Titan Energy, LLC (OTCMKTS:TTEN) Files An 8-K Entry into a Material Definitive AgreementItem 1.01
Limited Waiver Agreement
On February2, 2018, Titan Energy, LLC (the “Company”), its subsidiary, Titan Energy Operating, LLC (“Titan Operating”), as borrower, and certain subsidiary guarantors entered into the First Amendment (the “Amendment”) to the Limited Waiver Agreement 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 Amendment has an effective date of January31, 2018. to the Amendment, the lenders agreed to extend the length of the waiver from January31, 2018 to February15, 2018.
This summary of the Amendment does not purport to be complete and are subject to, and qualified in its entirety by, the full text of the Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K.
Standstill Extension
In connection with, and as a condition to, the effectiveness of the Amendment, the lenders under the Company’s second lien credit facility (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 March8, 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. |
| Exhibit Number |
Description |
| 10.1 | First Amendment to Limited Waiver, effective as of January 31, 2018, 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 d537020dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 FIRST AMENDMENT TO LIMITED WAIVER AGREEMENT dated as of January 31,…To view the full exhibit click here