Document:

Administrative Services Agreement

 Exhibit 10.52 
 ADMINISTRATIVE SERVICES AGREEMENT 
 Effective as of
1 January 2008 
 The undersigned: 
 Sensata Investment Company S.C.A., a company duly incorporated and existing under the laws of Luxembourg, having its corporate seat in Luxembourg and having its offices at 9a Parc d’Activite
Syrdall, L-5365 Munsbach, Luxembourg (hereinafter referred to as “Provider”), and 
 Sensata Technologies Holding B.V., a
company duly incorporated and existing under the laws of the Netherlands, having its corporate seat in Almelo and having its offices at Kolthofsingel 8,7602 EM Almelo, the Netherlands (hereinafter referred to as “Recipient”),

 WHEREAS: 
  

	a.	Recipient desires to secure Administrative Services of the Group, specifically for review of financial statements of the Group and ensuring that administrative matters
of the Group entities have been properly addressed; 

  

	b.	Provider has the expertise to facilitate the provision of such Administrative Services; 

  

	c.	Provider is willing to facilitate such Administrative Services in exchange for appropriate compensation; and 

  

	d.	The parties desire to specify the terms on which Provider will provide such services to Recipient. 

 NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth below, the parties hereby agreed as follows. 
 ARTICLE I SERVICES AND COMPENSATION 
 Section 1.1. Provision of Services. Provider shall promptly provide the services described above, upon request of Recipient. 
 Section 1.2. Management and Administrative Service Expertise. Provider has developed Administration Expertise that will be utilized in providing services to Recipient under the terms of
this Agreement. 

 Section 1.3. Ownership of Rights. Provider shall at all times, during or
after the term of this Agreement, be the sole owner of all rights relating to or emanating from its provision of administration services or expertise under the terms of this Agreement. 
 Section 1.4. Compensation. Compensation for the Administrative Services shall be the actual incurred cost and invoiced per
quarter. Rates shall be reviewed from time to time by the parties. 
 Section 1.5. Payment by Recipient.
Recipient shall pay the amount stated in an invoice to Provider within 30 days following receipt of such invoice. 
 Section 1.6. Currency. All financial obligations originating from the terms and conditions of this Agreement shall be denominated in Euro. 
 Section 1.7. Examination of Book and Records. Recipient and Provider shall each have the right at its respective expense to examine the books and records of the other party during
normal business hours at such other party’s offices on giving reasonable notice. 
 ARTICLE II TERM AND TERMINATION 
 Section 2.1. Term. . This agreement has been entered into for an indefinite period of time and has come into effect on the
effective date as first above written. 
 Section 2.2. Termination. Either party may terminate this Agreement
by a written notice sent to the other party not less than thirty (30) days prior to the effective date of termination. 
 Section 2.3. Effect of Termination on Management and Administrative Service Expertise. Effective on the termination of this Agreement, by either party or both parties, 
  

	 	a.	Recipient shall have no right to use the Administrative Service Expertise of Provider except upon such terms as shall be agreed upon in writing executed by Provider and
Recipient; and 

  

	 	b.	Recipient shall return all Administrative Service Expertise, and any and all confidential information, disclosed to it by Provider in its possession to Provider, and
all such Administrative Service Expertise shall be the sole and exclusive property of Provider. 

 ARTICLE III INDEMNIFICATION 
 Recipient shall hold Provider harmless and shall indemnify Provider from and against any loss, cost, or expense, including reasonable
attorneys' fees, related to any act or omission in connection with the performance or nonperformance of its duties under the terms of this Agreement. 

 ARTICLE IV MISCELLANEOUS PROVISIONS 
 Section 4.1. Notices. Any and all notices, elections, offers, acceptances, and demands permitted or required to be made
under this Agreement shall be in writing, signed by the person giving such notice, election, offer, acceptance, or demand and shall be delivered personally, or sent by registered or certified mail, to the party, at its address on file with the other
party or at such other address as may be supplied in writing. The date of personal delivery or the date of mailing, as the case may be, shall be the date of such notice, election, offer, acceptance, or demand. 
 Section 4.2. Force Majeure. If the performance of any part of this Agreement by either party, or of any obligation under
this Agreement, is prevented, restricted, interfered with, or delayed by reason of any cause beyond the reasonable control of the party liable to perform, unless conclusive evidence to the contrary is provided, the party so affected shall, on giving
written notice to the other party, be excused from such performance to the extent of such prevention, restriction, interference, or delay, provided that the affected party shall use its reasonable best efforts to avoid or remove such causes of
nonperformance and shall continue performance with the utmost dispatch whenever such causes are removed. When such circumstances arise, the parties shall discuss what, if any, modification of the terms of this Agreement may be required in order to
arrive at an equitable solution. 
 Section 4.3. Successors and Assigns. This Agreement shall be binding on
and shall inure to the benefit of the parties, Affiliates, their respective successors, successors in title, and assigns, and each party agrees, on behalf of it, its Affiliates, successors, successors in title, and assigns, to execute any
instruments that may be necessary or appropriate to carry out and execute the purpose and intentions of this Agreement and hereby authorizes and directs its Affiliates, successors, successors in title, and assigns to execute any and all such
instruments. Each and every successor in interest to any party or Affiliate, whether such successor acquires such interest by way of gift, devise, assignment, purchase, conveyance, pledge, hypothecation, foreclosure, or by any other method, shall
hold such interest subject to all of the terms and provisions of this Agreement. The rights of the parties, Affiliates, and their successors in interest, as among themselves and shall be governed by the terms of this Agreement, and the right of any
party, Affiliate or successor in interest to assign, sell or otherwise transfer or deal with its interests under this Agreement shall be subject to the limitations and restrictions of this Agreement. 
 Section 4.4. Amendment. No change, modification, or amendment of this Agreement shall be valid or binding on the parties
unless such change or modification shall be in writing signed by both parties. 
 Section 4.5. Further
Assurances. Each party hereby covenants and agrees that it shall execute and deliver such deeds and other documents as may be required to implement any of the provisions of this Agreement. 

 Section 4.6. No Waiver. The failure of any party to insist on strict
performance of a covenant hereunder or of any obligation hereunder shall not be a waiver of such party's right to demand strict compliance therewith in the future, nor shall the same be construed as a novation of this Agreement. 
 Section 4.7. Integration. This Agreement constitutes the full and complete agreement of the parties. 
 Section 4.8. Captions. Titles or captions of articles and paragraphs contained in this Agreement are inserted only as a
matter of convenience and for reference, and in no way define, limit, extend, or describe the scope of this Agreement or the intent of any provision hereof. 
 Section 4.9. Number and Gender. Whenever required by the context, the singular number shall include the plural, the plural number shall include the singular, and the gender of any
pronoun shall include all genders. 
 Section 4.10. Counterparts. This Agreement may be executed in multiple
copies, each of which shall for all purposes constitute an Agreement, binding on the parties, and each partner hereby covenants and agrees to execute all duplicates or replacement counterparts of this Agreement as may be required. 
 Section 4.11. Applicable Law. This Agreement shall be governed by and construed in accordance with the laws of the
Netherlands. 
 Section 4.12. Computation of Time. Whenever the last day for the exercise of any privilege or
the discharge of any duty hereunder shall fall on a Saturday, Sunday, or any public or legal holiday, whether local or national, the person having such privilege or duty shall have until 5:00 p.m. on the next succeeding business day to exercise such
privilege, or to discharge such duty. 
 Section 4.13. Severability. In the event any provision, clause,
sentence, phrase, or word hereof, or the application thereof in any circumstances, is held to be invalid or unenforceable, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder hereof, or of the
application of any such provision, sentence, clause, phrase, or word in any other circumstances. 
 Section 4.14.
Costs and Expenses. Unless otherwise provided in this Agreement, each party shall bear all fees and expenses incurred in performing its obligations under this Agreement. 

 IN WITNESS WHEREOF the parties have executed this Agreement on 27 March 2009 in twofold. 
  

									
	Sensata Investment Company S.C.A.	 		 	Sensata Technologies Holding B.V.
			
	  
	 		 	 /s/ Geert Braaksma

	By :	 		 		 	By :	 	Geert Braaksma
	Title :	 		 		 	Title :	 	Director
				
		 		 		 	 /s/ Joep Hamers

		 		 		 	By :	 	Joep Hamers
		 		 		 	Title :	 	Director
				
		 		 		 	 /s/ ANT Management (Netherlands) B.V.

		 		 		 	By :	 	ANT Management (Netherlands) B.V.
		 		 		 	Title :	 	DirectorThird Agreement of the Amendment to the Corporate Services Master Agreement

 EXHIBIT 4.4 
 TRADUCCIÓN PÚBLICA 
 SWORN
TRANSLATION 
 THIRD AGREEMENT FOR THE IMPLEMENTATION OF AMENDMENTS 
 TO THE CORPORATE SERVICES MASTER AGREEMENT 
 Agreement made in the City of Buenos Aires on the 27th day of November of 2009 by and between: 
 (i) CRESUD S.A.C.I.F. y A., domiciled at Moreno
877, Piso 23 in the Autonomous City of Buenos Aires, represented hereat by Messrs Eduardo Sergio ELSZTAIN and Saúl ZANG in their capacities as Attorneys-in-fact (hereinafter “CRESUD”) as party of the one part; 
 (ii) Alto Palermo S.A. (APSA), domiciled at Moreno 877, Piso 22 in the Autonomous City of Buenos Aires, represented hereat by Messrs Alejandro
Gustavo ELSZTAIN and David Alberto PEREDNIK in their capacities as Attorneys-in-fact (hereinafter “APSA”), as party of the second part, and 
 (iii) IRSA Inversiones y Representaciones Sociedad Anónima, domiciled at Bolívar 108, Piso 1o in the Autonomous City of Buenos Aires and having established domicile for purposes hereof at Moreno 877, Piso 22 in the
Autonomous City of Buenos Aires, represented hereat by Messrs Oscar Pedro BERGOTTO and Gastón Armando LERNOUD in their capacities as Attorneys-in-fact, as party of the third part (hereinafter “IRSA” and collectively with CRESUD and
APSA designated as “THE PARTIES”). 
 WHEREAS: 
 (i) On June 30, 2004 THE PARTIES executed a Master Agreement for the Exchange of Corporate Services (hereinafter “the Master Agreement”); 
 (ii) On August 23, 2007 THE PARTIES executed the first Agreement for the Implementation of Amendments to the Corporate Services Master Agreement
(hereinafter the “First Agreement”), whereby certain amendments were introduced to the Areas of Exchange of Corporate Services and the Cost Distribution Bases, and new Individual In-charges were appointed; 
 (iii) On August 14, 2008 THE PARTIES executed the Second Agreement for the Implementation of Amendments to the Corporate Services Master Agreement
(hereinafter the "Second Agreement” and, together with the First Agreement, the “Addenda”) whereby new amendments were introduced to the Areas of Exchange of Corporate Services and the Cost Distribution Bases; 
 (iv) THE PARTIES have implemented the Master Agreement based on an Implementation Manual updated by Deloitte & Co. S.R.L., (hereinafter
“Deloitte”) on February 11, 2008; 
  

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 (v) In accordance with the recommendations made by Deloitte on its semi-annual reports, new operational
changes have been implemented in the Areas of Exchange of Corporate Services and the Cost Distribution Bases starting in July 2008, which THE PARTIES wish to acknowledge in writing; 
 (vi) The Board of Directors of THE PARTIES have approved the THIRD AGREEMENT FOR THE IMPLEMENTATION OF AMENDMENTS TO THE CORPORATE SERVICES MASTER AGREEMENT (hereinafter the “Third
Agreement”) on November 26, 2009; 
 (vii) Additionally, THE PARTIES consider that the Third Agreement does not match the provisions
under Section 73 of Decree 677/01 and they represent that they have notified the Audit Committee of the execution of the Agreement. 
 NOW IN CONSIDERATION OF THE FOREGOING, THE PARTIES hereby agree to execute this Third Agreement subject to the following terms and conditions: 
 ONE: THE PARTIES ratify that the Areas (as defined in the Master Agreement) and the calculation method applicable to the Exchange of Operational Services (also as defined in the Master Agreement)
have been changed as from the dates listed below, amending therefore Exhibits I and II, as amended by the Addenda, to the Master Agreement as per the following detail: 
  

	 	(i)	Starting in July 2008, a decision was made to modify the distribution method applicable to the Human Resources Area of Exhibit II such that as from that date it should
be made up as detailed in the new Exhibit II. 

  

	 	(ii)	Starting in July 2008, a decision was made to include the Special Projects and Control Department within the Administration and Control Area of Exhibit I of the Master
Agreement and further modify the divisions comprising such Area and their distribution method such that as from that date Exhibit II should be made up as detailed in the new Exhibit II. 	 

  

	 	(iii)	Starting in July 2008, a decision was made to modify the departments included within the Risks and Processes Area mentioned in Exhibit I of the Master Agreement and the
distribution method applicable to such Area in a manner such that as from that date Exhibit II should be made up as detailed in the new Exhibit II. 

  

	 	(iv)	Starting in July 2008, a decision was made to modify the distribution method applicable to the Technical, Infrastructure and Services Area. 

  

	 	(v)	Starting in July 2008, a decision was made to include the Architecture and Design Department within the Areas of Exchange. 

  

	 	(vi)	 Starting in September 2008, a decision was made to include the Technical, Infrastructure and Services, Purchases, Architecture and Design, and
Development and Works Department within the Areas mentioned in Exhibit

  

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I of the Master Agreement and therefore, also in Exhibit II. Furthermore, starting in September 2008, the Technical, Infrastructure and Services, Purchases, Architecture and Design, and
Development and Works Department has included the Architecture and Design, Purchases and Hirings, Development and Works, and Technical, Infrastructure and Services Department. Therefore, they were excluded from the Areas of Exchange, and it was
further decided to modify Exhibit I and Exhibit II such that as from that date they should be made up as detailed in the new Exhibit I and Exhibit II. 

  

	 	(vii)	Starting in January 2009, a decision was made to modify the distribution method applicable to the Finance Area of Exhibit II such that as from that date it should be
made up as detailed in the new Exhibit II. 

  

	 	(viii)	Starting in July 2008 and until June 2009, a decision was made to include the Project Management Department within the Planning and Development Area, using the time
allocated to the projects of each of THE PARTIES as distribution method. 

  

	 	(ix)	Starting in July 2009, a decision was made to exclude the Planning and Development Area, and as from such same date and until September 2009, a decision was made to
include the Business Analysis Area, excluding such Area from the Areas of Exchange in October 2009 and being included as a Department within the Finance Area, thus modifying Exhibit I and Exhibit II such that as from October 2009 they should be made
up as detailed in the new Exhibit I and Exhibit II. 

 In consideration of the foregoing, the PARTIES hereby put on record that,
subject to the clarifications detailed in the preceding sub-sections and for purposes of updating Exhibits I and II, they shall read as hereto attached. 
 TWO: THE PARTIES confirm that the Individually Responsible Person on behalf of CRESUD is Daniel E. Mellicovsky. 
 THE PARTIES further confirm that Cedric Bridger AND Abraham Perelman continue to be the Individually Responsible Persons on behalf of IRSA and APSA, respectively. 
 THREE: THE PARTIES represent that all the sections of the Master Agreement and the Addenda that have not been amended pursuant to this Third
Agreement continue to be fully in force. 
 In witness whereof, this Agreement is executed in three (3) copies of the same tenor and to a
single effect in the place and on the date first written. 
 CRESUD S.A.C.I.F.y A. 
 /signatures in original/ 
 Attorneys-in-fact

  

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 IRSA Inversiones y Representaciones Sociedad Anónima 
 /signatures in original/ 
 Attorneys-in-fact

 Alto Palermo S.A. (APSA) 
 /signatures in original/ 
 Attorneys-in-fact 
  

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 Exhibit I 
 Description of Corporate Services Exchange Areas 
 Human
Resources 
 The Human Resources sector renders to THE PARTIES the service consisting in Human Resources Administration and Management.
Human Resources Administration spans payroll calculation activities, personnel administration, solidarity issues, benefits and labor relationships. 
 Human Resources Management includes personnel recruitment, selection, training, job rotation and related activities. 
 Finance 
 The Finance sector renders to THE PARTIES the service consisting in Investor
Relations, Capital Markets, Financial Risk, Business Analysis and Management of Financial Transactions. 
 Institutional Relations 

 The Institutional Relations sector renders to THE PARTIES the service consisting in the development and control of advertising,
broadcasting and marketing actions, relations with the media, preparation of articles, brochures and related activities. 
 Administration and Control 
 The Administration and Control sector controls all the accounting transactions of THE PARTIES.
It is responsible for the companies’ management control and budget, and its main activities consist in the preparation of the financial statements, tax management, supervision of accounts payable and collections. 
 Systems and Technology 
 The Systems and
Technology sector renders to THE PARTIES the service consisting in maintaining, supporting and updating the IT structure. 
 Support and
maintenance at the user level, help desk, back-up and security issues as well as all related activities. 
 Updates, control and
follow-up of software licenses. 
 Maintenance, updates and support for infrastructure and communications aspects. 
 Insurance 
 The Insurance sector is in
charge of managing THE PARTIES’ assets’ coverage by negotiating, acquiring and monitoring insurance policies, dealing with claims in terms of coverage, collection, etc. 
 Errand Running Service 
 The Errand Running Service renders to THE PARTIES the service
consisting in sending and distributing internal and external documentation, menial procurements, going on errands, etc. 
 Contracts 

 The Contracts sector renders to THE PARTIES the service consisting in aid to the preparation, analysis and response to legal briefs,
agreements, official letters, etc. 
 Technical, Infrastructure and Services, Purchases, Architecture and Design, and Development and
Works 
 The Technical, Infrastructure and Services, Purchases, Architecture and Design, and Development and Works sector renders to THE
PARTIES the services consisting in operational coordination of the following sectors: Architecture and Design; Works Development; Purchases and Hirings; and Technical, Infrastructure and Services. 
  

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 Internal Audit 
 The Internal Audit sector renders to THE PARTIES the services consisting in operational review and control. 
 Real Estate 
 The Real Estate sector renders to THE PARTIES the services consisting in
sales and acquisitions of real estate, except for real estate assigned to the agricultural business. 
 It monitors the properties
considered to be “land reserves” and takes part in the businesses arising from governmental grants (exploitation concessions and private initiatives). 
 Hotels and Tourism 
 The Hotels and Tourism sector renders to THE PARTIES the services
consisting in the integration of the different areas of hotels along with their business relations. 
 It carries out activities to
optimize and control hotels’ management and organization. 
 It carries out activities aimed at leading tourists to visit and
consume in shopping centers. 
 Risks and Processes 
 The Risks and Processes sector renders to THE PARTIES the services consisting in the administration and management of standards and processes, including the determination, development and publication
of internal regulations. 
 Administration and management of information security, including the protection of THE PARTIES’ data.

 Administration and management of master data, including loading such data to THE PARTIES’ systems. 
 Administration and management of risks and statutory compliance, including the identification and supervision of the main risks and duties of compliance
towards regulatory agencies. 
 Quality management, including the implementation of quality models in the business units. 

Prevention of corporate fraud. 
  

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 Exhibit II 
 Cost Distribution Bases 
  

							
	 Corporate Departments
	  	 Department
	  	 Division
	  	 Distribution Method

	Human Resources	  	Human Resources	  		  	By headcount (non-corporate personnel) and weighting the percentages of other areas (corporate personnel).
				
	 Finance
  
 Each one of the sectors is weighted at 20%.
	  	  
 Capital Markets
	  		  	  
 Financial transactions outstanding as of the closing date weighted
at 40% and the amount of transactions conducted over the last 180/360 days weighted at 60%. In the latter case, if applicable, the transactions handled during the period and which because of unfavorable market conditions were not released will be
weighted at 10%.

	  	  
 Relations with Investors
	  		  	  
 Number of shareholders as registered with the Nasdaq, plus the
volume of shares traded in US$ as well as market capitalization (the price of the shares as quoted by the number of outstanding shares) with the price diluted as of the closing date. The three variables are weighted in equal shares
(33%).

	  	  
 Financial Risk
	  		  	  
 Number of transactions analyzed, valued and consummated and their
amount in US$. Both variables are weighted in equal shares (50%).

	  	  
 Financial Administration
	  		  	  
 Total assets weighted at 40% and total liabilities weighted at 60%.

	  	  
 Business Analysis
	  		  	  
 Salaries are weighted according to the position and tasks performed
(per company and in equal shares). The salaries of analysts shall be allocated to each company, and the one relating to supervision shall be distributed among the companies.

				
	Institutional Relations	  	Institutional Relations	  		  	Tasks performed and the time spent in each.

  

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	 Administration and Control
 Each one of the sectors comprising the Department is weighted as described below:
  
 30% Accounting and Administrative Operations; 30% Taxes; 30% Budget and Management Control and 10% Special Projects and Control
	  	Accounting and Administrative Operations (Weighted from the Divisions within the Department)	  	Accounting and Reporting	  	Number of companies per group and receipts per company.
	  	  	Administrative Operations	  	Income receipts, expenses receipts and number of companies per group
	  	  
 Taxes
	  		  	  
 Salaries are weighted according to the position and tasks performed
(per company and in equal shares)

	  	  
 Budget and Management Control (Market Capitalization
weighted at 35% and actual income (production, sales, leases) weighted at 65%.
	  	  
 Budget and Management Control - Global
	  	  
 Market capitalization weighted at 35% and actual income
(production, sales, leases) weighted at 65%.

	  	  	Budget and Management Control - Real Estate	  	  
 Revenues from sales and office developments.

	  	  	  
 Budget and Management Control - Agricultural
	  	Revenues from production and sales of premises.
	  	Special Projects and Control	  		  	Completed projects and time spent in each.
				
	Systems and Technology	  	Systems and Technology	  		  	Number of desktops, licenses, volume of PCs and servers.
				
	Insurance	  	Insurance	  		  	Insured amounts and volume of losses (in units). Both variables weighted in equal shares (50%).
				
	Errand Running Service	  	Errand Running Service	  		  	Number of errands run.
				
	Contracts	  	Contracts	  		  	Tasks performed and the time spent in each.
				
	 Technical, Infrastructure and Services, Purchases, Architecture and Design, and Development and Works
Department
  
 An average is obtained from the Departments reporting to
it.
	  	Technical, Infrastructure and Services (Maintenance hours)	  	Planning and Control	  	Maintenance hours.
	  	  	  
 Logistics
	  	  
 Weighted between directly assigned personnel and centralized
personnel distributed per square meter of the real property.

	  	  	Distributed Operations	  	  
 Square meters of real property held, to which maintenance services
are provided.

	  	  	Architecture	  	  
 Personnel distributed per surface area and number of
stores.

	  	  	Third parties’ services	  	  
 Square meters of common areas to which services are
provided.

	  	  	Traveling Personnel	  	  
 Maintenance hours per center.

	  	  	Engineering and Maintenance	  	  
 Square meters of real property held, to which maintenance,
engineering and other services are provided.

  

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		  	Purchases and Hirings	  		  	Purchase orders with weighted volume and amounts thereof.
				
		  	Development and Works	  		  	Tasks performed and time spent in each.
				
		  	Architecture and Design	  		  	Completed projects.
				
	Internal Audit	  	Internal Audit	  		  	Tasks performed and the time spent in each.
				
	Real Estate	  	Real Estate	  		  	Salaries are weighted according to the position and tasks performed (per companies and in equal shares).
				
	Hotels and Tourism	  	Hotels and Tourism	  		  	Salaries are weighted according to the position and tasks performed (per companies and in equal shares).
				
	 Risks and Processes
  
 Time spent in each task.
	  	Master Data	  		  	Weighting of the time spent in each task.
	  	  
 OYM
	  		  	Weighting of the time spent in each task.
	  	  
 IT Security
	  		  	Weighting of the time spent in each task.
	  	  
 Fraud
	  		  	Weighting of the time spent in each task.
	  	  
 Quality Management
	  		  	Weighting of the time spent in each task.
	  	  
 Risk and Regulatory Compliance
	  		  	Weighting of the time spent in each task.

 THIS DOCUMENT, CONSISTING OF 9 (nine) PAGES, IS A TRUE AND ACCURATE
TRANSLATION into English of the document in Spanish I have had before me in Buenos Aires, on this 10th day of December, 2009. 
 [For authentication purposes only:] 
 ESTE DOCUMENTO, COMPUESTO DE 9 (nueve)
PÁGINAS, ES TRADUCCIÓN FIEL al inglés del documento adjunto redactado en idioma castellano que he tenido ante mí y al cual me remito en Buenos Aires, a los 10 días de diciembre de 2009. 

 

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