Document:

Exhibit 10.6

 

REFERENCE IS MADE TO THE INTERCREDITOR
AGREEMENT, DATED AS OF MARCH 12, 2015, BETWEEN THE ROYAL BANK OF SCOTLAND plc, AS PRIORITY LIEN AGENT (AS DEFINED THEREIN) AND
ENERGY XXI GULF COAST, INC., A DELAWARE CORPORATION (“EXXI”) (THE “INTERCREDITOR AGREEMENT”).
EXXI, BY ITS ACCEPTANCE OF THIS SECURED SECOND LIEN PROMISSORY NOTE (A) CONSENTS TO THE SUBORDINATION OF LIENS PROVIDED FOR IN
THE INTERCREDITOR AGREEMENT, (B) AGREES THAT IT WILL BE BOUND BY, AND WILL TAKE NO ACTIONS CONTRARY TO, THE PROVISIONS OF THE
INTERCREDITOR AGREEMENT, (C) REPRESENTS AND WARRANTS THAT IT IS AUTHORIZED TO ENTER INTO THE INTERCREDITOR AGREEMENT AND (D) ACKNOWLEDGES
AND AGREES THAT ITS ENTERING INTO THE INTERCREDITOR AGREEMENT IS A MATERIAL INDUCEMENT TO THE PRIORITY LIEN SECURED PARTIES (AS
DEFINED IN THE INTERCREDITOR AGREEMENT) TO EXTEND CREDIT TO EXXI AND EPL OIL & GAS, INC. AND SUCH PRIORITY LIEN SECURED PARTIES
ARE INTENDED THIRD PARTY BENEFICIARIES OF THE PROVISIONS OF THE INTERCREDITOR AGREEMENT.

 

THIS NOTE (THE “PROMISSORY NOTE”)
HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).
NEITHER THIS PROMISSORY NOTE NOR ANY INTEREST HEREIN MAY BE SOLD, OFFERED FOR SALE OR OTHERWISE TRANSFERRED WITHOUT REGISTRATION
UNDER THE SECURITIES ACT EXCEPT PURSUANT TO AN APPLICABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT.

 

EPL OIL & GAS, INC.

 

SECURED SECOND LIEN PROMISSORY NOTE

 

Wilmington, Delaware

 

March 12, 2015

 

Principal Amount: U.S. $325,000,000.00

 

FOR VALUE RECEIVED,
EPL Oil & Gas, Inc., a Delaware corporation (the “Maker”), does hereby promise to pay to the order of Energy
XXI Gulf Coast, Inc., a Delaware corporation (the “Payee”), in lawful money of the United States of America,
on the Stated Maturity Date (as defined hereinafter), the principal amount of three hundred twenty-five million (U.S. $325,000,000.00)
(the “Principal Amount”) or, if less, the unpaid principal amount hereof (the “Outstanding Principal
Amount”), together with (a) interest on the Outstanding Principal Amount from time to time outstanding hereunder, payable
on the Stated Maturity Date, at the Reference Rate (as defined hereinafter) and (b) interest on any overdue payment of Outstanding
Principal Amount or interest, in either case payable on demand, at the rate per annum provided herein.

 

    	 

    	 

    

  

SECTION 1

 

DEFINITIONS

 

For purposes hereof,
the following terms shall have the following meanings:

 

“Bankruptcy”
means, for any Person, such Person’s (a) becoming insolvent or generally failing to pay, or admitting in writing its inability
or unwillingness generally to pay, debts as they become due, (b) application for, consent to, or acquiescence in the appointment
of a trustee, receiver, sequestrator or other custodian for any substantial part of the property of such Person or making a general
assignment for the benefit of such Person’s creditors, (c) in the absence of such application, consent or acquiescence,
permitting or suffering to exist the appointment of a trustee, receiver, receiver manager, sequestrator or other custodian for
a substantial part of such Person’s property, and such trustee, receiver, receiver manager, sequestrator or other custodian
shall not be discharged within sixty (60) days, (d) permitting or suffering to exist the commencement of any bankruptcy, reorganization,
debt arrangement or other case or proceeding under any bankruptcy or insolvency law or any dissolution, winding up or liquidation
proceeding in respect of such Person, and, if any such case is not commenced by such Person, consenting to or acquiescing in such
a case or proceeding or such case or proceeding results in the entry of an order for relief or remains undismissed for sixty (60)
days; or (e) taking any action authorizing, or in furtherance of, any of the foregoing.

 

“Business Day”
means any day that is not a Saturday, Sunday or other day on which commercial banks in Texas or New York are authorized or required
by law to remain closed.

 

“Credit Agreement”
means the Second Amended and Restated First Lien Credit Agreement, dated as of May 5, 2011, among the Maker, the Payee, the lenders
party thereto and The Royal Bank of Scotland plc, as administrative agent, as amended, supplemented, amended and restated or otherwise
modified from time to time.

 

“Default”
means any Event of Default or any condition, occurrence or event which, after notice or lapse of time or both, would constitute
an Event of Default.

 

“Event of Default”
has the meaning provided such term in Section 3.2.

 

“Guaranty”
means that certain Guaranty, dated as of March 12, 2015 made by the guarantor parties thereto in favor of the Payee.

 

    	- 2 -

    	 

    

  

“Intercreditor
Agreement” means the Intercreditor Agreement, dated as of March 12, 2015, between The Royal Bank of Scotland plc, as
Priority Lien Agent (as defined therein), and EXXI, as amended, supplemented, amended and restated or otherwise modified from
time to time.

 

“Material Adverse
Effect” means, in light of all circumstances prevailing at the time, a material adverse effect on (a) the business,
assets, condition (financial or otherwise), operations, performance, properties or prospects of the Maker or the Maker and its
Subsidiaries taken as a whole, (b) the rights and remedies of the Payee under any Second Lien Loan Document, (c) the
ability of the Maker or any of its Subsidiaries to perform its Obligations under any Second Lien Loan Document, (d) the legality,
validity or enforceability of this Promissory Note or any other Second Lien Loan Document or (e) the validity, perfection
or priority of Liens with respect to any material portion of the Collateral in favor of the Payee.

 

“Mortgage”
means each mortgage, deed of hypothecation, debenture, pledge, deed of trust or agreement, if any, executed and delivered by Maker
or one or more of its Subsidiaries in favor of Payee pursuant to the requirements of this Promissory Note in form and substance
reasonably satisfactory to Payee, as applicable, under which a lien is granted on the real property and fixtures described therein,
in each case as amended, supplemented, amended and restated or otherwise modified from time to time.

 

“Obligations”
means all obligations (monetary or otherwise, whether absolute or contingent, matured or unmatured) of the Maker and each other
Obligor arising under or in connection with a Second Lien Loan Document and the principal of and premium, if any, and interest
on such obligations.

 

“Obligor”
means, as the context may require, the Maker and each other Person that is a Subsidiary of the Maker that is obligated under any
Second Lien Loan Document.

 

“Reference
Rate” means a rate of ten percent (10.0%) per annum.

 

“Second Lien
Loan Documents” means, collectively, this Promissory Note, the Pledge and Security Agreement, the Guaranty, the
Mortgages and each other agreement, certificate, document or instrument delivered in connection with any Second Lien Loan Document,
whether or not specifically mentioned herein or therein.

 

“Stated Maturity
Date” means October 9, 2018; provided that if the “Stated Maturity Date” under the Credit Agreement
is accelerated to an earlier date pursuant to the terms thereof, then the Stated Maturity Date hereunder shall commensurately
accelerate to such date that is one hundred eighty (180) days following the date of the then-accelerated “Stated Maturity
Date” under the Credit Agreement.

 

    	- 3 -

    	 

    

  

Unless otherwise defined
herein or the context otherwise requires, terms used in this Promissory Note, including its preamble and recitals, have the meanings
provided in the Pledge and Security Agreement.

 

SECTION 2

 

PAYMENT OF PRINCIPAL AND INTEREST

 

2.1           Interest.
Interest shall accrue on the Outstanding Principal Amount hereunder at a rate equal to the Reference Rate; provided, however,
that upon the occurrence and during the continuance of any default by the Maker in the payment of any amount due under this Promissory
Note or any other Second Lien Loan Document, interest shall accrue and be payable by the Maker on such Outstanding Principal Amount
or such other amount due at a rate per annum equal to two percentage points (2%) above the Reference Rate. Accrued and unpaid
interest shall be due and payable quarterly, on the fifth day following the end of each calendar quarter (or the first Business
Day thereafter if such day is not a Business Day). Notwithstanding the foregoing, the first payment of accrued and unpaid interest
under this Promissory Note shall be due on July 5, 2015, and not April 5, 2015. Interest shall be computed on the basis of a year
of 360 days and for the actual number of days elapsed (including the first day but excluding the last day) occurring in the period
for which payable.

 

2.2           Payment.
All payments hereunder shall be made in immediately available funds by wire transfer to the Payee at the account designated by
Payee.

 

2.3           Prepayment.
Subject to the terms and conditions of the Intercreditor Agreement and to the extent, but only to the extent, permitted by the
Credit Agreement, the Maker may at its option, and without any penalty or premium, prepay this Promissory Note in whole or in
part at any time. Prepayments shall be applied first to accrued and unpaid costs, expenses and indemnities, then to accrued and
unpaid interest, and then to the Outstanding Principal Amount.

 

2.4           Maximum
Lawful Rate. Notwithstanding anything to the contrary contained in this Promissory Note, at no time shall the Maker be obligated
or be required to pay interest on principal of this Promissory Note at a rate of interest that would be in excess of the maximum
rate which the Maker is permitted by applicable law to contract or agree to pay. If the Maker would at any time be required or
obligated to pay interest on principal of this Promissory Note at a rate in excess of such maximum rate, then the rate of interest
under this Promissory Note shall be deemed to be immediately reduced to such maximum rate. Interest payable hereunder shall be
computed at such maximum rate and any prior interest payments made in excess of such maximum rate shall be applied and shall be
deemed to have been payments made in reduction of principal of this Promissory Note and thereafter the Payee shall refund any
remaining excess to the Maker or as a court of competent jurisdiction may otherwise order.

 

    	- 4 -

    	 

    

 

2.5           Taxes.
Any and all payments by the Maker hereunder shall be made free and clear of, and without deduction for, any and all present or
future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, excluding taxes
imposed on the Payee’s overall net income, including franchise taxes imposed on it in lieu of net income taxes, by the jurisdiction
under the laws of which it is organized or any political subdivision thereof (all such non-excluded taxes, levies, imposts, deductions,
charges, withholdings and liabilities in respect of payments hereunder being hereinafter referred to as “Taxes”).
If the Maker shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder, (i) the sum payable
shall be increased as may be necessary so that after making all required deductions (including deductions applicable to additional
sums payable under this Section 2.5) the Payee receives an amount equal to the sum it would have received had no such deduction
been made, (ii) the Maker shall make such deduction and (iii) the Maker shall pay the full amount deducted to the relevant taxation
authority or other authority in accordance with applicable law. In addition, the Maker shall pay any present or future stamp or
documentary taxes or any other excise or property taxes, charges or similar levies that arise from any payment made hereunder
or from the execution, delivery or registration of, performing under, or otherwise with respect to, this Promissory Note (hereinafter
referred to as “Other Taxes”). The Maker shall indemnify the Payee for and hold the Payee harmless against
the full amount of Taxes or Other Taxes (including, without limitation, taxes of any kind imposed by any jurisdiction on amounts
payable under this Section 2.5) imposed on or paid by the Payee and any liability (including penalties, interest and expenses)
arising therefrom or with respect thereto. Such indemnification shall be made within 30 days from the date the Payee makes written
demand therefore. Within 30 days after the date of payment of any Taxes or Other Taxes, the Maker shall furnish to Payee the original
or a certified copy of a receipt evidencing such payment. The Payee, from time to time hereafter as requested in writing by the
Maker, agrees to provide (but only if the Payee is lawfully able to do so) to the Maker a copy of any form, document or other
certification, appropriately completed, necessary for the Payee to be exempt from, or entitled to a reduced rate of, Taxes on
payments pursuant to this Promissory Note.

 

    	- 5 -

    	 

    

  

SECTION 3

 

GUARANTY; SECURITY; DEFAULT

 

3.1           Subsidiary
Guaranty and Security. Until paid in full in cash, the obligations of Maker under this Promissory Note shall be guaranteed
by and secured by substantially all of Maker’s and its Subsidiaries’ assets, whether now owned or hereinafter acquired
(the “Collateral”), including as set forth in that certain Second Lien Pledge and Security Agreement and Irrevocable
Proxy, dated as of even date herewith, made by Maker and its Subsidiaries in favor of Payee (the “Pledge and Security
Agreement”). Maker will execute any documents, Uniform Commercial Code Form UCC-1 financing statements and Uniform Commercial
Code Form UCC-3 amendment or continuation statements (“Filing Statements”), agreements and instruments,
and take all further action (including filing Mortgages) that may be required under applicable law, or that Payee may request,
in order to effectuate the transactions contemplated by this Promissory Note and in order to grant, preserve, protect and perfect
the validity and second priority of the liens created or intended to be created by this Promissory Note, such Pledge and Security
Agreement and such Mortgages. In addition, from time to time, Maker will, and will cause each of its Subsidiaries to, at Maker’s
cost and expense, promptly guarantee and secure the obligations under this Promissory Note by pledging or creating, or causing
to be pledged or created, perfected liens with respect to such of its assets and properties as Payee shall designate, it being
agreed that it is the intent of the parties that such obligations shall be secured by, among other things, substantially all the
assets of Maker and its Subsidiaries (including real and personal property acquired subsequent to the date hereof). Such liens
will be created in form and substance satisfactory to Payee, and Maker shall deliver or cause to be delivered to Payee all such
instruments and documents as Payee shall request to evidence compliance with this Section. Without limiting the foregoing, Maker,
on its own behalf and on behalf of its Subsidiaries, agrees that Payee is hereby authorized to file, at such times as Payee deems
necessary or desirable, Filing Statements naming Maker or such Subsidiary as debtor and describing the collateral as “all
personal property” or “all assets” of Maker and any of such Subsidiaries whether now or hereafter acquired,
or words of like import. Maker shall provide further assurances and all such signatures to documents (including, without limitation,
any security agreement, mortgage or deed of trust), consents and other actions requested by the Payee to cause the liens upon
the Collateral to become and remain fully perfected liens. Upon payment in full of all amounts owed pursuant to this Promissory
Note and the other Second Lien Loan Documents, Payee shall promptly act to release all liens under this Promissory Note, and provide
reasonable assistance to Maker and its Subsidiaries in any and all necessary public filings to reflect such releases.

 

3.2           Default.
A default shall arise in respect of this Promissory Note upon (each of the following, an “Event of Default”):

 

 (a)          the
Maker failing to pay any principal or interest when due under this Promissory Note;

 

 (b)          a
Bankruptcy of the Maker or any of its Subsidiaries;

 

 (c)          the
breach by the Maker or any of its Subsidiaries of any representation or warranty in, or any term or provision of, this Promissory
Note, any Second Lien Loan Document or the Intercreditor Agreement, and such breach shall continue unremedied for a period of
thirty (30) days; or

 

    	- 6 -

    	 

    

  

 (d)          the
default of any amount when due (subject to any applicable grace period), whether by acceleration or otherwise, of any principal
or stated amount of, or interest or fees on, any Indebtedness (as defined in the Credit Agreement) of the Maker or any of its
Subsidiaries having a principal or stated amount, individually or in the aggregate, in excess of $2,500,000, or a default shall
occur in the performance or observance of any obligation or condition with respect to such Indebtedness if the effect of such
default is to accelerate the maturity of any such Indebtedness or such default shall continue unremedied for any applicable period
of time sufficient to permit the holder or holders of such Indebtedness, or any trustee or agent for such holders, to cause or
declare such Indebtedness to become due and payable or to require such Indebtedness to be prepaid, redeemed, purchased or defeased,
or require an offer to purchase or defease such Indebtedness to be made, prior to its expressed maturity.

 

If any Event of Default
under this Promissory Note shall occur for any reason, whether voluntary or involuntary, and be continuing, the Payee may by notice
to the Maker declare all or any portion of the Outstanding Principal Amount and any and all accrued but unpaid interest in respect
hereof to be immediately due and payable, whereupon such amounts shall immediately become due and payable, without further notice,
demand or presentment.

 

SECTION 4

 

REPRESENTATIONS AND WARRANTIES

 

4.1           The
Maker hereby represents and warrants that after giving effect to the terms hereof:

 

 (a)          the
representations and warranties of the Maker and its Subsidiaries contained in the Second Lien Loan Documents are true and correct
as of the date hereof 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 Maker and its Subsidiaries of this Promissory Note and the other Second Lien Loan Documents
have been duly authorized by all necessary corporate or other action required on their part and this Promissory Note and the other
Second Lien Loan Documents constitutes the legal, valid and binding obligation of the Maker and its Subsidiaries 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 Promissory Note and the Second Lien Loan Documents by the Maker and its Subsidiaries,
nor the consummation of the transactions contemplated hereby or thereby, does or shall contravene, result in a breach of, or violate
(i) any provision of the Maker’s or any of its Subsidiaries’ 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 the Maker
or any of its Subsidiaries is a party or by which the Maker 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 EXXI on or before the date hereof;

 

    	- 7 -

    	 

    

  

 (d)          no
Material Adverse Effect has occurred since December 31, 2014; and

 

 (e)          no
Default or Event of Default has occurred and is continuing.

 

SECTION 5

 

MISCELLANEOUS

 

4.1           Governing
Law. This Promissory Note shall be governed by, and construed in accordance with the laws of the State of New York.

 

4.2           Waiver.
PRESENTMENT, PROTEST, NOTICE OF INTENT TO ACCELERATE AND NOTICE OF DISHONOR ARE HEREBY WAIVED BY THE MAKER.

 

4.3           Amendments.
This Promissory Note may not be modified, amended or changed except by an agreement in writing signed by the Payee and the Maker.

 

4.4           Assignments
and Other Matters. The Maker shall not assign or transfer any of its obligations under this Promissory Note in any manner
whatsoever (i) unless such assignment or transfer is in accordance with, and permissible under, the terms and conditions of the
Intercreditor Agreement and the Credit Agreement and (ii) without the prior written consent of Payee. Subject to the terms and
conditions of the Intercreditor Agreement and the Credit Agreement, if Payee and/or any transferee wishes to transfer this Promissory
Note, Payee or such transferee shall surrender it to the Maker duly endorsed, or accompanied by written instruments of transfer
duly executed by the Payee, with written instructions as to the account(s) for payments and address(es) for notices to the transferee(s)
and the Maker shall immediately issue a new instrument or instruments, as the case may be, representing the outstanding principal
and premium (if any) of this Promissory Note in the name(s) of the transferee(s) and, if applicable, the Payee, which instrument(s)
shall be in substantially the same form as this Promissory Note. Subject to the foregoing provisions of this Section 4.4,
the covenants, terms and conditions contained in this Promissory Note and, to the extent applicable to the Maker, the provisions
of the Credit Agreement, including without limitation Section 7.2.24 of the Credit Agreement, shall apply to and bind the legatees,
heirs, successors and assigns of the parties.

 

[signatures are on following page]

 

    	- 8 -

    	 

    

 

IN WITNESS WHEREOF,
the undersigned has executed and delivered this Promissory Note as of the date first written above.

 

	 	EPL OIL & GAS, INC.
	 	 	 
	 	By:	/s/ Antonio de Pinho
	 	 	 
	 	 	Name:  Antonio de Pinho
	 	 	 
	 	 	Its:  President

 

AGREED and ACKNOWLEDGED,

as of the date set forth above.

 

	ENERGY XXI GULF COAST, INC.	 
	 	 	 
	By:	/s/ Antonio de Pinho	 
	 	 	 
	 	Name: Antonio de Pinho	 
	 	 	 
	 	Its: President	 

 

    	- 9 -Exhibit 10.7

 

REFERENCE IS MADE TO THE INTERCREDITOR
AGREEMENT, DATED AS OF MARCH 12, 2015, BETWEEN THE ROYAL BANK OF SCOTLAND plc, AS PRIORITY LIEN AGENT (AS DEFINED THEREIN) AND
ENERGY XXI GULF COAST, INC., A DELAWARE CORPORATION (“EXXI”) (THE “INTERCREDITOR AGREEMENT”).
EXXI, BY ITS ACCEPTANCE OF THIS SECOND LIEN DOCUMENT (AS DEFINED IN THE INTERCREDITOR AGREEMENT) (A) CONSENTS TO THE SUBORDINATION
OF LIENS PROVIDED FOR IN THE INTERCREDITOR AGREEMENT, (B) AGREES THAT IT WILL BE BOUND BY, AND WILL TAKE NO ACTIONS CONTRARY TO,
THE PROVISIONS OF THE INTERCREDITOR AGREEMENT, (C) REPRESENTS AND WARRANTS THAT IT IS AUTHORIZED TO ENTER INTO THE INTERCREDITOR
AGREEMENT AND (D) ACKNOWLEDGES AND AGREES THAT ITS ENTERING INTO THE INTERCREDITOR AGREEMENT IS A MATERIAL INDUCEMENT TO THE PRIORITY
LIEN SECURED PARTIES (AS DEFINED IN THE INTERCREDITOR AGREEMENT) TO EXTEND CREDIT TO EXXI AND EPL OIL & GAS, INC. AND SUCH
PRIORITY LIEN SECURED PARTIES ARE INTENDED THIRD PARTY BENEFICIARIES OF THE PROVISIONS OF THE INTERCREDITOR AGREEMENT.

 

GUARANTY

 

This GUARANTY (as amended,
supplemented, amended and restated or otherwise modified from time to time, this “Guaranty”), dated as of March
12, 2015, is made by each of the undersigned (each a “Guarantor” and, together with each of the other signatories
hereto and any other entities from time to time parties hereto, the “Guarantors”), in favor of Energy XXI Gulf
Coast, Inc., a Delaware corporation (together with successor(s) and assign(s), the “Lender”).

 

WITNESSETH:

 

WHEREAS, pursuant to
that certain Secured Promissory Note dated on the date hereof (as amended, supplemented, amended and restated or otherwise modified
from time to time, the “Second Lien Note”), made payable by EPL Oil & Gas, Inc., as borrower (together with
any successor(s) and assign(s) thereto, the “Borrower”), to the Lender in the amount of $325,000,000.00 (the
“Loan”), the Lender has made a loan to the Borrower; and

 

WHEREAS, under the
Second Lien Note, the Guarantors are required to execute and deliver this Guaranty; and

 

WHEREAS, each of the
Guarantors has duly authorized the execution, delivery and performance of this Guaranty; and

 

WHEREAS, it is in the
best interests of each of the Guarantors to execute this Guaranty inasmuch as each Guarantor will derive substantial direct and
indirect benefits from the Loan made to the Borrower;

 

    	 	 	Subsidiary Guaranty—EPL Note

    	 

    

  

NOW THEREFORE, for
good and valuable consideration the receipt of which is hereby acknowledged, and in order to induce the Lender to make the Loan
to the Borrower pursuant to the Second Lien Note, each of the Guarantors agrees, for the benefit of the Lender, as follows:

 

ARTICLE 1. DEFINITIONS

 

SECTION 1.1.          Certain
Terms. The following terms (whether or not underscored) when used in this Guaranty, including its preamble and recitals, shall
have the following meanings (such definitions to be equally applicable to the singular and plural forms thereof):

 

“Borrower”
is defined in the first recital.

 

“Guarantor”
is defined in the preamble.

 

“Guarantors”
is defined in the preamble.

 

“Guaranty”
is defined in the preamble.

 

“Junior Liabilities”
is defined in Section 2.7(a).

 

“Lender”
is defined in the preamble.

 

“Liabilities”
is defined in Section 2.7(a).

 

“Loan”
is defined in the  first recital.

 

“Maximum Liability”
is defined in Section 2.1(b).

 

“Second Lien
Note” is defined in the first recital.

 

“Senior Liabilities”
is defined in Section 2.7(a).

 

“UCC”
means the Uniform Commercial Code, as in effect in the State of New York, as the same may be amended from time to time.

 

SECTION 1.2.          Second
Lien Note Definitions. Unless otherwise defined herein or the context otherwise requires, terms used in this Guaranty, including
its preamble and recitals, have the meanings provided in the Second Lien Note.

 

SECTION 1.3.          UCC
Definitions. Unless otherwise defined herein or the context otherwise requires, terms for which meanings are provided in the
UCC are used in this Guaranty, including its preamble and recitals, with such meanings.

 

ARTICLE 2. GUARANTY PROVISIONS

 

SECTION 2.1.          Guaranty.
Guarantor hereby absolutely, unconditionally and irrevocably:

 

    	 	2	Subsidiary Guaranty—EPL Note

    	 

    

  

(a)          guarantees
(i) the full and punctual payment when due, whether at stated maturity, by required prepayment, declaration, acceleration, demand
or otherwise, of all Obligations now or hereafter existing under the Second Lien Note and each other Second Lien Loan Document
to which any Obligor is or may become a party, whether for principal, interest, fees, expenses or otherwise, and (ii) all renewals,
rearrangements, increases, extensions for any period, substitutions, modification, amendments or supplements in whole or in part
of any of the above Second Lien Loan Documents or Obligations, (in each case including all such amounts which would become due
but for the operation of the automatic stay under Section 362(a) of the United States Bankruptcy Code, 11 U.S.C. § 362(a),
and the operation of Sections 502(b) and 506(b) of the United States Bankruptcy Code, 11 U.S.C. § 502(b) and § 506(b));
and

 

(b)          indemnifies
and holds harmless the Lender for any and all costs and expenses (including reasonable attorney’s fees and expenses) incurred
by the Lender in enforcing any rights under this Guaranty, except for costs and expenses resulting from the Lender’s gross
negligence or willful misconduct (IT BEING UNDERSTOOD THAT IT IS THE INTENTION OF THE PARTIES HERETO THAT THE LENDER
BE INDEMNIFIED IN THE CASE OF ITS OWN NEGLIGENCE (OTHER THAN GROSS NEGLIGENCE), REGARDLESS OF WHETHER SUCH NEGLIGENCE IS SOLE OR
CONTRIBUTORY, ACTIVE OR PASSIVE, IMPUTED, JOINT OR TECHNICAL); provided, however, that each Guarantor shall be
liable under this Guaranty for the maximum amount of such liability that can be hereby incurred without rendering this Guaranty,
as it relates to such Guarantor, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not
for any greater amount (such highest amount determined hereunder being Guarantor’s “Maximum Liability”).
This Section 2.1(b) with respect to the Maximum Liability of each Guarantor is intended solely to preserve the rights of
the Lender hereunder to the maximum extent not subject to avoidance under applicable law, and none of the Guarantors nor any other
Person or entity shall have any right or claim under this Section 2.1(b) with respect to the Maximum Liability, except to
the extent necessary so that the obligations of such Guarantor hereunder shall not be rendered voidable under applicable law. Each
Guarantor agrees that the Obligations guaranteed hereunder may at any time and from time to time exceed such Guarantor’s
Maximum Liability without impairing this Guaranty or affecting the rights and remedies of the Lender hereunder. This Guaranty constitutes
a guaranty of payment when due and not of collection, and each Guarantor specifically agrees that it shall not be necessary or
required that the Lender exercise any right, assert any claim or demand or enforce any remedy whatsoever against the Borrower or
any other Obligor (or any other Person) before or as a condition to the obligations of such Guarantor hereunder. All payments hereunder
are to be made in the currency in which they are due under the Second Lien Note.

 

SECTION 2.2.          Acceleration
of Guaranty. Each Guarantor agrees that, in the event of the dissolution or insolvency of the Borrower or any other Obligor,
or the inability or failure of the Borrower or any other Obligor to pay debts as they become due, or an assignment by the Borrower
or any other Obligor for the benefit of creditors, or the commencement of any case or proceeding in respect of the Borrower or
any other Obligor under any bankruptcy, insolvency or similar laws, and if such event shall occur at a time when any of the Obligations
of the Borrower or any other Obligor may not then be due and payable, such Guarantor will pay to the Lender forthwith the full
amount which would be payable hereunder by Guarantor if all such Obligations were then due and payable.

 

    	 	3	Subsidiary Guaranty—EPL Note

    	 

    

  

SECTION 2.3.          Guaranty
Absolute, etc. This Guaranty shall in all respects be a continuing, absolute, unconditional and irrevocable guaranty of payment,
and shall remain in full force and effect until payment in full of the Second Lien Note. Each Guarantor guarantees that the Obligations
will be paid strictly in accordance with the terms of the Second Lien Note and each other Second Lien Loan Document under which
they arise, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms
or the rights of the Lender with respect thereto. The liability of each Guarantor under this Guaranty shall be absolute, unconditional
and irrevocable irrespective of:

 

(a)          (i)
any lack of validity, legality or enforceability of the Second Lien Note or any other Second Lien Loan Document or any portion
of any thereof or (ii) the Second Lien Note or any other Second Lien Loan Document or any portion of any thereof being void or
voidable;

 

(b)          the
failure of the Lender (i) to assert any claim or demand or to enforce any right or remedy against the Borrower, any other Obligor
or any other Person (including any other guarantor) under the provisions of the Second Lien Note, any other Second Lien Loan Document
or otherwise, or (ii) to exercise any right or remedy against any other guarantor of, or collateral securing, any of the Obligations;

 

(c)          any
change in the time, manner or place of payment of, or in any other term of, all or any of the Obligations, or any other extension,
increase, compromise or renewal of any of the Obligations;

 

(d)          any
reduction, limitation, impairment or termination of any Obligations for any reason, including any claim of waiver, release, surrender,
alteration or compromise, and shall not be subject to (and each Guarantor hereby waives any right to or claim of) any defense or
setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality, nongenuineness, irregularity,
compromise, unenforceability of, or any other event or occurrence affecting, any of the Obligations;

 

(e)          any
amendment to, extension, variance, alteration, rescission, waiver, increase, or other modification of, or any consent to departure
from, any of the terms of the Second Lien Note or any other Second Lien Loan Document including, without limitation, any increase
or reduction to the rate of interest on all or any of the Obligations thereunder;

 

(f)          any
addition, exchange, release, surrender or non-perfection of any collateral, or any amendment to or waiver or release or addition
of, or consent to departure from, any other guaranty, held by the Lender securing any of the Obligations; or

 

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(g)          any
other circumstance which might otherwise constitute a defense available to, or a legal or equitable discharge of, the Borrower,
any other Obligor, any surety or any guarantor.

 

SECTION 2.4.          Reinstatement.
Each Guarantor agrees that this Guaranty shall continue to be effective or be reinstated, as the case may be, if at any time any
payment (in whole or in part) of any of the Obligations guaranteed hereby is rescinded or must otherwise be restored by the Lender
upon the insolvency, bankruptcy or reorganization of the Borrower or any other Obligor or otherwise, all as though such payment
had not been made.

 

SECTION 2.5.          Waiver.
Guarantor hereby expressly waives:

 

(a)          promptness,
diligence, presentment, notice of acceptance and any other notice with respect to any of the Obligations and this Guaranty and
any requirement that the Lender protect, secure, perfect or insure any security interest or lien, or any property subject thereto,
or exhaust any right or take any action against the Borrower, any other Obligor or any other Person (including any other guarantor)
or entity or any collateral securing the Obligations. Guarantor hereby further waives all rights that it may have now or in the
future under any statute, or at common law, or in law or equity, or otherwise, to compel the Lender to marshall assets or to proceed
in respect of Obligations guaranteed hereunder or under any Second Lien Loan Document against any other Obligor, any other party
or against any security for the payment and performance of the Obligations before proceeding against, or as a condition to proceeding
against, such Guarantor; and

 

(b)          each
and every right to which it may be entitled by virtue of the suretyship under any applicable law.

 

SECTION 2.6.          Waiver
of Subrogation. Until one year and one day after the Stated Maturity Date, each Guarantor hereby irrevocably waives any claim
or other rights which it may now or hereafter acquire against the Borrower or any other Obligor that arise from the existence,
payment, performance or enforcement of such Guarantor’s obligations under this Guaranty or any other Second Lien Loan Document,
including any right of subrogation, reimbursement, contribution, exoneration, or indemnification, any right to participate in any
claim or remedy of the Lender against the Borrower or any other Obligor or any collateral which the Lender now has or hereafter
acquires, whether or not such claim, remedy or right arises in equity, or under contract, statute or common law, including the
right to take or receive from the Borrower or any other Obligor, directly or indirectly, in cash or other property or by set-off
or in any manner, payment or security on account of such claim or other rights. If any amount shall be paid to any Guarantor in
violation of the preceding sentence, such amount shall be deemed to have been paid to such Guarantor for the benefit of, and held
in trust for, the Lender, and shall forthwith be paid to the Lender to be credited and applied upon the Obligations, whether matured
or unmatured. Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated
by the Second Lien Note and that the waiver set forth in this Section 2.6 is knowingly made in contemplation of such benefits.

 

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SECTION 2.7.          Subordination
of Obligations of Guarantor.

 

(a)          Definitions.
All obligations of each Guarantor, howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent,
or now or hereafter existing, or due or to become due, are hereinafter collectively called the “Liabilities”.
All Liabilities to the Lender under or in connection with this Guaranty are hereinafter called the “Senior Liabilities”;
and all Liabilities to the Borrower or to any other Obligor (other than such Guarantor) are hereinafter collectively called the
“Junior Liabilities”; it being expressly understood and agreed that the term “Senior Liabilities”,
as used herein, shall include, without limitation, any and all interest accruing on any of the Senior Liabilities after the commencement
of any bankruptcy, insolvency, receivership, liquidation, dissolution or similar circumstance, notwithstanding any provision or
rule of law which might restrict the rights of the Lender, as against the Borrower, any other Guarantor or anyone else, to collect
such interest.

 

(b)          Subordination.
Except as otherwise expressly provided in this Guaranty or in the Second Lien Note, or as the Lender may hereafter otherwise expressly
consent in writing, the payment of all Junior Liabilities shall be postponed and subordinated to the payment in full of the Senior
Liabilities and the indefeasible payment in cash in full of the Obligations, and no payments or other distributions whatsoever
in respect of any Junior Liabilities shall be made, nor shall any properties or assets of Guarantor be applied to the purchase
or other acquisition or retirement of any Junior Liabilities; provided, however, except as otherwise expressly provided
in the Second Lien Note that until such time as the Lender shall have notified the Guarantors and the Borrower to the contrary,
or any Guarantor shall be in default in the payment when due, whether by acceleration or otherwise, of any amount payable in respect
of the Senior Liabilities, payments made to third parties in the ordinary course of business are excepted from the terms of the
foregoing provisions of this Section 2.7(b).

 

(c)          Payments
Held in Trust. Any amounts paid in violation of this Section 2.7 shall be received in trust for the Lender and shall
be promptly turned over to the Lender. Each Guarantor will mark its books and records, and cause any Subsidiary of the Guarantor
to mark its books and records, so as to indicate that the Junior Liabilities are subordinated in accordance with the terms of this
Guaranty, and will cause to be clearly inserted in any promissory note or other instrument which at any time evidences any of the
Junior Liabilities a statement to the effect that the payment thereof is subordinated in accordance with the terms of this Guaranty.
Guarantor shall execute such further documents or instruments and take such further action as the Lender may reasonably from time
to time request to carry out the intent of this Guaranty.

 

SECTION 2.8.          Successors,
Transferees and Assigns; Transfers of Notes. This Guaranty shall (a) be binding upon each Guarantor, and its respective
successors, transferees and assigns (provided, however, that no Guarantor may assign any of its obligations hereunder without the
prior written consent of the Lender), and (b) inure to the benefit of and be enforceable by the Lender.

 

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SECTION 2.9.          Election
of Remedies. Except as otherwise provided in the Second Lien Note, the Lender may, under applicable law, proceed to realize
its benefits under any of this Guaranty or the other Second Lien Loan Documents giving it a lien upon any collateral, either by
judicial foreclosure or by non-judicial sale or enforcement, the Lender may, at its sole option, determine which of its remedies
or rights it may pursue without affecting any of its rights and remedies under this Guaranty. If, in the exercise of any of its
rights and remedies, the Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment
against any Obligor or any other Person, whether because of any applicable laws pertaining to “election of remedies”
or the like, each Guarantor hereby consents to such action by the Lender and waives any claim based upon such action, even if such
action by the Lender shall result in a full or partial loss of any rights of subrogation that such Guarantor might otherwise have
had but for such action by the Lender. Any election of remedies that results in the denial or impairment of the right of the Lender
to seek a deficiency judgment against the Borrower shall not impair each Guarantor’s obligation to pay the full amount of
the Obligations.

 

ARTICLE 3. REPRESENTATIONS
AND WARRANTIES

 

Each Guarantor hereby
represents and warrants to the Lender as set forth in this Article 3.

 

SECTION 3.1.          Organization,
etc. Such Guarantor is validly organized and existing and in good standing under the laws of its jurisdiction of formation,
and has full power and authority and holds all requisite governmental licenses, permits and other approvals to enter into and perform
its Obligations under this Guaranty and each other Second Lien Loan Document to which it is a party.

 

SECTION 3.2.          Due
Authorization, Non-Contravention, Defaults etc. The execution, delivery and performance by such Guarantor of this Guaranty
and each Second Lien Loan Document executed or to be executed by it, such Guarantor’s participation in the consummation of
all aspects of the Second Lien Loan Documents, and the execution, delivery and performance by such Guarantor of the agreements
executed and delivered by it in connection with the Second Lien Loan Documents are in each case within such Person’s powers,
have been duly authorized by all necessary action, and do not

 

(a)          contravene
any (i) of Guarantor’s constituent document, (ii) court decree or order binding on or affecting any Obligor, or
(iii) law or governmental regulation binding on or affecting such Guarantor; or

 

(b)          result
in (i) or require the creation or imposition of, any lien on such Guarantor’s properties (except as permitted by this
Guaranty), (ii) a default under any material contractual restriction binding on or affecting or (iii) any noncompliance,
suspension, impairment, forfeiture or nonrenewal of any material license, permit or other governmental approval, except as could
not reasonably be expected to have a material adverse effect.

 

SECTION 3.3.          Government
Approval, Regulation, etc. Except for filings to perfect and maintain the perfection of the Liens arising pursuant to the
Security Agreement, no authorization or approval or other action by, and no notice to or filing with, any governmental authority
or other Person (other than those that have been duly obtained or made and that are in full force and effect) is required for
the due execution, delivery or performance by such Guarantor of this Guaranty or any Second Lien Loan Document to which it is
a party.

 

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SECTION 3.4.          Validity,
etc. This Guaranty and the other Second Lien Loan Documents to which such Guarantor is a party constitutes the legal, valid
and binding obligations of such Guarantor, enforceable against such Guarantor in accordance with their respective terms (except,
in any case, as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization or similar laws affecting
creditors’ rights generally and by principles of equity).

 

SECTION 3.5.          Informed
on Financial Condition. Such Guarantor has knowledge of the Borrower’s and each other Obligor’s financial condition
and affairs and has adequate means to obtain from the Borrower and each other Obligor on an ongoing basis information relating
thereto and to the Borrower’s and such Obligor’s ability to pay and perform the Obligations, and agrees to assume the
responsibility for keeping, and to keep, so informed for so long as this Guaranty is in effect. Such Guarantor acknowledges and
agrees that the Lender shall have no obligation to investigate the financial condition or affairs of any Obligor for the benefit
of such Guarantor nor to advise such Guarantor of any fact respecting, or any change in, the financial condition or affairs of
the Borrower or any other Obligor that might become known to the Lender at any time, whether or not the Lender knows or believes
or has reason to know or believe that any such fact or change is unknown to such Guarantor, or might (or does) materially increase
the risk of such Guarantor as guarantor, or might (or would) affect the willingness of such Guarantor to continue as a guarantor
of the Obligations.

 

SECTION 3.6.          Benefit
to Guarantor. Such Guarantor represents that it is in its best interests to execute this Guaranty inasmuch as such Guarantor
will derive substantial direct and indirect benefits from the Loan made to the Borrower by the Lender. Such Guarantor is willing
to guarantee the Obligations of the Borrower and the other Obligors under the Second Lien Note and any other Second Lien Loan Document,
and agrees that the Lender is relying on this representation in agreeing to make the Loan to the Borrower.

 

ARTICLE 4. MISCELLANEOUS
PROVISIONS

 

SECTION
4.1.          Waiver of Fraudulent Conveyance Claims. Each Guarantor
hereby waives the right to assert any claim or cause of action to avoid any transfer to the Lender contemplated by and made
pursuant to the Second Lien Note or any other Second Lien Loan Document that may exist by virtue of any federal or state
statute providing for such avoidance.

 

SECTION 4.2.          Second
Lien Loan Document. This Guaranty is a Second Lien Loan Document executed pursuant to the Second Lien Note and shall (unless
otherwise expressly indicated herein) be construed, administered and applied in accordance with the terms and provisions thereof.

 

SECTION 4.3.          Binding
on Successors, Transferees and Assigns; Assignment. In addition to, and not in limitation of, Section 2.8, this
Guaranty shall be binding upon each Guarantor and its respective successors, transferees and assigns and shall inure to the benefit
of and be enforceable by the Lender and its successors, transferees and assigns (to the full extent provided pursuant to Section 2.9);
provided, however, that no Guarantor may assign any of its obligations hereunder without the prior written consent
of the Lender.

 

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SECTION 4.4.          Amendments.
No amendment to or waiver of any provision of this Guaranty nor consent to any departure by any Guarantor from its obligations
under this Guaranty shall in any event be effective unless the same shall be in writing and signed by the Lender and such Guarantor
and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.

 

SECTION 4.5.          Notices.
Except as otherwise provided in this Guaranty, all notices and other communications provided for hereunder shall be in writing,
by facsimile or via electronic mail and addressed, delivered or transmitted to the appropriate party at the address or facsimile
number of (a) each Guarantor, as specified on Annex I of this Guaranty, (b) the Lender, as specified on Annex I of this Guaranty,
or (c) at such other address or facsimile number as may be designated by such party in a prior written notice to the other party.
Except as otherwise provided in this Guaranty, any notice or other communication, if mailed and properly addressed with postage
prepaid or if properly addressed and sent by pre-paid courier service, shall be deemed given when received; any such notice or
other communication, if transmitted by facsimile, shall be deemed given when transmitted and electronically confirmed.

 

SECTION 4.6.          No
Waiver; Remedies. In addition to, and not in limitation of, Section 2.3 and Section 2.5, no failure on the
part of the Lender to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any
single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right.
The remedies herein provided are cumulative and not exclusive of any remedies provided by law.

 

SECTION 4.7.          Section
Captions. The various headings of this Guaranty are inserted for convenience only and shall not affect the meaning or interpretation
of this Guaranty or any provisions thereof.

 

SECTION 4.8.          Severability.
Any provision of this Guaranty which is prohibited, inoperative, invalid or unenforceable in any jurisdiction shall, as to such
provision and such jurisdiction, be ineffective to the extent of such prohibition, non-operation, invalidity or unenforceability
without invalidating the remaining provisions of this Guaranty or affecting the validity or enforceability of such provision in
any other jurisdiction.

 

SECTION 4.9.          Counterparts.
This Guaranty may be executed by the parties hereto in several counterparts, each of which shall be deemed to be an original and
all of which shall constitute together but one and the same agreement. Delivery of an executed counterpart of a signature page
to this Guaranty by facsimile or electronic mail shall be effective as delivery of a manually executed counterpart of this Guaranty.

 

SECTION 4.10.       Governing
Law, Entire Agreement. THIS GUARANTY SHALL BE GOVERNED BY AND IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK
(WITHOUT GIVING EFFECT TO THE PRINCIPLES THEREOF RELATING TO CONFLICT OF LAW EXCEPT SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS
LAW). THIS GUARANTY AND THE OTHER SECOND LIEN LOAN DOCUMENTS CONSTITUTE THE ENTIRE UNDERSTANDING AMONG THE PARTIES HERETO WITH
RESPECT TO THE SUBJECT MATTER HEREOF AND SUPERSEDE ANY PRIOR AGREEMENTS, WRITTEN OR ORAL, WITH RESPECT THERETO.

 

    	 	9	Subsidiary Guaranty—EPL Note

    	 

    

  

THIS WRITTEN AGREEMENT
AND THE OTHER SECOND LIEN LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN 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.

 

[Signatures
Begin On Following Page]

 

    	 	10	Subsidiary Guaranty—EPL Note

    	 

    

 

IN WITNESS WHEREOF,
each Guarantor has caused this Guaranty to be duly executed and delivered by its officer thereunto duly authorized as of the date
first above written.

 

	 	GUARANTOR
	 	 
	 	DELAWARE EPL OF TEXAS, LLC
	 	 	 
	 	By:	/s/ Antonio de Pinho
	 	 	Name: Antonio de Pinho
	 	 	Title: President
	 	 	 
	 	EPL OF LOUISIANA, LLC
	 	 	 
	 	By:	/s/ Antonio de Pinho
	 	 	Name: Antonio de Pinho
	 	 	Title: President
	 	 	 
	 	ENERGY PARTNERS LTD., LLC
	 	 	 
	 	By:	/s/ Antonio de Pinho
	 	 	Name: Antonio de Pinho
	 	 	Title: President
	 	 	 
	 	EPL PIONEER HOUSTON, INC.
	 	 	 
	 	By:	/s/ Antonio de Pinho
	 	 	Name: Antonio de Pinho
	 	 	Title: President

 

    	 	S-1	- Subsidiary Guaranty EPL Note -

    	 

    

  

	 	EPL PIPELINE, LLC
	 	 	 
	 	By:	/s/ Antonio de Pinho
	 	 	Name: Antonio de Pinho
	 	 	Title: President
	 	 	 
	 	NIGHTHAWK, LLC
	 	 	 
	 	By:	/s/ Antonio de Pinho
	 	 	Name: Antonio de Pinho
	 	 	Title: President
	 	 	 
	 	ANGLO-SUISSE OFFSHORE PIPELINE PARTNERS, LLC
	 	 	 
	 	By:	/s/ Antonio de Pinho
	 	 	Name: Antonio de Pinho
	 	 	Title: President

 

    	 	S-2	- Subsidiary Guaranty EPL Note -

    	 

    

 

Annex I

 

Notice Address of each Guarantor

 

	 	Address:	1021 Main (One City Centre), Suite 2626
	 	 	Houston, TX 77002

 

with a copy to:

 

EPL Oil & Gas, Inc.

1021 Main (One City Centre), Suite 2626

Houston, TX 77002

Attention: Bruce W. Busmire

Telephone No.: 713-351-3033

Facsimile No.: 713-351-3333

 

    	 	 	Subsidiary Guaranty EPL Note

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