AMENDMENT NO. 1 TO THE FORBEARANCE AGREEMENT
Exhibit 10.1
AMENDMENT NO. 1 TO THE FORBEARANCE AGREEMENT
THIS AMENDMENT NO. 1 (this “Amendment”), dated as of September 13, 2016, to the Forbearance Agreement dated July 15, 2016 (the “Forbearance Agreement”), by and among (1) FORBES ENERGY SERVICES LTD, a Texas corporation (the “Issuer”), as issuer of the 9% Senior Notes due 2019 (the “Notes”) issued pursuant to that certain indenture dated as of June 7, 2011 (the “Indenture”) by and among the Issuer, the Guarantors (as defined below) and Xxxxx Fargo Bank, National Association, as trustee (the “Trustee”), (2) the following affiliates of the Issuer: FORBES ENERGY SERVICES, LLC, a limited liability company formed under the laws of the State of Delaware (“Energy Services”), TX ENERGY SERVICES, LLC, a limited liability company formed under the laws of the State of Delaware (“TX Energy”), X.X. XXXXXX, LLC, a limited liability company formed under the laws of the State of Delaware (“C.C.”), and FORBES ENERGY INTERNATIONAL, LLC, a limited liability company formed under the laws of the State of Delaware (“International”; and together with Energy Services, TX Energy, and C.C., each a “Guarantor” and collectively, the “Guarantors”), and, together with the Issuer, the “Obligor Parties”) and (3) certain beneficial holders of the Notes that are party hereto (the “Forbearing Holders”). Capitalized terms used but not otherwise defined herein shall have the meaning ascribed to them in the Forbearance Agreement.
WHEREAS, the Obligor Parties and the Forbearing Holders desire to amend the Forbearance Agreement as set forth in this Amendment.
NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the receipt and sufficiency of which are severally acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:
1. | Definition of Forbearance Termination Date: Section 1(a) of the Forbearance Agreement with respect to the definition of the “Forbearance Termination Date” is hereby amended and restated in its entirety as follows: |
“Forbearance Termination Date” shall mean the sooner to occur of (a) 11:59 o’clock p.m. Central Standard Time on October 14, 2016 and (b) the date on which the agreement to forbear terminates as provided in Section 4 of this Agreement.”
2. | No Other Amendment: Except as expressly set forth herein, this Amendment shall not by implication or otherwise alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Forbearance Agreement, all of which are ratified and affirmed in all respects and shall continue in full force and effect. |
[Remainder of page intentionally left blank]
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered on the date first written above.
ISSUER: | ||
FORBES ENERGY SERVICES LTD | ||
By:___________________________________ | ||
Name: _____________________________ | ||
Title:_______________________________ | ||
GUARANTORS: FORBES ENERGY SERVICES, LLC | ||
By:___________________________________ | ||
Name: _____________________________ | ||
Title:_______________________________ | ||
TX ENERGY SERVICES, LLC | ||
By:___________________________________ | ||
Name: _____________________________ | ||
Title:_______________________________ | ||
X. X. XXXXXX, LLC | ||
By:___________________________________ | ||
Name: _____________________________ | ||
Title:_______________________________ | ||
FORBES ENERGY INTERNATIONAL, LLC | ||
By:___________________________________ | ||
Name: _____________________________ | ||
Title:_______________________________ | ||
[Signature Page to Amendment No. 1 to Forbearance Agreement (Forbes Energy Services)]
HOLDERS: | ||
By:___________________________________ | ||
Name:_________________________________ | ||
Title: _________________________________ | ||
By:___________________________________ | ||
Name:_________________________________ | ||
Title: _________________________________ | ||
By:___________________________________ | ||
Name:_________________________________ | ||
Title: _________________________________ | ||
By:___________________________________ | ||
Name:_________________________________ | ||
Title: _________________________________ | ||
By:___________________________________ | ||
Name:_________________________________ | ||
Title: _________________________________ | ||
[Signature Page to Amendment No. 1 to Forbearance Agreement (Forbes Energy Services)]
