Letter Agreement for Extension of Maturity Date of 8% Senior Secured Debentures between Lilis Energy, Inc. and Debenture Holders
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Summary
Lilis Energy, Inc. and several debenture holders have agreed to extend the maturity date of Lilis's 8% Senior Secured Convertible Debentures from May 16, 2014 to August 15, 2014. This extension is conditional upon Hexagon, LLC also extending the maturity date of Lilis's outstanding debt under three loan agreements to the same date. The debenture holders also waive their right to declare a default due to the original maturity date, provided Hexagon grants its extension. The agreement is effective as of May 19, 2014.
EX-10.1 5 f10q0314ex10i_lilisenergy.htm FORM OF LETTER AGREEMENT WITH DEBENTURE HOLDERS Unassociated Document
Exhibit 10.1
T.R. Winston & Company,
1999 Avenue of the Stars #2550
Los Angeles, CA 90067
May 19, 2014
Lilis Energy, Inc.
1900 Grant Street, Suite #720
Denver, CO 80203
Re: Extension of Maturity of 8% Senior Secured Debentures
The undersigned agree, severally and not jointly, to extend the maturity date of all of the 8% Senior Secured Convertible Debentures (the “Debentures”) of Lilis Energy, Inc. (“Lilis”) held by the undersigned, from May 16, 2014 until August 15, 2014, contingent upon the extension by Hexagon, LLC of the maturity date of all of Lilis’s debt outstanding as of the date hereof under the three loan agreements between Lilis and Hexagon (the “Term Loans”) through the same date. The undersigned also waive any right the undersigned may have to declare an event of default in connection with the May 16, 2014 maturity date under the Debentures, again contingent upon Hexagon’s extension of the Term Loans.
| Very truly yours, | ||
| EZ Colony Partners, LLC, a Delaware limited liability company | ||
| /s/ Bryan Ezralow | ||
| Name: | Bryan Ezralow as Trustee of the Bryan | |
| Ezralow 1994 Trust | ||
| Title: | Managing General Partner | |
| Jonathan & Nancy Glaser Family Trust DTD 12/16/1998 Jonathan M. Glaser and Nancy E. Glaser TTEES | ||
| /s/ Jonathan Glaser | ||
| Name: | Jonathan Glaser | |
| Title: | Trustee | |
| Wallington Investment Holdings, Ltd. | ||
| /s/ Michael Khoury | ||
| Name: | Michael Khoury | |
| Title: | Director | |
| Steven B. Dunn and Laura Dunn Revocable Trust DTD 10/28/10, Steven B. Dunn & Laura Dunn TTEES | ||
| /s/ Steven B. Dunn | ||
| Name: | Steven B. Dunn | |
| Title: | Trustee | |
| G. Tyler Runnels and Jasmine N. Runnels TTEES The Runnels Family Trust DTD 1-11-2000 | ||
| /s/ G. Tyler Runnels | ||
| Name: | G. Tyler Runnels | |
| Title: | Trustee | |
| EMSE, LLC, a Delaware limited liability company | ||
| /s/ Marc Ezralow | ||
| Name: | Marc Ezralow | |
| Title: | Manager | |
2
ACCEPTED AND AGREED
this 19th day of May, 2014
| LILIS ENERGY, INC. | ||
| By: | ||
| Abraham Mirman | ||
| Its: | Chief Executive Officer | |
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