Document:

EX-10.1

 Exhibit 10.1 

Execution Version 

THIRD AMENDMENT TO CREDIT AGREEMENT 

dated as of July 31, 2014 

among 
 ECLIPSE
RESOURCES I, LP, 
 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 

[THIRD AMENDMENT TO CREDIT AGREEMENT] 

 THIRD AMENDMENT TO CREDIT AGREEMENT 

THIS THIRD AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) dated as of July 31, 2014, is among: ECLIPSE
RESOURCES I, LP, a Delaware limited partnership, 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 Credit Agreement dated as of
February 18, 2014 (as 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 Majority Lenders amend, and the Administrative Agent and the Majority
Lenders have agreed to amend, the Credit Agreement as herein set forth. 
 C. Now, therefore, to induce the Administrative Agent and the
Majority 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: 
 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 section references in this Amendment refer to sections of the Credit Agreement. 

2. Amendments to the Credit Agreement. 

(a) Amendment to Section 1.02 of the Credit Agreement. Section 1.02 of the Credit Agreement is hereby amended
by (i) restating the defined term “Agreement” in its entirety and (ii) adding the defined term “Ultimate Parent”, in appropriate alphabetical order, in each case to read as follows: 

“Agreement” means this Credit Agreement, as amended by that certain First Amendment to Credit Agreement dated
as of April 10, 2014, that certain Second Amendment to Credit Agreement dated as of April 24, 2010, that certain Third Amendment to Credit Agreement dated as of July 31, 2014, and as the same may be further amended, restated,
supplemented, or modified from time to time. 
 “Ultimate Parent” means Eclipse Resources Corporation, a
Delaware corporation. 
 (b) Amendment to Section 9.01(b) of the Credit Agreement. Section 9.01(b)(i) of the
Credit Agreement is hereby restated in its entirety to read as follows: 
 (i) (A) consolidated current assets
(excluding non-cash assets under ASC 815) plus (without duplication) (B) the unused amount of the total Commitments 

  

					
		 	1	 	[THIRD AMENDMENT TO CREDIT AGREEMENT]

 
(but only to the extent that the Borrower is permitted to borrow such amount under the terms of this Agreement, including, without limitation, Section 6.02 hereof) plus (without
duplication) (C) the aggregate amount of unrestricted cash and Cash Equivalents of Ultimate Parent that have been deposited in a deposit account pursuant to which the Administrative Agent has been granted a perfected security interest pursuant
to documentation in form and substance satisfactory to the Administrative Agent 
 (c) Amendment to Section 9.02(f)
of the Credit Agreement. Section 9.02(f) of the Credit Agreement is hereby amended by replacing the phrase “required by Governmental Requirements” with the phrase “incurred in the ordinary course of business”. 

(d) Amendment to Section 9.05 of the Credit Agreement. Section 9.05 of the Credit Agreement is hereby restated
in its entirety to read as follows: 
 Section 9.05 Investments, Loans and Advances. The Borrower will not, and
will not permit any Restricted Subsidiary to, make or permit to remain outstanding any Investments in or to any Person, except that the foregoing restriction shall not apply to: 

(a) Investments as of the Effective Date which are disclosed to the Lenders in Schedule 9.05; 

(b) accounts receivable arising in the ordinary course of business, or any receivable or discount that the Borrower or any Restricted
Subsidiary is permitted to sell or make under Section 9.10; 
 (c) direct obligations of (or obligations guaranteed by)
(i) the United States or any state or commonwealth of the United States or (ii) any agency, political subdivision, or public instrumentality of any of the foregoing which, at the time of acquisition, having a debt rating of at least A- (or
then equivalent rating) from S&P or A3 (or then equivalent rating) from Moody’s, in each case maturing within one year from the date of acquisition thereof; 

(d) securities issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality of the
United States government (provided, that the full faith and credit of the United States is pledged in support of those securities) having maturities of not more than one year from the date of acquisition thereof; 

(e) commercial paper maturing within one year from the date of acquisition thereof having one of the two highest ratings obtainable by S&P
or Moody’s; 
 (f) deposits, including certificates of deposit, demand deposits, eurodollar time deposits, bankers acceptances and
overnight bank 

  

					
		 	2	 	[THIRD AMENDMENT TO CREDIT AGREEMENT]

 
deposits, maturing within one year from the date of acquisition thereof with, including certificates of deposit issued by, any Lender or any office located in the United States of any other bank
or trust company which is organized under the laws of the United States or any state thereof, has capital, surplus and undivided profits aggregating at least $100,000,000 (as of the date of such bank or trust company’s most recent financial
reports) and has a short term deposit rating of no lower than A2 or P2, as such rating is set forth from time to time, by S&P or Moody’s, respectively; 

(g) repurchase obligations with a term of not more than seven days for underlying securities of the types described in clauses (c),
(d) and (f) above entered into with any financial institution meeting the qualifications specified in clause (f) above; 

(h) deposits in money market funds investing at least 95% in Investments described in clauses (c) through (g) above;

 (i) Investments (i) made by the Borrower in or to any Guarantors or (ii) made by Restricted Subsidiary in or to the Borrower or
any other Guarantor; 
 (j) Investments consisting of Swap Agreements to the extent permitted by Section 9.18; 

(k) Investments in Unrestricted Subsidiaries, provided that (i) no Default, or Event of Default then exists or would result
therefrom, (ii) the aggregate outstanding amount (i.e. the amount of such Investments (valued at the time made) less the aggregate amount of cash payments received after the Effective Date by the Borrower or its Restricted Subsidiaries in
respect of returns of capital associated with such Investments) does not exceed the greater of (A) $10,000,000 and (B) ten percent (10%) of the Borrowing Base then in effect, and (iii) the Total Commitments Utilization Percentage
is less than 80% immediately before and immediately after giving effect to such Investment; 
 (l) loans or advances to employees of the
Borrower or any Restricted Subsidiary made in the ordinary course of business of the Borrower or such Restricted Subsidiary in an aggregate principal amount not to exceed at any one time outstanding the greater of (i) $500,000 and (ii) two
and one-half percent (2.5%) of the Borrowing Base then in effect; and 
 (m) other Investments in an aggregate outstanding amount (i.e.
the amount of such Investments (valued at the time made) less the aggregate amount of cash payments received after the Effective Date by the Borrower or its Restricted Subsidiaries in respect of returns of capital associated with such Investments)
not to exceed at any time the greater of 

  

					
		 	3	 	[THIRD AMENDMENT TO CREDIT AGREEMENT]

 
(i) $10,000,000 and (ii) ten percent (10%) of the Borrowing Base then in effect. 

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

(i) The Administrative Agent shall have received from the Majority Lenders, 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. 

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

  

					
		 	4	 	[THIRD AMENDMENT TO CREDIT AGREEMENT]

 (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 of the Credit Agreement,
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. 

(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] 

  

					
		 	5	 	[THIRD AMENDMENT TO CREDIT AGREEMENT]

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

			
	ECLIPSE RESOURCES I, LP
		
	By:	 	 /s/ Matthew R. DeNezza

	Name:	 	Matthew R. DeNezza
	Title:	 	EVP & CFO

 GUARANTORS: 
  

			
	ECLIPSE RESOURCES CORPORATION
		
	By:	 	 /s/ Matthew R. DeNezza

	Name:	 	Matthew R. DeNezza
	Title:	 	EVP & CFO
	
	ECLIPSE RESOURCES—OHIO, LLC
		
	By:	 	 /s/ Matthew R. DeNezza

	Name:	 	Matthew R. DeNezza
	Title:	 	EVP & CFO
	
	BUCKEYE MINERALS & ROYALTIES, LLC
		
	By:	 	 /s/ Matthew R. DeNezza

	Name:	 	Matthew R. DeNezza
	Title:	 	EVP & CFO

 [SIGNATURE PAGE TO THIRD
AMENDMENT TO CREDIT AGREEMENT] 

 
			
	BANK OF MONTREAL, as Administrative Agent and as a Lender
		
	By:	 	 /s/ Kevin Utsey

	Name:	 	Kevin Utsey
	Title:	 	Director

  
 [SIGNATURE
PAGE TO THIRD AMENDMENT TO CREDIT AGREEMENT] 

 
			
	KEYBANK NATIONAL ASSOCIATION, as
Syndication Agent and as Lender
		
	By:	 	 /s/ Sherrie I. Manson

	Name:	 	Sherrie I. Manson
	Title:	 	Senior Vice President

  
 [SIGNATURE
PAGE TO THIRD AMENDMENT TO CREDIT AGREEMENT] 

 
			
	 GOLDMAN SACHS BANK USA, as a

Lender

		
	By:	 	 /s/ Ashwin Ramakrishna

	Name:	 	Ashwin Ramakrishna
	Title:	 	Authorized Signatory

  
 [SIGNATURE
PAGE TO THIRD AMENDMENT TO CREDIT AGREEMENT] 

 
			
	 MORGAN STANLEY BANK, N.A., as a

Lender

		
	By:	 	 /s/ Christopher Winthrop

	Name:	 	Christopher Winthrop
	Title:	 	Authorized Signatory

  
 [SIGNATURE
PAGE TO THIRD AMENDMENT TO CREDIT AGREEMENT] 

 
			
	CITIBANK, N.A., as a Lender
		
	By:	 	 /s/ Eamon Baqui

	Name:	 	Eamon Baqui
	Title:	 	Vice President

  
 [SIGNATURE
PAGE TO THIRD AMENDMENT TO CREDIT AGREEMENT]Exhibit 4.1

 

	NUMBER	 	UNITS
	U-__________	 	 
	 	 	 
	SEE REVERSE FOR

CERTAIN DEFINITIONS	CB PHARMA ACQUISITION CORP.	 

 

 

CUSIP __________

 

UNITS CONSISTING OF ONE ORDINARY
SHARE, ONE RIGHT AND ONE WARRANT

 

THIS CERTIFIES THAT __________________________________________________

 

is the owner of
_____________________________________________________________________ Units.

 

Each Unit (“Unit”) consists
of one (1) ordinary share, par value $.0001 per share, of CB Pharma Acquisition Corp., a Cayman Islands company (the “Company”),
one (1) right (“Right”) and one (1) redeemable warrant (the “Warrants”). Each holder of a Right will receive
one-tenth (1/10) of an ordinary share upon the Company’s completion of an initial merger, share exchange, asset acquisition,
share purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities
(a “Business Combination”). Each Warrant entitles the holder to purchase one half (1/2) of one ordinary share for $11.50
per whole share (subject to adjustment as described in the prospectus relating to the Company’s initial public offering (“Prospectus”))
and may only be exercised for a whole number of ordinary shares. Each Warrant will become exercisable commencing on the later of
(a) __________ __, 2015 [one year from the date of the final prospectus] and (b) the Company’s completion of a Business Combination
and will expire unless exercised before 5:00 p.m., New York City Time, five years after the completion by Company of an initial
Business Combination (the “Expiration Date”), or earlier upon redemption. The ordinary shares, Rights and Warrants
comprising the Units represented by this certificate are not transferable separately prior to the ninetieth (90th) day
after the date of the Prospectus, unless EarlyBirdCapital, Inc. determines that an earlier date is acceptable. The terms of the
Rights are governed by a Rights Agreement, dated as of _______, 2014 between the Company and Continental Stock Transfer & Trust
Company, as Rights Agent, and are subject to the terms and provisions contained therein, all of which terms and provisions the
holder of this certificate consents to by acceptance hereof. The terms of the Warrants are governed by a Warrant Agreement, dated
as of _______, 2014, between the Company and Continental Stock Transfer & Trust Company, as Warrant Agent, and are subject
to the terms and provisions contained therein, all of which terms and provisions the holder of this certificate consents to by
acceptance hereof. Copies of the Rights Agreement and the Warrant Agreement are on file at the office of the Warrant Agent at 17
Battery Place, New York, New York 10004, and are available to any Right holder or Warrant holder on written request and without
cost.

This certificate
is not valid unless countersigned by the Transfer Agent and Registrar of the Company.

Witness the facsimile
seal of the Company and the facsimile signatures of its duly authorized officers.

 

 

By

 

 

	 	 	 
	Chairman	 	  Secretary

 

 

    	 

    	 

    

 

CB Pharma Acquisition Corp.

The Company will
furnish without charge to each shareholder who so requests, a statement of the powers, designations, preferences and relative,
participating, optional or other special rights of each class of stock or series thereof of the Company and the qualifications,
limitations, or restrictions of such preferences and/or rights.

The following abbreviations,
when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according
to applicable laws or regulations:

	TEN COM –	as tenants in common            UNIF GIFT MIN ACT -	_____ Custodian ______
	TEN ENT –	as tenants by the entireties	  (Cust)         (Minor)
	JT TEN –	as joint tenants with right of survivorship	 under Uniform Gifts to Minors
	 	and not as tenants in common	 Act ______________
	 	 	                   (State)

 

Additional Abbreviations may also be
used though not in the above list.

 For value received, ___________________________
hereby sell, assign and transfer unto

 

PLEASE INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF ASSIGNEE

 

	
         

         
	 

 

  

	 
	(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
	 
	 
	 
	 

 

	 	 Units

 

represented by the within Certificate, and
do hereby irrevocably constitute and appoint

 

__________________________________________________________________________
Attorney to transfer the said Units on the books of the within named Company with full power of substitution in the premises.

 

	Dated	 	 

 

	 	 	 
	 	Notice:	The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

 

Signature(s) Guaranteed:

 

	 	 

THE SIGNATURE(S) SHOULD BE GUARANTEED
BY AN ELIGIBLE GUARANTOR INSTITUTION

(BANKS, STOCKBROKERS, SAVINGS AND
LOAN ASSOCIATIONS AND CREDIT UNIONS WITH

MEMBERSHIP IN AN APPROVED SIGNATURE
GUARANTEE MEDALLION PROGRAM,

PURSUANT TO S.E.C. RULE 17Ad-15).

 

The holder of this certificate shall be entitled to receive funds
from the trust account only in the event of the Company’s liquidation upon failure to consummate a business combination within
the required time period set forth in the Company’s Amended and Restated Memorandum and Articles of Association, as the same
may be amended from time to time (the “Articles”) or if the holder seeks to convert his shares upon consummation of
a business combination or in connection with certain amendments to the Company’s Articles. In no other circumstances shall
the holder have any right or interest of any kind in or to the trust account.

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