20.     Subsequent Events

October Forbearance Agreement

On October 2, 2023, the Company and the Subsidiary Borrowers entered into the October Forbearance Agreement with the Noteholder Representative on behalf of the Holders. This agreement modified certain terms and conditions of the May Forbearance Agreement, pursuant to which the Noteholder Representative, at the direction of the Noteholders, provided a limited waiver of certain events of default under the 2023 Refinanced Notes and 2023 New Notes and agreed to forbear exercising certain rights of the Noteholder Representative and Holders.

To ensure the Company does not pay the Default Rate in the future on the 2023 Refinanced Notes, the Company is required to pay previously owed interest at the default rate totaling $4,152. Of this amount, $2,786 was paid during the three months ended September 30, 2023 and represented the interest payable on the 2023 Refinanced Notes. The remaining $1,366 is due on or before December 29, 2023 (the Accrued Default Interest Due Date) and represents previously owed interest on the 2023 Refinanced Notes owed to the Holders at the default rate. This October Forbearance Agreement reduced the interest rate on the 2023 Refinanced Notes to 17.0% as of September 30, 2023. The October Forbearance Agreement did not apply to the 2023 New Notes, which had a default interest rate of 25.0% as of September 30, 2023.

See Note 11 — Notes Payable for additional information.