SEC Contract Filing

Filing Date: 2016-10-18

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>exhibit102toform8-krefirst.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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<div><a name="s54FB1C595B50158FE29AD4185E0FCF6F"></a></div><div></div><div><br></div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Exhibit 10.2</font></div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">FIRST AMENDMENT TO FORBEARANCE AGREEMENT AND FOURTH AMENDMENT TO LOAN AND SECURITY AGREEMENT</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">THIS FIRST AMENDMENT FORBEARANCE AGREEMENT AND FOURTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (this "</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Agreement</font><font style="font-family:inherit;font-size:12pt;">") is made and entered into on October 14, 2016, by and among FORBES ENERGY SERVICES LLC, a limited liability company formed under the laws of the State of Delaware (&#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Energy Services</font><font style="font-family:inherit;font-size:12pt;">&#8221;), TX ENERGY SERVICES, LLC, a limited liability company formed under the laws of the State of Delaware (&#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">TX Energy</font><font style="font-family:inherit;font-size:12pt;">&#8221;), C.C. FORBES, LLC, a limited liability company formed under the laws of the State of Delaware and successor by merger to SUPERIOR TUBING TESTERS, LLC, a limited liability company formed under the laws of the State of Delaware (&#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">C.C.</font><font style="font-family:inherit;font-size:12pt;">&#8221;), and FORBES ENERGY INTERNATIONAL, LLC, a limited liability company formed under the laws of the State of Delaware (&#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">International</font><font style="font-family:inherit;font-size:12pt;">&#8221;; and together with Energy Services, TX Energy and C.C., each a &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Borrower</font><font style="font-family:inherit;font-size:12pt;">&#8221; and collectively, the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Borrowers</font><font style="font-family:inherit;font-size:12pt;">&#8221;), FORBES ENERGY SERVICES LTD., a Texas corporation (&#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Parent</font><font style="font-family:inherit;font-size:12pt;">&#8221; or &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Guarantor</font><font style="font-family:inherit;font-size:12pt;">&#8221;; and, together with Borrowers, the "</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Loan Parties</font><font style="font-family:inherit;font-size:12pt;">"); the Lenders (as hereinafter defined); and REGIONS BANK, an Alabama bank organized under the laws of the State of Alabama (in its individual capacity, &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Regions</font><font style="font-family:inherit;font-size:12pt;">&#8221;), as agent for such Lenders and other Secured Parties (as such term is defined in the Loan Agreement referred to herein) (Regions, in such capacity, the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Agent</font><font style="font-family:inherit;font-size:12pt;">&#8221;). </font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Recitals</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Pursuant to that certain Loan and Security Agreement, dated September 9, 2011 (as amended by the First Amendment to Loan and Security Agreement, dated as of December 13, 2011, by the Second Amendment to Loan and Security Agreement, dated as of July 3, 2012, by the Third Amendment to Loan and Security Agreement, dated as of July 25, 2013, and by the Forbearance Agreement and Fourth Amendment to Loan and Security Agreement dated July 15, 2016 (as amended, modified, restated or supplemented from time to time, the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Forbearance Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;), and as at any time further ame