{"component": "clause", "props": {"groups": [{"samples": [{"hash": "aRIiuDRzESa", "uri": "/contracts/aRIiuDRzESa#material-debt", "label": "Loan and Security Agreement (Credit Acceptance Corp)", "score": 34.0047912389, "published": true}, {"hash": "6Iya3LX6hFo", "uri": "/contracts/6Iya3LX6hFo#material-debt", "label": "Loan and Security Agreement (Credit Acceptance Corp)", "score": 33.9404517454, "published": true}, {"hash": "apjoG3lNP47", "uri": "/contracts/apjoG3lNP47#material-debt", "label": "Loan and Security Agreement (Credit Acceptance Corp)", "score": 27.4887063655, "published": true}], "snippet": "Defined in Section 6.11(i).", "size": 7, "snippet_links": [{"key": "defined-in-section", "type": "clause", "offset": [0, 18]}], "hash": "d9cdb4ba86da8c907f2e11cb6b16eebe", "id": 1}, {"samples": [{"hash": "4ZrGuDlNxhs", "uri": "/contracts/4ZrGuDlNxhs#material-debt", "label": "Credit Agreement (Clean Harbors Inc)", "score": 30.8281998631, "published": true}, {"hash": "67F61zND679", "uri": "/contracts/67F61zND679#material-debt", "label": "Credit Agreement (Clean Harbors Inc)", "score": 27.8364134155, "published": true}, {"hash": "b4mMz5uir6R", "uri": "/contracts/b4mMz5uir6R#material-debt", "label": "Credit Agreement (Clean Harbors Inc)", "score": 24.0472279261, "published": true}], "snippet": "any Debt of the U.S. Borrower or any Subsidiary thereof under (a) any instrument (other than Debt incurred under this Agreement) or (b) any Hedging Agreement, in each case, in an aggregate outstanding principal amount exceeding $30,000,000. For purposes of determining Material Debt, the principal of any Hedging Agreement of any Person at any time shall be the Hedging Termination Value that such Person would be required to pay if such Hedging Agreement were terminated at such time.", "size": 4, "snippet_links": [{"key": "debt-of", "type": "clause", "offset": [4, 11]}, {"key": "the-us", "type": "clause", "offset": [12, 19]}, {"key": "debt-incurred", "type": "clause", "offset": [93, 106]}, {"key": "this-agreement", "type": "clause", "offset": [113, 127]}, {"key": "hedging-agreement", "type": "definition", "offset": [140, 157]}, {"key": "each-case", "type": "definition", "offset": [162, 171]}, {"key": "aggregate-outstanding-principal-amount", "type": "definition", "offset": [179, 217]}, {"key": "for-purposes-of", "type": "clause", "offset": [241, 256]}, {"key": "principal-of", "type": "definition", "offset": [288, 300]}, {"key": "any-person", "type": "definition", "offset": [326, 336]}, {"key": "at-any-time", "type": "clause", "offset": [337, 348]}, {"key": "hedging-termination-value", "type": "definition", "offset": [362, 387]}, {"key": "to-pay", "type": "clause", "offset": [423, 429]}], "hash": "914aa6babe2623caf6ef46b38fdad634", "id": 2}, {"samples": [{"hash": "8OqcnO0hhT3", "uri": "/contracts/8OqcnO0hhT3#material-debt", "label": "Loan and Security Agreement (Par Pacific Holdings, Inc.)", "score": 33.0930869268, "published": true}, {"hash": "6GUeBxIPFbn", "uri": "/contracts/6GUeBxIPFbn#material-debt", "label": "Loan and Security Agreement (Par Pacific Holdings, Inc.)", "score": 28.9726214921, "published": true}], "snippet": "Debt (other than the Loans and Letters of Credit), or obligations in respect of one or more Hedging Agreements, of any one or more of the Borrowers, their Restricted Subsidiaries, PHR and any Future Intermediation Subsidiary in an aggregate principal amount exceeding $10,000,000. For purposes of determining Material Debt, the \u201cprincipal amount\u201d of the obligations of the Borrowers or any Restricted Subsidiary in respect of any Hedging Agreement at any time shall be the Hedging Termination Value.", "size": 3, "snippet_links": [{"key": "the-loans-and-letters-of-credit", "type": "clause", "offset": [17, 48]}, {"key": "in-respect-of", "type": "clause", "offset": [66, 79]}, {"key": "hedging-agreements", "type": "definition", "offset": [92, 110]}, {"key": "restricted-subsidiaries", "type": "clause", "offset": [155, 178]}, {"key": "aggregate-principal-amount", "type": "clause", "offset": [231, 257]}, {"key": "for-purposes-of", "type": "clause", "offset": [281, 296]}, {"key": "obligations-of-the-borrowers", "type": "definition", "offset": [354, 382]}, {"key": "restricted-subsidiary", "type": "definition", "offset": [390, 411]}, {"key": "at-any-time", "type": "clause", "offset": [448, 459]}, {"key": "hedging-termination-value", "type": "definition", "offset": [473, 498]}], "hash": "97d928bf982b9673e9f1a1efe51a088f", "id": 3}, {"samples": [{"hash": "aZm8ZC7GV32", "uri": "/contracts/aZm8ZC7GV32#material-debt", "label": "Master Lease (Williams Communications Group Inc)", "score": 18.0, "published": true}, {"hash": "96J6jUOcH8S", "uri": "/contracts/96J6jUOcH8S#material-debt", "label": "Master Lease (Williams Companies Inc)", "score": 18.0, "published": true}], "snippet": "Any Debt (other than the financial obligations under this Lease), of the Lessee, Guarantor, or WCG, in an aggregate principal amount exceeding $25,000,000.00. Net Proceeds: All proceeds, net of any costs incurred by Lessor in obtaining such proceeds, payable under any policy of insurance required by Article XIII of this Lease (including any proceeds with respect to Lessee's Personal Property that Lessee is required or elects to restore or replace pursuant to Section 14.3) or paid by a Condemnor for the Taking of any of all or any portion of a Leased Property. Notice: A notice given in accordance with Article XXXI.", "size": 2, "snippet_links": [{"key": "any-debt", "type": "definition", "offset": [0, 8]}, {"key": "financial-obligations", "type": "clause", "offset": [25, 46]}, {"key": "under-this-lease", "type": "clause", "offset": [47, 63]}, {"key": "the-lessee", "type": "clause", "offset": [69, 79]}, {"key": "aggregate-principal-amount", "type": "clause", "offset": [106, 132]}, {"key": "net-proceeds", "type": "definition", "offset": [159, 171]}, {"key": "costs-incurred", "type": "definition", "offset": [198, 212]}, {"key": "by-lessor", "type": "definition", "offset": [213, 222]}, {"key": "required-by", "type": "definition", "offset": [289, 300]}, {"key": "article-xiii", "type": "clause", "offset": [301, 313]}, {"key": "to-lessee", "type": "clause", "offset": [365, 374]}, {"key": "personal-property", "type": "clause", "offset": [377, 394]}, {"key": "section-143", "type": "clause", "offset": [463, 475]}, {"key": "leased-property", "type": "definition", "offset": [549, 564]}, {"key": "notice-given", "type": "clause", "offset": [576, 588]}, {"key": "in-accordance-with", "type": "definition", "offset": [589, 607]}], "hash": "a372fbc7ea77680c5fc15aa11125d347", "id": 4}, {"samples": [{"hash": "5QvuIMzyCVa", "uri": "/contracts/5QvuIMzyCVa#material-debt", "label": "Loan and Security Agreement (AGY Holding Corp.)", "score": 22.196440794, "published": true}], "snippet": "(a) the Senior Second Lien Debt, (b) Debt or Contingent Obligations under the AGY Holdings Guarantees and (c) any other Debt (other than the Loans and Letters of Credit) or Bank Product Debt of AGY Holdings or any of its Subsidiaries in an aggregate outstanding principal amount exceeding $7,500,000. For purposes of determining Material Debt, the \u201cprincipal amount\u201d in respect of any Bank Product Debt of any Obligor at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that such Obligor would be required to pay if the related Bank Product Debt were terminated at such time. Metals: Platinum and Rhodium.", "size": 2, "snippet_links": [{"key": "senior-second-lien-debt", "type": "definition", "offset": [8, 31]}, {"key": "obligations-under-the", "type": "clause", "offset": [56, 77]}, {"key": "agy-holdings", "type": "definition", "offset": [78, 90]}, {"key": "other-debt", "type": "definition", "offset": [114, 124]}, {"key": "the-loans-and-letters-of-credit", "type": "clause", "offset": [137, 168]}, {"key": "debt-of", "type": "clause", "offset": [186, 193]}, {"key": "aggregate-outstanding-principal-amount", "type": "definition", "offset": [240, 278]}, {"key": "for-purposes-of", "type": "clause", "offset": [301, 316]}, {"key": "in-respect-of", "type": "clause", "offset": [367, 380]}, {"key": "at-any-time", "type": "clause", "offset": [418, 429]}, {"key": "maximum-aggregate-amount", "type": "clause", "offset": [443, 467]}, {"key": "netting-agreements", "type": "definition", "offset": [490, 508]}, {"key": "to-pay", "type": "clause", "offset": [546, 552]}, {"key": "related-bank", "type": "definition", "offset": [560, 572]}], "hash": "1ef3a06975fe206f5d0ee786b9c7943e", "id": 5}, {"samples": [{"hash": "8GsbLwCu1Uu", "uri": "/contracts/8GsbLwCu1Uu#material-debt", "label": "Loan and Security Agreement (Credit Acceptance Corp)", "score": 32.5728952772, "published": true}], "snippet": "Defined in Section 6.11(i). 149. Minimum Weighted Average Spread Rate: 25.0%.", "size": 2, "snippet_links": [{"key": "defined-in-section", "type": "clause", "offset": [0, 18]}, {"key": "minimum-weighted-average-spread-rate", "type": "definition", "offset": [33, 69]}], "hash": "63ef84aaeff5056742fe89bb96e6307d", "id": 6}, {"samples": [{"hash": "fyflRBKYcr7", "uri": "/contracts/fyflRBKYcr7#material-debt", "label": "Pik Credit Agreement (Driven Brands Holdings Inc.)", "score": 34.3483915127, "published": true}], "snippet": "62 SECTION 8. EVENTS OF DEFAULT; REMEDIES ....................................................................... 62 8.1", "size": 1, "snippet_links": [{"key": "section-8", "type": "clause", "offset": [3, 12]}, {"key": "events-of-default", "type": "definition", "offset": [14, 31]}], "hash": "f77fd7b6fd03f2257f44cb64b8b9f47d", "id": 7}, {"samples": [{"hash": "ivkzx0rNHM2", "uri": "/contracts/ivkzx0rNHM2#material-debt", "label": "Loan and Security Agreement (Innerworkings Inc)", "score": 30.5359342916, "published": true}], "snippet": "the Revolving Loan Facilities or any other Debt in an aggregate principal amount of $1,000,000 or more. Material License: each License (other than licenses for commercially available off-the-shelf software or software-as-a-service that is generally available to the public which have been licensed to such Person) of a Borrower or any Subsidiary material to the production or sale of Inventory with a value of, or material to the business of any Obligor generating annual net income of, at least $500,000. Maturity Date: July 16, 2024.", "size": 1, "snippet_links": [{"key": "the-revolving-loan-facilities", "type": "clause", "offset": [0, 29]}, {"key": "other-debt", "type": "definition", "offset": [37, 47]}, {"key": "aggregate-principal-amount", "type": "clause", "offset": [54, 80]}, {"key": "material-license", "type": "definition", "offset": [104, 120]}, {"key": "commercially-available", "type": "definition", "offset": [160, 182]}, {"key": "available-to-the-public", "type": "definition", "offset": [249, 272]}, {"key": "the-production", "type": "clause", "offset": [358, 372]}, {"key": "sale-of-inventory", "type": "clause", "offset": [376, 393]}, {"key": "material-to-the-business", "type": "definition", "offset": [414, 438]}, {"key": "annual-net-income", "type": "definition", "offset": [465, 482]}, {"key": "maturity-date", "type": "clause", "offset": [506, 519]}], "hash": "5178cc240503865afebbf774757e9ec1", "id": 8}, {"samples": [{"hash": "6FiWJp2qgtT", "uri": "/contracts/6FiWJp2qgtT#material-debt", "label": "Loan Agreement (Horizon Global Corp)", "score": 26.5085557837, "published": true}], "snippet": "(a) the Term Loan Debt and (b) any other Debt (other than the Loans and Letters of Credit), or obligations in respect of one or more Hedging Agreements, of any one or more of the Parent Borrower and its Subsidiaries in an aggregate principal amount exceeding $25,000,000. For purposes of determining Material Debt, the \u201cprincipal amount\u201d of the obligations of the Parent Borrower or any Subsidiary in respect of any Hedging Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Parent Borrower or such Subsidiary would be required to pay if such Hedging Agreement were terminated at such time.", "size": 1, "snippet_links": [{"key": "term-loan-debt", "type": "definition", "offset": [8, 22]}, {"key": "other-debt", "type": "definition", "offset": [35, 45]}, {"key": "the-loans-and-letters-of-credit", "type": "clause", "offset": [58, 89]}, {"key": "in-respect-of", "type": "clause", "offset": [107, 120]}, {"key": "hedging-agreements", "type": "definition", "offset": [133, 151]}, {"key": "borrower-and-its-subsidiaries", "type": "clause", "offset": [186, 215]}, {"key": "aggregate-principal-amount", "type": "clause", "offset": [222, 248]}, {"key": "for-purposes-of", "type": "clause", "offset": [272, 287]}, {"key": "obligations-of-the-parent", "type": "clause", "offset": [345, 370]}, {"key": "at-any-time", "type": "clause", "offset": [434, 445]}, {"key": "maximum-aggregate-amount", "type": "clause", "offset": [459, 483]}, {"key": "netting-agreements", "type": "definition", "offset": [506, 524]}, {"key": "to-pay", "type": "clause", "offset": [588, 594]}], "hash": "2b9f75e3b633dc9174a7e97747fa2c41", "id": 9}, {"samples": [{"hash": "4MEA8p199yX", "uri": "/contracts/4MEA8p199yX#material-debt", "label": "Note Purchase Agreement (Sunlink Health Systems Inc)", "score": 21.0, "published": true}], "snippet": "Any event or condition shall occur which (i) results in the acceleration of the maturity of any Material Debt (other than the Obligations) of the Company or any Subsidiary, or (ii) enables (or, with the giving of notice or lapse of time or both, would enable) the holder of such Material Debt or any Person acting on such holders behalf to accelerate the maturity thereof.", "size": 1, "snippet_links": [{"key": "the-obligations", "type": "clause", "offset": [122, 137]}, {"key": "of-the-company", "type": "clause", "offset": [139, 153]}, {"key": "giving-of-notice", "type": "clause", "offset": [203, 219]}, {"key": "lapse-of-time", "type": "clause", "offset": [223, 236]}, {"key": "the-holder", "type": "clause", "offset": [260, 270]}, {"key": "any-person", "type": "definition", "offset": [296, 306]}], "hash": "d62d662bcecc46268031be781639f687", "id": 10}], "next_curs": "ClYSUGoVc35sYXdpbnNpZGVyY29udHJhY3RzcjILEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhZtYXRlcmlhbC1kZWJ0IzAwMDAwMDBhDKIBAmVuGAAgAA==", "clause": {"title": "Material Debt", "children": [["", ""], ["certain-other-amendments", "Certain Other Amendments"], ["delegation-of-duties", "Delegation of Duties"], ["waiver-amendments", "Waiver; Amendments"], ["costs-expenses", "Costs; Expenses"]], "parents": [["default", "Default"], ["cross-default", "Cross Default"], ["amendments-to-credit-agreement", "Amendments to Credit Agreement"], ["amendments-to-loan-agreement", "AMENDMENTS TO LOAN AGREEMENT"], ["material-debt-and-liens", "Material Debt and Liens"]], "size": 36, "id": "material-debt", "related": [["indebtedness-of-subsidiaries", "Indebtedness of Subsidiaries", "Indebtedness of Subsidiaries"], ["existing-indebtedness-future-liens", "Existing Indebtedness; Future Liens", "Existing Indebtedness; Future Liens"], ["intercompany-indebtedness", "Intercompany Indebtedness", "Intercompany Indebtedness"], ["subordination-of-intercompany-indebtedness", "Subordination of Intercompany Indebtedness", "Subordination of Intercompany Indebtedness"], ["subordinated-indebtedness", "Subordinated Indebtedness", "Subordinated Indebtedness"]], "related_snippets": [], "updated": "2025-07-07T12:37:54+00:00", "also_ask": [], "drafting_tip": null, "explanation": "The Material Debt clause defines what constitutes a significant or substantial debt within the context of an agreement. Typically, this clause sets a threshold amount or specific criteria to distinguish minor debts from those that are considered material, often triggering certain rights or obligations if such a debt arises. For example, if a party owes more than a specified sum or fails to pay a major invoice, this clause may allow the other party to take remedial action. Its core function is to clearly identify when a debt is serious enough to warrant contractual consequences, thereby allocating risk and ensuring both parties understand the financial thresholds that could impact their relationship."}, "json": true, "cursor": ""}}