Document:

Second Amendment to Credit Agreement

 Exhibit 10.1 
 SECOND AMENDMENT 
 TO 
 CREDIT AGREEMENT 
 AMONG 
 REX ENERGY CORPORATION, 
 as Borrower, 
 KEYBANK NATIONAL ASSOCIATION, 
 as Administrative Agent, 
 and 
 The Lenders Signatory Hereto 

Effective as of December 23, 2008 

 SECOND AMENDMENT TO CREDIT
AGREEMENT 
 This SECOND AMENDMENT TO CREDIT
AGREEMENT (this “Second Amendment”) executed effective as of the 23rd of December, 2008 (the “Second Amendment Effective Date”) is among REX ENERGY
CORPORATION, a corporation formed under the laws of the State of Delaware (the “Borrower”); KEYBANK NATIONAL ASSOCIATION, as administrative agent for the
Lenders (in such capacity, together with its successors, the “Administrative Agent”), and the Lenders signatory hereto. 
 Recitals 
 A. The Borrower, the Administrative Agent and the Lenders are parties to that certain Credit Agreement dated as of
September 28, 2007, as amended by that First Amendment dated April 14, 2008 (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 and the Administrative Agent and the Lenders have agreed to amend certain provisions of the Credit Agreement. 

C. The Lenders have redetermined the Borrowing Base in the amount set forth herein. 
 D. 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 Second Amendment, shall have the meaning ascribed such term in the Credit Agreement. Unless otherwise indicated, all section references in this Second Amendment refer to
the Credit Agreement. 
 Section 2. Amendments to Credit Agreement. 
 2.1 Amendments to Section 1.02. Section 1.02 is hereby amended by deleting the defined term “Alternate Base Rate” and replacing
it with the following: 
 “‘Alternate Base Rate’
means, for any day, a rate per annum equal to the greater of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus  1/2 of 1% and (c) the (i) LIBO Rate plus (ii) the Applicable Margin for Euro Dollar Loans minus (iii) the Applicable Margin for ABR Loans each on such day. Any change in the
Alternate Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective from and including the effective date of such change in the Prime Rate or the Federal Funds Effective Rate, respectively.”

 Section 3. Borrowing Base. Pursuant to Section 2.07 of the Credit Agreement, the 

  

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Borrowing Base is hereby maintained at $90,000,000, until the next Redetermination Date; provided however, if the Borrower completes the sale of the
Oil & Gas Properties listed on Annex I to this Second Amendment prior to the next Redetermination Date, upon such sale, the Borrowing Base shall automatically be reduced to $80,000,000. Each of the foregoing is subject to further
adjustments from time to time pursuant to Section 8.13(c) or Section 9.12. 
 Section 4. Conditions Precedent. The
effectiveness of this Second Amendment is subject to the receipt by the Administrative Agent of the following documents and satisfaction of the other conditions provided in this Section 4, each of which shall be reasonably satisfactory to the
Administrative Agent in form and substance: 
 4.1 Second Amendment. The Administrative Agent shall have received multiple counterparts
as requested of this Second Amendment from the Borrower and each Lender. 
 4.2 Payment of Outstanding Invoices. Payment by the
Borrower to the Administrative Agent of all fees and other amounts due and payable on or prior to the Second 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. 
 4.3 No Default. No Default or Event of Default shall have occurred and be continuing as of the
Second Amendment Effective Date. 
 Section 5. Representations and Warranties; Etc. The Borrower hereby affirms: (a) that as
of the date of execution and delivery of this Second Amendment, all of the representations and warranties contained in each Loan Document to which the Borrower is a party are true and correct in all material respects as though made on and as of the
Second Amendment Effective Date (unless made as of a specific earlier date, in which case, was true as of such date); and (b) that after giving effect to this Second Amendment and to the transactions contemplated hereby, no Defaults exist under
the Loan Documents or will exist under the Loan Documents. 
 Section 6. Miscellaneous. 
 6.1 Confirmation. The provisions of the Credit Agreement (as amended by this Second Amendment) shall remain in full force and effect in accordance
with its terms following the effectiveness of this Second Amendment. 
 6.2 Ratification and Affirmation of the Borrower. The Borrower
hereby expressly (i) acknowledges the terms of this Second Amendment, (ii) ratifies and affirms its obligations under the Credit Agreement and the other Security Instruments to which it is a party, (iii) acknowledges, renews and
extends its continued liability under the Credit Agreement and the other Security Instruments to which it is a party remains in full force and effect with respect to the Indebtedness as amended hereby. 
  

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 6.3 Counterparts. This Second 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. 
 6.4 No Oral Agreement. THIS WRITTEN SECOND 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. 
 6.5 Governing Law. THIS SECOND 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
TEXAS. 
 6.6 Release of Lenders. IN CONSIDERATION OF THIS SECOND AMENDMENT AND, SUBJECT TO THE CONDITIONS
STATED HEREIN, THE BORROWER HEREBY RELEASES, ACQUITS, FOREVER DISCHARGES, AND COVENANTS NOT TO SUE, THE ADMINISTRATIVE AGENT AND EACH OF THE LENDERS, ALONG WITH ALL OF THEIR BENEFICIARIES, OFFICERS, DIRECTORS, AGENTS, EMPLOYEES, SERVANTS, ATTORNEYS
AND REPRESENTATIVES, AS WELL AS THEIR RESPECTIVE HEIRS, EXECUTORS, LEGAL REPRESENTATIVES, ADMINISTRATORS, PREDECESSORS IN INTEREST, SUCCESSORS AND ASSIGNS (EACH INDIVIDUALLY, A “RELEASED PARTY” AND COLLECTIVELY, THE
“RELEASED PARTIES”) FROM ANY AND ALL CLAIMS, DEMANDS, DEBTS, LIABILITIES, SUITS, OFFSETS AGAINST THE INDEBTEDNESS EVIDENCED BY THE LOAN DOCUMENTS AND ACTIONS, CAUSES OF ACTION OR CLAIMS FOR RELIEF OF WHATEVER KIND OR NATURE, WHETHER
KNOWN OR UNKNOWN, SUSPECTED OR UNSUSPECTED BY BORROWER OR ANY OBLIGOR, WHICH BORROWER, ANY OBLIGOR, OR ANY SUBSIDIARY MAY HAVE OR WHICH MAY HEREAFTER ACCRUE RELATED TO ANY ACTIONS OR FACTS OCCURRING PRIOR TO THE SECOND AMENDMENT EFFECTIVE DATE
AGAINST ANY RELEASED PARTY, FOR OR BY REASON OF ANY MATTER, CAUSE OR THING WHATSOEVER OCCURRING ON OR PRIOR TO THE SECOND AMENDMENT EFFECTIVE DATE, WHICH RELATE TO, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY THE CREDIT AGREEMENT, ANY HEDGING
AGREEMENT, ANY NOTE, ANY SECURITY INSTRUMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS EVIDENCED THEREBY, INCLUDING, WITHOUT LIMITATION, ANY DISBURSEMENTS UNDER THE CREDIT AGREEMENT, ANY HEDGING AGREEMENT, ANY NOTES, THE NEGOTIATION OF ANY OF THE
CREDIT AGREEMENT, THE SWAP AGREEMENTS, THE NOTES, OR THE OTHER LOAN DOCUMENTS, THE TERMS THEREOF, OR THE APPROVAL, ADMINISTRATION, ENFORCEMENT OR SERVICING THEREOF. 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to be duly executed effective as
of the Second Amendment Effective Date. 
  

							
	BORROWER:	 		 	REX ENERGY CORPORATION
				
		 		 	By:	 	 /s/ Benjamin W. Hulburt

		 		 	Name:	 	Benjamin W. Hulburt
		 		 	Title:	 	Chief Executive Officer
			
	ADMINISTRATIVE AGENT:	 		 	KEYBANK NATIONAL ASSOCIATION,
		 		 	as Administrative Agent and Lender
				
		 		 	By:	 	 /s/ Todd Coker

		 		 	Name:	 	Todd Coker
		 		 	Title:	 	Assistant Vice President

  

 Second Amendment 
 Signature Page - 5 

							
	LENDERS:	 		 	BNP PARIBAS
				
		 		 	By:	 	 /s/ Betsy Jocher

		 		 	Name:	 	Betsy Jocher
		 		 	Title:	 	Director
				
		 		 	By:	 	 /s/ Edward Pak

		 		 	Name:	 	Edward Pak
		 		 	Title:	 	Vice President

  

 Second Amendment 
 Signature Page - 6 

			
	SOVEREIGN BANK
		
	By:	 	 /s/ Robert D. Lanigan

	Name:	 	Robert D. Lanigan
	Title:	 	Senior Vice President

  

 Second Amendment 
 Signature Page - 7 

			
	ALLIED IRISH BANK
		
	By:	 	 /s/ Mark K. Connelly

	Name:	 	Mark K. Connelly
	Title:	 	Senior Vice President
		
	By:	 	 /s/ Vaughn Buck

	Name:	 	Vaughn Buck
	Title:	 	Executive Vice President

  

 Second Amendment 
 Signature Page - 8 

			
	M&T BANK
		
	By:	 	 /s/ David Ladori

	Name:	 	David Ladori
	Title:	 	Assistant Vice President

  

 Second Amendment 
 Signature Page - 9Bank of America December 26, 2008 Amended Promissory Note

 Exhibit 10.41 
 This Note amends, restates, and supersedes, without satisfaction or novation, that certain promissory note 
 made in favor of LaSalle Bank Midwest National Association, the successor by merger to which is Bank of 
 America, N.A.,
dated December 16, 2005, as amended, in the original principal amount of $17,500,000.00. 
 AMENDED AND RESTATED PROMISSORY NOTE

 Line of Credit 
 BBA LIBOR
Daily Floating Rate 
 $10,000,000.00 
  

			
	Due Date: December 1, 2010	 	Dated: December     , 2008

 FOR VALUE RECEIVED, the undersigned, jointly and severally if more than one maker
(“Borrower”), promise(s) to pay to the order of Bank of America, N.A., a national banking association (“Bank”), at 2600 West Big Beaver Road, Troy, Michigan 48084, or at such other place as the Bank may designate in writing, on
or before the Due Date, the principal sum of Ten Million Dollars ($10,000,000.00), or such lesser amount as may from time to time be outstanding by reason of having been advanced hereunder, plus interest as hereinafter provided on all amounts
outstanding hereunder, all in lawful money of the United States of America. 
 Interest Rate. The principal outstanding under
this Promissory Note (“Note”) from time to time shall bear interest on a basis of a year of 360 days for the actual number of days amounts are outstanding hereunder, at a rate per annum (“Effective Interest Rate”) equal to 125
basis points (1.25%) over the BBA LIBOR Daily Floating Rate (“BBA LIBOR-Based Rate”). The BBA LIBOR-Based Rate shall automatically increase or decrease when and to the extent that the BBA LIBOR Daily Floating Rate shall increase or
decrease. 
 Advances. This Note is given as evidence of any and all indebtedness of the Borrower to the Bank arising as a
result of advances or other credit which may be made under this Note from time to time. The principal amount of indebtedness owing pursuant to this Note shall change from time to time, decreasing in an amount equal to any and all payments of
principal made by the Borrower and increasing by an amount equal to any and all advances made by the Bank to the Borrower pursuant to the terms hereof. The books and records of the Bank shall be conclusive evidence of the amount of principal and
interest owing hereunder at any time. From time to time, the Bank shall furnish Borrower a statement of the amount of principal and interest owing or outstanding hereunder, which statement shall be deemed to be correct, accepted by, and binding upon
Borrower, unless the Bank receives a written statement of exceptions from Borrower within ten (10) days after such statement has been furnished. 
 Payment. Accrued interest shall be payable beginning on January 1, 2009, and continuing on the same day of each consecutive month thereafter. The principal balance and all accrued interest shall be
due on the Due Date. All payments made hereunder shall be applied first against costs and expenses required to be paid hereunder, then against accrued interest to the extent thereof and the balance shall be applied against the outstanding principal
amount hereof. 
 BBA LIBOR Unavailability. If the Bank determines in good faith (which determination shall be conclusive,
absent manifest error) that (i) United States dollar deposits of sufficient amount and maturity for funding the loan evidenced by this Note are not available to the Bank in the London Interbank Eurodollar market in the ordinary course of
business, or (ii) by reason of circumstances affecting the London Interbank Eurodollar market, adequate and fair means do not exist for ascertaining the BBA LIBOR-Based Rate, the Bank shall promptly notify the Borrower thereof and, so long as
the foregoing conditions continue, the BBA LIBOR-Based Rate shall no longer be available hereunder and the principal outstanding under this Note shall bear interest at the Bank’s Prime Rate (the “Prime-Based Rate”). The Prime-Based
Rate shall automatically increase or decrease when and to the extent that the Bank’s Prime Rate shall have been increased or decreased. 
  

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 Regulatory Change. In addition, if, after the date hereof, a Regulatory Change shall, in
the reasonable determination of the Bank, make it unlawful for the Bank to make or maintain the loan evidenced by this Note at a rate based on the BBA LIBOR-Based Rate, the Bank shall promptly notify the Borrower and the BBA LIBOR-Based Rate shall
no longer be available hereunder. Thereafter, the principal outstanding under this Note shall bear interest at the Prime-Based Rate. 
 Indemnity. If any Regulatory Change (whether or not having the force of law) shall (a) impose, modify or deem applicable any assessment, reserve, special deposit or similar requirement against assets held by, or deposits
in or for the account of or loans by, or any other acquisition of funds or disbursements by, the Bank; (b) subject the Bank or the loan evidenced by this Note to any tax, duty, charge, stamp tax or fee or change the basis of taxation of
payments to the Bank of principal or interest due from the Borrower to the Bank hereunder (other than a change in the taxation of the overall net income of the Bank); or (c) impose on the Bank any other condition regarding the loan evidenced by
this Note or the Bank’s funding thereof, and the Bank shall determine (which determination shall be conclusive, absent manifest error) that the result of the foregoing is to increase the cost to the Bank of making or maintaining the loan
evidenced by this Note at a rate based on the BBA LIBOR-Based Rate or to reduce the amount of principal or interest received by the Bank hereunder, then the Borrower shall pay to the Bank, on demand, such additional amounts as the Bank shall, from
time to time, determine are sufficient to compensate and indemnify the Bank for such increased cost or reduced amount. 
 Additional
Definitions. The following terms, as used in this Note, shall have the following meanings: 
 “Bank’s Prime
Rate” means that rate of interest established and designated by the Bank, in its sole discretion, to be its prime rate as the same may be changed from time to time. It is understood and agreed by Borrower that the Prime-Based Rate shall be
determined by reference to the “prime rate” so established and designated by the Bank and not by reference to the actual rate of interest charged by the Bank to any particular borrower or borrowers. 
 “BBA LIBOR Daily Floating Rate” is a fluctuating rate of interest equal to the rate per annum equal to the British Bankers Association
LIBOR Rate, as published by Reuters (or other commercially available source providing quotations of BBA LIBOR as selected by the Bank from time to time) as determined for each banking day at approximately 11:00 a.m. London time two (2) London
Banking Days prior to the date in question, for U.S. Dollar deposits (for delivery on the first day of such interest period) with a one month term, as adjusted from time to time in the Bank’s sole discretion for reserve requirements,
deposit insurance assessment rates and other regulatory costs. If such rate is not available at such time for any reason, then the rate for that interest period will be determined by such alternate method as reasonably selected by the Bank. A
“London Banking Day” is a day on which banks in London are open for business and dealing in offshore dollars. 
 “Regulatory Change” means the introduction of, or any change in any applicable law, treaty, rule, regulation or guideline or in the interpretation or administration thereof by any governmental authority or any central bank
or other fiscal, monetary or other authority having jurisdiction over the Bank or its lending office. 
 Interest Rate Limited to
Maximum Provided by Law. Nothing herein contained, nor any transaction relating hereto, shall be construed or so operate as to require the Borrower to pay, or be charged, interest at a greater rate than the maximum allowed by the applicable
law relating to this Note. Should any interest, or other charges, charged, paid or payable by the Borrower in connection with this Note, or any other document delivered in connection herewith, result in the charging, compensation, payment or earning
of interest in excess of the maximum allowed by applicable law, then any and all such excess shall be and the same is hereby waived by the holder, and any and all such excess paid shall be automatically credited against and in reduction of the
principal due under this Note. If the Bank shall reasonably determine that the interest rate (together with all other charges or payments related hereto that may be deemed interest) stipulated under this Note is, or may be, usurious or otherwise
limited by law, the unpaid balance of this Note, with accrued interest at the highest rate permitted to be charged by stipulation in writing between the Bank and Borrower, at the option of the Bank, shall immediately become due and payable.

  

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 Events of Default. The Borrower, without notice or demand of any kind, shall be in default
under this Note upon the occurrence of any of the following Events of Default: (a) if any amount due and owing on this Note or any fees due the Bank, any expenses incurred by the Bank hereunder or any and all other liabilities and obligations
of the Borrower to the Bank, is not paid when due, or (b) if any other Event of Default, as defined in the Loan Agreement hereinafter referenced, as the same may be amended from time to time, shall occur. 
 Remedies. Upon the occurrence of any Event of Default, the Bank may, without notice, declare the entire unpaid and outstanding principal
balance hereunder and all accrued interest, together with all other indebtedness of Borrower to the Bank, to be due and payable in full forthwith, without presentment, demand or notice of any kind, all of which are hereby expressly waived by
Borrower, and thereupon the Bank shall have and may exercise any one or more of the rights and remedies provided herein or in any loan agreement, mortgage, guaranty, security agreement, assignment or other document relating hereto. The remedies
provided for hereunder are cumulative to the remedies for collection of the amounts owing hereunder as provided by law or by any loan agreement, mortgage, guaranty, security agreement or other document relating hereto. Nothing herein is intended,
nor should it be construed, to preclude the Bank from pursuing any other remedy for the recovery of any other sum to which the Bank may be or become entitled for breach of the terms of this Note or any loan agreement, mortgage, guaranty, security
agreement or other instrument relating hereto. 
 Costs of Collection. Borrower agrees, in case of an Event of Default under
the terms of this Note or under any loan agreement, security or other agreement executed in connection herewith, to pay all costs of the Bank for collection of this Note and all other liabilities of Borrower to the Bank and enforcement of its rights
hereunder, including reasonable attorney fees and legal expenses including participation in Bankruptcy proceedings. 
 Default Rate of
Interest. During any period(s) an Event of Default has occurred and is continuing, or after the Due Date, or after acceleration of maturity, the outstanding principal amount hereof shall bear interest at a rate equal to two percent
(2.0%) per annum greater than the interest rate otherwise charged hereunder. 
 Late Charges. If any required payment is
not made within ten (10) days after the date it is due (other than any balloon payment of principal due on the Due Date), then, at the option of the Bank, a late charge in the amount of five percent (5.0%) of the payment so overdue may be
charged. 
 No Waiver of Default. Acceptance by the Bank of any payment in an amount less than the amount then due shall be
deemed an acceptance on account only, and the failure to pay the entire amount then due shall be and continue to be an Event of Default. Upon any Event of Default, neither the failure of the Bank promptly to exercise its right to declare the
outstanding principal and accrued unpaid interest hereunder to be immediately due and payable, nor the failure of the Bank to demand strict performance of any other obligation of the Borrower or any other person who may be liable hereunder shall
constitute a waiver of any such rights, nor a waiver of such rights in connection with any future default on the part of the Borrower or any other person who may be liable hereunder. 
 Waiver of Jury Trial. BORROWER ACKNOWLEDGES THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL ONE, BUT THAT IT MAY BE WAIVED. BORROWER,
AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF ITS CHOICE, KNOWINGLY AND VOLUNTARILY AND FOR ITS BENEFIT WAIVES ANY RIGHT TO A TRIAL BY JURY WITH RESPECT TO ANY CLAIM, DISPUTE, CONFLICT, OR CONTENTION, IF ANY, AS MAY
ARISE UNDER THIS NOTE OR THE LOAN EVIDENCED BY THIS NOTE, AND AGREES THAT ANY LITIGATION BETWEEN THE PARTIES CONCERNING THIS NOTE OR THE LOAN EVIDENCED BY THIS NOTE SHALL BE HEARD BY A COURT OF COMPETENT JURISDICTION SITTING WITHOUT A JURY.

  

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 General. Borrower and all endorsers and guarantors hereof, if any, hereby jointly and
severally waive presentment for payment, demand, notice of non-payment, notice of protest or protest of this Note, diligence in collection or bringing suit, and hereby consent to any and all extensions of time, renewals, waivers, or modifications
that may be granted by the Bank with respect to payment or any other provisions of this Note, and to the release of any collateral or any part thereof, with or without substitution. The liability of the Borrower shall be absolute and unconditional,
without regard to the liability of any other party hereto. This Note shall be deemed to have been executed in, and all rights and obligations hereunder shall be governed by, the laws of the State of Michigan. 
 Other Documents. This Note has been executed pursuant to the Loan Agreement between the Borrower and the Bank dated December 16, 2005,
as amended (the “Loan Agreement”). In the event of any conflict between the terms of the Loan Agreement and the terms of this Note, the terms of this Note shall control. 
 The Borrower and the Bank may also have signed other documents in conjunction herewith providing for security for this Note or other matters. Reference
is hereby made to the foregoing documents for additional terms relating to the transaction giving rise to this Note, the security or support given for this Note and additional terms and conditions under which this Note matures, may be accelerated or
prepaid. 
  

			
	Borrower:
	
	NEOGEN CORPORATION, a Michigan corporation
	
	  

	By:	 	Richard R. Current
	Its:	 	Vice President and Chief Financial Officer
	
	620 Lesher Place
	Address
	
	Lansing, Michigan 48912

  

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