SEC Contract Filing

Filing Date: 2016-08-01

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>v445527_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">THIRD AMENDMENT
TO FORBEARANCE AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This THIRD AMENDMENT
TO FORBEARANCE AGREEMENT (this &ldquo;<B>Amendment</B>&rdquo;), dated July&nbsp;29, 2016, is by and among<FONT STYLE="color: #080808">
</FONT><B>ENERJEX RESOURCES, INC.</B>, a Nevada corporation (&ldquo;<B>Parent</B>&rdquo;), <B>ENERJEX KANSAS, INC. </B>(f/k/a Midwest
Energy, Inc.), a Nevada corporation (&ldquo;<B>EnerJex Kansas</B>&rdquo;), <B>WORKING INTEREST, LLC</B>, a Kansas limited liability
company (&ldquo;<B>Working Interest</B>&rdquo;), <B>BLACK SABLE ENERGY, LLC</B>, a Texas limited liability company (&ldquo;<B>Black
Sable</B>&rdquo;), <B>BLACK RAVEN ENERGY, INC.</B>, a Nevada corporation (&ldquo;<B>Black Raven</B>&rdquo;), <B>ADENA, LLC</B>,
a Colorado limited liability company (&ldquo;<B>Adena</B>&rdquo;; together with Parent, EnerJex Kansas, Working Interest, Black
Sable and Black Raven, collectively, &ldquo;<B>Borrowers</B>&rdquo; and each, a &ldquo;<B>Borrower</B>&rdquo;), and <B>TEXAS CAPITAL
BANK, N.A.</B>, a national banking association, as a Bank, L/C Issuer and Administrative Agent (in such latter capacity and together
with its successors and permitted assigns in such capacity the &ldquo;<B>Administrative Agent</B>&rdquo;), and the several banks
and financial institutions from time to time parties to the Credit Agreement, as defined below (the &ldquo;<B>Banks</B>&rdquo;).
Terms defined in the Forbearance Agreement between the Administrative Agent, the Banks, and the Borrowers dated April&nbsp;4, 2016,<B>
</B>(the &ldquo;<B>Forbearance Agreement</B>&rdquo;), are used herein as therein defined, unless otherwise defined herein or the
context otherwise requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">R E C I T A L S:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Borrowers
have requested that the Banks extend the Forbearance Period of the Forbearance Agreement;<B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, Events of
Default exist under the Credit Agreement and are not being satisfied or waived by this Amendment; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Lenders
are willing to extend the Forbearance Period of the Forbearance Agreement under the terms and conditions set forth herein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in
consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the Borrowers, the Administrative Agent<B> </B>and the Banks agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&#9;<I>Additional
Definitions</I>. The following definition is hereby added to <U>Section&nbsp;10.1</U> of the Credit Agreement as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Third</B>
<B>Amendment to Forbearance Agreement</B>&rdquo; means the Third Amendment to Forbearance Agreement dated July&nbsp;29, 2016, between
Administrative Agent, the Banks, and the Borrowers, amending the Forbearance Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&#9;<I>Amended Definitions</I>.
The following definition in <U>Section&nbsp;10.1</U> of the Credit Agreement is hereby amended and restated in its entirety as
follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">&ldquo;<B>Termination
Event</B>&rdquo; means the earliest to occur of: (i) October&nbsp;1, 2016, (ii) the occurrence of a Non-Forbearance Default, (iii)
any of the Borrowers has violated or failed to satisfy any provision of the Forbearance Agreement within the time limitations set
forth in the Forbearance Agreement, time being of the essence in the perf