BSD licence , creating another engine with panda3d?

Now under the BSD licence i was wondering if i could do this:

I have got a small team of game developors together (about 20) and so as to make Panda 3D suit our purposes more i wanted to modify and create a new engine privately for the use of our team are there any terms i must meet to do this and can i do this at all.

There are no restrictions on Panda preventing you from doing this. There never were any such restrictions, even with the original license.

Have fun.