Titan Energy, LLC (OTCMKTS:TTEN) Files An 8-K Entry into a Material Definitive AgreementItem 1.01
Limited Waiver Agreement
On December19, 2017, Titan Energy, LLC (the “Company”), its subsidiary, Titan Energy Operating, LLC (“Titan Operating”), as borrower, and certain subsidiary guarantors entered into a Limited Waiver Agreement (the “Limited Waiver”) with respect to the Company’s Third Amended and Restated Credit Agreement, as amended, with Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto (the “First Lien Facility”). The Limited Waiver has an effective date of December8, 2017. to the Limited Waiver, the lenders agreed to a further limited waiver of certain existing defaults with respect to financial covenants, required repayments of borrowings and other related matters. The waiver terminates upon the earliest of (i)January31, 2018, (ii) the occurrence of additional events of default under the First Lien Facility and (iii)the exercise of remedies under the Company’s second lien credit facility (the “Second Lien Facility”).
This summary of the Limited Waiver does not purport to be complete and are subject to, and qualified in its entirety by, the full text of the Limited Waiver, which is filed as Exhibit 10.1 to this Current Report on Form 8-K.
In connection with, and as a condition to, the effectiveness of the Limited Waiver, the lenders under the Second Lien Facility agreed to extend the standstill period under the intercreditor agreement (during which the lenders under the Second Lien Facility are prevented from pursuing remedies against the collateral securing the Company’s obligations under the Second Lien Facility) until February22, 2018.
|Item 1.01||Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.|
The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated by reference herein.
|Item 1.01||Financial Statements and Exhibits.|
|10.1||Limited Waiver, dated effective as of December 8, 2017, among Titan Energy Operating, LLC, as borrower, Titan Energy, LLC, as parent, the subsidiary guarantors party thereto, the lenders party thereto, and Wells Fargo Bank, National Association, as administrative agent.|
Titan Energy, LLC ExhibitEX-10.1 2 d465127dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 LIMITED WAIVER AGREEMENT dated as of December 8,…To view the full exhibit click