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Exhibit 4.8(b)
EXECUTION COPY
Amendment Agreement
Endeavour International Holding B.V.
and
the Guarantors
and
Credit Suisse
as Administrative Agent
to the Second Lien Credit and Guarantee Agreement,
dated as of October 31, 2006
THIS AMENDMENT AGREEMENT is dated as of March 13, 2007
(this " Amendment Agreement "):
AMONG:
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(1)
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ENDEAVOUR INTERNATIONAL HOLDING B.V. a
private limited liability company formed under the laws of the
Netherlands (the " Borrower ");
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(2)
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the GUARANTORS party hereto;
and
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(3)
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CREDIT SUISSE , as Administrative
Agent.
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WHEREAS:
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(A)
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The parties to this Amendment Agreement entered
into the Second Lien Credit and Guarantee Agreement (the "
Second Lien Agreement ") dated as of October 31, 2006
for the provision of a term loan facility of up to
US$75,000,000.
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(B)
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At the request of the Borrower, the
Administrative Agent, with the consent of the Majority Lenders in
accordance with Section 13.02(b) of the Second Lien Agreement,
has agreed to make certain amendments to the Second Lien Agreement
upon the terms set out in this Amendment Agreement.
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THE PARTIES AGREE AS FOLLOWS:
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1.
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Terms defined in the Second Lien Agreement shall,
save to the extent that the context otherwise requires, bear the
same meaning in this Amendment Agreement and in addition "
Effective Date " shall with respect to this Amendment
Agreement have the meaning given to that term in clause 12
below.
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2.
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With effect from the Effective Date, the Second
Lien Agreement shall be amended as set out in clauses 3, 4, 5, 6,
7, 8, 9, 10 and 11 below.
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3.
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The following definitions shall be
inserted:
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(a)
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" ICE " means the IntercontinentalExchange
(or its successor).
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(b)
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" Heren " means the Heren Monthly Index
(or its successor).
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(c)
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" Special Acquisition Expenses " means any
extraordinary, non-recurring expenses relating to the Acquisition
which were incurred in the fiscal quarter ending December 31,
2006.
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4.
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The definition of "Debt" in the Second Lien
Agreement shall be amended by inserting the following words ";
provided , however , that in the case of any
application of the term "Debt" in determining "Total Debt" or
"Total Secured Debt" for purposes of calculating the Reserve
Secured Debt Coverage Ratio, the Reserve Total Debt Coverage Ratio,
or the Total Leverage Ratio, any undrawn letters of credit, surety
or other bonds, or other similar instruments shall not, for the
purposes of such calculation, be included in the calculation of
"Debt"" at the end of the definition.
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5.
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The definition of "EBITDA" in the Second Lien
Agreement shall be amended by inserting the words ";
provided , however , that, in calculating EBITDA for
any Measurement Period (i) which includes the fiscal quarter
ended December 31, 2006, any Special Acquisition Expenses
incurred during such fiscal quarter shall be added to Consolidated
Net Income (to the extent subtracted in calculating Consolidated
Net Income), and (ii) which includes the fiscal quarters ended
March 31, 2007 or June 30, 2007, any extraordinary,
non-recurring expenses or gains incurred during such fiscal quarter
shall be added to or subtracted from, as the case may be,
Consolidated Net Income (to the extent subtracted
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2
or added in calculating Consolidated Net Income) prior to
performing the multiplication referred to in clause (b) or clause
(c) of the proviso in the definition of "Measurement Period",
and subsequently subtracted from or added to, as the case may be,
the product of such multiplication" at the end of the
definition.
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6.
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The definition of "Fiscal Year" in the Second
Lien Agreement shall be amended by inserting the words ";
provided , further , that any Subsidiary of Endeavour
International may change its Fiscal Year such that the end of its
fiscal year occurs on a date other than December 31 (including
Fiscal Year 2006), so long as (x) the Administrative Agent is
given written notice of such change within 30 Business Days after
such change is effected, and (y) in no event shall any Fiscal
Year be in excess of 16 months long" at the end of the
definition.
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7.
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The definition of "Present Value" in the Second
Lien Agreement shall be amended by deleting the words ", in each
case based upon the actual monthly price quoted on NYMEX for the
applicable month, in effect at the time," and inserting the words
", in the case of the monthl
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