Exhibit 10.1

 

 

 

THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

dated as of March 23, 2015

among

RICE ENERGY INC.,

as Borrower,

The Guarantors Party Hereto,

WELLS FARGO BANK, N.A.,

as Administrative Agent,

and

The Lenders Party Hereto

WELLS FARGO SECURITIES, LLC,

as Sole Lead Arranger and Sole Bookrunner

 

 

 

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THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

This THIRD AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Third
Amendment”), dated as of March 23, 2015 (the “Third Amendment Effective Date”),
is among RICE ENERGY INC., a Delaware corporation (the “Borrower”); each of the
undersigned guarantors (the “Guarantors”, and together with the Borrower, the
“Loan Parties”); each of the Lenders that is a signatory hereto; and WELLS FARGO
BANK, N.A., as administrative agent for the Lenders (in such capacity, together
with its successors in such capacity, the “Administrative Agent”).

Recitals

A. The Borrower, the Administrative Agent and the Lenders are parties to that
certain Third Amended and Restated Credit Agreement dated as of April 10, 2014
(as amended prior to the date hereof, the “Credit Agreement”), pursuant to which
the Lenders have, subject to the terms and conditions set forth therein, made
certain credit available to and on behalf of the Borrower.

B. The Borrower has advised the Administrative Agent and the Lenders that the
Borrower intends to issue Senior Notes as permitted by Section 9.02(e) of the
Credit Agreement (the “Senior Notes Issuance”)

C. The Senior Notes Issuance would otherwise automatically reduce the Borrowing
Base then in effect pursuant to Section 2.07(e) of the Credit Agreement.

D. The Borrower has requested that the Lenders amend Section 2.07(e) of the
Credit Agreement so that, subject to the terms and conditions set forth herein,
the Senior Notes Issuance would not result in an automatic reduction of the
Borrowing Base then in effect.

E. The parties hereto desire to amend certain terms of the Credit Agreement as
set forth herein including, without limitation, Section 2.07(e) of the Credit
Agreement, to be effective as of the Third Amendment Effective Date.

NOW, THEREFORE, 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 which is defined in the Credit
Agreement, but which is not defined in this Third Amendment, shall have the
meaning ascribed such term in the Credit Agreement, as amended hereby. Unless
otherwise indicated, all section references in this Third Amendment refer to the
Credit Agreement.

Section 2. Amendments. In reliance on the representations, warranties, covenants
and agreements contained in this Third Amendment, and subject to the
satisfaction of the conditions precedent set forth in Section 4 hereof, the
Credit Agreement shall be amended effective as of the Third Amendment Effective
Date in the manner provided in this Section 2.

 

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2.1 Additional Definitions. Section 1.02 of the Credit Agreement is hereby
amended to add thereto in alphabetical order the following definitions which
shall read in full as follows:

“Third Amendment” means that certain Third Amendment to Third Amended and
Restated Credit Agreement dated as of March 23, 2015, among the Borrower, the
Guarantors party thereto, the Administrative Agent and the Lenders party
thereto.

“Third Amendment Effective Date” means March 23, 2015.

2.2 Amended Definition. The definition of “Loan Documents” contained in
Section 1.02 of the Credit Agreement is hereby amended and restated in its
entirety to read in full as follows:

“Loan Documents” means this Agreement, the First Amendment, the Second
Amendment, the Third Amendment, the Notes, the Fee Letters, the Letter of Credit
Agreements, the Letters of Credit and the Security Instruments.

2.3 Amendment to Section 2.07 of the Credit Agreement. Section 2.07(e) of the
Credit Agreement is hereby amended and restated in its entirety to read in full
as follows:

(e) Reduction in Borrowing Base Upon Issuance of Senior Notes. In addition to
the other redeterminations of the Borrowing Base provided for herein, and
notwithstanding anything to the contrary set forth herein, upon the issuance of
any Senior Notes permitted by Section 9.02(e), the Borrowing Base then in effect
shall be automatically reduced by an amount equal to the product of 0.25
multiplied by the stated principal amount of such Senior Notes (without regard
to any initial issue discount), and, in each case, the Borrowing Base as so
reduced shall become the new Borrowing Base immediately upon the date of such
issuance, effective and applicable to the Borrower, the Administrative Agent,
the Issuing Bank, and the Lenders on such date until the next redetermination or
modification of the Borrowing Base pursuant to this Agreement; provided, that,
notwithstanding the foregoing to the contrary, no such automatic reduction of
the Borrowing Base shall occur with respect to (i) any Senior Notes issued by
the Borrower or any Restricted Subsidiary on or after the Effective Date but
prior to the Initial Redetermination Date, it being understood that any Senior
Notes Debt incurred by the Borrower or any Restricted Subsidiary as a result of
any such issuance of Senior Notes shall be considered by the Lenders as part of
the Scheduled Redetermination to occur on the Initial Redetermination Date or
(ii) any Senior Notes in an aggregate principal amount up to $400,000,000 issued
by the Borrower or any Restricted Subsidiary on or after the Third Amendment
Effective Date and before the date that the Scheduled Redetermination originally
scheduled for on or about April 1, 2015 as postponed to on or about May 1, 2015
pursuant to the Third Amendment (the “Spring 2015 Redetermination”) becomes
effective so long as the Spring 2015 Redetermination becomes effective on or
prior to May 1, 2015, it being understood that (A) any Senior Notes Debt
incurred by the Borrower or any Restricted Subsidiary as a result of any such

 

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issuance of Senior Notes shall be considered by the Lenders as part of the
Spring 2015 Redetermination and (B) if such Senior Notes are issued and the
Spring 2015 Redetermination has not become effective on or prior to May 1, 2015,
the automatic reduction of the Borrowing Base contemplated by this
Section 2.07(e) shall occur on May 2, 2015.

2.4 Amendment to Section 8.01 of the Credit Agreement. The first paragraph
following Section 8.01(o) of the Credit Agreement is hereby amended by deleting
the reference to “Section 8.01 (a), (b) or (i)” contained therein and replacing
it with “Section 8.01 (a), (b) or (h)”.

Section 3. Postponement of Scheduled Redetermination. The Lenders party hereto
and the Borrower hereby agree to postpone the Scheduled Redetermination
originally scheduled for on or about April 1, 2015 to on or about May 1, 2015.

Section 4. Conditions Precedent. The effectiveness of this Third Amendment is
subject to the following:

4.1 The Administrative Agent shall have received counterparts of this Third
Amendment from the Loan Parties, the Required Lenders and the Issuing Bank.

4.2 The Administrative Agent shall have received all fees and other amounts due
and payable on or prior to the Third Amendment Effective Date.

Section 5. Miscellaneous.

5.1 Confirmation and Effect. The provisions of the Credit Agreement (as amended
by this Third Amendment) shall remain in full force and effect in accordance
with its terms following the effectiveness of this Third Amendment, and this
Third Amendment shall not constitute a waiver of any provision of the Credit
Agreement or any other Loan Document, except as expressly provided for herein.
Each reference in the Credit Agreement to “this Agreement”, “hereunder”,
“hereof’, “herein”, or words of like import shall mean and be a reference to the
Credit Agreement as amended hereby, and each reference to the Credit Agreement
in any other document, instrument or agreement executed and/or delivered in
connection with the Credit Agreement shall mean and be a reference to the Credit
Agreement as amended hereby.

5.2 Ratification and Affirmation of Loan Parties. Each of the Loan Parties
hereby expressly (i) acknowledges the terms of this Third Amendment,
(ii) ratifies and affirms its obligations under the Guaranty and Pledge
Agreement and the other Loan Documents to which it is a party,
(iii) acknowledges, renews and extends its continued liability under the
Guaranty and Pledge Agreement and the other Loan Documents to which it is a
party, (iv) agrees that its guarantee under the Guaranty and Pledge Agreement
and the other Loan Documents to which it is a party remains in full force and
effect with respect to the Obligations as amended hereby, (v) represents and
warrants to the Lenders and the Administrative Agent that each representation
and warranty of such Loan Party contained in the Credit Agreement and the other
Loan Documents to which it is a party is true and correct in all material
respects as of the date hereof and after giving effect to the amendments set
forth in Section 2 hereof except (A) to the extent any such

 

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representations and warranties are expressly limited to an earlier date, in
which case, on and as of the date hereof, such representations and warranties
shall continue to be true and correct as of such specified earlier date, and
(B) to the extent that any such representation and warranty is expressly
qualified by materiality or by reference to Material Adverse Effect, such
representation and warranty (as so qualified) shall continue to be true and
correct in all respects, (vi) represents and warrants to the Lenders and the
Administrative Agent that the execution, delivery and performance by such Loan
Party of this Third Amendment are within such Loan Party’s corporate, limited
partnership or limited liability company powers (as applicable), have been duly
authorized by all necessary action and that this Third Amendment constitutes the
valid and binding obligation of such Loan Party enforceable in accordance with
its terms, except as the enforceability thereof may be limited by bankruptcy,
insolvency or similar laws affecting creditor’s rights generally, and
(vii) represents and warrants to the Lenders and the Administrative Agent that,
after giving effect to this Third Amendment, no Event of Default exists.

5.3 Counterparts. This Third Amendment may be executed by one or more of the
parties hereto in any number of separate counterparts, and all of such
counterparts taken together shall be deemed to constitute one and the same
instrument. Delivery of this Third Amendment by facsimile or electronic (e.g.
pdf) transmission shall be effective as delivery of a manually executed original
counterpart hereof.

5.4 No Oral Agreement. THIS WRITTEN THIRD 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 THAT MODIFY THE AGREEMENTS
OF THE PARTIES IN THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS.

5.5 Governing Law. THIS THIRD AMENDMENT (INCLUDING, BUT NOT LIMITED TO, THE
VALIDITY AND ENFORCEABILITY HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

5.6 Payment of Expenses. The Borrower agrees to pay or reimburse the
Administrative Agent for all of its reasonable out-of-pocket costs and expenses
incurred in connection with this Third Amendment, any other documents prepared
in connection herewith and the transactions contemplated hereby, including,
without limitation, the reasonable fees and disbursements of counsel to the
Administrative Agent.

5.7 Severability. Any provision of this Third 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.

5.8 Successors and Assigns. This Third Amendment shall be binding upon and inure
to the benefit of the parties hereto and their respective successors and
assigns.

[Signature Pages Follow.]

 

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The parties hereto have caused this Third Amendment to be duly executed as of
the day and year first above written.

 

BORROWER: RICE ENERGY INC., a Delaware corporation By:

/s/ Grayson T. Lisenby

Name: Grayson T. Lisenby Title: Vice President and Chief Financial Officer

 

SIGNATURE PAGE TO THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

RICE ENERGY INC.

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GUARANTORS: RICE DRILLING B LLC, a Pennsylvania limited liability company By:

/s/ Grayson T. Lisenby

Name: Grayson T. Lisenby Title: Vice President and Chief Financial Officer RICE
DRILLING C LLC, a Delaware limited liability company By:

/s/ Grayson T. Lisenby

Name: Grayson T. Lisenby Title: Vice President and Chief Financial Officer RICE
DRILLING D LLC, a Delaware limited liability company By:

/s/ Grayson T. Lisenby

Name: Grayson T. Lisenby Title: Vice President and Chief Financial Officer RICE
ENERGY APPALACHIA, LLC, a Delaware limited liability company By:

/s/ Grayson T. Lisenby

Name: Grayson T. Lisenby Title: Vice President and Chief Financial Officer

 

SIGNATURE PAGE TO THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

RICE ENERGY INC.

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BLUE TIGER OILFIELD SERVICES LLC, a Delaware limited liability company By:

/s/ Grayson T. Lisenby

Name: Grayson T. Lisenby Title: Vice President and Chief Financial Officer ALPHA
SHALE HOLDINGS, LLC, a Delaware limited liability company By:

/s/ Grayson T. Lisenby

Name: Grayson T. Lisenby Title: Vice President and Chief Financial Officer ALPHA
SHALE RESOURCES, LP, a Delaware limited partnership By: Alpha Shale Holdings,
LLC, its general partner By:

/s/ Grayson T. Lisenby

Name: Grayson T. Lisenby Title: Vice President and Chief Financial Officer RICE
MARKETING LLC, a Delaware limited liability company By:

/s/ Grayson T. Lisenby

Name: Grayson T. Lisenby Title: Vice President and Chief Financial Officer

 

SIGNATURE PAGE TO THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

RICE ENERGY INC.

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RICE ENERGY MARKETING LLC, a Delaware limited liability company By:

/s/ Grayson T. Lisenby

Name: Grayson T. Lisenby Title: Vice President and Chief Financial Officer

 

SIGNATURE PAGE TO THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

RICE ENERGY INC.

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WELLS FARGO BANK, N.A., as Administrative Agent, a Lender and as Issuing Bank
By:

/s/ Matthew W. Coleman

Name: Matthew W. Coleman Title: Director

 

SIGNATURE PAGE TO THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

RICE ENERGY INC.

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BARCLAYS BANK PLC, as a Lender By:

/s/ May Huang

Name: May Huang Title: Assistant Vice President

 

SIGNATURE PAGE TO THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

RICE ENERGY INC.

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BMO HARRIS FINANCING, INC., as a Lender By:

/s/ Gumaro Tijerina

Name: Gumaro Tijerina Title: Managing Director

 

SIGNATURE PAGE TO THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

RICE ENERGY INC.

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

/s/ Saqeeb Ludhi

Name: Saqeeb Ludhi Title: Vice President

 

SIGNATURE PAGE TO THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

RICE ENERGY INC.

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COMERICA BANK, as a Lender By:

/s/ Jeff Treadway

Name: Jeff Treadway Title: Senior Vice President

 

SIGNATURE PAGE TO THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

RICE ENERGY INC.

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FIFTH THIRD BANK, as a Lender By:

/s/ Helen Wiggins

Name: Helen Wiggins Title: Assistant Vice President

 

SIGNATURE PAGE TO THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

RICE ENERGY INC.

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GOLDMAN SACHS BANK USA, as a Lender By:

/s/ Michelle Latzoni

Name: Michelle Latzoni Title: Authorized Signatory

 

SIGNATURE PAGE TO THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

RICE ENERGY INC.

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ROYAL BANK OF CANADA, as a Lender By:

/s/ Evans Swann, Jr.

Name: Evans Swann, Jr. Title: Authorized Signatory

 

SIGNATURE PAGE TO THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

RICE ENERGY INC.

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PNC BANK, NATIONAL ASSOCIATION, as a Lender By:

/s/ Jonathan Luchansky

Name: Jonathan Luchansky Title: Vice President

 

SIGNATURE PAGE TO THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

RICE ENERGY INC.

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SUNTRUST BANK, as a Lender By:

/s/ Yann Pirio

Name: Yann Pirio Title: Managing Director

 

SIGNATURE PAGE TO THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

RICE ENERGY INC.

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CAPITAL ONE, NATIONAL ASSOCIATION, as a Lender By:

/s/ Kristin N. Oswald

Name: Kristin N. Oswald Title: Vice President

 

SIGNATURE PAGE TO THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

RICE ENERGY INC.

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AMEGY BANK NATIONAL ASSOCIATION, as a Lender By:

/s/ Thomas Kleiderer

Name: Thomas Kleiderer Title: Vice President

 

SIGNATURE PAGE TO THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

RICE ENERGY INC.