 2014, and again on May 6, 2016 (“2016 Amended Facility”). The 2016 Amended Facility increased the total potential commitment from Hercules from $20.0 million to up to $40.0 million, of which $20.0 million was outstanding as of March 31, 2017, and December 31, 2016, and extended the maturity date from June 30, 2018, to May 1, 2020. The Company has not drawn down any additional amounts as of March 31, 2017, following the May 2016 amendment. The interest rate is adjustable and is the greater of (i) 8.25% or (ii) 8.25% plus the prime rate less 5.25%. Under the 2016 Amended Facility, the interest rate will initially be 8.25% per annum with a back-end fee of 4.85% and facility fee of 0.75% of the outstanding loan amounts. The interest-only payment period is set at November 2017, but can be extended to May 2018 upon the Company raising a cumulative $30.0 million in up-front corporate payments and/or proceeds from equity financings (“Raisings”), and further extended to November 2018 upon the Company raising a cumulative $50.0 million from the Raisings.

The amortized cost of the 2016 Amended Loan as of March 31, 2017, was $20.4 million and $20.2 million as of December 31, 2016, and is recorded net of discount and debt issuance costs. The foreign currency gain on the loan in the three months ended March 31, 2017, was $0.3 million and a gain of $0.9 million in the same period 2016. The fair value of the loan approximates its carrying amount, given the impact of discounting is insignificant as the loan is amortized at a market conforming interest rate.

In the three months ended March 31, 2017, an amount of $0.5 million and $0.6 million in the same period 2016 was recorded as interest expense in relation to the 2016 Amended Facility.

As a covenant in the 2016 Amended Facility, the Company has periodic reporting requirements and is required to keep a minimum cash balance deposited in bank accounts in the United States, equivalent to the lesser of the outstanding balance of principal due and 50% of worldwide cash reserves. This restriction on the cash reserves only relates to the location of the cash reserves, and such cash reserves can be used at the discretion of the Company. In combination with other convents, the 2016 Amended Facility restricts the Company’s ability to, among other things, incur future indebtedness and obtain additional debt financing, to make investments in securities or in other companies, to transfer assets, to perform certain corporate changes, to make loans to employees, officers and directors, and to make dividend payments and other distributions. The Company secured the facilities by pledging the shares in its subsidiaries, substantially all its receivables, moveable assets as well as the equipment, fixtures, inventory and cash of uniQure Inc.