Herzog Company has a long-term debt with a maturity date of November 2, 2016. On October 10, 2014, it breaches a covenant related to this debt and the loan becomes due on demand. Herzog reaches an agreement with the lender on January 5, 2015, to provide a waiver of the breach. The financial statement reporting date is December 31, 2014, and the financial statements are authorized for issue on March 16, 2015. Explain whether the debt obligation should be classified as current or noncurrent.