Exhibit 10.1

Execution Version

FOURTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

dated as of August 1, 2017

among

ECLIPSE RESOURCES CORPORATION,

as Borrower,

BANK OF MONTREAL,

as Administrative Agent,

KEYBANK NATIONAL ASSOCIATION,

as Syndication Agent,

and

the Lenders Party Hereto

BMO CAPITAL MARKETS CORP.

Lead Arranger and Sole Bookrunner

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FOURTH AMENDMENT TO

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

THIS FOURTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this
“Amendment”) dated as of August 1, 2017, is among ECLIPSE RESOURCES CORPORATION,
a Delaware corporation, the Lenders party hereto, and BANK OF MONTREAL, as
Administrative Agent.

R E C I T A L S

A. The Borrower, the Administrative Agent and the Lenders are parties to that
certain Second Amended and Restated Credit Agreement dated as of June 11, 2015,
as amended by that certain First Amendment to Second Amended and Restated Credit
Agreement dated as of January 21, 2016, that certain Second Amendment to Second
Amended and Restated Credit Agreement dated as of February 24, 2016 and that
certain Third Amendment to Second Amended and Restated Credit Agreement dated as
of February 24, 2017 (as further amended, restated, supplemented or modified
from time to time, the “Credit Agreement”), pursuant to which the Lenders have
made certain credit available to and on behalf of the Borrower.

B. The Borrower has requested that the Administrative Agent and the Lenders
amend, and the Administrative Agent and the Lenders have agreed to amend, the
Credit Agreement as herein set forth.

C. Now, therefore, to induce the Administrative Agent and the Lenders to enter
into this Amendment and in consideration of the premises and the mutual
covenants herein contained, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

Section 1. Defined Terms. Each capitalized term used herein but not otherwise
defined herein has the meaning given such term in the Credit Agreement, as
amended by this Amendment. Unless otherwise indicated, all annex, article and
section references in this Amendment refer to annexes, articles or sections of
the Credit Agreement, as applicable.

Section 2. Amendments to and Consent under the Credit Agreement.

(a) Amendment to Section 1.02. Section 1.02 is hereby amended by:

(i) restating the defined term “Agreement” in its entirety to read as follows:

“Agreement” means this Second Amended and Restated Credit Agreement, as amended
by that certain First Amendment to Second Amended and Restated Credit Agreement
dated as of January 21, 2016, that certain Second Amendment to Second Amended
and Restated Credit Agreement dated as of February 24, 2016, that certain Third
Amendment to Second Amended and Restated Credit Agreement dated as of
February 24, 2017, that certain Fourth Amendment to Second Amended and

 

[FOURTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT – ECLIPSE
RESOURCES CORPORATION]

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Restated Credit Agreement dated as of July 31, 2017, and as the same may be
further amended, restated, supplemented, or modified from time to time.

(ii) adding the defined term “Sequel Joint Venture” where alphabetically
appropriate to read as follows:

  “Sequel Joint Venture” means, that certain drilling joint venture among the
Borrower and/or one or more of the other Credit Parties and Sequel Energy Group,
LLC and/or an affiliate thereof with respect to the development of certain Oil
and Gas Properties located within Harrison, Guernsey, Belmont, Jefferson and
Monroe Counties, Ohio.

(iii) restating the defined term “Specified Period” in its entirety to read as
follows:

  “Specified Period” means, for any date of determination, the period beginning
on such date and ending on the twenty-four (24) month anniversary thereof.

(b) Amendment to Section 2.07. A new clause (f) is hereby added to Section 2.07
to read as follows:

(f) Reduction of Borrowing Base Upon Sale of Properties and Termination of Swap
Agreements. In connection with any sale or other disposition of Property or
termination or monetization of any Swap Agreement pursuant to Section 9.12(d),
the Borrowing Base shall be reduced, as and when applicable, in accordance with
the provisions of Section 9.12(d)(iv) and shall remain in effect until the next
date as of which the Borrowing Base is redetermined pursuant to this Agreement.
The Administrative Agent shall promptly notify the Borrower and the Lenders of
any such reduction of the Borrowing Base and the effective date thereof.

(c) Amendment to Section 3.04. Section 3.04(c)(iii) is hereby restated in its
entirety to read as follows:

(iii) Upon any adjustments to the Borrowing Base pursuant to Sections 2.07(e)
and/or 2.07(f), if there is a Borrowing Base Deficiency, then the Borrower shall
(A) prepay any Borrowings or (B) Cash Collateralize any LC Exposure as provided
in Section 2.08(j), in an aggregate amount equal to such Borrowing Base
Deficiency. The Borrower shall be obligated to make such prepayment and/or
deposit of Cash Collateral within one Business Day of the date it receives
(i) proceeds of such issuance of Permitted Unsecured Debt or (ii) confirmation
of the amount of any reduction of the Borrowing Base pursuant to
Section 2.07(f), as applicable; provided that all payments required to be made
pursuant to this Section 3.04(c)(iii) must be made on or prior to the
Termination Date.

 

[FOURTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT – ECLIPSE
RESOURCES CORPORATION]

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(d) Amendment to Section 9.12. Section 9.12(d)(iv) is hereby restated in its
entirety to read as follows:

(iv) if the aggregate PV-9 value of Proved Reserves (as reflected in the most
recently delivered Reserve Report and net of the value of Proved Reserves
received as consideration therefor, if any) sold or disposed of and Swap
Agreements terminated or monetized pursuant to this clause (d) in any period
between two successive Scheduled Redetermination Effective Dates exceeds
(A) with respect to dispositions of Proved Undeveloped Reserves made in
connection with the Sequel Joint Venture, five percent (5%) of the PV-9 value of
Proved Reserves (as reflected in the most recently delivered Reserve Report) or
(B) with respect to all other dispositions of Oil and Gas Properties
constituting Proved Reserves, five percent (5%) of the Borrowing Base then in
effect, in each case calculated at the time of such disposition, termination or
monetization, as applicable, then the Borrowing Base shall be reduced by the
amount determined by the Required Lenders in good faith consistent with their
normal oil and gas lending criteria to be the value, if any, of such Property
attributable to the then-effective Borrowing Base and such reduction shall be
effective immediately upon written notice by the Required Lenders to the
Administrative Agent of their determination thereof; provided, that, for the
avoidance of doubt, any such determination or Borrowing Base adjustment shall
not be a condition to the Administrative Agent’s release of any such Property
from all Liens under Security Instruments; and

(e) Amendment to Annex I. Annex I is hereby amended and restated in its entirety
to read as set forth on Annex I attached hereto.

(f) Reallocation of Commitments. Each of the Borrower, the Administrative Agent
and the Lenders agree as hereinafter set forth to reallocate the Commitments,
Elected Commitments, Aggregate Maximum Credit Amount, Applicable Percentages and
Revolving Credit Exposures. The assignments by each of the Lenders necessary to
effect the reallocation of the Commitments, Elected Commitments, Aggregate
Maximum Credit Amount, Applicable Percentages and Revolving Credit Exposures are
hereby consummated pursuant to the terms and provisions of this Amendment and
Section 12.04(b), and the Borrower, the Administrative Agent and each Lender
hereby consummate such assignment and assumption pursuant to the terms,
provisions and representations of the Assignment and Assumption attached as
Exhibit G to the Credit Agreement as if each of them had executed and delivered
an Assignment and Assumption (with the Effective Date, as defined therein, being
the Fourth Amendment Effective Date (as defined below)); provided that the
Administrative Agent hereby waives the $3,500 processing and recordation fee set
forth in Section 12.04(b)(ii)(C) with respect to such assignments and
assumptions. On the Fourth Amendment Effective Date and after giving effect to
such assignments and assumptions, the Applicable Percentage, Maximum Credit
Amount and Elected Commitment of each Lender shall be as set forth on Annex I
hereto. Each Lender hereby

 

[FOURTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT – ECLIPSE
RESOURCES CORPORATION]

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consents and agrees to the Applicable Percentages, Maximum Credit Amounts and
Elected Commitments as set forth on Annex I hereto. With respect to the
foregoing assignments and assumptions, in the event of any conflict between this
Amendment and Section 12.04(b), this Amendment shall control.

(g) Redetermination of the Borrowing Base. Pursuant to Section 2.07, the
Administrative Agent and the Borrowing Base Increase Requisite Lenders have
determined that the Borrowing Base shall be increased to $225,000,000, which
redetermination is made after giving pro forma effect to this Fourth Amendment
and is effective as of the Fourth Amendment Effective Date, (the
“Redetermination Effective Date”). From and after the Redetermination Effective
Date, such amount shall remain the Borrowing Base until otherwise redetermined
or adjusted in accordance with the Credit Agreement. This constitutes the New
Borrowing Base Notice and the redetermination of the Borrowing Base set forth
herein constitutes the October 1, 2017 Scheduled Redetermination.

Section 3. Conditions Precedent. This Amendment shall become effective on the
date (such date, the “Fourth Amendment Effective Date”), when each of the
following conditions is satisfied (or waived in accordance with Section 12.02):

(a) The Administrative Agent shall have received from each Lender, the
Administrative Agent, the Borrower and each Guarantor, counterparts (in such
number as may be reasonably requested by the Administrative Agent) of this
Amendment signed on behalf of such Person.

(b) The Administrative Agent shall have received duly executed Notes payable to
each Lender requesting a Note in a principal amount equal to its Maximum Credit
Amount dated as of the date hereof.

(c) The Borrower shall have paid (i) to the Administrative Agent, for the
ratable account of each Lender, (A) a fee in an amount equal to 0.375%
multiplied by the amount of such Lender’s final allocated Commitment in effect
on the Fourth Amendment Effective Date that is greater than such Lender’s
Commitment under the Credit Agreement immediately prior to the Fourth Amendment
Effective Date, which fee shall be fully earned and due and payable on the
Fourth Amendment Effective Date and (B) all other fees and amounts agreed in
writing and due and payable on or prior to the Fourth Amendment Effective Date,
including, to the extent invoiced, reimbursement or payment of all out-of-pocket
expenses required to be reimbursed or paid by the Borrower under the Credit
Agreement and (ii) to Simpson Thacher & Bartlett LLP, all fees and amounts
required to be paid by the Borrower under the Credit Agreement, and due and
payable on or prior to the Fourth Amendment Effective Date to the extent
invoiced not later than one Business Day prior to the Fourth Amendment Effective
Date.

(d) No Default shall have occurred and be continuing as of the date hereof,
after giving effect to the terms of this Amendment.

Section 4. Miscellaneous.

(a) Confirmation. The provisions of the Credit Agreement, as amended by this
Amendment, remain in full force and effect following the effectiveness of this
Amendment. The

 

[FOURTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT – ECLIPSE
RESOURCES CORPORATION]

 

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execution, delivery and effectiveness of this Amendment shall not, except as
expressly provided herein, operate as a waiver of any right, power or remedy of
any Lender or the Administrative Agent under any of the Loan Documents, nor
constitute a waiver of any provision of any of the Loan Documents.

(b) Ratification and Affirmation; Representations and Warranties. Each of the
Borrower and each Guarantor hereby:

(i) acknowledges the terms of this Amendment,

(ii) ratifies and affirms their respective obligations, and acknowledges their
respective continued liability, under each Loan Document to which it is a party
and agrees that each Loan Document to which it is a party remains in full force
and effect as expressly amended hereby, and

(iii) represents and warrants to the Lenders that as of the date hereof,
immediately after giving effect to the terms of this Amendment, all of the
Borrower’s and such Guarantor’s, as applicable, respective representations and
warranties contained in each Loan Document to which it is a party are true and
correct in all material respects, except that (i) to the extent any such
representations and warranties are expressly limited to an earlier date, as of
the date hereof, after giving effect to the terms of this Amendment, such
representation and warranty continues to be true and correct in all material
respects as of such specified earlier date and (ii) to the extent that any such
representation and warranty is qualified by materiality, such representation and
warranty (as so qualified) is true and correct in all respects.

(c) Counterparts. This Amendment may be executed in counterparts (and by
different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a
single contract. Delivery of an executed counterpart of a signature page to this
Amendment by facsimile transmission or other electronic transmission (e.g.,
.pdf) shall be effective as delivery of a manually executed counterpart hereof.

(d) NO ORAL AGREEMENT. THIS AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN
DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL
AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO
SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES.

(e) GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

(f) Payment of Expenses. In accordance with Section 12.03, the Borrower agrees
to pay or reimburse the Administrative Agent for all of its reasonable
out-of-pocket costs and reasonable expenses incurred in connection with this
Amendment, any other documents prepared in connection herewith and the
transactions contemplated hereby, including, without limitation, the reasonable
fees, charges and disbursements of one counsel to the Administrative Agent.

 

[FOURTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT – ECLIPSE
RESOURCES CORPORATION]

 

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(g) Severability. Any provision of this Amendment which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

(h) Successors and Assigns. This Amendment shall be binding upon and inure to
the benefit of the parties to the Credit Agreement and their respective
successors and permitted assigns.

(i) Loan Document. This Amendment is a Loan Document.

[SIGNATURES BEGIN NEXT PAGE]

 

[FOURTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT – ECLIPSE
RESOURCES CORPORATION]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed as of the date first written above.

 

BORROWER:

    ECLIPSE RESOURCES CORPORATION     By:  

/s/ Matthew DeNezza

    Name:   Matthew DeNezza     Title:   Executive Vice President       and
Chief Financial Officer

GUARANTORS:

    ECLIPSE RESOURCES I, LP     ECLIPSE GP, LLC     ECLIPSE RESOURCES – OHIO,
LLC     ECLIPSE RESOURCES OPERATING, LLC     BUCKEYE MINERALS & ROYALTIES, LLC  
  ECLIPSE RESOURCES MIDSTREAM, LP     ECLIPSE RESOURCES MARKETING, LP     By:  

/s/ Matthew DeNezza

    Name:   Matthew DeNezza     Title:   Executive Vice President       and
Chief Financial Officer

 

[SIGNATURE PAGE TO FOURTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
AGREEMENT – ECLIPSE RESOURCES CORPORATION]

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    BANK OF MONTREAL,    

as Administrative Agent and an Issuing Bank

    By:  

/s/ Kevin Utsey

    Name:   Kevin Utsey     Title:   Director

 

[SIGNATURE PAGE TO FOURTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
AGREEMENT – ECLIPSE RESOURCES CORPORATION]

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BMO HARRIS FINANCING, INC.,

as a Lender

By:  

/s/ Kevin Utsey

Name:   Kevin Utsey Title:   Director

 

[SIGNATURE PAGE TO FOURTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
AGREEMENT – ECLIPSE RESOURCES CORPORATION]

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KEYBANK NATIONAL ASSOCIATION,

as Syndication Agent and as a Lender

By:  

/s/ George E. McKean

Name:   George E. McKean Title:   Senior Vice President

 

[SIGNATURE PAGE TO FOURTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
AGREEMENT – ECLIPSE RESOURCES CORPORATION]

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    CAPITAL ONE, NATIONAL     ASSOCIATION, as a Lender     By:  

/s/ Christopher Kuna

    Name:   Christopher Kuna     Title:   Director

 

[SIGNATURE PAGE TO FOURTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
AGREEMENT – ECLIPSE RESOURCES CORPORATION]

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    DEUTSCHE BANK AG NY BRANCH,     as a Lender     By:  

/s/ Dusan Lazarov

    Name:   Dusan Lazarov     Title:   Director           By:  

/s/ Marcus Tarkington

    Name:   Marcus Tarkington     Title:   Director

 

[SIGNATURE PAGE TO FOURTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
AGREEMENT – ECLIPSE RESOURCES CORPORATION]

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    GOLDMAN SACHS BANK USA,     as a Lender     By:  

/s/ Josh Rosenthal

    Name:   Josh Rosenthal     Title:   Authorized Signatory

 

[SIGNATURE PAGE TO FOURTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
AGREEMENT – ECLIPSE RESOURCES CORPORATION]

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    MORGAN STANLEY BANK, N.A.,     as a Lender     By:  

/s/ Michael King

    Name:   Michael King     Title:   Authorized Signatory

 

[SIGNATURE PAGE TO FOURTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
AGREEMENT – ECLIPSE RESOURCES CORPORATION]

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    MORGAN STANLEY SENIOR FUNDING, Inc.     as a Lender     By:  

/s/ Michael King

    Name:   Michael King     Title:   Vice President

 

[SIGNATURE PAGE TO FOURTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
AGREEMENT – ECLIPSE RESOURCES CORPORATION]

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    CITIBANK, N.A.,     as a Lender         By:  

/s/ Phil Ballard

    Name:   Phil Ballard     Title:   Vice President

 

[SIGNATURE PAGE TO FOURTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
AGREEMENT – ECLIPSE RESOURCES CORPORATION]

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    ROYAL BANK OF CANADA,     as a Lender     By:  

/s/ Kristan Spivey

    Name:   Kristen Spivey     Title:   Authorized Signatory

 

[SIGNATURE PAGE TO FOURTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
AGREEMENT – ECLIPSE RESOURCES CORPORATION]

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    BP ENERGY COMPANY,     as a Lender     By:  

/s/ Timothy Yee

    Name:   Timothy Yee     Title:   Attorney-in-Fact

 

[SIGNATURE PAGE TO FOURTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
AGREEMENT – ECLIPSE RESOURCES CORPORATION]

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ANNEX I

LIST OF MAXIMUM CREDIT AMOUNTS

Aggregate Maximum Credit Amounts

 

Name of Lender

   Applicable
Percentage     Maximum Credit
Amount      Elected
Commitment  

BMO Harris Financing, Inc.

     15.777777778 %    $ 78,888,888.91      $ 35,500,000.00  

Capital One, National Association

     15.111111111 %    $ 75,555,555.56      $ 34,000,000.00  

KeyBank National Association

     14.666666667 %    $ 73,333,333.33      $ 33,000,000.00  

Deutsche Bank AG New York Branch

     12.444444444 %    $ 62,222,222.22      $ 28,000,000.00  

Goldman Sachs Bank USA

     12.444444444 %    $ 62,222,222.22      $ 28,000,000.00  

Citibank, N.A.

     8.444444444 %    $ 42,222,222.22      $ 19,000,000.00  

Royal Bank of Canada

     8.444444444 %    $ 42,222,222.22      $ 19,000,000.00  

Morgan Stanley Bank, N.A.

     6.666666667 %    $ 33,333,333.33      $ 15,000,000.00  

Morgan Stanley Senior Funding Inc.

     5.777777778 %    $ 28,888,888.88      $ 13,000,000.00  

BP Energy Company

     0.222222222 %    $ 1,111,111.11      $ 500,000.00  

TOTAL

     100.000000000 %    $ 500,000,000.00      $ 225,000,000.00