On November 6, 2017, Titan Energy, LLC, its subsidiary, Titan Energy Operating, LLC (Titan Operating), as borrower, and certain subsidiary guarantors entered into a Fourth Amendment (the First Lien Amendment) to the company's Third Amended and Restated Credit Agreement with Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto (the First Lien Facility). The First Lien Amendment has an effective date of October 31, 2017. The First Lien Amendment confirms the conforming and non-conforming tranches of the borrowing base at $228.7 million and $30 million, respectively, but requires the company to take actions (which can include asset sales and equity offerings) to reduce the conforming tranche of the borrowing base to $190 million by December 8, 2017 and to $150 million by August 31, 2018. The maturity date of the non-conforming tranche of the borrowing base was confirmed as May 1, 2018. The Company is required to use proceeds from asset sales to make prepayments. Pursuant to the First Lien Amendment, the lenders agreed to a limited waiver of certain existing defaults with respect to financial covenants, required repayments of borrowings and other related matters. The waiver terminates upon the earliest of (i) December 8, 2017, (ii) the occurrence of additional events of default under the First Lien Facility and (iii) the exercise of remedies under the Company's second lien credit facility (the Second Lien Facility). The First Lien Amendment also requires the Company to hedge at least 50% and 80% of its 2019 projected proved developed producing production by December 31, 2017 and March 31, 2018, respectively.