{"component": "clause", "props": {"groups": [{"snippet": "The Credit Parties have failed to maintain a Minimum Trailing Three-Month Originations of at least $61,000,000 as of the last Business Day of (x) the calendar month ended August 31, 2025 and (y) the calendar month ended September 30, 2025, in each case as required by the Loan Agreement and the other Loan Documents, resulting in the occurrence of a Default and/or Event of Default under the Loan Agreement (and the other Loan Documents) (the \u201cExisting Default\u201d).", "samples": [{"hash": "iv8if8QlkhH", "uri": "/contracts/iv8if8QlkhH#existing-default", "label": "Limited Waiver (Katapult Holdings, Inc.)", "score": 36.8247756958, "published": true}, {"hash": "RwPfaC5W1Z", "uri": "/contracts/RwPfaC5W1Z#existing-default", "label": "Limited Waiver (Katapult Holdings, Inc.)", "score": 36.8193016052, "published": true}, {"hash": "abRBVc5ptaC", "uri": "/contracts/abRBVc5ptaC#existing-default", "label": "Limited Waiver (Katapult Holdings, Inc.)", "score": 36.8001365662, "published": true}], "snippet_links": [{"key": "the-credit-parties", "type": "clause", "offset": [0, 18]}, {"key": "to-maintain", "type": "clause", "offset": [31, 42]}, {"key": "day-of", "type": "clause", "offset": [135, 141]}, {"key": "month-ended", "type": "definition", "offset": [159, 170]}, {"key": "each-case", "type": "definition", "offset": [243, 252]}, {"key": "as-required-by", "type": "clause", "offset": [253, 267]}, {"key": "agreement-and-the-other-loan-documents", "type": "clause", "offset": [277, 315]}, {"key": "occurrence-of-a-default", "type": "clause", "offset": [334, 357]}, {"key": "event-of-default-under", "type": "definition", "offset": [365, 387]}], "size": 8, "hash": "84e1c4b758c7b607ac242399c22bdbac", "id": 1}, {"snippet": "1. As of the date hereof, Borrower is and remains in default under the terms and conditions of the Existing Loan Documents by its failure to repay all Obligations on the maturity date thereof which coincides with the date of this Agreement (\"EXISTING DEFAULT\").\n2. Notwithstanding such Existing Default, Borrower has requested that Lender agree, in consideration of the undertakings and obligations of Borrower and Guarantor set forth herein, to further extend the period within which Lender has agreed to forbear from the exercise of Lender's rights and remedies under the Existing Loan Documents. Lender has agreed to make such accommodations as and only to the extent set forth herein, and without waiving any of Lender's rights and remedies.\n3. By reason of the Existing Default and by the scheduled maturity of all Obligations under the Existing Loan Documents, Borrower has acknowledged that all Obligations under the Existing Loan Documents are and continue to be immediately due and payable and Lender has the full legal right to exercise its rights and remedies under the Existing Loan Documents, including, but not limited to, the right to foreclose under any mortgages or deeds of trust, to enforce its remedies under the Uniform Commercial Code and other applicable laws, and take possession of and sell any Collateral described in the Existing Loan Documents.", "samples": [{"hash": "h3yUja19l4k", "uri": "/contracts/h3yUja19l4k#existing-default", "label": "Loan Modification Agreement (Bontex Inc)", "score": 16.0, "published": true}, {"hash": "gOnoJS7MZbT", "uri": "/contracts/gOnoJS7MZbT#existing-default", "label": "Loan Modification Agreement (Bontex Inc)", "score": 16.0, "published": true}], "snippet_links": [{"key": "date-hereof", "type": "clause", "offset": [13, 24]}, {"key": "default-under", "type": "clause", "offset": [53, 66]}, {"key": "terms-and-conditions-of-the", "type": "clause", "offset": [71, 98]}, {"key": "existing-loan-documents", "type": "definition", "offset": [99, 122]}, {"key": "failure-to-repay", "type": "clause", "offset": [130, 146]}, {"key": "all-obligations", "type": "clause", "offset": [147, 162]}, {"key": "on-the-maturity-date", "type": "clause", "offset": [163, 183]}, {"key": "date-of-this-agreement", "type": "clause", "offset": [217, 239]}, {"key": "borrower-and-guarantor", "type": "clause", "offset": [402, 424]}, {"key": "the-period", "type": "clause", "offset": [461, 471]}, {"key": "agreed-to", "type": "clause", "offset": [496, 505]}, {"key": "of-lender", "type": "clause", "offset": [532, 541]}, {"key": "rights-and-remedies", "type": "definition", "offset": [544, 563]}, {"key": "to-the-extent", "type": "clause", "offset": [657, 670]}, {"key": "without-waiving", "type": "clause", "offset": [693, 708]}, {"key": "scheduled-maturity", "type": "definition", "offset": [794, 812]}, {"key": "obligations-under-the", "type": "clause", "offset": [820, 841]}, {"key": "due-and-payable", "type": "definition", "offset": [983, 998]}, {"key": "and-lender", "type": "clause", "offset": [999, 1009]}, {"key": "right-to-exercise", "type": "definition", "offset": [1029, 1046]}, {"key": "not-limited", "type": "clause", "offset": [1121, 1132]}, {"key": "right-to-foreclose", "type": "clause", "offset": [1141, 1159]}, {"key": "mortgages-or-deeds-of-trust", "type": "clause", "offset": [1170, 1197]}, {"key": "remedies-under-the-uniform-commercial-code", "type": "clause", "offset": [1214, 1256]}, {"key": "other-applicable-laws", "type": "clause", "offset": [1261, 1282]}, {"key": "possession-of", "type": "clause", "offset": [1293, 1306]}], "size": 5, "hash": "e31cc8653348cb448500b4723b69686e", "id": 2}, {"snippet": "The Credit Parties have failed to maintain the Minimum Trailing Three-Month Net Originations required by the Loan Agreement and the other Loan Documents as of the last Business Day of the calendar month ended January 31, 2026, resulting in the occurrence of a Default and/or Event of Default under the Loan Agreement (and the other Loan Documents) (the \u201cExisting Default\u201d). Katapult - Limited Waiver", "samples": [{"hash": "7rOqc6FRw2v", "uri": "/contracts/7rOqc6FRw2v#existing-default", "label": "Limited Waiver (Katapult Holdings, Inc.)", "score": 35.1368942261, "published": true}], "snippet_links": [{"key": "the-credit-parties", "type": "clause", "offset": [0, 18]}, {"key": "to-maintain", "type": "clause", "offset": [31, 42]}, {"key": "required-by", "type": "definition", "offset": [93, 104]}, {"key": "agreement-and-the-other-loan-documents", "type": "clause", "offset": [114, 152]}, {"key": "day-of", "type": "clause", "offset": [177, 183]}, {"key": "month-ended", "type": "definition", "offset": [197, 208]}, {"key": "occurrence-of-a-default", "type": "clause", "offset": [244, 267]}, {"key": "event-of-default-under", "type": "definition", "offset": [275, 297]}, {"key": "limited-waiver", "type": "definition", "offset": [385, 399]}], "size": 4, "hash": "05e6498bf1ac2d0659c3f4e2a35cde0c", "id": 3}, {"snippet": "Lenders hereby waive the Existing Default and agree to exercise no right or remedy in respect thereof hereafter; provided, however, that this waiver (i) shall be limited to the Existing Default only and to no other Event of Default (known or unknown); and (ii) shall not be construed to suggest or imply that Lenders have waived, or will waive, any other similar or dissimilar Event of Default hereafter.", "samples": [{"hash": "9hzQzBlQMud", "uri": "/contracts/9hzQzBlQMud#existing-default", "label": "Credit Agreement (Industrial Distribution Group Inc)", "score": 16.0, "published": true}, {"hash": "2QYkPKot7cE", "uri": "/contracts/2QYkPKot7cE#existing-default", "label": "Credit Agreement (Industrial Distribution Group Inc)", "score": 16.0, "published": true}], "snippet_links": [{"key": "to-exercise", "type": "clause", "offset": [52, 63]}, {"key": "right-or-remedy", "type": "clause", "offset": [67, 82]}, {"key": "other-event-of-default", "type": "definition", "offset": [209, 231]}], "size": 2, "hash": "dea3db3a54a2da44c8f4d23644988e63", "id": 4}, {"snippet": "Borrower acknowledges that Borrower failed to comply with the covenant set forth in Section 10.6.1 of the Loan Agreement (Debt Service Coverage Ratio) for the reporting period ending December 31, 2012 (the \u201cExisting Default\u201d).", "samples": [{"hash": "kgIQPWITeSy", "uri": "/contracts/kgIQPWITeSy#existing-default", "label": "Loan Agreement (Sunlink Health Systems Inc)", "score": 24.3675556183, "published": true}, {"hash": "gt1SB5il1ma", "uri": "/contracts/gt1SB5il1ma#existing-default", "label": "Loan Agreement (Sunlink Health Systems Inc)", "score": 24.3675556183, "published": true}], "snippet_links": [{"key": "the-covenant", "type": "clause", "offset": [58, 70]}, {"key": "section-1061", "type": "clause", "offset": [84, 98]}, {"key": "the-loan-agreement", "type": "clause", "offset": [102, 120]}, {"key": "debt-service-coverage-ratio", "type": "definition", "offset": [122, 149]}, {"key": "period-ending", "type": "definition", "offset": [169, 182]}], "size": 2, "hash": "413731294b51fe46589c83dcfc436d81", "id": 5}, {"snippet": "The Borrower is not in default in any respect under any law, order, writ, judgment, injunction, decree, determination, award, contract or lease, which could result in a Material Adverse Effect.", "samples": [{"hash": "gmjsWf3Yn3o", "uri": "/contracts/gmjsWf3Yn3o#existing-default", "label": "Reimbursement Agreement (Hanover Direct Inc)", "score": 18.0, "published": true}], "snippet_links": [{"key": "the-borrower", "type": "definition", "offset": [0, 12]}, {"key": "not-in-default", "type": "clause", "offset": [16, 30]}, {"key": "material-adverse-effect", "type": "definition", "offset": [169, 192]}], "size": 1, "hash": "b48b920ab7d11819de3b30fc18740d06", "id": 6}, {"snippet": "at the Time of Right of First Refusal Notice. If Tenant exercises any such right of \u201cfirst refusal\u201d to purchase and, at that time an event of default exists beyond all applicable notice and cure periods, such exercise shall be tolled for up to [***] ([***]) business days after Tenant\u2019s receipt of written notice that such event of default exists. If Tenant does not then cure such event of default (as defined in Article 18) within such [***] ([***]) business day cure period, Tenant\u2019s exercise of such right of \u201cfirst refusal\u201d shall be void. If Tenant does cure such event of default as aforesaid, Tenant\u2019s exercise of the applicable right of \u201cfirst refusal\u201d shall be effective.", "samples": [{"hash": "3HsEI8a2Cnt", "uri": "/contracts/3HsEI8a2Cnt#existing-default", "label": "Deed of Lease Agreement", "score": 31.3408622742, "published": true}], "snippet_links": [{"key": "at-the-time", "type": "definition", "offset": [0, 11]}, {"key": "right-of-first-refusal-notice", "type": "definition", "offset": [15, 44]}, {"key": "if-tenant", "type": "clause", "offset": [46, 55]}, {"key": "such-right", "type": "definition", "offset": [70, 80]}, {"key": "event-of-default-exists", "type": "clause", "offset": [133, 156]}, {"key": "notice-and-cure-periods", "type": "clause", "offset": [179, 202]}, {"key": "after-tenant", "type": "definition", "offset": [272, 284]}, {"key": "receipt-of-written-notice", "type": "clause", "offset": [287, 312]}, {"key": "article-18", "type": "definition", "offset": [414, 424]}, {"key": "day-cure", "type": "clause", "offset": [461, 469]}, {"key": "applicable-right", "type": "clause", "offset": [625, 641]}], "size": 1, "hash": "f31ad2e3ca69e9c400515bf2f9002c30", "id": 7}, {"snippet": "Although Borrower has existing disputes with the ----------------- holders of the Subordinated Notes regarding its failure to comply with Section 4.9 of the Indenture, Borrower acknowledges to Lender for the purpose of this Agreement and the Credit Agreement that the Specified Default (as defined below) has occurred and continues under the Credit Agreement.", "samples": [{"hash": "3eKOK0WH0kU", "uri": "/contracts/3eKOK0WH0kU#existing-default", "label": "Forbearance Agreement (Energy Corp of America)", "score": 18.0, "published": true}], "snippet_links": [{"key": "existing-disputes", "type": "clause", "offset": [22, 39]}, {"key": "holders-of", "type": "clause", "offset": [67, 77]}, {"key": "the-subordinated-notes", "type": "clause", "offset": [78, 100]}, {"key": "failure-to-comply-with", "type": "clause", "offset": [115, 137]}, {"key": "section-49", "type": "clause", "offset": [138, 149]}, {"key": "the-indenture", "type": "clause", "offset": [153, 166]}, {"key": "to-lender", "type": "definition", "offset": [190, 199]}, {"key": "for-the-purpose-of-this-agreement", "type": "clause", "offset": [200, 233]}, {"key": "the-credit-agreement", "type": "clause", "offset": [238, 258]}, {"key": "specified-default", "type": "clause", "offset": [268, 285]}], "size": 1, "hash": "ec1cba3135156bbf3f684d554ee8ee01", "id": 8}, {"snippet": "The Credit Parties have failed to maintain a Minimum Trailing Three-Month Originations of at least $61,000,000 as of July 31, 2025, as required by the Loan Agreement and the other Loan Documents, resulting in the occurrence of a Default and/or Event of Default under the Loan Agreement (and the other Loan Documents) (the \u201cExisting Default\u201d).", "samples": [{"hash": "aEYZVfEziPK", "uri": "/contracts/aEYZVfEziPK#existing-default", "label": "Limited 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16.0, "published": true}], "snippet_links": [{"key": "borrower-hereby", "type": "clause", "offset": [0, 15]}, {"key": "an-event-of-default", "type": "definition", "offset": [110, 129]}, {"key": "to-exercise", "type": "clause", "offset": [150, 161]}, {"key": "rights-and-remedies", "type": "definition", "offset": [166, 185]}, {"key": "the-loan-documents", "type": "clause", "offset": [192, 210]}], "size": 1, "hash": "7b5e775a88161d80b08bfbad54ef3b1b", "id": 10}], "next_curs": "ClkSU2oVc35sYXdpbnNpZGVyY29udHJhY3RzcjULEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhlleGlzdGluZy1kZWZhdWx0IzAwMDAwMDBhDKIBAmVuGAAgAA==", "clause": {"title": "Existing Default", "children": [["", ""], ["effectiveness-conditions", "EFFECTIVENESS CONDITIONS"], ["indemnity", "Indemnity"], ["counterparts", "Counterparts"], ["modifications", "Modifications"]], "parents": [["waiver", "Waiver"], ["existing-default", "Existing Default"], ["representations-and-warranties", "Representations and Warranties"], ["acknowledgment-of-indebtedness-events-of-default-etc", "ACKNOWLEDGMENT OF INDEBTEDNESS, EVENTS OF DEFAULT, ETC"], ["tenants-purchase-rights", "Tenants Purchase Rights"]], "size": 33, "id": "existing-default", "related": [["existing-defaults", "Existing Defaults", "<strong>Existing Defaults</strong>"], ["no-existing-default", "No Existing Default", "No <strong>Existing Default</strong>"], ["erisa-default", "ERISA Default", "ERISA Default"], ["waiver-of-event-of-default", "Waiver of Event of Default", "Waiver of Event of Default"], ["notice-of-default-or-event-of-default", "Notice of Default or Event of Default", "Notice of Default or Event of Default"]], "related_snippets": [], "updated": "2026-05-10T05:39:37+00:00", "also_ask": [], "drafting_tip": "", "explanation": "The \"Existing Default\" clause defines how a contract addresses situations where one party is already in default under another agreement at the time the current contract is formed. Typically, this clause allows the non-defaulting party to treat the pre-existing default as a breach under the new contract, potentially triggering remedies such as suspension of obligations or termination. By explicitly recognizing prior defaults, this clause helps prevent parties from entering new agreements without disclosing unresolved issues, thereby protecting the non-defaulting party from unforeseen risks and ensuring transparency in contractual relationships."}, "json": true, "cursor": ""}}