2020-07-24_GENERAL DOCUMENTS - C1980004

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Case 1:20-bk-12043 Doc 3 Filed 07/22/20 Entered 07/22/20 17:38:25 Desc Main Document Page 10 of 42 Commitment") and a $40 million additional commitment that was contingent upon the satisfaction of certain conditions precedent specified in the Financing Agreement ("Delayed Draw Term Loan Commitment"). As of December 31, 2019, the Borrowers have utilized $15 million of the $40 million additional commitment, which results in $25 million of the additional commitment remaining. Loans made pursuant to the Financing Agreement are secured by substantially all of the Borrowers' and Guarantors' assets. The Financing Agreement originally had a termination date of December 27, 2020, which was amended to December 27, 2022 per the fifth amendment to the Financing Agreement discussed further below. In addition, the Borrowers entered into a warrant agreement with certain parties that are also parties to the Financing Agreement. 16. Following entry into the Financing Agreement, the Borrowers requested accommodations from the Prepetition Lenders, and the parties entered into several amendments, consents and waivers to the Financing Agreement over the next several years, as further described below. 17. On April 17, 2018, the Borrowers amended the Financing Agreement to allow for certain activities including a sale leaseback of certain pieces of equipment, the extension of the due date for lease consents required under the Financing Agreement to June 30, 2018 and the distribution to holders of the Series A preferred units of$6.0 million (accrued in the consolidated financial statements at December 31, 2017). Additionally, the amendments provided that the Borrowers could sell additional shares of Mammoth Inc. stock and retain 50% of the proceeds with the other 50% used to reduce debt. The Borrowers reduced their outstanding debt by $3.4 million with proceeds from the sale of Mammoth Inc. stock in the second quarter of 2018. 10