Exhibit 10.15
Execution Version
AMENDMENT NO. 5
     This Amendment No. 5 dated as of December 31, 2006 (the “Agreement”) is
among Stone Energy Corporation, a Delaware corporation (“Borrower”), the
financial institutions party to the Credit Agreement described below as Banks
(“Banks”), and Bank of America, N.A., as Agent for the Banks (“Agent”) and as
Issuing Bank (“Issuing Bank”).
INTRODUCTION
     A. The Borrower, the Banks, the Issuing Bank, and the Agent have entered
into the Credit Agreement dated as of April 30, 2004, as amended by Amendment
No. 1 dated as of December 14, 2004, Amendment No. 2 dated as of March 28, 2006,
Amendment No. 3 and Waiver dated as of June 16, 2006, and Amendment No. 4 and
Waiver dated as of July 12, 2006 (as so amended, the “Credit Agreement”).
     B. Borrower has requested that the Banks amend the definitions of “EBITDA”,
“Net Income”, and “Tangible Net Worth” in the Credit Agreement.
     THEREFORE, in fulfillment of the foregoing, Borrower, Agent, the Issuing
Bank, and the Banks hereby agree as follows:
     Section 1. Definitions; References. Unless otherwise defined in this
Agreement, each term used in this Agreement which is defined in the Credit
Agreement has the meaning assigned to such term in the Credit Agreement.
     Section 2. Amendment. Effective as of the date specified in Section 5 of
this Agreement, the Credit Agreement is amended as follows:
          (a) The definition of “EBITDA” in Section 1.1 of the Credit Agreement
shall be amended to read in its entirety as follows:
     “EBITDA” means, with respect to any Person and for any period of its
determination, the consolidated Net Income of such Person for such period, plus
the consolidated interest expense, income taxes, depreciation, depletion, and
amortization of such Person for such period.
          (b) The definition of “Net Income” in Section 1.1 of the Credit
Agreement shall be amended to read in its entirety as follows:
     “Net Income” means, for any Person and for any period of its determination,
the net income of such Person determined in accordance with GAAP, excluding,
without duplication, the non-cash impact of (a) impairments, (b) full cost
ceiling test write downs, (c) gains or losses on sale of property, (d)
extraordinary items, and (e) accretion expense (in accordance with SFAS
No. 143).
          (c) The definition of “Tangible Net Worth” in Section 1.1 of the
Credit Agreement shall be amended to read in its entirety as follows:

 

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     “Tangible Net Worth” means, for any Person that is a corporation and as of
the date of its determination, the consolidated Net Worth of such Person,
excluding all consolidated intangible assets of such Person, as determined in
accordance with GAAP, and excluding the non-cash impact on retained earnings of
(a) impairments, (b) full cost ceiling test write downs, and (c) gains or losses
on sale of property.
     Section 3. Reaffirmation of Liens.
          (a) The Borrower (i) is party to certain Security Documents securing
and supporting the Borrower’s obligations under the Credit Documents,
(ii) represents and warrants that it has no defenses to the enforcement of the
Security Documents and that according to their terms the Security Documents will
continue in full force and effect to secure the Borrower’s obligations under the
Credit Documents, as the same may be amended, supplemented, or otherwise
modified, and (iii) acknowledges, represents, and warrants that the liens and
security interests created by the Security Documents are valid and subsisting
and create an Acceptable Security Interest in the Collateral to secure the
Borrower’s obligations under the Credit Documents, as the same may be amended,
supplemented, or otherwise modified.
          (b) The delivery of this Agreement does not indicate or establish a
requirement that any Guaranty or Security Document requires the Borrower’s or
any Guarantor’s approval of amendments to the Credit Agreement.
     Section 4. Representations and Warranties. The Borrower represents and
warrants to the Agent and the Banks that:
          (a) the representations and warranties set forth in the Credit
Agreement and in the other Credit Documents are true and correct in all material
respects as of the date of this Agreement;
          (b) (i) the execution, delivery, and performance of this Agreement are
within the corporate power and authority of the Borrower and have been duly
authorized by appropriate proceedings and (ii) this Agreement constitutes a
legal, valid, and binding obligation of the Borrower, enforceable against the
Borrower in accordance with its terms, except as limited by applicable
bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting
the rights of creditors generally and general principles of equity; and
          (c) as of the effectiveness of this Agreement and after giving effect
thereto, no Default or Event of Default has occurred and is continuing.
     Section 5. Effectiveness. This Agreement shall become effective as of the
date hereof, and the Credit Agreement shall be amended as provided herein, upon
the occurrence of all of the following: (a) the Majority Banks’ and the
Borrower’s duly and validly executing originals of this Agreement and delivery
thereof to the Agent, (b) the representations and warranties in this Agreement
being true and correct in all material respects before and after giving effect
to this Agreement, and (c) the Borrower’s having paid all costs, expenses, and
fees which have been invoiced and are payable pursuant to Section 9.4 of the
Credit Agreement or any other written agreement.
     Section 6. Effect on Credit Documents. Except as amended herein, the Credit
Agreement and the Credit Documents remain in full force and effect as originally
executed, and nothing herein shall act as a waiver of any of the Agent’s or
Banks’ rights under the Credit Documents, as amended. This Agreement is a Credit
Document for the purposes of the provisions of the other Credit Documents.

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Without limiting the foregoing, any breach of representations, warranties, and
covenants under this Agreement may be a Default or Event of Default under other
Credit Documents.
     Section 7. Choice of Law. This Agreement shall be governed by and construed
and enforced in accordance with the laws of the State of Texas.
     Section 8. Counterparts. This Agreement may be signed in any number of
counterparts, each of which shall be an original.
[The remainder of this page has been left blank intentionally.]

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     THIS WRITTEN AGREEMENT AND THE CREDIT DOCUMENTS, AS DEFINED IN THE CREDIT
AGREEMENT, REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL
AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE
PARTIES.
     EXECUTED as of the date first set forth above.

            BORROWER:

STONE ENERGY CORPORATION
      By:   /s/Kenneth H. Beer       Name:   Kenneth H. Beer      Title:  
Senior Vice President and Chief Financial Officer     

                  By:   /s/J. Kent Pierret       Name:   J. Kent Pierret     
Title:   Senior Vice President, Chief Accounting
Officer and Treasurer     

Signature Page to Amendment No. 5

 

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            AGENT AND ISSUING BANK:

BANK OF AMERICA, N.A., as Agent and Issuing Bank
      By:   /s/ Ronald E. McKaig       Name:   Ronald E. McKaig      Title:  
Senior Vice President     

            BANKS:

BANK OF AMERICA, N.A.
      By:   /s/ Ronald E. McKaig       Name:   Ronald E. McKaig      Title:  
Senior Vice President     

Signature Page to Amendment No. 5

 

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            JPMORGAN CHASE BANK, N.A.
      By:   /s/Jo Linda Papadakis       Name:   Jo Linda Papadakis      Title:  
Vice President     

Signature Page to Amendment No. 5

 

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            BMO CAPITAL MARKETS FINANCING, INC. F/K/A HARRIS
NESBITT FINANCING, INC.
      By:         Name:         Title:        

Signature Page to Amendment No. 5

 

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            UNION BANK OF CALIFORNIA, N.A.           By:   s/Alison Fuqua      
Name:   Alison Fuqua      Title:   Investment Banking Officer     

Signature Page to Amendment No. 5

 

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            U.S. BANK NATIONAL ASSOCIATION
      By:   /s/Justin M. Alexander       Name:   Justin M. Alexander     
Title:   Vice President     

Signature Page to Amendment No. 5

 

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            BNP PARIBAS
      By:   /s/ Douglas R. Liftman      /s/ Polly Schott       Name:   Douglas
R. Liftman      Polly Schott      Title:   Managing Director      Vice
President     

Signature Page to Amendment No. 5

 

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            THE ROYAL BANK OF SCOTLAND PLC
      By:         Name:         Title:        

Signature Page to Amendment No. 5

 

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            UFJ BANK LIMITED
      By:         Name:         Title:        

Signature Page to Amendment No. 5

 

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            WHITNEY NATIONAL BANK
      By:   /s/Trudy W. Nelson       Name:   Trudy W. Nelson      Title:   Vice
President     

Signature Page to Amendment No. 5

 

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            COMERICA BANK
      By:   /s/Josh Strong       Name:   Josh Strong      Title:   Corporate
Banking Officer     

Signature Page to Amendment No. 5

 

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            MIZUHO CORPORATE BANK, LTD.
      By:   /s/Leon Mo       Name:   Leon Mo      Title:   Senior Vice
President     

Signature Page to Amendment No. 5

 

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            BANK OF SCOTLAND
      By:   /s/Karen Weich       Name:   Karen Weich      Title  Vice President
     

Signature Page to Amendment No. 5

 

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            CAPITAL ONE, N.A.
      By:   / s/Paul D. Hein       Name:   Paul D. Hein      Title:   Vice
President     

Signature Page to Amendment No. 5

 

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            NATIXIS
      By:   /s/Louis P. Laville, III       Name:   Louis P. Laville, III     
Title:   Managing Director     

                  By:   /s/Timothy L. Polvado       Name:   Timothy L. Polvado 
    Title:   Managing Director     

Signature Page to Amendment No. 5