Item 1.01 Entry into a Material Definitive Agreement
On June 14, 2020, Endologix, Inc. (the "Company") entered into Amendment No. 1
(the "ABL Forbearance Amendment") to Forbearance Agreement (the "ABL Forbearance
Agreement") to Credit Agreement, dated as of August 9, 2018 (as amended,
restated, supplemented or otherwise modified from time to time, the "Credit
Agreement"), with the Lenders party thereto from time to time, and Deerfield
ELGX Revolver, LLC, as agent for itself (the "ABL Agent") and the Lenders
(collectively, the "ABL Forbearing Parties"). Additionally, on June 14, 2020,
the Company entered into Amendment No. 1 (the "Facility Forbearance Amendment"
and, collectively with the ABL Forbearance Amendment, the "Forbearance
Amendments") to Forbearance Agreement (the "Facility Forbearance Agreement" and,
collectively with the ABL Forbearance Agreement, the "Forbearance Agreements")
to Amended and Restated Facility Agreement, dated as of August 9, 2018 (as
amended, restated, supplemented or otherwise modified from time to time, the
"Facility Agreement"), with the Lenders party thereto from time to time, and
Deerfield Private Design Fund I.V., L.P. as agent for itself (together with the
ABL Agent, "Deerfield") and the Lenders (collectively, the "Facility Forbearing
Parties" and, collectively with the ABL Forbearing Parties, the "Forbearing
Parties).
The Forbearance Amendments extend the termination date of the forbearance period
provided for in the Forbearance Agreements from June 15, 2020 to June 30, 2020.
The Forbearance Amendments also require that the Company cause an individual
designated by Deerfield to be appointed to the Company's Board of Directors, in
addition to other obligations imposed on the Company.
The foregoing descriptions of the ABL Forbearance Amendment and the Facility
Forbearance Amendment are not complete and are qualified in their entirety by
reference to the full text of such documents, copies of which will be filed with
the Company's next Quarterly Report on Form 10-Q in accordance with the rules
and regulations of the Securities and Exchange Commission.
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