Exhibit 10.1

LIMITED WAIVER AGREEMENT

dated as of

December 8, 2017

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

--------------------------------------------------------------------------------

LIMITED WAIVER AGREEMENT

This LIMITED WAIVER AGREEMENT (this “Limited Waiver”), dated as of December 8,
2017, 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 parties hereto desire to enter into this Limited Waiver to waive, on a
limited basis, certain Defaults and Events of Default that exist under the
Credit Agreement and the other Loan Documents, in each case to be effective as
of the Limited Waiver 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 Limited Waiver, shall have the
meaning ascribed such term in the Credit Agreement. Unless otherwise indicated,
all section references in this Limited Waiver refer to the Credit Agreement.

Section 2. Limited Waiver. Effective as of the Limited Waiver Effective Date,
and until the Waiver Revocation Date, the Lenders party hereto, on a one-time
basis, waive:

(a) any Default or Event of Default pursuant to Section 10.01(d) of the Credit
Agreement in respect of the requirement under Section 9.01(a) of the Credit
Agreement for the Rolling Period ending December 31, 2016;

(b) any Default or Event of Default pursuant to Section 10.01(d) of the Credit
Agreement in respect of the requirement under Section 9.01(c) of the Credit
Agreement for the Rolling Period ending December 31, 2016;

(c) any Default or Event of Default pursuant to Section 10.01(d) of the Credit
Agreement resulting from the delivery of annual financial statements for the
fiscal year ended December 31, 2016 in respect of the requirement under
Section 8.01(a)(i) of the Credit Agreement without an unqualified opinion as to
“going concern”;

 

1

--------------------------------------------------------------------------------

(d) any Default or Event of Default occurring on or prior to April 30, 2018
pursuant to Section 10.01(f) of the Credit Agreement solely in respect of the
Permitted Second Lien Debt;

(e) any Default or Event of Default occurring on October 31, 2017 pursuant to
Section 10.01(e) of the Credit Agreement in respect of the requirement under
Section 4.2 of the Third Amendment;

(f) any Default or Event of Default occurring on November 1, 2017 pursuant to
Section 10.01(e) of the Credit Agreement in respect of the requirement under
Section 4.3 of the Third Amendment; and

(g) the Event of Default occurring on December 8, 2017 pursuant to Section 4.1
of the Fourth Amendment.

For purposes hereof, “Waiver Revocation Date” means the earliest of (i) the date
any holder of Permitted Second Lien Debt or any other Indebtedness or any agent,
trustee or representative on behalf of any such holder shall exercise or seek to
exercise any rights or remedies (including set off or declaring such Debt due
and payable), whether under or pursuant to the Junior Lien Intercreditor
Agreement (other than delivery of a notice as contemplated in Section 3.02(a)(i)
thereof), the Permitted Second Lien Debt Documents or any applicable indenture,
loan agreement or similar agreement or under applicable law, or institutes any
actions or proceeding in respect of the Junior Lien Intercreditor or any other
Loan Document, against or in respect of any Secured Creditor, the Borrower or
any of the other Loan Parties or any of their respective Property and whether as
a secured or unsecured creditor, (ii) January 31, 2018 or (iii) the date any
Event of Default occurs under the Credit Agreement (other than the Events of
Default described in clauses (a), (b), (c), (d), (e), (f) and (g) above) or any
other Loan Document.

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

3.1 The Administrative Agent shall have received duly executed counterparts of
this Limited Waiver 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 February 22, 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 Limited Waiver (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.

 

2

--------------------------------------------------------------------------------

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 Limited Waiver, and this Limited
Waiver 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 Limited Waiver, (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 Fourth 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) 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 Limited Waiver 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 Limited Waiver 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 Fourth 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) hereof) or Borrowing Base Deficiency
exists.

4.3 Counterparts; Integration; Effectiveness; Electronic Execution.

(a) This Limited Waiver 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 Limited Waiver 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

 

3

--------------------------------------------------------------------------------

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 Limited
Waiver by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be
effective as delivery of a manually executed counterpart of this Limited Waiver.

(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 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 LIMITED WAIVER 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 LIMITED WAIVER AND THE TRANSACTIONS CONTEMPLATED
HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE
STATE OF NEW YORK.

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 Limited
Waiver and any amendments, modifications or waivers of or consents related to
the provisions hereof or thereof.

4.7 Severability. Any provision of this Limited Waiver 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 Limited Waiver 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

 

4

--------------------------------------------------------------------------------

ASSIGNS (EACH OF THE FOREGOING, COLLECTIVELY, THE “RELEASING PARTIES”), HEREBY
ACKNOWLEDGES AND STIPULATES THAT AS OF THE DATE OF THIS LIMITED WAIVER, 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 LIMITED WAIVER, 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. 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]

 

5

--------------------------------------------------------------------------------

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

SIGNATURE PAGE TO

LIMITED WAIVER AGREEMENT

TITAN ENERGY OPERATING, LLC

--------------------------------------------------------------------------------

    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

SIGNATURE PAGE TO

LIMITED WAIVER AGREEMENT

TITAN ENERGY OPERATING, LLC

--------------------------------------------------------------------------------

    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

SIGNATURE PAGE TO

LIMITED WAIVER AGREEMENT

TITAN ENERGY OPERATING, LLC

--------------------------------------------------------------------------------

    WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender, as Administrative Agent
and an Issuing Bank     By:   /s/ Bryan M. McDavid       Bryan M. McDavid      
Director

SIGNATURE PAGE TO

LIMITED WAIVER AGREEMENT

TITAN ENERGY OPERATING, LLC

--------------------------------------------------------------------------------

    ABN AMRO BANK N.V., as a Lender     By:   /s/ Francis Ballard, Jr.     Name:
  Francis Ballard, Jr.     Title:   Director     By:   /s/ John Sullivan    
Name:   John Sullivan     Title:   Managing Director

SIGNATURE PAGE TO

LIMITED WAIVER AGREEMENT

TITAN ENERGY OPERATING, LLC

--------------------------------------------------------------------------------

    BANK OF AMERICA, N.A., as a Lender     By:   /s/ Jennifer Koszta     Name:  
Jennifer Koszta     Title:   AVP

SIGNATURE PAGE TO

LIMITED WAIVER AGREEMENT

TITAN ENERGY OPERATING, LLC

--------------------------------------------------------------------------------

    BARCLAYS BANK PLC, as a Lender     By:   /s/ Salvatore Russo     Name:  
Salvatore Russo     Title:   Authorized Signatory

SIGNATURE PAGE TO

LIMITED WAIVER AGREEMENT

TITAN ENERGY OPERATING, LLC

--------------------------------------------------------------------------------

    CAPITAL ONE, NATIONAL ASSOCIATION, as a Lender     By:   /s/ Matthew Molero
    Name:   Matthew Molero     Title:   Senior Vice President

SIGNATURE PAGE TO

LIMITED WAIVER AGREEMENT

TITAN ENERGY OPERATING, LLC

--------------------------------------------------------------------------------

    CITIBANK, N.A., as a Lender     By:   /s/ Phil Ballard     Name:   Phil
Ballard     Title:   Vice President

SIGNATURE PAGE TO

LIMITED WAIVER AGREEMENT

TITAN ENERGY OPERATING, LLC

--------------------------------------------------------------------------------

    COMPASS BANK, as a Lender     By:   /s/ Payton K. Swope     Name:   Payton
K. Swope     Title:   EVP

SIGNATURE PAGE TO

LIMITED WAIVER AGREEMENT

TITAN ENERGY OPERATING, LLC

--------------------------------------------------------------------------------

    DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender     By:   /s/ Dusan Lazarov  
  Name:   Dusan Lazarov     Title:   Director     By:   /s/ Marcus Tarkington  
  Name:   Marcus Tarkington     Title:   Director

SIGNATURE PAGE TO

LIMITED WAIVER AGREEMENT

TITAN ENERGY OPERATING, LLC

--------------------------------------------------------------------------------

    THE HUNTINGTON NATIONAL BANK, as a Lender     By:   /s/ Stephen Hoffman    
Name:   Stephen Hoffman     Title:   Managing Director

SIGNATURE PAGE TO

LIMITED WAIVER AGREEMENT

TITAN ENERGY OPERATING, LLC

--------------------------------------------------------------------------------

    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

SIGNATURE PAGE TO

LIMITED WAIVER AGREEMENT

TITAN ENERGY OPERATING, LLC

--------------------------------------------------------------------------------

   

JPMORGAN CHASE BANK, N.A.,

as a Lender

    By:   /s/ Jo Linda Papadakis     Name:   Jo Linda Papadakis     Title:  
Authorized Officer

SIGNATURE PAGE TO

LIMITED WAIVER AGREEMENT

TITAN ENERGY OPERATING, LLC

--------------------------------------------------------------------------------

    NATAXIS, NEW YORK BRANCH, as a Lender     By:   /s/ Brice Le Foyer     Name:
  Brice Le Foyer     Title:   Director     By:   /s/ Charles Quinteros     Name:
  Charles Quinteros     Title:   Managing Director

SIGNATURE PAGE TO

LIMITED WAIVER AGREEMENT

TITAN ENERGY OPERATING, LLC

--------------------------------------------------------------------------------

   

PNC BANK, NATIONAL

ASSOCIATION, as a Lender

    By:   /s/ John Ataman     Name:   John Ataman     Title:   SVP

SIGNATURE PAGE TO

LIMITED WAIVER AGREEMENT

TITAN ENERGY OPERATING, LLC

--------------------------------------------------------------------------------

    ROYAL BANK OF CANADA, as a Lender     By:   /s/ Sean F. Young     Name:  
Sean F. Young     Title:   Authorized Signatory

SIGNATURE PAGE TO

LIMITED WAIVER AGREEMENT

TITAN ENERGY OPERATING, LLC

--------------------------------------------------------------------------------

    SUNTRUST BANK, as a Lender     By:   /s/ William S. Krueger     Name:  
William S. Krueger     Title:   First Vice President

SIGNATURE PAGE TO

LIMITED WAIVER AGREEMENT

TITAN ENERGY OPERATING, LLC

--------------------------------------------------------------------------------

    THE BANK OF NOVA SCOTIA, HOUSTON BRANCH, as a Lender     By:   /s/ Alan
Dawson     Name:   Alan Dawson     Title:   Director

SIGNATURE PAGE TO

LIMITED WAIVER AGREEMENT

TITAN ENERGY OPERATING, LLC