Exhibit 10.1

FIRST AMENDMENT TO LIMITED WAIVER AGREEMENT

dated as of

January 31, 2018

among

TITAN ENERGY OPERATING, LLC,

as Borrower,

TITAN ENERGY, LLC,

as Parent,

THE OTHER GUARANTORS PARTY HERETO,

THE LENDERS PARTY HERETO,

and

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent

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FIRST AMENDMENT TO LIMITED WAIVER AGREEMENT

This First Amendment TO LIMITED WAIVER AGREEMENT (this “First Waiver
Amendment”), dated as of January 31, 2018, is among TITAN ENERGY OPERATING, LLC,
a limited liability company formed under the laws of the State of Delaware (the
“Borrower”), TITAN ENERGY, LLC, a limited liability company formed under the
laws of the State of Delaware (the “Parent”), each of the other undersigned
guarantors (such guarantors together with the Parent, the “Guarantors”, and the
Guarantors together with the Borrower, the “Loan Parties”), each of the Lenders
that is a signatory hereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as
administrative agent for the Lenders (in such capacity, together with its
successors, the “Administrative Agent”).

Recitals

A. The Borrower, the Parent, the Administrative Agent and the Lenders are
parties to that certain Third Amended and Restated Credit Agreement dated as of
September 1, 2016 (as amended, restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”), pursuant to which the Lenders have,
subject to the terms and conditions set forth therein, made certain credit
available to and on behalf of the Borrower.

B. The Borrower, the Parent, the Administrative Agent and certain Lenders have
entered into that certain Limited Waiver Agreement dated as of December 8, 2017
(the “Limited Waiver”), pursuant to which the Lenders have, subject to the terms
and conditions set forth therein, waived certain Defaults and Events of Default
that exist under the Credit Agreement and the other Loan Documents through
January 31, 2018 (the “Initial Waiver Revocation Date”).

C. The parties hereto desire to enter into this First Waiver Amendment to extend
the Initial Waiver Revocation Date on the same terms as set forth in the Limited
Waiver, to be effective as of the First Waiver Amendment Effective Date.

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein
contained, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

Section 1. Defined Terms. Each capitalized term which is defined in the Credit
Agreement, but which is not defined in this First Waiver Amendment, shall have
the meaning ascribed such term in the Credit Agreement. Unless otherwise
indicated, all section references in this First Waiver Amendment refer to the
Credit Agreement.

 

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Section 2. Amendment to Limited Waiver. Effective as of the First Waiver
Amendment Effective Date, the reference to “January 31, 2018” appearing in
clause (ii) of Section 2 of the Limited Waiver is hereby amended by replacing
such date with “February 14, 2018”.

Section 3. Conditions Precedent. This First Waiver Amendment shall be effective
on the date the following conditions are fulfilled (such date being the “First
Waiver Amendment Effective Date”):

3.1 The Administrative Agent shall have received duly executed counterparts of
this First Waiver Amendment from the Loan Parties and the Majority Lenders.

3.2 The Administrative Agent shall have received evidence satisfactory to it
that the Second Lien Collateral Agent (as defined in the Junior Lien
Intercreditor Agreement) has extended the Specified Standstill Period (as
defined in the Fourth Amendment) to no earlier than March 8, 2018.

3.3 The Administrative Agent (and any Lender and Issuing Bank, as applicable)
shall have received all fees, expenses and other amounts due and payable on or
prior to the Fourth Amendment Effective Date, including all the fees, charges
and disbursements of any counsel for the Administrative Agent, any Issuing Bank
and any Lender incurred in connection with the preparation, negotiation,
execution and delivery of this First Waiver Amendment (including amounts due and
owing to Linklaters LLP, Opportune LLP and Vinson & Elkins LLP); provided that
all such amounts shall have been invoiced prior to the Fourth Amendment
Effective Date.

3.4 The Administrative Agent shall have received such other documents as the
Administrative Agent or counsel to the Administrative Agent may reasonably
request.

Section 4. Miscellaneous.

4.1 Confirmation and Effect. The provisions of the Credit Agreement and the
other Loan Documents shall remain in full force and effect in accordance with
its terms following the effectiveness of this First Waiver Amendment, and this
First Waiver Amendment shall not constitute a waiver of any provision of the
Credit Agreement or any other Loan Document, except as expressly provided for
herein.

4.2 Ratification and Affirmation of Loan Parties. Each of the Loan Parties
hereby expressly (a) acknowledges the terms of this First Waiver Amendment,
(b) ratifies and affirms its obligations under the Guaranty Agreement and the
other Loan Documents to which it is a party, (c) acknowledges, renews and
extends its continued liability under the Guaranty Agreement and the other Loan
Documents to which it is a party, (d) agrees that its guarantee under the
Guaranty Agreement and the other Loan Documents to which it is a party remains
in full force and effect with respect to the Indebtedness, (e) represents and
warrants to the Lenders and the Administrative Agent that each representation
and warranty of such Loan Party contained in the Credit Agreement and the other
Loan Documents to which it is a party is true and correct in all material
respects on and as of the First Waiver Amendment Effective Date (other than
(x) representations and warranties that were made as of a specific date, in
which case such representations and warranties were true and correct in all
material respects when made and (y)

 

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representations and warranties that are qualified by materiality or by reference
to Material Adverse Effect, in which case such representations and warranties
(as so qualified) shall continue to be true and correct in all respects), (f)
represents and warrants to the Lenders and the Administrative Agent that the
execution, delivery and performance by such Loan Party of this First Waiver
Amendment are within such Loan Party’s corporate, limited partnership or limited
liability company powers (as applicable), have been duly authorized by all
necessary action and that this First Waiver Amendment constitutes the valid and
binding obligation of such Loan Party enforceable in accordance with its terms,
except as the enforceability thereof may be limited by bankruptcy, insolvency or
similar laws affecting creditor’s rights generally, and (g) represents and
warrants to the Lenders and the Administrative Agent that immediately on and as
of the First Waiver Amendment Effective Date, no Default, Event of Default
(other than the Defaults and Events of Default described in Sections 3(a), (b),
(c), (d), (e), (f) and (g) of the Limited Waiver) or Borrowing Base Deficiency
exists.

4.3 Counterparts; Integration; Effectiveness; Electronic Execution.

(a) This First Waiver Amendment may be executed in counterparts (and by
different parties hereto in different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a
single contract. This First Waiver Amendment and the other Loan Documents, and
any separate letter agreements with respect to fees payable to the
Administrative Agent and/or the Issuing Bank, constitute the entire contract
among the parties relating to the subject matter hereof and supersede any and
all previous agreements and understandings, oral or written, relating to the
subject matter hereof. Delivery of an executed counterpart of a signature page
of this First Waiver Amendment by facsimile or in electronic (i.e., “pdf” or
“tif”) format shall be effective as delivery of a manually executed counterpart
of this First Waiver Amendment.

(b) The words “execution,” “signed” and “signature” shall be deemed to include
electronic signatures or the keeping of records in electronic form, each of
which shall be of the same legal effect, validity or enforceability as a
manually executed signature or the use of a paper-based recordkeeping system, as
the case may be, to the extent and as provided for in any applicable Law,
including the Federal Electronic Signatures in Global and National Commerce Act,
the New York State Electronic Signatures and Records Act, or any other similar
state laws based on the Uniform Electronic Transactions Act.

4.4 No Oral Agreement. THIS WRITTEN FIRST WAIVER AMENDMENT, THE LIMITED WAIVER,
THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION
HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY
NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL
AGREEMENTS OF THE PARTIES. THERE ARE NO SUBSEQUENT ORAL AGREEMENTS BETWEEN THE
PARTIES.

4.5 Governing Law. THIS FIRST WAIVER AMENDMENT AND ANY CLAIM, CONTROVERSY,
DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED
UPON, ARISING OUT OF OR RELATING TO THIS FIRST WAIVER AMENDMENT AND THE
TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

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4.6 Payment of Expenses. The Borrower shall pay all reasonable and documented
out-of-pocket expenses incurred by the Administrative Agent and its Affiliates,
including, without limitation, the reasonable fees, charges and disbursements of
counsel and other outside consultants for the Administrative Agent, the
reasonable travel, photocopy, mailing, courier, telephone and other similar
expenses, in connection with the preparation, negotiation, execution, delivery
and administration (both before and after the execution hereof and including
advice of counsel to the Administrative Agent as to the rights and duties of the
Administrative Agent and the Lenders with respect thereto) of this First Waiver
Amendment and any amendments, modifications or waivers of or consents related to
the provisions hereof or thereof.

4.7 Severability. Any provision of this First Waiver Amendment held to be
invalid, illegal or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such invalidity, illegality or
unenforceability without affecting the validity, legality and enforceability of
the remaining provisions hereof or thereof; and the invalidity of a particular
provision in a particular jurisdiction shall not invalidate such provision in
any other jurisdiction.

4.8 Successors and Assigns. The provisions of this First Waiver Amendment shall
be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns.

4.9 Release. EACH OF THE LOAN PARTIES, ON ITS OWN BEHALF AND ON BEHALF OF ITS
PREDECESSORS, SUCCESSORS, LEGAL REPRESENTATIVES AND ASSIGNS (EACH OF THE
FOREGOING, COLLECTIVELY, THE “RELEASING PARTIES”), HEREBY ACKNOWLEDGES AND
STIPULATES THAT AS OF THE DATE OF THIS FIRST WAIVER AMENDMENT, NONE OF THE
RELEASING PARTIES HAS ANY CLAIMS OR CAUSES OF ACTION OF ANY KIND WHATSOEVER
AGAINST, OR ANY GROUNDS OR CAUSE FOR REDUCTION, MODIFICATION, SET ASIDE OR
SUBORDINATION OF THE INDEBTEDNESS OR ANY LIENS OR SECURITY INTERESTS OF, THE
ADMINISTRATIVE AGENT, THE LENDERS OR ANY OF THEIR AFFILIATES, OFFICERS,
DIRECTORS, EMPLOYEES, AGENTS, ATTORNEYS, OR REPRESENTATIVES, OR AGAINST ANY OF
THEIR RESPECTIVE PREDECESSORS, SUCCESSORS OR ASSIGNS (EACH OF THE FOREGOING,
COLLECTIVELY, THE “RELEASED PARTIES”). IN PARTIAL CONSIDERATION FOR THE
AGREEMENT OF THE ADMINISTRATIVE AGENT AND THE LENDERS PARTY HERETO TO ENTER INTO
THIS FIRST WAIVER AMENDMENT, EACH OF THE RELEASING PARTIES HEREBY
UNCONDITIONALLY WAIVES AND FULLY AND FOREVER RELEASES, REMISES, DISCHARGES AND
HOLDS HARMLESS THE RELEASED PARTIES FROM ANY AND ALL CLAIMS, CAUSES OF ACTION,
DEMANDS AND LIABILITIES OF ANY KIND WHATSOEVER, WHETHER DIRECT OR INDIRECT,
FIXED OR CONTINGENT, LIQUIDATED OR UNLIQUIDATED, DISPUTED OR UNDISPUTED, KNOWN
OR UNKNOWN, WHICH ANY OF THE RELEASING PARTIES HAS OR MAY ACQUIRE IN THE FUTURE
RELATING IN ANY WAY TO ANY EVENT, CIRCUMSTANCE, ACTION OR FAILURE TO ACT AT ANY
TIME ON OR PRIOR TO THE LIMITED WAIVER EFFECTIVE DATE, SUCH WAIVER, RELEASE AND
DISCHARGE BEING MADE WITH FULL KNOWLEDGE AND UNDERSTANDING OF THE CIRCUMSTANCES
AND EFFECTS OF SUCH WAIVER, RELEASE AND DISCHARGE, AND AFTER HAVING CONSULTED
LEGAL COUNSEL OF ITS OWN CHOOSING WITH RESPECT THERETO.

 

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THIS PARAGRAPH IS IN ADDITION TO ANY OTHER RELEASE OF ANY OF THE RELEASED
PARTIES BY THE RELEASING PARTIES AND SHALL NOT IN ANY WAY LIMIT ANY OTHER
RELEASE, COVENANT NOT TO SUE OR WAIVER BY THE RELEASING PARTIES IN FAVOR OF THE
RELEASED PARTIES.

[Signature pages follow]

 

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The parties hereto have caused this Limited Waiver to be duly executed as of the
day and year first above written.

 

BORROWER:     TITAN ENERGY OPERATING, LLC, a Delaware limited liability company
    By:  

/s/ Jeffrey M. Slotterback

    Name:   Jeffrey M. Slotterback     Title:   Chief Financial Officer PARENT:
    TITAN ENERGY, LLC, a Delaware limited liability company     By:  

/s/ Jeffrey M. Slotterback

    Name:   Jeffrey M. Slotterback     Title:   Chief Financial Officer

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ATLAS RESOURCE PARTNERS HOLDINGS, LLC, a Delaware limited liability company
ATLAS ENERGY COLORADO, LLC, a Colorado limited liability company ATLAS ENERGY
INDIANA, LLC, an Indiana limited liability company ATLAS ENERGY OHIO, LLC, an
Ohio limited liability company ATLAS NOBLE, LLC, a Delaware limited liability
company ATLAS RESOURCES, LLC, a Pennsylvania limited liability company REI-NY,
LLC, a Delaware limited liability company RESOURCE ENERGY, LLC, a Delaware
limited liability company RESOURCE WELL SERVICES, LLC, a Delaware limited
liability company VIKING RESOURCES, LLC, a Pennsylvania limited liability
company ARP BARNETT, LLC, a Delaware limited liability company ARP OKLAHOMA,
LLC, an Oklahoma limited liability company ARP BARNETT PIPELINE, LLC, a Delaware
limited liability company By:  

/s/ Jeffrey M. Slotterback

Name:   Jeffrey M. Slotterback Title:   Chief Financial Officer

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ATLAS BARNETT, LLC, a Texas limited liability company ARP PRODUCTION COMPANY,
LLC, a Delaware limited liability company ARP RANGELY PRODUCTION, LLC, a
Delaware limited liability company ARP MOUNTAINEER PRODUCTION, LLC, a Delaware
limited liability company ATLS PRODUCTION COMPANY, LLC, a Delaware limited
liability company ARP EAGLE FORD, LLC, a Texas limited liability company ATLAS
ENERGY SECURITIES, LLC, a Delaware limited liability company By:  

/s/ Jeffrey M. Slotterback

Name:   Jeffrey M. Slotterback Title:   Chief Financial Officer

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WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender, as Administrative Agent and
an Issuing Bank By:  

/s/ Bryan M. McDavid

  Bryan M. McDavid   Director

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ABN AMRO BANK N.V., as a Lender By:  

/s/ Francis Ballard, Jr.

Name:   Francis Ballard, Jr. Title:   Director By:  

/s/ Vincent E. Lisanti

Name:   Vincent E. Lisanti Title:   Managing Director

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BARCLAYS BANK PLC, as a Lender By:  

/s/ Adam Yarnold

Name:   Adam Yarnold Title:   Managing Director

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CAPITAL ONE, NATIONAL ASSOCIATION, as a Lender By:  

/s/ Christopher Kuna

Name:   Christopher Kuna Title:   Vice President

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CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK BRANCH, as a Lender By:  

/s/ Eric J. De Santis

Name:   Eric J. De Santis Title:   Executive Director

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CITIBANK, N.A., as a Lender By:  

/s/ Phil Ballard

Name:   Phil Ballard Title:   Vice President

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COMPASS BANK, as a Lender By:  

/s/ Rachel Festervand

Name:   Rachel Festervand Title:   Sr. Vice President

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CROSS OCEAN USSS FUND I (A) LP,

as a Lender

By:  

/s/ Nicholas Renwick

Name:   Nicholas Renwick Title:   Portfolio Manager, Head of Research US

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CROSS OCEAN USSS SIF I LP,

as a Lender

By:  

/s/ Nicholas Renwick

Name:   Nicholas Renwick Title:   Portfolio Manager, Head of Research US

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T-VI CO-ES LP,

as a Lender

By:  

/s/ Nicholas Renwick

Name:   Nicholas Renwick Title:   Portfolio Manager, Head of Research US

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DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender By:  

/s/ Maria Guinchard

Name:   Maria Guinchard Title:   Vice President By:  

/s/ Alicia Schug

Name:   Alicia Schug Title:   Vice President

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THE HUNTINGTON NATIONAL BANK, as a Lender By:  

/s/ Jason A. Zilewicz

Name:   Jason A. Zilewicz Title:   Vice President

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ING CAPITAL LLC, as a Lender By:  

/s/ Scott Lamoreaux

Name:   Scott Lamoreaux Title:   Director By:  

/s/ Charles Hall

Name:   Charles Hall Title:   Managing Director

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JPMORGAN CHASE BANK, N.A.,

as a Lender

By:  

/s/ Jo Linda Papadakis

Name:   Jo Linda Papadakis Title:   Authorized Officer

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NATAXIS, NEW YORK BRANCH, as a Lender By:  

/s/ Jarrett C. Price

Name:   Jarrett C. Price Title:   Director By:  

/s/ Brice Le Foyer

Name:   Brice Le Foyer Title:   Director

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ROYAL BANK OF CANADA, as a Lender By:  

/s/ Sean F. Young

Name:   Sean F. Young Title:   Authorized Signatory

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THE BANK OF NOVA SCOTIA, HOUSTON BRANCH, as a Lender By:  

/s/ Thane Rattew

Name:   Thane Rattew Title:   Managing Director