Document:

Exhibit 10.29

 

Execution Version

 

ELEVENTH AMENDMENT AND WAIVER TO SECOND
AMENDED AND RESTATED

FIRST LIEN CREDIT AGREEMENT

 

This ELEVENTH AMENDMENT
AND WAIVER TO SECOND AMENDED AND RESTATED FIRST LIEN CREDIT AGREEMENT (“Amendment”), dated effective as of July 31,
2015 (the “Effective Date”), is by and among Energy XXI Gulf Coast, Inc., a Delaware corporation (the “Borrower”),
EPL Oil & Gas, Inc., a Delaware corporation (“EPL”), the lenders party to the First Lien Credit Agreement described
below (the “Lenders”), and Wells Fargo Bank, N.A., as administrative agent for the Lenders (in such capacity,
the “Administrative Agent”), and the other parties in the capacities herein identified.

 

RECITALS

 

WHEREAS, the Borrower,
the Lenders, the Administrative Agent and certain other Persons are parties to the Second Amended and Restated First Lien Credit
Agreement, dated as of May 5, 2011, as amended by the First Amendment to Second Amended and Restated First Lien Credit Agreement
dated as of October 4, 2011, by the Second Amendment to Second Amended and Restated First Lien Credit Agreement dated as of
May 24, 2012, by the Third Amendment to Second Amended and Restated First Lien Credit dated as of October 19, 2012, by
the Fourth Amendment to Amended and Restated First Lien Credit Agreement dated as of April 9, 2013, by the Fifth Amendment
to Second Amended and Restated First Lien Credit Agreement dated as of May 1, 2013, by the Sixth Amendment to Second Amended
and Restated First Lien Credit Agreement dated as of September 27, 2013, by the Seventh Amendment to Second Amended and Restated
First Lien Credit Agreement dated as of April 7, 2014, by the Eighth Amendment to the Second Amended and Restated First Lien
Credit Agreement dated as of May 23, 2014, by the Ninth Amendment to Second Amended and Restated First Lien Credit Agreement
dated as of September 5, 2014, and by the Tenth Amendment to Second Amended and Restated Credit Agreement (the “Tenth
Amendment”) dated as of March 3, 2015, (as amended, supplemented, amended and restated or otherwise modified from
time to time, the “First Lien Credit Agreement”);

 

WHEREAS, the Borrower
intends to directly or indirectly acquire all of the interests in its Affiliate M21K, LLC pursuant to a transaction described to
the Lenders by the Borrower (the “M21K Acquisition”);

 

WHEREAS, the Borrower
intends to directly or indirectly acquire certain assets of John L. Soilean, Inc. pursuant to a transaction described to the Lenders
by the Borrower (the “JLS Acquisition”);

 

WHEREAS, the Borrower
intends to dispose of the assets known as the East Cameron Pipeline pursuant to a transaction described to the Lenders by the Borrower
(the “East Cameron Pipeline Disposition”);

 

     

     

    

 

WHEREAS, the Borrower
requests a waiver of the provisions of Section 7.2.9 and Section 7.2.12 of the First Lien Credit Agreement to permit
the M21K Acquisition;

 

WHEREAS, the Borrower
requests a waiver of the provisions of Section 7.2.9 of the First Lien Credit Agreement to permit the JLS Acquisition;

 

WHEREAS, the Borrower
requests a waiver of the provisions of Section 7.2.10 of the First Lien Credit Agreement to permit the East Cameron Pipeline
Disposition;

 

WHEREAS, the Borrower
requests that the Lenders amend the First Lien Credit Agreement in certain respects;

 

WHEREAS, upon the terms
and conditions set forth in this Amendment the Administrative Agent and the Required Lenders will grant the waivers requested by
the Borrower in connection with the M21K Acquisition, the JLS Acquisition and the East Cameron Pipeline Disposition and the amendments
to the First Lien Credit Agreement set forth below;

 

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

 

AGREEMENT

 

Section 1.          Definitions.
Capitalized terms used herein (including in the Recitals hereto) but not defined herein shall have the meanings as given them in
the First Lien Credit Agreement, unless the context otherwise requires.

 

Section 2.          Waiver.

 

(a)          Upon
the conditions that (i) after giving effect to the M21K Acquisition no Default, Borrowing Base Deficiency or EPL Borrowing
Base Deficiency shall have occurred and be continuing, (ii) the M21K Acquisition shall occur on or before September 30, 2015,
and (iii) that within ten (10) Business Days of the consummation of the M21K Acquisition, M21K, LLC shall execute and deliver
to the Administrative Agent (A) supplement to the Subsidiary Guaranty, the Borrower Pledge and Security Agreement and Mortgages
or Mortgage Amendments with respect to its Property as provided pursuant to Section 7.1.8 of the First Lien Credit Agreement
and (B) Control Agreements with respect to its Deposit Accounts in form and substance satisfactory to the Administrative Agent,
the Required Lenders hereby waive the requirements of Sections 7.2.9(d)(ii) and (iii) and 7.2.12 of the First Lien Credit
Agreement to the extent, but only to the extent, necessary to permit the M21K Acquisition upon the terms previously described by
the Borrower to the Lenders. The waiver in this clause (a) does not constitute a waiver of any provision of the First Lien
Credit Agreement or any other Loan Document other than a waiver of Sections 7.2.9(d)(ii) and (iii) and 7.2.12 of the First
Lien Credit Agreement and, except to the extent necessary to permit the M21K Acquisition, this clause (a) does not constitute
a waiver of Section 7.2.9(d)(ii) and (iii) or 7.2.12 of the First Lien Credit Agreement.

 

    	 	-2-	-Eleventh Amendment and Waiver-

     

    

 

(b)          Upon
the conditions that (i) after giving effect to the JLS Acquisition no Default, Borrowing Base Deficiency or EPL Borrowing
Base Deficiency shall have occurred and be continuing and (ii) the JLS Acquisition shall occur on or before September 30, 2015,
the Required Lenders hereby waive the requirements of Section 7.2.9(d)(ii) and (iii) of the First Lien Credit Agreement to
the extent, but only to the extent, necessary to permit the JLS Acquisition. The waiver in this clause (b) does not constitute
a waiver of any provision of the First Lien Credit Agreement or any other Loan Document other than a waiver of Section 7.2.9(d)(ii)
and (iii) of the First Lien Credit Agreement and, except to the extent necessary to permit the JLS Acquisition, does not constitute
a waiver of Section 7.2.9(d)(ii) and (iii) of the First Lien Credit Agreement.

 

(c)          Upon
the conditions that (i) after giving effect to the East Cameron Pipeline Disposition no Default, Borrowing Base Deficiency
or EPL Borrowing Base Deficiency shall have occurred and be continuing and (ii) the East Cameron Pipeline Disposition shall
occur on or before September 30, 2015, the Required Lenders hereby waive the requirements of Section 7.2.10(g) of
the First Lien Credit Agreement to the extent, but only to the extent, necessary to permit the East Cameron Pipeline Disposition
pursuant to such 7.2.10(g). The waiver in this clause (c) does not constitute a waiver of any provision of the First Lien
Credit Agreement or any other Loan Document other than a waiver of Section 7.2.10(g) of the First Lien Credit Agreement and,
except to the extent necessary to permit the East Cameron Pipeline Disposition pursuant to such 7.2.10(g), does not constitute
a waiver of Section 7.2.10(g) of the First Lien Credit Agreement.

 

Section 3.          Amendments
to First Lien Credit Agreement. Effective on the Effective Date, the Administrative Agent and the Required Lenders hereby amend
the First Lien Credit Agreement as follows:

 

(a)          The
definition of “Borrower Pledge and Security Agreement” in Section 1.01 of the First Lien Credit Agreement is hereby
amended by replacing it in its entirety with the following: “means the Amended and Restated First Lien Pledge and Security
Agreement and Irrevocable Proxy executed and delivered by an Authorized Officer of the Borrower and each Subsidiary Guarantor other
than the EPL Obligors, substantially in the form of Exhibit G-1 hereto, as amended, supplemented, amended and restated or otherwise
modified from time to time.”

 

(b)          The
definition of “EPL Pledge and Security Agreement” in Section 1.01 of the First Lien Credit Agreement is hereby amended
by replacing it in its entirety with the following: “means the Amended and Restated Pledge and Security Agreement and Irrevocable
Proxy executed and delivered by an Authorized Officer of EPL and each Subsidiary of EPL, substantially in the form of the Borrower
Pledge and Security Agreement (with such modifications thereto as are reasonably acceptable to the Administrative Agent) as amended,
supplemented, amended and restated or otherwise modified from time to time.”

 

(c)          The
definition of “Letter of Credit Commitment Amount” in Section 1.01 of the First Lien Credit Agreement is hereby
amended by adding the following phrase to the end of such definition:  “; provided that notwithstanding the foregoing,
until August 31, 2015, such maximum amount shall be $305,000,000.”

 

    	 	-3-	-Eleventh Amendment and Waiver-

     

    

 

(d)          The
definition of “Security Agreement” in Section 1.01 of the First Lien Credit Agreement is hereby amended by replacing
it in its entirety with the following: “means the Intermediate Holdco Pledge Agreement, the Borrower Pledge and Security
Agreement, substantially in the form of Exhibit G-1 or G-2 hereto (as the case may be) and the EPL Pledge and Security Agreement,
substantially in a form reasonably satisfactory to the Administrative Agent, together with any other pledge or security agreements
delivered pursuant to the terms of this Agreement, in each case as amended, supplemented, amended and restated or otherwise modified
from time to time.”

 

(e)          The
definition of “Subsidiary Pledge and Security Agreement” in Section 1.01 of the First Lien Credit Agreement is hereby
deleted.

 

(f)          Section 7.2.10(c)
of the First Lien Credit Agreement is amended by adding the phrase “and reassignments of acreage pursuant to farm in agreements
entered into in the ordinary course of business on customary industry terms, provided that in the reasonable determination of the
Administrative Agent such reassigned acreage does not have a Borrowing Base value in excess of $250,000 or $1,000,000 in the aggregate
for all such acreage so reassigned during any calendar year,” to the end of such Section before the semicolon.

 

(g)          Items
6.19 and 6.22 of the Disclosure Schedule and Exhibits A-1, A-2, A-3, B-1, B-2, C, D, E and J of the First Lien Credit Agreement
are each amended and restated in their entirety to be in the form of Annex I and Exhibits A-1, A-2, A-3, B-1, B-2, C,
D, E, G-1 and J, respectively, to this Amendment.

 

Section 4.          Conditions
to Effectiveness. This Amendment shall be deemed effective (subject to the conditions herein contained) as of the Effective
Date when the Administrative Agent has received counterparts hereof duly executed by the Borrower, EPL, the Administrative Agent
and the Required Lenders and upon the prior or concurrent satisfaction of each of the following conditions:

 

(a)          the
Administrative Agent shall have received for its own account, or for the account of each Lender, as the case may be, (i) all
fees, costs and expenses due and payable pursuant to Section 3.3 of the First Lien Credit Agreement, if any, and (ii) if
then invoiced, any amounts payable pursuant to Section 10.3 of the First Lien Credit Agreement;

 

(b)          the
representations and warranties in Section 5 below are true and correct; and

 

(c)          after
giving effect to this Amendment, no Default, Event of Default, Borrowing Base Deficiency or EPL Borrowing Base Deficiency shall
have occurred and be continuing.

 

Section 5.          Representations
and Warranties. The Borrower and EPL each hereby represents and warrants that after giving effect hereto:

 

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

 

    	 	-4-	-Eleventh Amendment and Waiver-

     

    

 

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

 

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

 

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

 

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

 

Section 6.          Loan
Document; Ratification.

 

(a)          This
Amendment is a Loan Document.

 

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

 

Section 7.          Costs
and Expenses. As provided in Section 10.3 of the First Lien Credit Agreement, the Borrower and EPL agree to reimburse
Administrative Agent for all fees, costs, and expenses, including the reasonable fees, costs, and expenses of counsel or other
advisors for advice, assistance, or other representation, in connection with this Amendment and any other agreements, documents,
instruments, releases, terminations or other collateral instruments delivered by the Administrative Agent in connection with this
Amendment.

 

Section 8.          GOVERNING
LAW. THIS AMENDMENT SHALL BE DEEMED A CONTRACT AND INSTRUMENT MADE UNDER THE LAWS OF THE STATE OF NEW YORK AND SHALL BE CONSTRUED
AND ENFORCED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK AND THE LAWS OF THE UNITED STATES OF AMERICA,
WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

 

    	 	-5-	-Eleventh Amendment and Waiver-

     

    

 

Section 9.          Severability.
Any provision of this Amendment that is prohibited or unenforceable in any jurisdiction shall, as to such provision and such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Amendment
or affecting the validity or enforceability of such provision in any other jurisdiction.

 

Section 10.         Counterparts.
This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument,
and any party hereto may execute this Amendment by signing one or more counterparts. Any signature hereto delivered by a party
by facsimile or electronic transmission shall be deemed to be an original signature hereto.

 

Section 11.         No
Waiver. Except to the extent expressly set forth in Section 2 hereof, the execution, delivery and effectiveness of this Amendment
shall not operate as a waiver of any default of the Borrower, EPL or any other Obligor or any right, power or remedy of the Administrative
Agent or the other Secured Parties under any of the Loan Documents, nor constitute a waiver of (or consent to departure from) any
terms, provisions, covenants, warranties or agreements of any of the Loan Documents. The parties hereto reserve the right to exercise
any rights and remedies available to them in connection with any present or future defaults with respect to the First Lien Credit
Agreement or any other provision of any Loan Document.

 

Section 12.         Release.
Borrower and EPL, for itself and on behalf of its Subsidiaries and Affiliates and its and their predecessors, successors and assigns,
each do hereby forever release, discharge and acquit the Administrative Agent, each Issuer, each Lender and each other Secured
Party and each of their successors, assignees, participants, officers, directors, members, affiliates, advisors, internal and external
attorneys, agents and employees (the “Releasees”), from any and all duties, liabilities, obligations, claims (including
claims of usury), demands, accounts, suits, controversies and actions that they at any time had or have or that its successors
and assigns hereafter may have, whether known or unknown, against any Releasee (collectively, the “Released Claims”)
that arise under, or in connection with, or that otherwise relate, directly or indirectly, to the First Lien Credit Agreement,
any Loan Document or any related document, or to any acts or omissions of any such Releasee in connection with any of the foregoing.
As to each and every claim released hereunder, Borrower and EPL each hereby represent that they have received the advice of legal
counsel with regard to the releases contained herein and are freely and voluntarily entering into this Amendment. Borrower and
EPL each, for itself and on behalf of its Subsidiaries and Affiliates and its and their predecessors, successors and assigns, do
hereby forever covenant not to assert (and not to assist or enable any other Person to assert) any Released Claim against any Releasee.

 

Section 13.         Successors
and Assigns. This Amendment shall be binding upon the Borrower, EPL and their respective successors and permitted assigns and
shall inure, together with all rights and remedies of each Secured Party hereunder, to the benefit of each Secured Party and the
respective successors, transferees and assigns.

 

    	 	-6-	-Eleventh Amendment and Waiver-

     

    

 

Section 14.         Entire
Agreement. THIS AMENDMENT, THE FIRST LIEN CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT OF THE PARTIES
WITH RESPECT TO THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL
AGREEMENTS OF THE PARTIES.

 

THERE ARE NO UNWRITTEN
ORAL AGREEMENTS BETWEEN THE PARTIES.

 

(Signature Pages Follow)

 

    	 	-7-	-Eleventh Amendment and Waiver-

     

    

 

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

 

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

 

    	 	Signature – Page 1
	-Eleventh Amendment and Waiver-

     

    

 

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

 

    	 	Signature – Page 2
	-Eleventh Amendment and Waiver-

     

    

 

	 	Wells Fargo Bank, N.A., as the Administrative Agent, an Issuer and a Lender
	 	 
	 	By:	/s/ Dalton Harris
	 	 	Name:  Dalton Harris
	 	 	Title:   Assistant Vice President

 

    	 	Signature – Page 3
	-Eleventh Amendment and Waiver-

     

    

 

	 	AMEGY BANK NATIONAL ASSOCIATION, as Lender
	 	 
	 	By:	/s/ G. Scott Collins
	 	 	Name:  G. Scott Collins
	 	 	Title:  Senior Vice President

 

    	 	Signature – Page 4
	-Eleventh Amendment and Waiver-

     

    

 

	 	THE BANK OF NOVA SCOTIA, as Lender
	 	 
	 	By:	/s/ Alan Dawson
	 	 	Name:  Alan Dawson
	 	 	Title:  Director
	 	 	 
	 	SCOTIABANC INC., as Lender
	 	 
	 	By:	/s/ J.F. Todd
	 	 	Name:  J.F. Todd
	 	 	Title:  Managing Director

 

    	 	Signature – Page 5
	-Eleventh Amendment and Waiver-

     

    

 

	 	TORONTO DOMINION (TEXAS) LLC, as Lender
	 	 
	 	By:	/s/ Savo Bozic
	 	 	Name:  Savo Bozic
	 	 	Title:  Authorized Signatory

 

    	 	Signature – Page 6
	-Eleventh Amendment and Waiver-

     

    

 

	 	CAPITAL ONE, NATIONAL ASSOCIATION, as Lender
	 	 
	 	By:	/s/ Robert James
	 	 	Name:  Robert James
	 	 	Title:  Director

 

    	 	Signature – Page 7
	-Eleventh Amendment and Waiver-

     

    

 

	 	NATIXIS, New York Branch, as Lender
	 	 
	 	By:	/s/ Stuart Murray
	 	 	Name:  Stuart Murray
	 	 	Title:  Managing Director
	 	 	 
	 	By:	/s/ Mary Lou Allen
	 	 	Name:  Mary Lou Allen
	 	 	Title:  Director

 

    	 	Signature – Page 8
	-Eleventh Amendment and Waiver-

     

    

 

	 	BARCLAYS BANK PLC, as Lender
	 	 
	 	By:	/s/ May Huang
	 	 	Name:  May Huang
	 	 	Title:  Assistant Vice President

 

    	 	Signature – Page 9
	-Eleventh Amendment and Waiver-

     

    

 

	 	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Lender
	 	 
	 	By:	/s/ Nupur Kumar
	 	 	Name:  Nupur Kumar
	 	 	Title:  Authorized Signatory
	 	 	 
	 	By:	/s/ Lingzi Huang
	 	 	Name:  Lingzi Huang
	 	 	Title:  Authorized Signatory

 

    	 	Signature – Page 10
	-Eleventh Amendment and Waiver-

     

    

 

	 	ING CAPITAL LLC, as Lender
	 	 
	 	By:	/s/ Juli Bieser
	 	 	Name:  Juli Bieser
	 	 	Title:  Managing Director
	 	 	 
	 	By:	/s/ Charles Hall
	 	 	Name:  Charles Hall
	 	 	Title:  Managing Director

 

    	 	Signature – Page 11
	-Eleventh Amendment and Waiver-

     

    

 

	 	REGIONS BANK, as Lender and as Swing Line Lender
	 	 
	 	By:	/s/ Kelly L. Elmore III
	 	 	Name:  Kelly L. Elmore III
	 	 	Title:  Senior Vice President

 

    	 	Signature – Page 12
	-Eleventh Amendment and Waiver-

     

    

 

	 	CITIBANK, N.A., as Lender
	 	 
	 	By:	/s/ Peter Kardos
	 	 	Name:  Peter Kardos
	 	 	Title:  Vice President

 

    	 	Signature – Page 13
	-Eleventh Amendment and Waiver-

     

    

 

	 	UBS AG, STAMFORD BRANCH, as Issuer and Lender
	 	 
	 	By:	/s/ Darlene Arias
	 	 	Name:  Darlene Arias
	 	 	Title:  Director
	 	 	 
	 	By:	/s/ Denise Bushee
	 	 	Name:  Denise Bushee
	 	 	Title:  Associate Director

 

    	 	Signature – Page 14
	-Eleventh Amendment and Waiver-

     

    

 

	 	DEUTSCHE BANK AG NEW YORK BRANCH, as Lender
	 	 
	 	By:	/s/ Benjamin Souh
	 	 	Name:  Benjamin Souh
	 	 	Title:  Vice President
	 	 	 
	 	By:	/s/ Keith C. Braun
	 	 	Name:  Keith C. Braun
	 	 	Title:  Managing Director

 

    	 	Signature – Page 15
	-Eleventh Amendment and Waiver-

     

    

 

	 	COMMONWEALTH BANK OF AUSTRALIA, as Lender
	 	 
	 	By:	/s/ Jonathan Verlander
	 	 	Name:  Jonathan Verlander
	 	 	Title:  Head of Reserve Based Lending Americas

 

    	 	Signature – Page 16
	-Eleventh Amendment and Waiver-

     

    

 

	 	COMERICA BANK, as Lender
	 	 
	 	By:	/s/ Jeffery Treadway
	 	 	Name:  Jeffery Treadway
	 	 	Title:  Senior Vice President

 

    	 	Signature – Page 17
	-Eleventh Amendment and Waiver-

     

    

 

	 	FIFTH THIRD BANK, as Lender
	 	 
	 	By:	/s/ Justin Bellamy
	 	 	Justin Bellamy
	 	 	Director

 

    	 	Signature – Page 18
	-Eleventh Amendment and Waiver-

     

    

 

	 	ABN AMRO CAPITAL USA LLC, as Lender
	 	 
	 	By:	/s/ Vincent Lisanti
	 	 	Name:  Vincent Lisanti
	 	 	Title:  Managing Director
	 	 	 
	 	By:	/s/ Kaylan Hopson
	 	 	Name:  Kaylan Hopson
	 	 	Title:  Vice President

 

    	 	Signature – Page 19
	-Eleventh Amendment and Waiver-

     

    

 

	 	SUMITOMO MITSUI BANKING CORPORATION, as Lender
	 	 
	 	By:	/s/ Ryo Suzuki
	 	 	Name:  Ryo Suzuki
	 	 	Title:  General Manager

 

    	 	Signature – Page 20
	-Eleventh Amendment and Waiver-

     

    

 

	 	KEYBANK NATIONAL ASSOCIATION, as Lender
	 	 
	 	By:	/s/ George E. McKean
	 	 	Name:  George E. McKean
	 	 	Title:  Senior Vice President

 

    	 	Signature – Page 21
	-Eleventh Amendment and Waiver-

     

    

 

	 	SANTANDER BANK, N.A., as Lender
	 	 
	 	By:	/s/ Aidan Lanigan
	 	 	Name:  Aidan Lanigan
	 	 	Title:  Senior Vice President
	 	 	 
	 	By:	/s/ Puiki Lok
	 	 	Name:  Puiki Lok
	 	 	Title:  Vice President

 

    	 	Signature – Page 22
	-Eleventh Amendment and Waiver-

     

    

 

	 	WHITNEY BANK, as Lender
	 	 
	 	By:	/s/ Liana Tchernysheva
	 	 	Liana Tchernysheva
	 	 	Senior Vice President

 

    	 	Signature – Page 23
	-Eleventh Amendment and Waiver-

     

    

 

	 	CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK BRANCH, as Lender
	 	 
	 	By:	/s/ Trudy Nelson
	 	 	Name:  Trudy Nelson
	 	 	Title:  Authorized Signatory
	 	 	 
	 	By:	/s/ William M. Reid
	 	 	Name:  William M. Reid
	 	 	Title:  Authorized Signatory

 

    	 	Signature – Page 24
	-Eleventh Amendment and Waiver-

     

    

 

	 	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as Lender
	 	 
	 	By:	/s/ Michael Willis
	 	 	Name:  Michael Willis
	 	 	Title:  Managing Director
	 	 	 
	 	By:	/s/ Sharada Manne
	 	 	Name:  Sharada Manne
	 	 	Title:  Managing Director

 

    	 	Signature – Page 25
	-Eleventh Amendment and Waiver-

     

    

 

	 	IBERIABANK, as Lender
	 	 
	 	By:	/s/ Tyler S. Thoem
	 	 	Name:  Tyler S. Thoem
	 	 	Title:  Senior Vice President

 

    	 	Signature – Page 26
	-Eleventh Amendment and Waiver-

     

    

 

	 	PNC BANK, NATIONAL ASSOCIATION, as Lender
	 	 
	 	By:	/s/ Denise He
	 	 	Name:  Denise He
	 	 	Title:  Assistant Vice President

 

    	 	Signature – Page 27
	-Eleventh Amendment and Waiver-

     

    

 

	 	THE ROYAL BANK OF SCOTLAND, plc, as Lender
	 	 
	 	By:	 
	 		Name:
	 		Title:

 

    	 	Signature – Page 28
	-Eleventh Amendment and Waiver-

     

    

 

	 	ACKNOWLEDGED AND AGREED AS OF THE DATE FIRST ABOVE WRITTEN:
	 	 
	 	ENERGY XXI GOM, LLC
	 	 
	 	By:	/s/ Antonio de Pinho
	 	 	Name:  Antonio de Pinho
	 	 	Title:  President
	 	 	 
	 	ENERGY XXI TEXAS ONSHORE, LLC
	 	 
	 	By:	/s/ Antonio de Pinho
	 	 	Name:  Antonio de Pinho
	 	 	Title:  President
	 	 	 
	 	ENERGY XXI ONSHORE, LLC
	 	 
	 	By:	/s/ Antonio de Pinho
	 	 	Name:  Antonio de Pinho
	 	 	Title:  President
	 	 	 
	 	ENERGY XXI PIPELINE, LLC
	 	 
	 	By:	/s/ Antonio de Pinho
	 	 	Name:  Antonio de Pinho
	 	 	Title:  President
	 	 	 
	 	ENERGY XXI LEASEHOLD, LLC
	 	 
	 	By:	/s/ Antonio de Pinho
	 	 	Name:  Antonio de Pinho
	 	 	Title:  President

 

    	 	Signature – Page 29
	-Eleventh Amendment and Waiver-

     

    

 

	 	ENERGY XXI PIPELINE II, LLC
	 	 
	 	By:	/s/ Antonio de Pinho
	 	 	Name:  Antonio de Pinho
	 	 	Title:  President

 

	 	MS ONSHORE, LLC
	 	 
	 	By:	/s/ Antonio de Pinho
	 	 	Name:  Antonio de Pinho
	 	 	Title:  President
	 	 	 
	 	EPL PIPELINE, L.L.C.
	 	 
	 	By:	/s/ Antonio de Pinho
	 	 	Name:  Antonio de Pinho
	 	 	Title:  President
	 	 	 
	 	NIGHTHAWK, L.L.C.
	 	 
	 	By:	/s/ Antonio de Pinho
	 	 	Name:  Antonio de Pinho
	 	 	Title:  President
	 	 	 
	 	EPL OF LOUISIANA, L.L.C.
	 	 
	 	By:	/s/ Antonio de Pinho
	 	 	Name:  Antonio de Pinho
	 	 	Title:  President

 

    	 	Signature – Page 30
	-Eleventh Amendment and Waiver-

     

    

 

	 	DELAWARE EPL OF TEXAS, 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
	 	 	 
	 	EPL PIONEER HOUSTON, INC.
	 	 
	 	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

 

    	 	Signature – Page 31
	-Eleventh Amendment and Waiver-

     

    

 

	 	ACKNOWLEDGED AND AGREED AS OF THE DATE FIRST ABOVE WRITTEN IN ITS CAPACITY AS GUARANTOR UNDER ITS LIMITED RECOURSE GUARANTY AND GRANTOR UNDER ITS PLEDGE AGREEMENT AND IRREVOCABLE PROXY DELIVERED IN CONNECTION WITH THE FIRST LIEN CREDIT AGREEMENT:
	 	 
	 	ENERGY XXI USA, INC.
	 	 
	 	By:	/s/ Antonio de Pinho
	 	 	Name:  Antonio de Pinho
	 	 	Title:  President

 

    	 	Signature – Page 32
	-Eleventh Amendment and Waiver-Exhibit 10.1

 

EXECUTION COPY

 

COOPERATION AGREEMENT

 

This Agreement dated September 25, 2015 is
by and among Oasis Management Company Ltd. (“Oasis”), JAKKS Pacific, Inc. (the “Company”)
and, solely for purposes of Section 8(b), Alexander Azim Shoghi (the “Nominee”). In consideration of and reliance
upon the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereto agree as follows:

 

1.Representations
and Warranties of the Company. The Company represents and warrants to Oasis that this Agreement has been duly authorized, executed
and delivered by the Company, and is a valid and binding obligation of the Company, enforceable against the Company in accordance
with its terms. As of the date of this Agreement, the Company has 22,692,246 shares of common stock, par value $0.001 per share
(the “Common Stock”), issued and outstanding (which, for the avoidance of doubt, does not include the shares
of Common Stock issuable upon conversion of the Convertible Senior Notes (as defined below) beneficially owned by Oasis on the
date hereof).

 

2.Representations
and Warranties of Oasis. Oasis represents and warrants to the Company that this Agreement has been duly authorized, executed
and delivered by Oasis, and is a valid and binding obligation of Oasis, enforceable against Oasis in accordance with its terms.
As of the date of this Agreement, Oasis beneficially owns 3,286,038 shares of Common Stock, including 1,276,332 shares of Common
Stock issuable upon conversion of 4.25% Convertible Senior Notes due 2018 and 1,063,553 shares of Common Stock issuable upon conversion
of 4.875% Convertible Senior Notes due 2020 (collectively, the "Convertible Senior Notes").

 

3.Board
Nomination and Other Company Matters.

 

(a)The
Company hereby agrees that:

 

(1)prior
to the date hereof, the board of directors of the Company (the “Board”) has approved the nomination of the Nominee
for election as a director at the Company’s 2015 annual meeting of stockholders (the “2015 Annual Meeting”)
with a term expiring at the Company’s 2016 annual meeting of stockholders (“2016 Annual Meeting”);

 

(2)the
Board will (x) name the Nominee as a nominee for election as a director of the Company at the 2015 Annual Meeting in its definitive
proxy statement to be filed with the Securities and Exchange Commission (the “SEC”) in connection therewith
and (y) recommend that the stockholders of the Company vote to elect the Nominee as a director of the Company at the 2015 Annual
Meeting; and

 

 

     

     

    

 

(3)the
Company shall use its reasonable best efforts (which shall include the solicitation of proxies) to obtain the election of the Nominee
at the 2015 Annual Meeting (it being understood that such efforts shall be not less than the efforts used by the Company to obtain
the election of any other independent (as determined under Section 5605(a) (2) of the NASDAQ Listing Rules) director nominee nominated
by it to serve as a director on the Board at the 2015 Annual Meeting).

 

(b)The
Company agrees that if the Nominee resigns as a director or otherwise is unable or unwilling to serve as a director at any time
prior to the 2016 Annual Meeting, including as a result of death or disability, Oasis shall be entitled to designate as a replacement
director an individual who would be considered an independent director of the Company under Section 5605(a)(2) of the NASDAQ Listing
Rules, is reasonably acceptable to the Board as a replacement director and is in equally good standing in all material respects,
as the Nominee being replaced. For the avoidance of doubt, the substitute director shall thereafter be deemed the Nominee for purposes
of this Agreement and Oasis shall be entitled to the same rights and subject to the same requirements under this Agreement applicable
to the resigning Nominee prior to his resignation, and such individual shall be appointed to the Board to serve the unexpired term,
if any, of the Nominee.

 

(c)Other
than the Nominee the Board may nominate up to an additional six (6) individuals for election at the 2015 Annual Meeting.

 

(d)Until
the 2016 Annual Meeting, the Company shall not increase the size of the Board in excess of seven (7) members, and shall not decrease
the size of the Board if such decrease would require the resignation of the Nominee. Other than for vacancies filled pursuant to
Section 3(b), nothing in this Agreement shall prevent the Company from filling all vacancies in accordance with the Amended and
Restated By-Laws of the Company (the “By-Laws”).

 

4.Cooperation
Period.

 

(a)From
the date of this Agreement until the earliest of (i) the date that is thirty (30) calendar days prior to any applicable deadline
by which a stockholder must give notice to the Company of its intention to nominate a director for election at or bring other business
before the 2016 Annual Meeting and (ii) any material breach of this Agreement by the Company (provided that the Company shall have
fifteen (15) business days following written notice from Oasis of any such material breach to remedy such material breach if capable
of remedy) (such period, the “Cooperation Period”), Oasis will not, and shall cause its affiliates (as such
term is defined below) to not, directly or indirectly, without the prior written consent of the Company: (i) sell or otherwise
dispose of any shares of Common Stock or Convertible Senior Notes beneficially owned by Oasis if such sale or other disposition
would cause Oasis’s aggregate beneficial ownership to decrease below 1,251,606 shares of Common Stock (which, for the avoidance
of doubt, represents 5% of the 25,032,131 shares of Common Stock outstanding as of the date hereof (taking into account the 2,339,885
shares of Common Stock issuable upon conversion of the Convertible Senior Notes beneficially owned by Oasis as of the date hereof));
provided, that such number of outstanding shares of Common Stock shall be adjusted to take into account any stock split,
stock dividend or distribution, reclassification, restructuring, combination, exchange of shares or similar transaction with respect
to the Common Stock (if any) that occurs after the date hereof; or (ii) engage in any short sale of the Common Stock.

 

    	 	2	 

     

    

 

(b)During
the Cooperation Period, Oasis shall cause all Voting Securities (as defined below) that it is entitled to vote at the 2015 Annual
Meeting (whether held of record or beneficially) to be present for quorum purposes and to be voted in favor of the election of
each of the Board's incumbent nominees and the additional nominee, referred to in paragraph 3(d) hereof, if any is proposed by
the Company, for election as a director.

 

(c)During
the Cooperation Period, Oasis shall not and shall cause its affiliates, associates and Representatives (as such terms are defined
below) not to:

 

(i)effect or seek,
offer or propose (whether publicly or otherwise) to effect, or announce any intention to effect or cause or participate in or in
any way assist, facilitate or encourage any other individual, general or limited partnership, corporation, limited liability or
unlimited liability company, joint venture, estate, trust, group, association or other entity of any kind or structure (collectively,
a "Person") to effect or seek, offer or propose (whether publicly or otherwise) to effect or participate in, any "solicitation"
of "proxies" (as such terms are used in the proxy rules of the SEC) to vote any Voting Securities of the Company or consent
to any action from any holder of any Voting Securities of the Company or conduct or suggest any binding or nonbinding referendum
or resolution or seek to advise, encourage or influence any Person with respect to the voting of or the granting of any consent
with respect to any Voting Securities of the Company; provided, however, that the foregoing shall not in any way
limit the ability of Oasis, or any of its affiliates, to vote or tender any Voting Securities pursuant to any solicitation by a
third party, subject to the provisions of Section 4(b) hereof;

  

(ii)propose (except
as permitted by Section 3(b) hereof) or nominate, or cause or encourage any Person to propose or nominate, any candidates to stand
for election to the Board, or seek the removal of any member of the Board;

  

(iii)form, join
or otherwise participate in any "partnership, limited partnership, syndicate or other group" (other than any group among
some or all of the affiliates of Oasis) within the meaning of Section 13(d)(3) of the Exchange Act (as such term is defined below)
with respect to the Common Stock, or deposit any shares of Common Stock in a voting trust or similar arrangement, or subject any
shares of Common Stock to any voting agreement or pooling arrangement, or grant any proxy with respect to any shares of Common
Stock (other than to a designated representative of the Company pursuant to a proxy statement of the Company) or otherwise act
in concert with any Person with respect to the Common Stock (other than affiliates of Oasis);

  

(iv)seek to call,
or to request the call of, or call a special meeting of the stockholders of the Company, or make a request for a list of the Company's
stockholders or other Company records;

  

(v)otherwise publicly
act, alone or in concert with others, to control or seek to control, to seek representation on, or to influence or seek to influence,
whether through litigation or otherwise, the management, the Board or the policies of the Company; provided, however,
that nothing herein shall prohibit Oasis from complying with legal or regulatory requirements, including, without limitation, the
filing of any report or schedule required to be filed with the SEC; provided, further, that Oasis, acting alone,
may privately communicate its views to members of the Company's management team or to members of the Board; or

 

    	 	3	 

     

    

 

(vi)otherwise take,
or solicit, cause or encourage others to take, any action inconsistent with any of the foregoing.

  

Notwithstanding anything
in this Agreement to the contrary, nothing in this Section 4 shall be deemed to in any way restrict or otherwise limit the Nominee
from (i) performing his fiduciary duties as a director of the Company, once elected, or (ii) exercising his rights as a director
of the Company, once elected, in a manner that is not inconsistent with Section 4(c) hereof.

 

5.SEC
Filings.

 

(a)
The Company shall promptly prepare and file a Form 8-K with a copy of this Agreement attached as an exhibit thereto (the "8-K").
The 8-K shall be consistent with the terms of this Agreement.

 

(b)
Oasis shall promptly prepare and file an amendment (the “13D Amendment”) to its Schedule 13D with respect to
the Company filed with the SEC on June 3, 2015 reporting the entry into this Agreement and amending applicable items to conform
to its obligations hereunder. The 13D Amendment shall be consistent with the terms of this Agreement.

 

(c)The
Company shall provide Oasis with a copy of the 8-K within a reasonable period in advance of filing the 8-K with the SEC in order
to provide Oasis with a reasonable opportunity to review and comment thereon, and Oasis shall provide the Company with a copy of
the 13D Amendment within a reasonable period in advance of filing the 13D Amendment with the SEC in order to provide the Company
with a reasonable opportunity to review and comment thereon. Each party shall, in good faith, take into consideration the comments
received from the other party on such 8-K or 13D Amendment, as applicable, and shall take reasonable efforts to incorporate such
comments into the applicable materials.

 

6.Definitions.For
purposes of this Agreement:

 

(a)the
terms “affiliate” and “associate” shall have the respective meanings set forth in Rule 12b-2
promulgated by the SEC under the Securities Exchange Act of 1934, as amended (the “Exchange Act”);

 

(b)the
terms “beneficial owner” and “beneficially own” shall have the same meanings as set forth
in Rule 13d-3 promulgated by the SEC under the Exchange Act except that a Person shall also be deemed to be the beneficial owner
of all shares of Common Stock which such person has the right to acquire (whether such right is exercisable immediately or only
after the passage of time) pursuant to the exercise of any rights in connection with any securities or any agreement, arrangement
or understanding (whether or not in writing), regardless of when such rights may be exercised and whether they are conditional,
and all shares of Common Stock which such Person or any of such Person’s affiliates or associates has or shares the right
to vote or dispose;

 

    	 	4	 

     

    

 

(c)the
term “Representatives” shall mean, with respect to any Person, such Person's officers, directors, members, general
partners, employees, counsel and financial advisors; and

 

(d)the
term "Voting Securities" shall mean the shares of the Company's Common Stock and any other securities of the Company
entitled to vote in the election of directors, or securities convertible into, or exercisable or exchangeable for, the Common Stock
or such other securities, whether or not subject to the passage of time or other contingencies.

 

7.Notices.
All notices, consents, requests, instructions, approvals and other communications provided for herein and all legal process in
regard hereto shall be in writing and shall be deemed validly given, made or served, if given (a) by telecopy and email, when such
telecopy is transmitted to the telecopy number set forth below and sent to the email address set forth below and the appropriate
confirmation is received or (b) by any other means, when actually received during normal business hours at the address specified
in this Section:

 

	if to the Company:	
        JAKKS Pacific, Inc.

        2951 28th St.,

        Santa Monica, CA 90405

        Attention: Joel Bennett, EVP, CFO

        Facsimile: (310) 455-6398

        Email: joelb@jakks.net

         

	with a copy to:	
        Feder Kaszovitz LLP

        845 Third Avenue

        New York, NY 10022

        Attention: Geoffrey A. Bass

        Facsimile: (212) 888-7776

        Email: gbass@fedkas.com

         

	if to Oasis:	
        Oasis Management Company Ltd.

        c/o Oasis Management (Hong Kong) LLC

        21/F Man Yee Building

        68 Des Voeux Road, Central

        Hong Kong

        Attention: Phillip Meyer

        Facsimile: +852 2868 3155

        Email: pmeyer@hk.oasiscm.com

         

	with a copy to:	
        Schulte Roth & Zabel

        919 Third Avenue

        New York, NY 10022

        Attention: Eleazer Klein

        Facsimile: (212) 593-5955

        Email: eleazer.klein@srz.com

         

 

    	 	5	 

     

    

 

8.Specific
Performance; Remedies.

 

(a)In
furtherance and not in limitation of Section 8(b), the parties hereto shall be entitled to seek an injunction or injunctions to
prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement, in addition to any other
remedy to which they are entitled at law or in equity. Furthermore, each of the parties
hereto agrees to waive any bonding requirement under any applicable law, in case any other party seeks to enforce the terms OF
THIS AGREEMENT by way of equitable relief. THIS AGREEMENT SHALL BE GOVERNED IN ALL RESPECTS, INCLUDING VALIDITY, INTERPRETATION
AND EFFECT, BY THE LAWS OF THE STATE OF DELAWARE WITHOUT GIVING EFFECT TO THE CHOICE OF LAW PRINCIPLES OF SUCH STATE.

 

(b)Notwithstanding
any other Section in this Agreement and without limiting any other remedies the Company may have in law or equity, in the event
that Oasis (or any affiliate or associate of Oasis) fails to perform or otherwise fulfill its obligations set forth in Section
4(a), and shall not have remedied such failure or non-fulfillment if capable of being remedied or fulfilled within three (3) business
days following written notice from the Company of such failure or non-fulfillment, the Company shall not be required to perform
or fulfill its obligations set forth in Section 3 and the Nominee shall promptly tender his resignation as a member of the Board
effective immediately upon its acceptance by the Company; provided that, for the avoidance of doubt, nothing herein shall
require the Board to accept such resignation tendered by the Nominee.

 

9.Severability.
If at any time subsequent to the date hereof, any provision of this Agreement shall be held by any court of competent jurisdiction
to be illegal, void or unenforceable, such provision shall be of no force and effect, but the illegality or unenforceability of
such provision shall have no effect upon the legality or enforceability of any other provision of this Agreement.

 

10.Termination.
This Agreement shall terminate on the expiry of the Cooperation Period.

 

11.Counterparts.
This Agreement may be executed in two (2) or more counterparts which together shall constitute a single agreement.

 

12.No
Third Party Beneficiaries. This Agreement is solely for the benefit of the parties hereto and is not enforceable by any other
persons.

 

    	 	6	 

     

    

 

13.No
Waiver. No failure or delay by either party in exercising any right or remedy hereunder shall operate as a waiver thereof,
nor shall any single or partial waiver thereof preclude any other or further exercise thereof or the exercise of any other right
or remedy hereunder.

 

14.Entire
Understanding. This Agreement contains the entire understanding of the parties with respect to the subject matter hereof and
may be amended only by an agreement in writing executed by the parties hereto.

 

15.Interpretation
and Construction.

 

(a)The
Company acknowledges that its Board is bound by the obligations of the Company hereunder.

 

(b)Each
of the parties hereto acknowledges that it has been represented by counsel of its choice throughout all negotiations that have
preceded the execution of this Agreement, and that it has executed the same with the advice of said counsel. Each party and its
counsel cooperated and participated in the drafting and preparation of this Agreement and the documents referred to herein, and
any and all drafts relating thereto exchanged among the parties shall be deemed the work product of all of the parties and may
not be construed against any party by reason of its drafting or preparation. Accordingly, any rule of law or any legal decision
that would require interpretation of any ambiguities in this Agreement against any party that drafted or prepared it is of no application
and is hereby expressly waived by each of the parties hereto, and any controversy over interpretations of this Agreement shall
be decided without regard to events of drafting or preparation.

 

    	 	7	 

     

    

 

IN WITNESS WHEREOF, this Agreement has been
duly executed and delivered by the duly authorized signatories of the parties as of the date hereof.

 

 

	JAKKS Pacific, inc.
     	 	oasis management company
ltd.   
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	By:	/s/ Stephen Berman	 	 By:	/s/
    Phillip Meyer	 
		Name:	Stephen Berman

	 		Name:	Phillip Meyer	 
		Title: 	CEO	 	 
     	Title:	General Counsel	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	By his signature below,
    Alexander Azim Shoghi agrees to comply solely with the provisions of Section 8(b) of this Agreement:  
	 	 	 	 	 	 	 
	 	 	 	 	/s/
     Alexander Azim Shoghi	 
	 	 	 	 		Name: 	Alexander Azim Shoghi

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