	March 31, 2021
	Principal		Unamortized Discount			Total
Term Loan Credit Agreement	$	55,000	$	(384	)	$	54,616
Less: current portion of term loan		—		—			—
Non-current portion of term loan	$	55,000	$	(384	)	$	54,616

	December 31, 2020
	Principal		Unamortized Discount			Net Carrying Value
Term Loan Agreement	$	40,000	$	(412	)	$	39,588
Less: current portion of term loan		—		—			—
Non-current portion of term loan	$	40,000	$	(412	)	$	39,588

Principal, interest and fee payments on Term Loan Credit Agreement at March 31, 2021, are expected to be as follows (in thousands):

Year ended March 31,	Principal		Interest and Fees		Total
2021 (remainder)		—		3,060		3,060
2022		20,625		3,658		24,283
2023		27,500		1,654		29,154
2024		6,875		1,738		8,613
Total	$	55,000	$	10,110	$	65,110

On March 29, 2019 (the “Closing Date”), the Company entered into a Credit, Security and Guaranty Agreement (Term Loan) (the “Term Loan Credit Agreement”) with MidCap Financial Trust (“MidCap”) to borrow up to $70 million in three tranches (collectively “2019 Term Loan”), with a maturity date of March 1, 2024. The first advance of $40.0 million (“Tranche 1”) was drawn by the Company on March 29, 2019, with the proceeds used in part to repay in full the outstanding term loans and fees under a prior loan agreement. The second advance of $15.0 million (“Tranche 2”) was drawn by the Company on March 29, 2021. The third advance of $15.0 million (“Tranche 3”) will be available to the Company through September 30, 2021, subject to the Company’s satisfaction of certain other conditions described in the Term Loan Credit Agreement. The borrowings under the 2019 Term Loan bears interest at the sum of a fixed percentage spread and the greater of (i) 1.8% or (ii) one month LIBOR. At March 31, 2021, the effective interest rate on the Term Loan was approximately 7.50%. All three tranches require interest only payments through March 1, 2022, followed by 24 months of payments with interest and equal payment of principal. The interest only payment period can be extended for 12 months upon achievement of a specified trailing twelve month net revenue target. Prepayments of the 2019 Term Loan under the Term Loan Credit Agreement, in whole or in part, will be subject to early termination fees which decline each year until the fourth anniversary of the applicable funding date, at which time there is no early termination fee. Upon the final payment, the Company must also pay an exit fee calculated based on a percentage of the aggregate principal amount of all tranches advanced to the Company. The Company uses effective interest method to recognize the final payment over the term of the debt.

The Company also maintains a Credit, Security and Guaranty Agreement (Revolving Loan) (the “Revolving Loan Credit Agreement”) with MidCap. The borrowing limit under the Revolving Loan Credit Agreement is $10.0 million. The amount borrowed under the Revolving Loan Credit Agreement can be increased, upon request by the Company by up to an additional $10.0 million, subject to agent and lender approval and the satisfaction of certain conditions. The Revolving Loan Credit Agreement has a maturity date of March 1, 2024. Amounts drawn under the Revolving Loan Credit Agreement bear interest at the sum of a fixed percentage spread and the greater of (i) 1.80% or (ii) one-month LIBOR. There are also fractional fees based on the amounts either drawn or undrawn. If the Revolving Loan Credit Agreement is terminated before maturity or the funding obligation is permanently reduced, there are termination fees which decline each anniversary until the third anniversary, at which time there is no termination fee. As of March 31, 2021 and December 31, 2020, the Company had borrowed $9.9 million and $8.5 million under the Revolving Loan Credit Agreement, respectively, which is included in “Debt – current” in the Company’s condensed consolidated balance sheets.

The Term Loan Credit Agreement and Revolving Loan Credit Agreement contain certain financial and non-financial covenants, with which the Company was in compliance at March 31, 2021. Additionally, both agreements are secured by substantially all of the Company’s assets, with some exclusions.