Document:

EX-10.1

 Exhibit 10.1 

LOAN PURCHASE AND SALE AGREEMENT 

THIS LOAN PURCHASE AND SALE AGREEMENT (this “Agreement”) is made as of August 30, 2013 by and between Capital One Bank,
N.A., (“Capital One”), as Administrative Agent (in such capacity, the “Administrative Agent”) and Lender, Iberiabank (“Iberia”) and Cadence Bank, N.A. (“Cadence” and with Capital
One and Iberia, each a Seller, and collectively, the “Sellers”), and White Elk LLC, a Delaware limited liability company (“White Elk”), having an address of 1212 Avenue of the Americas, 19th Floor, New York, New York 10036, Resource Value Group LLC, on behalf of one or more beneficial holders of the Loan under the Credit Agreement (“Resource” and with White Elk, each a
“Buyer” and collectively, the “Buyers”). 
 RECITALS 

A. Sellers are party to that certain Credit Agreement dated December 24, 2010 (as amended, the “Credit Agreement”) by
and among Black Elk Energy Offshore Operations, LLC, a Texas limited liability company (the “Borrower”), the Guarantors party thereto, Capital One, N.A., as Administrative Agent for the Lenders (“Administrative
Agent”) and the Lenders signatory thereto (the “Lenders”). Capitalized terms used herein and not otherwise defined shall have the meaning assigned to such terms in the Credit Agreement. 

B. Pursuant to the terms of the Credit Agreement, Administrative Agent and Lenders agreed to make loans and extensions of credit on behalf of
Borrower. As of the date hereof, the aggregate amount of the Commitments of the Lenders under the Credit Agreement is $25,000,000, the current Borrowing Base under the Credit Agreement is $25,000,000, and the aggregate amount of all outstanding
Loans under the Credit Agreement is $20,831,976. 
 C. Buyers wish to purchase from Sellers, all of Sellers’ right, title and interest
in and to the Commitments, Loans and the Loan Documents (collectively the “Loan Assets”), all upon and pursuant to, the terms and conditions described in this Agreement and White Elk wishes to assume the role of Administrative Agent
and Collateral Agent under the Credit Agreement and Loan Document. 
 NOW, THEREFORE, based on the above Recitals (which are
incorporated into and made part of this Agreement by this reference), and for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 

AGREEMENT 
 1.
Conveyance. For valuable consideration, the receipt and sufficiency of which is hereby acknowledged, (a) each Seller, hereby agrees to sell, assign and convey to Buyers and Buyers hereby agree to purchase and accept from each
Seller, all of each Seller’s right, title and interest in and to its rights and obligations under the Credit Agreement and Loan Documents, including but without limitation all Loans and Commitments and (b) White Elk agrees to accept and
assume all obligations of the Administrative Agent under the Credit Agreement and the Loan Documents, all subject to and in accordance with the terms and provisions of this Agreement (the “Purchase Transaction”). The Purchase
Transaction shall close on August 30, 2013 (the “Closing Date”) and Buyers shall deliver to the Administrative Agent, for the Sellers, the Purchase Price by wire transfer of immediately available funds by 3:00 p.m. EST on
August 30, 2013. 

 2. Purchase Price. Buyers shall pay to Administrative Agent for the benefit
of the Sellers the Purchase Price as follows: 
 (a) Each Buyer shall be obligated to pay 100% of the aggregate principal balance of all
outstanding Loans under the Credit Agreement as of the Closing Date, plus all accrued unpaid interest plus fees and expenses (the “Purchase Price”). 

(b) The Purchase Price is as follows: 
  

					
	 Principal:
	  	$	20,831,976.00	  
	 Accrued Interest to August 30, 2013:
	  	$	123,428.73	  
	 Agency Fees:
	  	$	 12,739.73	  
	 Attorneys Fees:
	  	$	 99,492.15	  
	 TOTAL
	  	$	21,067,636.61	  

 (c) The Buyers shall pay the Purchase Price to Administrative Agent for the benefit of the Sellers on the
Closing Date by wire transfer pursuant to the wire instructions listed on Schedule 1 attached hereto. 
 3. Assignment and
Assumption. On the Closing Date (a) the Sellers and Buyers shall execute and deliver an Omnibus Assignment and Assumption of Loans, Loan Documents and Related Liens and Security Instruments and Appointment of Agent in the form attached
hereto as Exhibit A; (b) Administrative Agent shall resign as Administrative Agent under the Credit Agreement and White Elk hereby shall accept and assume all obligations as administrative agent thereunder (the “Successor
Administrative Agent”); (c) Capital One, in its capacity as Administrative Agent shall execute and deliver to White Elk, in its capacity as the Successor Administrative Agent, an Assignment of Mortgages, in the form attached hereto as
Exhibit B; (d) Borrower shall execute and deliver new Notes to each Buyer in the principal amount of their respective Commitments in replacement of the Notes previously issued to the Sellers; and (e) Buyers and Sellers shall execute
and deliver to Administrative Agent all other documents necessary to consummate the Purchase Transaction, including assignments and/or amendments to the Loan Documents and/or Intercreditor Agreements. 

4. Loan Documents. On the Closing Date, Administrative Agent shall deliver to Buyers an original counterpart of each Loan
Document (or if an original counterpart of each such Loan Document is not in Administrative Agent’s possession, a photocopy of each such original counterpart). 

  
 2 

 5. Seller’s Representations and Warranties. The purchase and sale of
the Loan Assets as described in this Agreement is made without representation, warranty, recourse or guaranty of any kind, express or implied, except that each Seller represents and warrants to Buyers severally and not jointly as of the date hereof
as follows: 
 5.1 Authority. Seller holds its legal and beneficial interest in the Loans and the other Loan Assets free
and clear of any liens, claims, security interests, pledges, charges or encumbrances of any nature whatsoever, and has full right, power and authority to execute, deliver and perform its obligations under this Agreement and the right to transfer
such interest to Buyers without the consent of any third party. Seller has not previously conveyed its interest in the Loan Assets. Seller is transferring its interest in the Loan Assets free and clear of any and all participation interests, liens,
pledges, charges, security interests or encumbrances of any kind or nature whatsoever encumbering the Loans or the Loan Documents or any interest therein. 

5.2 Binding Effect. This Agreement and the sale, assignment and transfer of the Loan Assets constitute a legal, valid and
binding obligation of Seller, enforceable against Seller in accordance with its terms. 
 5.3 No Conflict. The execution,
delivery and performance of this Agreement by Seller does not conflict with the organizational documents of Seller, or with any law, rule, statute, writ or regulation applicable to Seller. 

Each Seller’s representations and warranties set forth in this Section 5 shall survive the Closing of the Purchase
Transaction. 
 6. Administrative Agent’s Representations and Warranties. The Administrative Agent represents and
warrants to Buyers as the date hereof as follows: 
 6.1 Loan Documents. Schedule 2 contains a true, correct and
complete list of the Loan Documents, as each may have been amended or modified as of the date hereof (and to the extent no amendment or modification is noted, Administrative Agent represents and warrants that no amendment or modification has been
made to the applicable Loan Documents other than partial releases of certain mortgages, all of which are of record), and Administrative Agent has delivered to the Successor Administrative Agent true, correct and complete copies of each of the
documents, instruments and agreements listed on Schedule 2. 
 6.2 Loan Balance. The outstanding principal balance of
the Loans as of the date of this Agreement is Twenty Million Eight Hundred Thirty-One Thousand Nine Hundred Seventy-Six and No/100 Dollars ($20,831,976). Interest on the Loans as provided in the Loan Documents has been paid through July 31,
2013 and has been accruing at the rate of interest set forth in the note(s) evidencing the Loans since August 1, 2013. As of the date of this Agreement, the aggregate accrued and unpaid interest payable under the Loan Documents is $123,428.73,
the accrued and unpaid fees under the Loan Documents are $12,739.73, the accrued and unpaid expenses under the Loan Documents are $99,492.15 and there are no reserves being maintained under the Loan Documents. 

Administrative Agent’s representations and warranties set forth in this Section 6 shall survive the Closing under the
Purchase Transaction. 

  
 3 

 7. Buyers’ Representation and Warranties. Each Buyer represents and
warrants severally and not jointly to Sellers as of the date hereof:  
 7.1 Authority. Buyer has full power and
authority to execute, deliver and perform its obligations under this Agreement. 
 7.2 Binding Effect. This Agreement and the
purchase and assumption of the Loan Assets as contemplated by this Agreement constitute a legal, valid and binding obligation of Buyer, enforceable against Buyer in accordance with its terms. 

7.3 No Conflict. The execution, delivery and performance of this Agreement by Buyer does not conflict with the organizational
documents of Buyer, or with any law, rule, statute, writ or regulation applicable to Buyer. 
 7.4 Own Account. Buyer is
purchasing the Loan Assets for its own account, without view to, or any present intention of, distribution thereof or of any interest therein. 

7.5 Independent Investigation. Each Buyer hereby acknowledges receipt of copies of the Loan Documents for its review, and that
Buyer has made its own independent investigation of the financial condition of the Borrower, and has reviewed and made its own determination as to matters related thereto, including without limitation: (1) the enforceability of the Loan
Documents and (2) the existence, condition, location or value of any property, real or personal, encumbered pursuant to or affected by or described in any of the Loan Documents, including without limitation, the Collateral. 

7.6 As-Is. Except as expressly set forth herein in Sections 5 and 6 of this Agreement, Sellers have made no warranties or
representations to Buyers or any agent of Buyer with respect to the Loans, any or all of the security thereof, the Loan Documents or the collectability or enforceability of the obligations evidenced thereby and the transactions to be consummated
hereby are strictly on an “AS IS” basis. 
 Each Buyer’s representations and warranties set forth in this
Section 7 shall survive the Closing of the Purchase Transaction. 
 8. Disclaimer. EXCEPT AS EXPRESSLY SET
FORTH HEREIN IN SECTIONS 5 AND 6 OF THIS AGREEMENT, EACH BUYER ACKNOWLEDGES AND AGREES THAT THE EXISTING ADMINISTRATIVE AGENT AND THE LENDERS ARE NOT MAKING ANY REPRESENTATION OR WARRANTY OF ANY KIND OR NATURE INCLUDING, WITHOUT LIMITATION, ANY
REPRESENTATION OR WARRANTY WITH RESPECT TO (A) THE LOANS, THE LOAN DOCUMENTS, THE BORROWER OR THE MORTGAGED PROPERTY OR THE COLLATERAL, (B) THE BUSINESS OR FINANCIAL CONDITION OF BORROWER OR ANY GUARANTOR, (C) THE PHYSICAL CONDITION
OF ANY PROPERTY OR ASSET COMPRISING ALL OR A PART OF ANY MORTGAGED PROPERTY OR THE COLLATERAL, (D) THE STATUS, PAYMENT OR NONPAYMENT OF ANY AMOUNTS DUE OR PAST DUE UNDER THE LOAN DOCUMENTS OR ANY REAL ESTATE TAXES OR ASSESSMENTS WITH RESPECT TO
ANY MORTGAGED PROPERTY, (E) THE STATUS OF THE LOANS OR THE EXISTENCE OF ANY DEFAULT OR EVENTS OF DEFAULT UNDER THE LOAN DOCUMENTS (F) THE PRESENCE OR ABSENCE OF ANY HAZARDOUS WASTE, TOXIC SUBSTANCES, ASBESTOS OR ASBESTOS CONTAINING
MATERIALS AFFECTING ANY MORTGAGED PROPERTY, (G) COMPLIANCE OR NON-COMPLIANCE OF THE MORTGAGED PROPERTY WITH  

  
 4 

 
ANY LAWS, RULES OR REGULATIONS, INCLUDING WITHOUT LIMITATION, THOSE REGARDING HAZARDOUS WASTE, TOXIC SUBSTANCES, ASBESTOS OR ASBESTOS CONTAINING MATERIALS, (H) THE LEASES, INCOME OR EXPENSES
OF ANY MORTGAGED PROPERTY, (I) COMPLIANCE OF ANY MORTGAGED PROPERTY WITH ANY APPLICABLE BUILDING CODES, ZONING ORDINANCES OR REGULATIONS, (J) THE CREDITWORTHINESS OF BORROWER OR THE VALUE OF THE MORTGAGED PROPERTY, OR (K) THE
ENFORCEABILITY OR LEGAL SUFFICIENCY OF ANY OF THE LOAN DOCUMENTS. EACH BUYER AGREES THAT IT IS ACCEPTING THE LOANS AND THE LOAN DOCUMENTS AS IS. FURTHER EACH BUYER ACKNOWLEDGES THAT DEFAULTS AND EVENTS OF DEFAULT HAVE OCCURRED AND CURRENTLY EXIST
UNDER THE LOAN DOCUMENTS, INCLUDING BORROWER’S VIOLATION OF THE PAYABLES RESTRICTION FINANCIAL COVENANT IN SECTION 9.01(A) OF THE CREDIT AGREEMENT, AND EACH BUYER IS PURCHASING AND ASSUMING THE LOANS AND LOAN DOCUMENTS WITH SUCH KNOWLEDGE. 

9. RELEASE. UPON CLOSING THE PURCHASE TRANSACTION, EACH BUYER ASSUMES THE RISK OF ADVERSE MATTERS WHICH MAY NOT HAVE BEEN
REVEALED BY EACH BUYER’S DUE DILIGENCE. AS OF THE CLOSING DATE, EACH BUYER, FOR ITSELF AND ITS AGENTS, AFFILIATES, SUCCESSORS AND ASSIGNS, HEREBY WAIVES, INDEMNIFIES, RELEASES AND FOREVER DISCHARGES ADMINISTRATIVE AGENT AND THE LENDERS, THEIRS
RESPECTIVE AGENTS, EMPLOYEES, DIRECTORS, OFFICERS, ADVISORS, AFFILIATES, INTEREST HOLDERS, SUCCESSORS AND ASSIGNS (COLLECTIVELY, THE “RELEASEES”) FROM ANY AND ALL RIGHTS, CLAIMS AND DEMANDS AT LAW OR IN EQUITY, WHETHER KNOWN OR
UNKNOWN AT THE TIME OF THIS AGREEMENT, WHICH EACH BUYER HAS OR MAY HAVE IN THE FUTURE, ARISING OUT OF THE LOAN, THE LOAN DOCUMENTS, OR THE PURCHASE TRANSACTION INCLUDING, WITHOUT LIMITATION, ALL CLAIMS IN TORT OR CONTRACT AND ANY CLAIM FOR
INDEMNIFICATION OR CONTRIBUTION ARISING UNDER FEDERAL, STATE OR LOCAL STATUTE, RULE OR REGULATION, AND ALL OTHER DUE DILIGENCE MATTERS DESCRIBED IN THIS SECTION OR ANY OTHER PROVISIONS OF THIS AGREEMENT. THE RELEASEES SHALL BE THIRD PARTY
BENEFICIARIES HEREUNDER WITH RESPECT TO THE RELEASE CONTAINED IN THIS PARAGRAPH. THE RELEASE CONTAINED IN THIS PARAGRAPH AND THE DISCLAIMER CONTAINED IN THE IMMEDIATELY PRIOR PARAGRAPH SHALL SURVIVE THE CLOSING OF THE PURCHASE TRANSACTION. 

10. Headings. Paragraph and section headings are for convenience of reference only and shall in no way affect the
interpretation of the Agreement. 
 11. Borrower’s Consent. Borrower acknowledges and consents to the sale
of the Loan Assets to Buyers, including but not limited to the Loans outstanding under the Credit Agreement. 
 12.
Counterparts. This Agreement may be separately executed in any number of counterparts, each of which shall be an original, but all of which, taken together, shall be deemed to constitute one and the same instrument. Transmission of a
signed copy of the Agreement by one party to another party (or by or to their counsel) by fax, email or similar electronic means will have the same force and effect as delivery of the original signed counterpart so transmitted. 

  
 5 

 13. Governing Law; Jurisdiction; Jury Waiver. (a) This Agreement shall
be governed by, and construed in accordance with, the laws of the State of New York without regard to any choice-of-law provisions.  

(b) Each party hereby irrevocably and unconditionally waives, to the fullest extent permitted by law, trial by jury in any legal action or
proceeding relating to this Agreement and for any counterclaim therein. 
 14. Entire Agreement; Modifications. This
Agreement constitutes the final expression of the entire agreement of the parties with respect to the subject matter of this Agreement, and the provisions of this Agreement may only be modified by the written agreement of Sellers and Buyers. This
Agreement supersedes all prior agreements, oral or written, by the parties with respect to the subject matter of this Agreement. Neither party is relying on any oral, written or implied representation or warranty not expressly set forth in this
Agreement. 
 15. Binding Effect. This Agreement is binding upon the parties and their respective agents, heirs,
administrators, representatives, executors, successors and assigns, and inures to the benefit of the parties and each of them, and to their respective agents, heirs, administrators, representatives, executors, successors and assigns. 

16. Severability. Each part of this Agreement is intended to be severable. If any term, covenant, condition or provision
hereof is unlawful, invalid or unenforceable for any reason whatsoever, and such illegality, invalidity or unenforceability does not affect the remaining parts of this Agreement, then all such remaining parts hereof shall be valid and enforceable
and have full force and effect, as if the invalid or unenforceable part had not been included. 
 17. Further
Assurance. Sellers and Buyers each agree to execute and deliver such instruments, documents, agreements, and certificates, and take such action as the other may, from time to time, reasonably request in order to effectuate the purpose and
carry out the terms of this Agreement. 
 18. No Third Party Beneficiaries. Except as provided in Section 9
above, nothing express or mentioned in this Agreement is intended or will be construed to give any other person any legal or equitable right, remedy or claim under or in respect of this Agreement, or any provisions herein contained, this Agreement
and all conditions and provisions hereof being intended to be and being for the sole and exclusive benefit of Sellers and Buyers and for the benefit of no other person. 

19. Exhibits and Schedules. All exhibits and schedules attached to this Agreement are hereby incorporated into this
Agreement with the same force and effect as if the terms and provisions of such exhibits and schedules were set forth herein above in the body of this Agreement. 

  
 6 

 20. No Waiver of PPVA Purchase Obligations. By entering into this Purchase
Agreement, the Sellers are not (a) waiving their rights and remedies under that certain Letter Loan Purchase Agreement dated July 31, 2013 by and among the Sellers, PPVA Black Elk Equity LLC (“PPVA”) and the Borrower
(b) releasing PPVA from its duties and obligations thereunder, or (c) releasing any guarantor from its duties and obligations under the Guaranty dated July 31, 2013 executed in connection with such Letter Loan Purchase Agreement. All
such duties and obligations of PPVA under the Letter Loan Purchase Agreement and each Guarantor under the Guaranty continue to exist. Upon the closing of the Purchase Transaction and receipt by the Administrative Agent of the Purchase Price the
Letter Loan Purchase Agreement and Guaranty will terminate and will be of no further force and effect. 
 [SIGNATURES ON THE
FOLLOWING PAGE] 

  
 7 

 IN WITNESS WHEREOF, the parties hereto have executed this Loan Purchase and Sale Agreement as of
the date written above. 
  

			
	SELLERS:
	
	CAPITAL ONE, N.A.
		
	By:	 	/s/ Matthew L. Molero
	Name:	 	Matthew L. Molero
	Title:	 	Vice President

 
			
	
	IBERIABANK
		
	By:	 	/s/ Cameron D. Jones
	Name:	 	Cameron D. Jones
	Title:	 	Vice President
	
	CADENCE BANK, N.A.
		
	By:	 	/s/ Eric Broussard
	Name:	 	Eric Broussard
	Title:	 	Senior Vice President

 [Signature Page—Loan Purchase and Sale Agreement] 

 
			
	BUYERS:
	
	WHITE ELK LLC
		
	By:	 	/s/ Jaime Hartman
	Name:	 	Jaime Hartman
	Title:	 	Authorised Signatory

 
			
	
	 RESOURCE VALUE GROUP LLC,
 on behalf
of one or more beneficial holders of the Loans under the Credit Agreement

		
	By:	 	/s/ David Levy
	Name:	 	David Levy
	Title:	 	 

 [Signature Page—Loan Purchase and Sale Agreement] 

 
			
	Agreed to this 30th day of August, 2013
	
	 BLACK ELK ENERGY OFFSHORE OPERATIONS, LLC, 

a Texas limited liability company

		
	By:	 	/s/ Bruce P. Koch
	Name:	 	Bruce P. Koch
	Title:	 	CFO

 [Signature Page—Loan Purchase and Sale Agreement]EX-10.2

 Exhibit 10.2 

OMNIBUS ASSIGNMENT AND ASSUMPTION OF LOANS, 

LOAN DOCUMENTS AND RELATED LIENS AND 

SECURITY INTERESTS AND APPOINTMENT OF AGENT 

This Omnibus Assignment and Assumption of Loans, Loan Documents and Related Liens and Security Interests and Appointment of Agent (the
“Assignment”), dated to be effective as of August 30, 2013 (the “Assignment Effective Date”), is entered into by and among CAPITAL ONE, N.A., in its capacity as Administrative Agent for the Lenders, Issuing
Bank and Collateral Agent and Mortgagee for the Secured Parties and First Lien Agent, Second Lien Agent and Facility Swap Agent under the Intercreditor Agreements (in such capacities, the “Existing Agent”), the Lenders signatory
hereto (the “Lenders”, together with the Existing Agent, the “Assignors”), White Elk LLC, a Delaware limited liability company (“White Elk”) Resource Value Group LLC, on behalf of one or more
beneficial holders of the Loans under the Credit Agreement (“Resource”, together with White Elk, the “Assignees”) and Black Elk Energy Offshore Operations, LLC, a Texas limited liability company (the
“Borrower”). 
 RECITALS 

WHEREAS, the Borrower and the Assignors entered into that certain Credit Agreement dated December 24, 2010 (as amended by that First
Amendment dated May 31, 2011, that Waiver and Second Amendment dated June 30, 2011, that Limited Waiver and Third Amendment dated November 8, 2012, that Fourth Amendment to Credit Agreement dated December 21, 2012, that Fifth
Amendment to Credit Agreement dated August 28, 2013, that Sixth Amendment to Credit Agreement dated January 31, 2013, that Limited Waiver and Seventh Amendment to Credit Agreement dated February 22, 2013, that Eighth Amendment to
Credit Agreement dated March 26, 2013, that Limited Waiver and Ninth Amendment to Credit Agreement dated April 10, 2013 and that Limited Waiver and Tenth Amendment to Credit Agreement dated July 31, 2013 and as further amended,
restated, supplemented or modified from time to time, the “Credit Agreement”); 
 WHEREAS, Assignors and Assignees entered
into that certain Loan Purchase Agreement dated of even date herewith (the “Purchase Agreement”) wherein Assignees agreed to purchase all Commitments and Loans under the Credit Agreement and assume the obligations of the Existing
Agent and the Lenders thereunder and under the Loan Documents (hereinafter defined) as set forth therein; 
 WHEREAS, Assignors desire to
assign to Assignees and Assignees agree to assume all of Assignors’ right, title and interest in and to the Loans and the Commitments under the Credit Agreement and all documents evidencing the Loans and Commitments, including but not limited
to, those forth on Exhibit A attached hereto and made a part hereof, together with all addenda, modifications, amendments, riders, exhibits and supplements thereto other than partial releases of certain mortgages which are filed of record
(collectively, the “Loan Documents”); 
 WHEREAS, Existing Agent has agreed to resign as Administrative Agent, Issuing Bank
and Collateral Agent under the Loan Documents and White Elk has agreed to assume all obligations of the Existing Agent as Administrative Agent and Collateral Agent under the Loan Documents and accept the appointment as Administrative Agent and
Collateral Agent under the Loan Documents, subject to the terms and conditions of the Intercreditor Agreements; and 

 NOW, THEREFORE, in consideration of the foregoing Recitals which are deemed incorporated herein
by reference and for other good and valuable consideration paid to Assignor by Assignee, the receipt and sufficiency of which are hereby acknowledged, Assignor, Assignee and Borrower hereby agree as follows: 

1. Defined Terms. 
 (a)
Unless otherwise defined herein, capitalized terms used herein have the meanings assigned to them in the Credit Agreement. 
 (b) As used in
this Agreement, the following terms shall have the following meanings: 
 “BP Intercreditor Agreement” means the
Intercreditor Agreement dated December 24, 2010 by and among BP Corporation North America Inc., Borrower and Capital One, National Association, as Administrative Agent, as amended by that certain Assignment and Assumption Agreement dated
August 28, 2013. 
 “Collateral Agent” has the meaning set forth in the Security Instruments. 

“Facility/Swap Agent” has the meaning set forth in the W&T (Non-Operated Properties) Intercreditor Agreement. 

“First Lien Agent” has the meaning set forth in the Second Lien Intercreditor Agreement. 

“Intercreditor Agreements” means, collectively, the BP Intercreditor Agreement, the Second Lien Intercreditor Agreement, the
W&T (Non-Operated Properties) Intercreditor Agreement and the W&T (Escrow Agreement) Intercreditor Agreement. 
 “
Mortgagee” has the meaning set forth in the Mortgages. 
 “Second Lien Agent” has the meaning set forth in the
W&T (Escrow Agreement) Intercreditor Agreement. 
 “Second Lien Intercreditor Agreement” means the Amended and Restated
Second Lien Intercreditor Agreement dated December 24, 2010 by and among Capital One, N.A., as First Lien Agent, The Bank of New York Mellon Trust Company, N.A., as Indenture Trustee, Borrower and Black Elk Energy Finance Corp., as amended by
the First Amendment to Amended and Restated Second Lien Intercreditor Agreement dated to be effective as of August 28, 2013. 

“W&T (Escrow Agreement) Intercreditor Agreement” means the Amended and Restated Intercreditor Agreement (Escrow
Agreements) dated December 24, 2010 by and among W&T Offshore, Inc., Capital One, N.A. as Second Lien Agent and Borrower, as amended by the First Amendment to Amended and Restated Intercreditor Agreement dated to be effective as of
August 28, 2013. 

 “W&T (Non-Operated Properties) Intercreditor Agreement” means the Amended
and Restated Intercreditor Agreement (Non-Operated Properties) dated December 24, 2010 by and among W&T Offshore, Inc., Capital One, N.A. as Facility/Swap Agent, The Bank of New York Mellon Trust Company, N.A., as Indenture Trust, Black Elk
Energy Finance Corp. and Borrower, as amended by the First Amendment to Amended and Restated Intercreditor Agreement dated to be effective as of August 28, 2013. 

2. Assignment and Assumption. (a) The Assignors hereby sell and assign, without recourse, representation or warranty except as
expressly set forth in the Purchase Agreement, to the Assignees, and the Assignees hereby purchase and assume, without recourse, representation or warranty except as expressly set forth in the Purchase Agreement, from the Assignors, effective as of
the Assignment Effective Date, all of the Assignors’ rights and obligations under the Credit Agreement, including, without limitation, the interests in the Commitments of the Assignors on the Assignment Effective Date and Loans owing to the
Assignors which are outstanding on the Assignment Effective Date, together with the participations in Letters of Credit and LC Disbursements held by the Assignors on the Assignment Date, but excluding accrued interest and fees to and excluding the
Assignment Effective Date (the “Assigned Interest”). Each Assignor’s portion of the Assigned Interest comprises a percentage of the aggregate Commitments under the Credit Agreement as shown on Schedule 1 attached hereto.
Each Assignee is purchasing and assuming a percentage of the Assigned Interest as shown on Schedule 1. The Assignees hereby acknowledge receipt of a copy of the Credit Agreement. From and after the Assignment Effective Date (i) the
Assignees shall each be a party to and be bound by the provisions of the Credit Agreement and, to the extent of the Assigned Interest, have the rights and obligations of a Lender thereunder and (ii) the Assignors shall, to the extent of the
Assigned Interest, each relinquish its rights and be released from its obligations under the Credit Agreement. 
 (b) The Assignors have
BARGAINED, SOLD, ASSIGNED, CONVEYED and DELIVERED and do hereby BARGAIN, SELL, ASSIGN, CONVEY and DELIVER, without representation, warranty or recourse except as set forth in the Loan Purchase Agreement, to the Assignees and the Assignees hereby
purchase, assume and accept, without representation, warranty or recourse except as expressly set forth in the Purchase Agreement, (i) all of the Assignors’ right, title and interest in and to the Loans and the Loan Documents and all
obligations arising therein first accruing from and after the Assignment Effective Date and (ii) all assignable rights, titles, benefits, privileges, liens, security interests and assignments owned, held, accruing and to accrue to, and for the
benefit of the Assignors under or in connection with the Loans and the Loan Documents. Each Assignee acknowledges and agrees that the Loan Documents assumed hereby include, among the other items listed on Exhibit A attached hereto, the
Intercreditor Agreements, and that each Assignee’s right, title and interest in and to the Loans and the Loan Documents are expressly subject to the terms and conditions set forth in the Intercreditor Agreements. From and after the Assignment
Effective Date (i) the Assignees shall be a party to and be bound by the provisions of the Loan Documents and have the rights and obligations of a Lender thereunder and (ii) the Existing Agent and Lenders shall relinquish their rights and
be released from their obligations under the Loan Documents. 

 3. Resignation and Appointment. 

(a) As of the Assignment Effective Date (i) the Existing Agent hereby resigns as the Administrative Agent as provided under
Section 11.06 of the Credit Agreement, as Collateral Agent under the Security Instruments and as First Lien Agent, Second Lien Agent and Facility/Swap Agent under the Intercreditor Agreements (each such title being herein referred to
collectively as the “Agency Roles”) and shall have no further obligations in such Agency Roles under the Credit Agreement and the other Loan Documents, except to the extent of any obligation expressly stated in the Credit Agreement
or other Loan Documents as surviving any such resignation; (ii) the Required Lenders appoint White Elk as successor Administrative Agent and successor Collateral Agent under the Credit Agreement and the other Loan Documents and successor First
Lien Agent, successor Second Lien Agent and successor Facility/Swap Agent under the applicable Intercreditor Agreement, subject to the terms and conditions contained in such Intercreditor Agreements; (iii) White Elk, in each case, hereby
accepts its appointment as successor Administrative Agent and successor Collateral Agent under the Credit Agreement and the other Loan Documents and Successor First Lien Agent, Successor Second Lien Agent and Successor Facility/Swap Agent under the
applicable Intercreditor Agreements (in such capacities, “Successor Agent”); and (iv) the parties hereto authorize the Successor Agent to prepare, enter into, execute, record and/or file any and all notices, certificates,
instruments, Uniform Commercial Code financing statements and/or other documents or agreements (including, without limitation, filings in respect of any collateral, and assignments, amendments or supplements to any UCC financing statements,
mortgages, deeds of trust, security agreements, pledge agreements, intellectual property security agreements, certificates of title, stock powers, account control agreements, intercreditor agreements or other Loan Documents), as the Successor Agent
deems necessary to effect or evidence (of public record or otherwise) the transactions herein contemplated, including but not limited to the resignation of the Existing Agent and the appointment of the Successor Agent and any amendments to the
Credit Agreement and Loan Documents set forth herein, and to maintain the validity, perfection or priority of, or assign to the Successor Agent, any and all liens and security interests in respect of any and all Property securing the Loans. Each of
the Borrower, the Existing Agent and the Successor Agent hereby agrees to execute and deliver (and the Borrower agrees to cause each applicable guarantor or grantor of collateral to execute and deliver) any documentation reasonably necessary or
reasonably requested by the Successor Agent to evidence such resignation and appointment or such amendments or to maintain the validity, perfection or priority of, or assign to the Successor Agent, any such liens or security interests, or to
maintain the rights, powers and privileges afforded to the Administrative Agent under any of the Loan Documents. 
 (b) As of the Assignment
Effective Date, Existing Agent in its capacity as Issuing Bank hereby resigns as the Issuing Bank as provided under the Credit Agreement and shall have no further obligations in such capacity under the Credit Agreement and the other Loan Documents,
except to the extent of any obligation expressly stated in the Credit Agreement as surviving any such resignation. 
 (c) The parties hereto
hereby confirm that the Successor Agent succeeds to the rights and obligations of Capital One, N.A. with respect to each of the Agency Roles under the Credit Agreement and the other Loan Documents and becomes vested with all of the rights, powers,
privileges and duties of each of the Agency Roles under the Credit Agreement and the other 

 
Loan Documents, subject to the terms of the Intercreditor Agreements and Capital One, N.A. is discharged from all of its duties and obligations in each of the Agency Roles and as Issuing Bank
under the Credit Agreement and the other Loan Documents (except to the extent of any obligation expressly stated in the Credit Agreement or any other Loan Document as surviving any such resignation), in each case as of the Assignment Effective Date.

 (d) The parties hereto hereby confirm that, as of the Assignment Effective Date, all of the protective provisions, indemnities, and
expense obligations under the Credit Agreement and the other Loan Documents continue in effect for the benefit of the Existing Agent, its sub-agents and their respective affiliates, officers, directors, trustees, employees, advisors, agents and
controlling Persons in respect of any actions taken or omitted to be taken by any of them while the Existing Agent was acting as Administrative Agent or thereafter pursuant to or in furtherance of the provisions of this Agreement, and inure to the
benefit of the Existing Agent. The parties hereto agree that the Successor Agent shall have no liability for any actions taken or omitted to be taken by the Existing Agent while it served as the Administrative Agent under the Credit Agreement and
the other Loan Documents or for any other event or action related to the Credit Agreement that occurred prior to the Assignment Effective Date. The parties hereto agree that the Existing Agent shall have no liability for any actions taken or omitted
to be taken by the Successor Agent as the Administrative Agent or in any Agency Roles under the Credit Agreement and the other Loan Documents. 

(e) The Existing Agent hereby assigns to the Successor Agent, effective on and after the Assignment Effective Date, any powers of attorney,
liens or security interests and all other rights and interests granted to the Existing Agent, for the ratable benefit of the Lenders and any other secured parties on whose behalf it may be acting under any security documents and/or the Intercreditor
Agreements and included within the Loan Documents (collectively, the “Secured Parties”), under the Credit Agreement and other Loan Documents, and the Successor Agent hereby accepts the benefit of all such powers of attorney, liens
and security interests and other rights and interests, for its benefit and for the ratable benefit of the Secured Parties. 
 (f) On and
after the Assignment Effective Date, any reference to the Existing Agent in any publicly filed document, to the extent such filing relates to the liens and security interests in any collateral assigned hereby and until such filing is modified to
reflect the interests of the Successor Agent, shall, with respect to such liens and security interests, constitute a reference to the Existing Agent as collateral representative of the Successor Agent (provided that the parties hereto agree that the
Existing Agent’s role as such collateral representative shall impose no further duties, obligations or liabilities on the Existing Agent, including, without limitation, any duty to take any type of direction regarding any action to be taken
against such collateral, whether such direction comes from the Successor Agent, the Secured Parties or otherwise, and the Existing Agent shall have the full benefit of all of the protective provisions of Article XI (Administrative Agent) and
Section 12.03 (Expenses, Indemnity; Damage Waiver) of the Credit Agreement, while serving in such capacity). 
 4. Disclaimer.
EXCEPT AS EXPRESSLY SET FORTH IN SECTIONS 5 AND 6 OF THE PURCHASE AGREEMENT, EACH ASSIGNEE ACKNOWLEDGES AND AGREES THAT THE EXISTING AGENT AND THE LENDERS ARE NOT MAKING ANY REPRESENTATION OR WARRANTY OF ANY KIND OR NATURE INCLUDING,

 
WITHOUT LIMITATION, ANY REPRESENTATION OR WARRANTY WITH RESPECT TO (A) THE LOANS, THE LOAN DOCUMENTS, THE BORROWER OR THE MORTGAGED PROPERTY OR THE COLLATERAL, (B) THE BUSINESS OR
FINANCIAL CONDITION OF BORROWER OR ANY GUARANTOR, (C) THE PHYSICAL CONDITION OF ANY PROPERTY OR ASSET COMPRISING ALL OR A PART OF ANY MORTGAGED PROPERTY OR THE COLLATERAL, (D) THE STATUS, PAYMENT OR NONPAYMENT OF ANY AMOUNTS DUE OR PAST
DUE UNDER THE LOAN DOCUMENTS OR ANY REAL ESTATE TAXES OR ASSESSMENTS WITH RESPECT TO ANY MORTGAGED PROPERTY, (E) THE STATUS OF THE LOANS OR THE EXISTENCE OF ANY DEFAULT OR EVENTS OF DEFAULT UNDER THE LOAN DOCUMENTS (F) THE PRESENCE OR
ABSENCE OF ANY HAZARDOUS WASTE, TOXIC SUBSTANCES, ASBESTOS OR ASBESTOS CONTAINING MATERIALS AFFECTING ANY MORTGAGED PROPERTY, (G) COMPLIANCE OR NON-COMPLIANCE OF THE MORTGAGED PROPERTY WITH ANY LAWS, RULES OR REGULATIONS, INCLUDING WITHOUT
LIMITATION, THOSE REGARDING HAZARDOUS WASTE, TOXIC SUBSTANCES, ASBESTOS OR ASBESTOS CONTAINING MATERIALS, (H) THE LEASES, INCOME OR EXPENSES OF ANY MORTGAGED PROPERTY, (I) COMPLIANCE OF ANY MORTGAGED PROPERTY WITH ANY APPLICABLE BUILDING
CODES, ZONING ORDINANCES OR REGULATIONS, (J) THE CREDITWORTHINESS OF BORROWER OR THE VALUE OF THE MORTGAGED PROPERTY, OR (K) THE ENFORCEABILITY OR LEGAL SUFFICIENCY OF ANY OF THE LOAN DOCUMENTS. EACH ASSIGNEE AGREES THAT IT IS ACCEPTING
THE LOANS AND THE LOAN DOCUMENTS AS IS. FURTHER EACH ASSIGNEE ACKNOWLEDGES THAT DEFAULTS AND EVENTS OF DEFAULT HAVE OCCURRED AND CURRENTLY EXIST UNDER THE LOAN DOCUMENTS, INCLUDING BORROWER’S VIOLATION OF THE PAYABLES RESTRICTION FINANCIAL
COVENANT IN SECTION 9.01(A) OF THE CREDIT AGREEMENT, AND EACH ASSIGNEE IS PURCHASING AND ASSUMING THE LOANS AND LOAN DOCUMENTS WITH SUCH KNOWLEDGE. 

5. Consent and Ratification by Borrower. The Borrower hereby consents to the assignment by Assignors and the assumption by Assignees as
set forth herein and ratifies all of its Obligations under the Credit Agreement and each of the Loan Documents to which it is a party, and agrees and acknowledges that the Credit Agreement and each of the Loan Documents to which it is a party are
and shall continue to be in full force and effect. Nothing in this Assignment extinguishes, novates or releases any right, claim, lien, security interest or entitlement of any of the Lenders, Existing Agent, or Successor Agent created by or
contained in any of such documents, nor is the Borrower released from any covenant, warranty or obligation created by or contained therein. 

6. Counterparts. This Assignment may be signed in any number of counterparts, which may be delivered in original or facsimile form each
of which shall be construed as an original, but all of which together shall constitute one and the same instrument. 
 7. Governing
Law. This Assignment and all other documents executed in connection herewith shall be deemed to be contracts and agreements under the laws of the State of Texas and of the United States of America and for all purposes shall be construed in
accordance with, and governed by, the laws of New York and of the United States. 

 8. References. The words “hereby,” “herein,” “hereinabove,”
“hereinafter,” “hereinbelow,” “hereof,” “hereunder” and words of similar import when used in this Assignment shall refer to this Assignment as a whole and not to any particular article, section or provision of
this Amendment. References in this Assignment to an article or section number are to such articles or sections of this Assignment unless otherwise specified. 

9. Headings Descriptive. The headings of the several sections and subsections of this Amendment are inserted for convenience only and
shall not in any way affect the meaning or construction of any provision of this Assignment. 
 10. Further Assurance. Assignees and
Assignors each agree to execute and deliver such instruments, documents, agreements, and certificates, and take such action as the other may, from time to time, reasonably request in order to effectuate the purpose and carry out the terms of this
Assignment. 
 11. Jury Waiver. Each party hereby irrevocably and unconditionally waives, to the fullest extent permitted by law,
trial by jury in any legal action or proceeding relating to this Assignment and for any counterclaim therein. 
 12. Binding Effect.
This Assignment is binding upon the parties and their respective agents, heirs. administrators, representatives, executors, successors and assigns, and inures to the benefit of the parties and each of them, and to their respective agents, heirs,
administrators, representatives, executors, successors and assigns. 
 13. Entire Agreement; Modifications. This Assignment
constitutes the final expression of the entire agreement of the parties with respect to the subject matter of this Assignment, and the provisions of this Assignment may only be modified by the written agreement of Assignors and Assignees. This
Assignment supersedes all prior agreements, oral or written, by the parties with respect to the subject matter of this Assignment. Neither party is relying on any oral, written or implied representation or warranty not expressly set forth in this
Assignment. 
 [Signature Pages Follow] 

 IN WITNESS WHEREOF, the parties hereto have caused this Assignment to be executed by their
respective officers thereunto duly authorized as of the date first above written. 
  

			
	ASSIGNORS:
	
	CAPITAL ONE, N.A., as Existing Agent and Lender
		
	By:	 	 /s/ Matthew L. Molero

	Name:	 	 Matthew L. Molero

	Title:	 	 Vice President

	
	LENDER:
	
	IBERIABANK, as Lender
		
	By:	 	 /s/ Cameron D. Jones

	Name:	 	 Cameron D. Jones

	Title:	 	 Vice President

	
	LENDER:
	
	CADENCE BANK, N.A., as Lender
		
	By:	 	 /s/ Eric Broussard

	Name:	 	 Eric Broussard

	Title:	 	 Senior Vice President

 [Signature Page to Omnibus Assignment and Assumption of Loans] 

 
			
	ASSIGNEES:
	
	WHITE ELK LLC
		
	By:	 	 /s/ Jaime Hartman

	Name:	 	 Jaime Hartman

	Title:	 	 Authorized Signatory

	
	RESOURCE VALUE GROUP LLC, on behalf of one or more beneficial holders of the Loans under the Credit Agreement
		
	By:	 	 /s/ David Levy

	Name:	 	 David Levy

	Title:	 	  

 [Signature Page to Omnibus Assignment and Assumption of Loans] 

 
			
	BORROWER:
	
	BLACK ELK ENERGY OFFSHORE OPERATIONS, LLC
		
	By:	 	 /s/ Bruce P. Koch

	Name:	 	 Bruce P. Koch

	Title:	 	 CFO

 [Signature Page to Omnibus Assignment and Assumption of Loans]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00221-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00221-of-00352.parquet"}]]