Energy 11 LP

10/07/2024 | Press release | Distributed by Public on 10/07/2024 13:36

Material Agreement Form 8 K

Item 1.01 - Entry into a Material Definitive Agreement

On October 3, 2024, the Partnership and its wholly-owned subsidiary, as borrowers, and BancFirst, as administrative agent and lender ("Lender), entered into an amendment ("Sixth Amendment") that, beginning with the quarter ended September 30, 2024, allows the Partnership to include any unused amount of the Partnership's credit facility ("BF Credit Facility") in its calculation of current assets. Current assets are an input in the Current Ratio calculation, which, as defined in Section 9.01 of the original loan agreement ("BF Loan Agreement"), requires the Partnership maintain a minimum ratio of current assets to current liabilities of 1.00 to 1.00.

All other terms and conditions of the BF Loan Agreement and its subsequent amendments remain in effect. The BF Credit Facility matures on March 1, 2026, and at the time of the filing of this Form 8-K, the outstanding balance on the BF Credit Facility was approximately $1.3 million.

The foregoing summary of the Sixth Amendment does not purport to be complete statements of the terms and conditions under the Sixth Amendment, of which are qualified in their entirety by the full terms and conditions of the Sixth Amendment, which is filed as exhibit 10.1.