TransAtlantic Petroleum Announces Entry into Amended and Restated Loan and Security Agreement - Seite 2
The A&R Loan Agreement also provides that, subject to, and upon, the extension of the effectiveness of the Denizbank Pledges beyond February 29, 2021, as collateral security for the prompt payment and performance in full when due of the all rights and remedies of the Denizbank Pledgors pursuant to (i) that certain Pledge Fee Agreement, dated as of August 31, 2016, by and between Mr. Mitchell and Mr. Uras and the Company, and (ii) that certain Pledge Fee Agreement, dated as of August 31, 2016, by and between Gundem and the Company, the Company is required to grant the Denizbank Pledgors a security interest in and lien on all of the Company’s present and future accounts, chattel paper, commercial tort claims, commodity accounts, commodity contracts, contracts receivable, deposit accounts, documents, financial assets, general intangibles, instruments, investment property (including all of the Company’s right, title, and interest in and to all of the capital stock of TransAtlantic Petroleum (USA) Corp., a Delaware corporation, and TransAtlantic Worldwide Ltd., a Bahamas international business corporation), letters of credit, letter of credit rights, payment intangibles, securities, notes receivable, choses of action, security accounts, and security entitlements, now or hereafter owned, held, or acquired.
The A&R Loan Agreement contains events of default, including the Denizbank Pledges being in effect on, or less than three business days prior to, the maturity date.
Other than as described above, the material terms of the A&R Loan Agreement are substantially similar to those of the Loan Agreement. A description of the material terms of the Loan Agreement is included in the Company’s Current Report on Form 8-K filed with the SEC on August 7, 2020.
The Company is an international oil and natural gas company engaged in the acquisition, exploration, development, and production of oil and natural gas. The Company holds interests in developed and undeveloped properties in Turkey and Bulgaria.
(NO STOCK EXCHANGE, SECURITIES COMMISSION, OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.)
Certain statements in this press release regarding the Merger Agreement and the proposed merger constitute “forward-looking statements” under the federal securities laws. These forward-looking statements are intended to be covered by the safe harbors created by the Private Securities Litigation Reform Act of 1995. When the Company uses words such as “anticipate,” “intend,” “plan,” “believe,” “estimate,” “expect,” or similar expressions, it does so to identify forward-looking statements. Forward-looking statements are based on current expectations that involve assumptions that are difficult or impossible to predict accurately and many of which are beyond the Company’s control. Actual results may differ materially from those expressed or implied in these statements as a result of significant risks and uncertainties, including, but not limited to, the occurrence of any event, change, or other circumstances that could give rise to the termination of the Merger Agreement, the inability to obtain the requisite shareholder approval for the proposed merger or the failure to satisfy other conditions to completion of the proposed merger, risks that the proposed transaction disrupts current plans and operations, the ability to recognize the benefits of the merger, and the amount of the costs, fees, and expenses and charges related to the merger. Additional information about these risks and uncertainties, as well as others that may cause actual results to differ materially from those projected, is contained in the Company’s filings with the Securities and Exchange Commission (“SEC”), including the Company’s Annual Report on Form 10-K, the Company’s quarterly reports on Form 10-Q as well as the Schedule 13E-3 transaction statement and the proxy statement to be filed by the Company. The statements in this press release speak only as of the date of hereof, and the Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as may be required by law.