Selecta Biosciences amends loan agreement, eases SVB collateral account requirement

Cartesian Therapeutics, Inc.

Fourth Amendment to Loan and Security Agreement dated March 31, 2023 with Oxford Finance and SVB (First-Citizens).
Relaxes Section 6.6: must hold lesser of 100% consolidated cash or 150% outstanding obligations in SVB collateral accounts.
Borrower released all claims against lenders arising from loan documents.
Updates references to SVB to reflect its acquisition by First-Citizens Bank & Trust Company.
No Event of Default exists after amendment; representations and warranties reaffirmed.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Cartesian Therapeutics, Inc. amended Fourth Amendment to Loan and Security Agreement with Oxford Finance LLC; Silicon Valley Bank (effective 2023-03-31).

Action: amendment
Agreement: credit facility
Counterparty: Oxford Finance LLC; Silicon Valley Bank
Effective: 2023-03-31

Exact text from the filing

On March 31, 2023, Selecta Biosciences, Inc. (the “Company”) entered into a Fourth Amendment to Loan and Security Agreement (the “Fourth Amendment”),which amended that certain Loan and Security Agreement, dated August 31, 2020, between the Company, Oxford Finance LLC, as collateral agent and as a lender, and Silicon Valley Bank, a division of First-Citizens Bank & Trust Company (successor by purchase to the Federal Deposit Insurance Corporation as Receiver for Silicon Valley Bridge Bank, N.A. (as successor to Silicon Valley Bank)) (“Silicon Valley Bank”) as a lender

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Source: SEC EDGAR

accession 0001453687-23-000043

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