Document:

Exhibit 10.4

This document constitutes part of a prospectus covering securities 
that have been registered under the Securities Act of 1933, as amended.

WESTERN REFINING, INC. EQUITY INCENTIVE PLAN 
RESTRICTED SHARE UNIT AWARD AGREEMENT

Western Refining, Inc., a Delaware corporation (the “Company”), hereby grants to [___________________] (the “Participant”) this Award of Restricted Share Units (“RSUs”) pursuant to the 2010 Incentive Plan of Western Refining, Inc. (the “Plan”) upon the following terms and conditions:
	
		
	Name of Participant:
	 

	 
	 

	Grant Date:
	 

	 
	 

	Number of RSUs:
	 

1.This Award is subject to all terms and conditions of this Award Agreement and the Plan.  The terms of the Plan are hereby incorporated by reference.  Capitalized terms not otherwise defined herein shall have the meaning assigned to such term in the Plan.
2.    Each RSU represents a right to a future payment equal to the Fair Market Value of one Share at the time of such payment.  Such payment may, at the Committee’s election, be in cash or Shares or a combination thereof.
3.    To the extent dividends are paid on Shares after the Grant Date and prior to the settlement, forfeiture or cancellation of an RSU (such period, the “Dividend Accrual Period”), the Participant shall be entitled to receive, at the time such RSU is settled in accordance with its terms, a payment in an amount equal to the value (without interest) of the dividends that would have been paid on the Shares underlying such RSU had such Shares been outstanding during the Dividend Accrual Period (any such dividends, the “Accrued Dividends”).  Notwithstanding the foregoing, to the extent an RSU is forfeited or cancelled, any Accrued Dividends with respect to such RSU shall be forfeited in full.
4.    Subject to the terms and conditions of the Plan and this Award Agreement, and subject to the Participant’s continued employment, defined below, as of the relevant Vesting Date, as hereinafter defined, the Participant shall be entitled to receive (and the Company shall deliver to the Participant) the number of Shares underlying the RSUs (or a cash payment therefor) in accordance with the following schedule.  For purposes of this Award Agreement, “Vesting Date” shall mean the dates set forth below and any other date on which the RSU becomes nonforfeitable in accordance with Section 5.  Except as provided in Section 5, the RSU shall be settled by the delivery of Shares, or the value thereof, on or promptly following the Vesting Date applicable thereto, but not later than December 31 of the year in which such Vesting Date occurs.

Restricted Share Unit Award
Page 1 of 5

	
			
	On or after Vesting Date
	But Not Later Than
	Shares

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

5.    (A) If the Participant terminates employment for any reason prior to the vesting of any RSUs in accordance with the schedule set forth in Section 4 hereof, any unvested RSUs hereunder as of the date of such termination shall automatically be forfeited and cancelled by the Company unless provided otherwise by any employment contract between the Participant and the Company or otherwise accelerated by the Committee, in its sole discretion.  Notwithstanding the foregoing, all RSUs not then vested shall immediately become nonforfeitable if Participant’s employment, defined below, is terminated due to Participant’s Disability or death.
(b)     In the event of a Change in Control, as hereinafter defined, any RSUs which have not yet become nonforfeitable shall accelerate and become nonforfeitable immediately upon the Change in Control.  
(c)     For purposes of this Award, a “Change in Control” shall occur on any one of the following:
		
	(i)
	the date that any one person, or more than one person acting as a group (as defined for purposes of Section 409A), acquires ownership of stock of the Company that, together with stock held by such person or group, constitutes more than 50 percent of the total fair market value or total voting power of the stock of the Company.  Notwithstanding the foregoing, it will not be a change in control if the controlling shareholders, as defined in the Company’s Form 10-K filed on February 9, 2008, acting individually or as a group (as defined for purposes of Section 409A), acquire ownership of stock of the Company that, together with stock held by such person or group, constitutes more than 50 percent of the total fair market value or total voting power of the stock of the Company.

		
	(ii)
	the date a majority of members of the Company’s board of directors is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Company’s board of directors before the date of the appointment or election.

		
	(iii)
	the date that any one person, or more than one person acting as a group (as defined for purposes of Section 409A), acquires (or has acquired during the 12-month period ending on the date of the 

Restricted Share Unit Award
Page 2 of 5

most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 40 percent of the total gross fair market value of all of the assets of the Company immediately before such acquisition or acquisitions.  For this purpose, gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.
		
	(iv)
	The events specified in this Section 5(c) are intended to be events that in each case would be treated as a change in ownership or control of the Company or of a substantial portion of its assets, for purposes of Section 409A, and shall be interpreted accordingly.

(d)     If Participant’s employment with the Company terminates other than by reason of Disability or death, the RSUs (to the extent not then vested) shall be forfeited as of the date Participant’s employment, defined below, so terminates unless provided otherwise by any employment contract between the Participant and the Company or otherwise accelerated by the Committee, in its sole discretion.
6.    For purposes of this Award Agreement, Participant shall be considered to be in the employment of the Company as long as Participant remains an Employee of either the Company, a parent or subsidiary corporation (as defined in section 424 of the Code) of the Company, or a corporation or a parent or subsidiary of any corporation assuming this Agreement, or as long as Participant remains a director of the Company, as the case may be.  Any question as to whether and when there has been a termination of such employment, and the cause of such termination, shall be determined by the Committee in its sole discretion, and its determination shall be final.
7.    The Company shall have the right to take any action as may be necessary or appropriate to satisfy any federal, state or local tax withholding obligations, including, but not limited to, the right to withhold cash or shares sufficient to pay any amount required to be withheld and to cause such shares to be sold and the proceeds remitted to the Company.  In the event that the proceeds of such sale are less than the legally required withholding amount, the Company may withhold the difference from any cash or shares then or thereafter payable to Participant.  The Company makes no commitment or guarantee to Participant that any federal or state tax treatment will apply or be available to any person eligible for benefits under this Award Agreement.
8.    An RSU does not represent an equity interest in the Company, and carries no voting rights.  The Participant will not have any rights of a shareholder with respect to the RSUs until the Shares have been delivered to him.
9.    Notices hereunder and under the Plan, if to the Company, shall be delivered to the Plan Administrator (as so designated by the Company) or mailed to the Company’s principal office, Western Refining, Inc., 123 West Mills Avenue, Suite 200, El Paso, Texas 

Restricted Share Unit Award
Page 3 of 5

79901, attention of the Plan Administrator, or, if to the Participant, shall be delivered or mailed to the Participant’s address as the same appears on the records of the Company.
10.    All decisions and interpretations made by the Board or the Committee with regard to any question arising hereunder or under the Plan shall be binding and conclusive on all persons.  In the event of any inconsistency between the provisions of this Award Agreement and the Plan, this Award Agreement shall govern.
11.    By accepting this Award, the Participant acknowledges receipt of a copy of the Plan, agrees to be bound by the terms and conditions set forth in this Award Agreement and the Plan, as in effect from time to time, and agrees to enter into any such written representations, warranties and agreements and execute any such documents as the Company may reasonably request in order to comply with the terms of this Award Agreement, the Plan, any securities laws or any other applicable laws, rules or regulations.
12.    This Award Agreement shall be governed by the laws of the state of Texas without giving effect to its choice of law provisions.  The state or federal courts sitting in Dallas County, Texas shall be the exclusive venue for any dispute regarding the Plan or this Award Agreement.
13.    In the event that any provision of this Award Agreement shall be held illegal, invalid or unenforceable for any reason, such provision shall be fully severable and shall not affect the remaining provisions of this Award Agreement, and this Award Agreement shall be construed and enforced as if the illegal, invalid or unenforceable provision had never been included herein.
[REMAINDER OF PAGE INTENTIONALLY BLANK]

Restricted Share Unit Award
Page 4 of 5

	
		
	WESTERN REFINING, INC.

	By:
	 

	Name:    

	Title:    

	
		
	 
	Acknowledged and Agreed

	 
	PARTICIPANT

	Name:
	 

	Date:
	 

Restricted Share Unit Award
Page 5 of 5exhibit10_1.htm

Exhibit 10.1

  

 

 

FIFTH AMENDMENT TO SECOND AMENDED AND RESTATED

 

FIRST LIEN CREDIT AGREEMENT

 

This FIFTH AMENDMENT TO SECOND AMENDED AND RESTATED FIRST LIEN CREDIT AGREEMENT (“Amendment”), dated as of May 1, 2013 (the “Effective Date”), is by and among Energy XXI Gulf Coast, Inc., a Delaware corporation (the “Borrower”), the lenders party to the Credit Agreement described below (the “Lenders”), and The Royal Bank of Scotland plc, as administrative agent for the Lenders (in such capacity, the “Administrative Agent”), and the other parties in the capacities herein identified.

 

RECITALS

 

WHEREAS, the Borrower, the Lenders, the Administrative Agent and certain other Persons are parties to the Second Amended and Restated First Lien Credit Agreement, dated as of May 5, 2011, as amended by the First Amendment to Second Amended and Restated First Lien Credit Agreement dated as of October 4, 2011, by the Second Amendment to Second Amended and Restated First Lien Credit Agreement dated as of May 24, 2012, by the Third Amendment to Second Amended and Restated First Lien Credit dated as of October 19, 2012 and by the Fourth Amendment to Amended and Restated Credit Agreement dated as of April 9, 2013 (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Credit Agreement”); and

 

WHEREAS, the Borrower has requested that the Administrative Agent, the Swing Line Lender, each Issuer, and the Lenders amend the Credit Agreement in certain respects as set forth herein.

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants, representations and warranties contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

AGREEMENT

 

Section 1.                      Definitions.

 

  Capitalized terms used herein but not defined herein shall have the meanings as given them in the Credit Agreement, unless the context otherwise requires.

 

Section 2.                      Amendment to Section 7.2.6(d) of the Credit Agreement.

 

  Section 7.2.6(d) of the Credit Agreement is hereby amended and restated in its entirety to the following:

 

(d)           Restricted Payments

 

to Parent or Subsidiaries of Parent in an amount not to exceed during any calendar year commencing in calendar year 2013, $350,000,000 in the aggregate;

 

  

  

  

provided, however, that notwithstanding the foregoing, the aggregate of all Restricted Payments made from June 30, 2011 pursuant to this subsection (d) shall not exceed an amount equal to the sum of $70,000,000 plus 50% of the Consolidated Net Income of the Borrower for the period (taken as one accounting period) from October 1, 2010 to the end of the Borrower’s most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment (or, if such Consolidated Net Income for such period is a deficit, less 100% of such deficit) plus 100% of the aggregate net cash proceeds received by the Borrower (and the Fair Market Value of any Property to the extent acquired in consideration of Equity Interests of the Borrower (other than Disqualified Stock)) after December 17, 2010 as a contribution to its common equity capital or from the issue or sale of Equity Interests of the Borrower (other than Disqualified Stock) or from the issue or sale of convertible or exchangeable Disqualified Stock or convertible or exchangeable debt securities of the Borrower that have been converted into or exchanged for such Equity Interests (other than Equity Interests (or Disqualified Stock or debt securities) sold to a Subsidiary of the Borrower), provided, further,  however, that such Restricted Payments under this Section 7.2.6(d) may be made only so long as (i) no Default or Borrowing Base Deficiency has occurred and is continuing, or shall be caused thereby, (ii) the sum of (A) an amount equal to (I) the lesser of the Aggregate Commitment and the Borrowing Base less (II) the aggregate amount of the Credit Exposure of all Lenders plus (B) the aggregate amount of all cash and Cash Equivalent Investments of the Borrower and its Subsidiaries after giving effect to such proposed Restricted Payment, shall equal or exceed the greater of $150,000,000 and an amount equal to 15% of the lesser of the Aggregate Commitment and the Borrowing Base, and (iii) prior to the making of any such Restricted Payment (or any Investment permitted pursuant to Section 7.2.5(m) in lieu of a Restricted Payment), the Borrower delivers a certificate substantially in the form of Exhibit K hereto with appropriate insertions to the Administrative Agent certifying as to the satisfaction of the conditions set forth in the immediately foregoing clauses (i) and (ii), to the extent applicable and certifying the aggregate amount of all such Restricted Payments (and Investments in lieu thereof) made from the first day of the relevant calendar year up to and including the date of such Restricted Payment; and

 

Section 3.                      Amendment to Exhibit K of Credit Agreement.  Exhibit K of the Credit Agreement is deleted and replaced by the Exhibit K in the form attached hereto as Annex I.

 

Section 4.                      Conditions to Effectiveness.

 

  This Amendment shall become effective as of the Effective Date when all of the conditions set forth in this Section 3 have been satisfied.

 

(a)           The Administrative Agent shall have received counterparts (in such number as may be requested by the Administrative Agent) of this Amendment signed on behalf of the Borrower, the Administrative Agent, the Swing Line Lender, the Issuers and the Required Lenders.

 

The Administrative Agent shall have received counterparts of each applicable work fee letter signed on behalf of each party thereto (the “Work Fee Letter”).

 

(c)           The Administrative Agent shall have received a certificate from the Borrower certifying as to the matters set forth in Section 5.2.1 of the Credit Agreement, provided that each reference to a “Credit Extension” shall be deemed to be a reference to entering into this Amendment and the transactions contemplated hereby.

 

  

-2-

  

(d)           The Administrative Agent shall have received such other documents and amendments to the Loan Documents as it may reasonably request.

 

(e)           The representations and warranties in Section 4 below shall be true and correct.

 

(f)           No Default, Event of Default or Borrowing Base Deficiency shall have occurred and be continuing.

 

(g)           The Administrative Agent shall have received for its own account, or for the account of each Lender, as the case may be, all fees, costs and expenses due and payable pursuant to Section 3.3 of the Credit Agreement, the Work Fee Letter and, if then invoiced, pursuant to Section 10.3 of the Credit Agreement.

 

Section 5.                      Representations and Warranties.

 

  The Borrower hereby represents and warrants that after giving effect hereto:

 

(a)           the representations and warranties of the Obligors contained in the Loan Documents are true and correct in all material respects, other than those representations and warranties that expressly relate solely to a specific earlier date, which shall remain correct in all material respects as of such earlier date;

 

(b)           the execution, delivery and performance by the Borrower and each other Obligor of this Amendment and the other Loan Documents have been duly authorized by all necessary corporate or other action required on their part and this Amendment, along with the Credit Agreement as amended hereby and the other Loan Documents, constitutes the legal, valid and binding obligation of each Obligor a party thereto enforceable against them in accordance with its terms, except as its enforceability may be affected by the effect of bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to or affecting the rights or remedies of creditors generally;

 

(c)           neither the execution, delivery and performance of this Amendment by the Borrower and each other Obligor, the performance by them of the Credit Agreement as amended hereby nor the consummation of the transactions contemplated hereby does or shall contravene, result in a breach of, or violate (i) any provision of any Obligor’s certificate or articles of incorporation or bylaws or other similar documents, or agreements, (ii) any law or regulation, or any order or decree of any court or government instrumentality, or (iii) any indenture, mortgage, deed of trust, lease, agreement or other instrument to which any Obligor or any of its Subsidiaries is a party or by which any Obligor or any of its Subsidiaries or any of their property is bound, except in any such case to the extent such conflict or breach has been waived by a written waiver document, a copy of which has been delivered to Administrative Agent on or before the date hereof; and

 

(d)           no Default or Event of Default or Borrowing Base Deficiency has occurred and is continuing.

 

Section 6.                      Loan Document; Ratification.

 

(a)           This Amendment is a Loan Document.

 

(b)           The Borrower and each other Obligor hereby ratifies, approves and confirms in every respect all the terms, provisions, conditions and obligations of the Credit Agreement as amended hereby and each of the other Loan Documents including without limitation all Mortgages, Security Agreements, Guaranties, Control Agreements and other Security Documents, to which it is a party.

 

  

-3-

  

Section 7.                      Costs and Expenses.

 

  As provided in Section 10.3 of the Credit Agreement, the Borrower agrees to reimburse Administrative Agent for all fees, costs, and expenses, including the reasonable fees, costs, and expenses of counsel or other advisors for advice, assistance, or other representation, in connection with this Amendment and any other agreements, documents, instruments, releases, terminations or other collateral instruments delivered by the Administrative Agent in connection with this Amendment.

 

Section 8.                      GOVERNING LAW.

 

  THIS AMENDMENT SHALL BE DEEMED A CONTRACT AND INSTRUMENT MADE UNDER THE LAWS OF THE STATE OF NEW YORK AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK AND THE LAWS OF THE UNITED STATES OF AMERICA, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

 

Section 9.                      Severability.

 

  Any provision of this Amendment that is prohibited or unenforceable in any jurisdiction shall, as to such provision and such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Amendment or affecting the validity or enforceability of such provision in any other jurisdiction.

 

Section 10.                      Counterparts.

 

  This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument, and any party hereto may execute this Amendment by signing one or more counterparts.  Any signature hereto delivered by a party by facsimile or electronic transmission shall be deemed to be an original signature hereto.

 

Section 11.                      No Waiver.

 

  Except as expressly set forth in this Amendment, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any default of the Borrower or any other Obligor or any right, power or remedy of the Administrative Agent or the other Secured Parties under any of the Loan Documents, nor constitute a waiver of (or consent to departure from) any terms, provisions, covenants, warranties or agreements of any of the Loan Documents.  The parties hereto reserve the right to exercise any rights and remedies available to them in connection with any present or future defaults with respect to the Credit Agreement or any other provision of any Loan Document.

 

Section 12.                      Successors and Assigns.

 

  This Amendment shall be binding upon the Borrower and each other Obligor party hereto and their successors and permitted assigns and shall inure, together with all rights and remedies of each Secured Party hereunder, to the benefit of each Secured Party and their respective successors, transferees and assigns.

 

Section 13.                      Entire Agreement.

 

  THIS AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT OF THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF 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.

 

(Signature Pages Follow)

  

-4-

  

 

In Witness Whereof, the parties hereto have caused this Amendment to be duly executed and delivered by their respective duly authorized officers as of the date first written above.

 

	
  

	
BORROWER:

 

	
  

	
ENERGY XXI GULF COAST, INC.

 

	
  

	
By:

	
   /s/ Ben Marchive                                       

 

	
  

	
Name:  Ben Marchive

 

	
  

	
Title:  President

  

  

  

 

	
  

	
ADMINISTRATIVE AGENT, ISSUERS AND LENDERS:

 

	
  

	
THE ROYAL BANK OF SCOTLAND plc, as Administrative Agent, Issuer and Lender

 

	
  

	
By:

	
  /s/ Sanjay Remond                                      

 

	
  

	
Name:  Sanjay Remond

 

	
  

	
Title:  Authorised Signatory

  

  

  

 

	
  

	
UBS AG, STAMFORD BRANCH, as Lender and Issuer

 

	
  

	
By:

	
  /s/ Lana Gifas                                               

 

	
  

	
Name: Lana Gifas

 

	
  

	
Title:   Director

 

	
  

	
By:

	
  /s/ Joselin Fernandes                                    

 

	
  

	
Name: Joselin Fernandes

 

	
  

	
Title:   Associate Director

  

  

  

 

	
  

	
WELLS FARGO BANK, N.A., as Issuer and Lender

 

	
  

	
By:

	
   /s/ Patrick J. Fults                                      

 

	
  

	
Name:  Patrick J. Fults

 

	
  

	
Title:  Vice President

  

  

  

 

	
  

	
CAPITAL ONE, NATIONAL ASSOCIATION, as Lender

 

	
  

	
By:

	
   /s/ Robert S. James                                      

 

	
  

	
Name:  Robert S. James

 

	
  

	
Title:  Vice President

  

  

  

 

	
  

	
REGIONS BANK, as Lender and

	
  

	
as Swing Line Lender

 

	
  

	
By:

	
   /s/ Kelly L. Elmore III                                

 

	
  

	
Name:  Kelly L. Elmore III

 

	
  

	
Title:  Senior Vice President

  

  

  

 

	
  

	
ING CAPITAL LLC, as Lender

 

	
  

	
By:

	
   /s/ Juli Bieser                                               

 

	
  

	
Name:  Juli Bieser

 

	
  

	
Title:  Director

  

  

  

 

	
  

	
NATIXIS, as Lender

 

	
  

	
By:

	
   /s/ Timothy Polvado                                    

 

	
  

	
Name:  Timothy Polvado

 

	
  

	
Title:    Senior Managing Director

 

	
  

	
By:

	
    /s/ Mary Lou Allen                                     

 

	
  

	
Name:  Mary Lou Allen

 

	
  

	
Title:    Director

  

  

  

 

	
  

	
THE BANK OF NOVA SCOTIA, as Lender

 

	
  

	
By:

	
   /s/ Terry Donovan                                       

 

	
  

	
Name:  Terry Donovan

 

	
  

	
Title:  Managing Director

  

  

  

 

	
  

	
CITIBANK, N.A., as Lender

 

	
  

	
By:

	
   /s/ Peter Kardos                                      

 

	
  

	
Name:  Peter Kardos

 

	
  

	
Title:  Vice President

  

  

  

 

	
  

	
BARCLAYS BANK PLC, as Lender

 

	
  

	
By:

	
    /s/ Vanessa A. Kurbatskiy                          

 

	
  

	
Name:  Vanessa A. Kurbatskiy

 

	
  

	
Title:    Vice President

  

  

  

 

	
  

	
CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Lender

 

	
  

	
By:

	
   /s/ Kevin Buddhdew                                    

 

	
  

	
Name:  Kevin Buddhdew

 

	
  

	
Title:  Authorized Signatory

 

	
  

	
By:

	
   /s/ Michael Spaight                                     

 

	
  

	
Name:  Michael Spaight

 

	
  

	
Title:  Authorized Signatory

  

  

  

 

	
  

	
TORONTO DOMINION (TEXAS) LLC, as Lender

 

	
  

	
By:

	
    /s/ Marie Fernandes                                    

 

	
  

	
Name:  Marie Fernandes

 

	
  

	
Title:  Authorized Signatory

  

  

  

 

	
  

	
AMEGY BANK NATIONAL ASSOCIATION, as Lender

 

	
  

	
By:

	
   /s/ Kevin A. James                                      

 

	
  

	
Name:  Kevin A. James

 

	
  

	
Title:  Vice President

  

  

  

 

	
  

	
IBERIABANK, as Lender

 

	
  

	
By:

	
   /s/ Cameron D. Jones                                  

 

	
  

	
Name:  Cameron D. Jones

 

	
  

	
Title:  Vice President

  

  

  

 

	
  

	
COMERICA BANK, as Lender

 

	
  

	
By:

	
   /s/ Jeff Treadway                                      

 

	
  

	
Name:  Jeff Treadway

 

	
  

	
Title:    Vice President

  

  

  

 

	
  

	
WHITNEY BANK, as Lender

 

	
  

	
By:

	
   /s/ Liana Tchernysheva                               

 

	
  

	
Name:  Liana Tchernysheva

 

	
  

	
Title:  Senior Vice President

  

  

  

 

	
  

	
ACKNOWLEDGED AND AGREED AS OF THE DATE FIRST ABOVE WRITTEN:

 

	
  

	
ENERGY XXI GOM, LLC

 

	
  

	
By:

	
   /s/ Ben Marchive                                      

 

	
  

	
Name:  Ben Marchive

 

	
  

	
Title:  President

 

	
  

	
ENERGY XXI TEXAS ONSHORE, LLC

 

	
  

	
By:

	
   /s/ Ben Marchive                                      

 

	
  

	
Name:  Ben Marchive

 

	
  

	
Title:  President

 

	
  

	
ENERGY XXI ONSHORE, LLC

 

	
  

	
By:

	
   /s/ Ben Marchive                                      

 

	
  

	
Name:  Ben Marchive

 

	
  

	
Title:  President

 

	
  

	
ENERGY XXI PIPELINE, LLC

 

	
  

	
By:

	
   /s/ Ben Marchive                                      

 

	
  

	
Name:  Ben Marchive

 

	
  

	
Title:  President

 

	
  

	
ENERGY XXI LEASEHOLD, LLC

 

	
  

	
By:

	
   /s/ Ben Marchive                                      

 

	
  

	
Name:  Ben Marchive

 

	
  

	
Title:  President

 

  

  

  

	
  

	
ENERGY XXI PIPELINE II, LLC

 

	
  

	
By:

	
   /s/ Ben Marchive                                      

 

	
  

	
Name:  Ben Marchive

 

	
  

	
Title:  President

 

	
  

	
MS ONSHORE, LLC

 

	
  

	
By:

	
   /s/ Ben Marchive                                      

 

	
  

	
Name:  Ben Marchive

 

	
  

	
Title:  President

 

	
  

	
ACKNOWLEDGED AND AGREED AS OF THE DATE FIRST ABOVE WRITTEN IN ITS CAPACITY AS GUARANTOR UNDER ITS LIMITED RECOURSE GUARANTY AND GRANTOR UNDER ITS PLEDGE AGREEMENT AND IRREVOCABLE PROXY DELIVERED IN CONNECTION WITH THE FIRST LIEN CREDIT AGREEMENT:

 

	
  

	
ENERGY XXI U.S.A., INC

 

	
  

	
By:

	
   /s/ Ben Marchive                                      

 

	
  

	
Name:  Ben Marchive

 

	
  

	
Title:  President

  

  

  

 

ANNEX I

 

EXHIBIT K

 

 

RESTRICTED PAYMENT CERTIFICATE

 

 

ENERGY XXI GULF COAST, INC.

 

 

[_______________] [___], 201[__]

 

This certificate is delivered pursuant to Section 7.2.6(d) of the Second Amended and Restated First Lien Credit Agreement, dated as of May 5, 2011, as amended from time to time, by and among Energy XXI Gulf Coast, Inc., as the Borrower, certain financial institutions and other persons from time to time parties thereto, as the Lenders, The Royal Bank of Scotland plc, as the Administrative Agent, and the other persons parties thereto in the capacities therein specified (as amended, supplemented, amended and restated or otherwise modified from time to time, the “First Lien Credit Agreement”).  Terms used herein, unless otherwise defined herein, have the meanings provided in the First Lien Credit Agreement.

 

[_________________] hereby represents and warrants that he is an Authorized Officer of the Borrower and further certifies, represents and warrants (as of the date hereof) to each of the following statements, for and on behalf of the Borrower:

 

1.           Restricted Payment.  The Borrower proposes to make a Restricted Payment pursuant to Section 7.2.6(d) of the First Lien Credit Agreement (or an Investment permitted by Section 7.2.5(m) in lieu thereof), which such Restricted Payment (or Investment) shall be made in the amount of $[_____________] (the “Proposed Restricted Payment”).

 

2.           No Default or Deficiency.  No Default or Borrowing Base Deficiency has occurred and is continuing as of the date hereof or shall be caused by the making of the Proposed Restricted Payment (or Investment).

 

3.           Financial Test.  After giving effect to such Proposed Restricted Payment or the sum of (a) an amount equal to (i) the lesser of the Aggregate Commitment and the Borrowing Base less (ii) the aggregate amount of the Credit Exposure of all Lenders plus (b) the aggregate amount of all cash and Cash Equivalent Investments of the Borrower and its Subsidiaries, shall equal or exceed the greater of $150,000,000 and an amount equal to 15% of the lesser of the Aggregate Commitment and the Borrowing Base.

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

  

  

  

 

IN WITNESS WHEREOF, the undersigned has caused this certificate to be executed and delivered, and the certifications, representations and warranties contained herein to be made, by its Authorized Officer as of the date hereof.

 

	
  

	
ENERGY XXI GULF COAST, INC.

 

	
  

	
By:

	 

 

	
  

	
[________________]

 

	
  

	
[________________]

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