--- title: "Accuray gets lender waiver of defaults under financing agreement" url: "https://aibio.space/news/accuray-gets-lender-waiver-defaults-under-financing-agreement/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-07-29" section: "Debt Financing" tickers: "NASDAQ:ARAY" source: "https://www.sec.gov/Archives/edgar/data/1138723/000143774926024904/ex_995040.htm" summary: "Accuray's lenders waived two defaults under its financing agreement, and the same amendment exchanges converted debt for preferred shares and penny warrant" --- By the aibio.space news desk. Sources - [ACCURAY INC 8-K (2026-07-29)](https://www.sec.gov/Archives/edgar/data/1138723/000143774926024904/ex_995040.htm) - [ACCURAY INC financial data (SEC XBRL)](https://www.sec.gov/Archives/edgar/data/1138723/000143774926029098/) [ARAY](https://aibio.space/companies/accuray/) 2026-07-29 # Accuray gets lender waiver of defaults under financing agreement Tickers [ARAY](https://aibio.space/companies/accuray/) Accuray's lenders waived two defaults under its financing agreement, and the same amendment exchanges converted debt for preferred shares and penny warrants, subject to shareholder approval. ## Key facts - **Company**: ACCURAY INC (NASDAQ: ARAY) - **News type**: Debt Financing - **Primary source**: [ACCURAY INC 8-K (2026-07-29)](https://www.sec.gov/Archives/edgar/data/1138723/000143774926024904/ex_995040.htm) *Two people shaking hands across a table. Photo: Kristin Hardwick, CC0, via StockSnap. The picture shows the field, not the companies named.* Accuray Incorporated, a Delaware corporation, signed a Limited Waiver and Amendment No. 3 to its financing agreement, dated as of July 29, 2026. The original financing agreement is dated June 6, 2025. TCW Asset Management Company LLC is administrative agent and collateral agent, and Wingspire Capital LLC is servicing agent and a consenting lender. The consenting lenders, who make up the required lenders, agreed to waive two defaults. Ali Pervaiz, senior vice president and chief financial officer, signed for Accuray. ## The two defaults The amendment says defaults had occurred and were continuing under two provisions of the existing agreement. The first, under Section 9.01(c)(i), is a failure to comply with a liquidity covenant in Section 7.03(c) for the fiscal quarter ending June 30, 2026. The second, under Section 9.01(d), is a failure to meet the transition requirements in Section 5 of Schedule 7.01(u) by no later than July 1, 2026. The waiver also covers related defaults that exist only because of the two defaults. It does not waive any future default. The amendment replaces Section 5 of Schedule 7.01(u) with a placeholder marked as reserved, but the waiver of the second default reaches only the July 1, 2026 deadline. The post-closing obligations that remain in Schedule 7.01(u) are not waived. ## The debt-for-equity exchange The amendment cancels certain converted debt in exchange for preferred shares and new penny warrants, both to be issued under a separate Amendment No. 3 Securities Purchase Agreement. Each term loan B lender and delayed draw term lender confirms the conversion of its share by signing. One condition for the amendment to take effect is that Accuray issue the term loan B lenders their pro rata share of warrants to purchase 15,253,473 shares of common stock at an exercise price of $0.01 per share. The body of the amendment does not say how many preferred shares will be issued or how much debt is converted. It points to schedules for the remaining term loan B and delayed draw balances, which are not reproduced in the filing. Without the share count, the dilution from the exchange cannot be measured. Accrued interest on the converted debt becomes due in full in cash on the first interest payment date after the amendment takes effect. If the securities purchase agreement is terminated because Accuray does not obtain the necessary shareholder approvals, or for any other reason under its Section 8, the conversion is void from the start. The interest that would have accrued from the purported conversion date until termination is then payable in full in cash to the lenders. ## Loan balances, fees and conditions The amendment converts $15,000,000 of the Term Loan A principal into funded revolving loans. After that conversion, Term Loan A stands at $13,400,000 and the revolving loans stand at $20,000,000. The revolving lenders and Term Loan A lenders are to receive an Amendment No. 3 Supplemental Premium of $250,000. Accuray must also reimburse the agents' expenses, including the fees of counsel to the agents and the consenting lenders, who are not named. Within ten business days it must deliver a Swiss-law confirmation agreement. By August 28, 2026 it must deliver the pledged equity certificates of its Swiss guarantor and board and shareholder resolutions of that guarantor, and by August 5, 2026 a signed amended promissory note to Wingspire. Missing any of these is an immediate event of default. ## Lenders and guarantors Besides TCW and Wingspire, the signature pages list TCW Rescue Financing Fund II LP, TCW WV Financing LLC, First Trust Alternative Opportunities Fund, First Trust Private Credit Fund, First Trust Enhanced Private Credit Fund, Walnut Capital Fund I, LP, Asilia Credit Fund, LP and Nationwide Mutual Insurance Company as consenting lenders. The loan parties also release the agents and lenders from claims arising before the effective date. ## What the filing leaves out The exhibit does not describe Accuray's business, revenue, operating results or cash balance. It names no placement agent or financial advisor for the exchange. The amendment takes effect only when its conditions are met, and the exchange itself depends on shareholder approval. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story ARAY ACCURAY INC NASDAQ ยท United States Open the starter desk ## More in Debt Financing Debt Financing ### [Pelthos amends Horizon venture loan, funds Loans E to H and adds Loans I and J](https://aibio.space/news/pelthos-amends-horizon-venture-loan-funds-loans-e-h-adds-loans/) Oct 30, 2026 Debt Financing ### [Repligen announces $1.0 billion private convertible notes transaction](https://aibio.space/news/repligen-announces-1-0-billion-private-convertible-notes-transaction/) Oct 30, 2026 Debt Financing ### [FOXO to buy Ludwig Enterprises preferred stock with majority voting power](https://aibio.space/news/foxo-buy-ludwig-enterprises-preferred-stock-majority-voting-power/) Oct 29, 2026 --- Source page: https://aibio.space/news/accuray-gets-lender-waiver-defaults-under-financing-agreement/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Accuray gets lender waiver of defaults under financing agreement", 2026-07-29, https://aibio.space/news/accuray-gets-lender-waiver-defaults-under-financing-agreement/