Item 2.04 Triggering Events that Accelerate or Increase a Direct Financial

Obligation or an Obligation under an Off-Balance Sheet Arrangement.

The Company elected not to make the $12.5 million (plus accrued interest) borrowing base deficiency payment due on or prior to August 2, 2020 (or, it being a Sunday, the first business day thereafter, which was August 3, 2020) (the "August Deficiency Payment") under the Company's Tenth Restated Credit Agreement, dated as of December 21, 2017 (as amended, modified or supplemented, the "Credit Agreement"). The Company's failure to make the August Deficiency Payment constituted an event of default under both the Credit Agreement and the indenture for the Company's 8.75% senior notes due 2023 (the "Notes") (as amended, supplemented or otherwise modified from time to time, the "Indenture").

As previously disclosed in our Current Report on Form 8-K filed on July 31, 2020, which is incorporated by reference herein, the Company:





  •   on July 29, 2020, executed a Second Amendment (the "Second Amendment") to
      that Limited Forbearance Agreement under the Credit Agreement with certain
      lenders party thereto (the "Lenders"), and Royal Bank of Canada, as
      Administrative Agent (the "Agent") and Issuing Bank (as amended, the "Lender
      Forbearance Agreement"), pursuant to which the Lenders agreed (among other
      things), subject to the terms and conditions thereof, during the forbearance
      period set forth therein, to forbear from exercising any remedies under the
      Credit Agreement with respect to the event of default resulting from the
      failure of the Company or any of its Subsidiaries to make the August
      Deficiency Payment; and




  •   effective as of July 30, 2020, executed a Forbearance and Waiver Agreement
      the "Noteholder Forbearance Agreement") with the holders of at least 75% of
      the principal amount of outstanding Notes (the "Initial Consenting
      Noteholders"), pursuant to which the Initial Consenting Noteholders agreed,
      subject to the terms and conditions thereof, during the forbearance period
      set forth therein, to forbear from exercising certain remedies under the
      Indenture for any default or event of default, and to waive any such event of
      default, resulting from any failure by the Company to make the August
      Deficiency Payment.

The forbearance period under the Lender Forbearance Agreement is scheduled to expire at 5:00 p.m. (Central Time) on August 9, 2020, unless terminated earlier in accordance with the terms of the Lender Forbearance Agreement. However, the Second Amendment permits the Agent and the Company, by mutual agreement in their sole discretion, to extend the scheduled termination date to any date up to and including August 14, 2020.

The forbearance period under the Noteholder Forbearance Agreement is scheduled to expire at 11:59 p.m. (New York City time) on August 14, 2020. After the waiver included in the Noteholder Forbearance Agreement becomes effective at 12:01 a.m. (New York City time) on August 4, 2020, it is scheduled to expire at the end of the forbearance period under the Noteholder Forbearance Agreement.

The foregoing descriptions of the Lender Forbearance Agreement, the Second Amendment and Noteholder Forbearance Agreement are summaries only, do not purport to be complete, and are qualified in their entirety by reference to:





  •   the complete text of the Lender Forbearance Agreement, which was filed as
      Exhibit 99.1 to our Current Report on Form 8-K filed on July 15, 2020;




  •   the complete text of the First Amendment to the Forbearance Agreement, which
      was filed as Exhibit 99.1 to our Current Report on Form 8-K filed on
      July 27, 2020;




  •   the complete text of the Second Amendment, which is filed as Exhibit 99.1 to
      our Current Report on Form 8-K filed on July 31, 2020; and




  •   the complete text of the Noteholder Forbearance Agreement, which is filed as
      Exhibit 99.2 to our Current Report on Form 8-K filed on July 31, 2020;

each of which is incorporated by reference herein.





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