Document:

Exhibit 10.35

  

Execution Version

 

ASSIGNMENT AND ASSUMPTION AGREEMENT

 

This ASSIGNMENT AND
ASSUMPTION AGREEMENT (this “Assignment”) is entered into on December 30, 2016 (“Effective
Date”), by and among Energy XXI USA, Inc., a Delaware corporation (“Assignor”), Energy
XXI Gulf Coast, Inc., a Delaware corporation (“Assignee”), and Grand Isle Corridor, L.P., a Delaware
limited partnership (“Buyer”). Assignor, Assignee and Buyer are each, individually, a “Party,”
and are, together, the “Parties.” Capitalized terms used but not defined in this Assignment have the
meanings given those terms under the Purchase Agreement (as defined below).

 

W I T N E S S E
T H

 

WHEREAS, Assignor
is party to that certain Purchase and Sale Agreement, dated June 22, 2015, by and between Assignor and Buyer (the “Purchase
Agreement”), pursuant to which Buyer purchased from Assignor certain lands and facilities, including an oil pipeline
system part of the Grand Isle Gathering System;

 

WHEREAS, on
April 14, 2016, Energy XXI Ltd, an exempted company formed under the laws of Bermuda (“EXXI Ltd”), Assignor,
Assignee and certain other subsidiaries of EXXI Ltd (collectively, the “Debtors”) filed voluntary petitions
in the United States Bankruptcy Court for the Southern District of Texas, Houston Division (the “Bankruptcy Court”)
seeking relief under the provisions of chapter 11 of Title 11 (“Chapter 11”) of the United States Code
under the caption In re Energy XXI Ltd, et al., Case No. 16-31928 (the “Chapter 11 Cases”);

 

WHEREAS, on
December 13, 2016, the Bankruptcy Court entered an order (the “Confirmation Order”) confirming the Debtors’
Second Amended Joint Chapter 11 Plan of Reorganization (as amended and supplemented, the “Plan”);

 

WHEREAS, pursuant
to the Plan and Conformation Order, on the effective date of the Plan, Assignee will emerge from the Chapter 11 Cases as the reorganized
parent of the reorganized Debtors;

 

WHEREAS, upon
emergence from the Chapter 11, EXXI Ltd will proceed with wind up and liquidation proceedings in Bermuda, and Assignor will be
liquidated in accordance with Delaware General Corporation Law; and

 

WHEREAS, as
a result of the internal restructuring as set forth in the Plan and the Confirmation Order and in accordance with Section 15.4
of the Purchase Agreement, Assignor desires to assign to Assignee all of Assignor’s rights and obligations, and Assignee
desires to assume from Assignor all of Assignor’s rights and obligations, under the Purchase Agreement.

 

NOW THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and intending to be legally bound
hereby, the Parties hereby agree as follows:

  

     

     

    

 

Agreement

 

1.       Assignment.
As of the Effective Date, Assignor hereby transfers, conveys, and assigns to Assignee, its successors and assigns, all of Assignor’s
right, title, interest, and obligations in and to the Purchase Agreement. As of the Effective Date, with respect to the Purchase
Agreement, Assignee does hereby accept such assignment and hereby agrees to be bound by all express and implied covenants, rights,
benefits, conditions, obligations, and liabilities under the Purchase Agreement.

 

2.       Consent.
Buyer hereby consents to this Assignment pursuant to Section 15.4 of the Purchase Agreement.

 

3.       Assumption.
Assignee, for itself and its successors and legal representatives, hereby accepts this Purchase Agreement and expressly assumes
in full all obligations of Assignor under the Purchase Agreement, and agrees to (a) keep, perform and observe the performance of
all of the terms, covenants and conditions of Assignor under the Purchase Agreement, (b) be fully bound by all of the terms, covenants,
agreements, provisions, conditions, obligations and liability of Assignor thereunder, and (c) satisfy all obligations of Assignor
that have arisen prior to the Effective  Date or are hereafter due under the Purchase Agreement.

 

4.       Entire
Understanding; Purchase Agreement. This Assignment, together with the Purchase Agreement, constitute the entire agreement of
the Parties with respect to the subject matter hereof and supersede all prior agreements and understandings, both written and oral,
among the Parties with respect to the subject matter hereof. In the event of a conflict or inconsistencies between the terms and
conditions of this Assignment and the Purchase Agreement, the terms and conditions of the Purchase Agreement shall control.

 

5.       Amendment
and Waiver. This Assignment may be altered, amended, or waived only by a written agreement executed by the Parties. No waiver
of any provision of this Assignment shall be deemed or shall constitute a waiver of any other provision of this Assignment (whether
or not similar), nor shall such waiver constitute a continuing waiver unless otherwise expressly provided.

 

6.       Successors
and Assigns. This Assignment shall be binding upon and inure to the benefit of the Parties and their respective successors,
transferees and assigns.

 

7.       No
Third-Party Rights. Subject to the terms of the Purchase Agreement, this Assignment will not: (a) entitle any Person other
than the Parties to any claim, cause of action, remedy or right of any kind or (b) ratify, revive or reinstate any claim or
cause of action under the Purchase Agreement, which otherwise would have expired, terminated or been waived by passage of time.
The provisions of this Assignment are not intended to and do not create rights in any Person or confer upon any Person any benefits,
rights or remedies, and no Person is or is intended to be a third-party beneficiary of any of the provisions of this Assignment.

 

8.       Governing
Law. THIS ASSUMPTION AGREEMENT AND ANY ARBITRATION OR DISPUTE RESOLUTION CONDUCTED PURSUANT HERETO SHALL BE CONSTRUED IN ACCORDANCE
WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE CONFLICT OF LAWS PRINCIPLES THEREOF.

 

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9.       Further
Assurances. From time to time, as and when requested by any Party, any other Party will execute and deliver, or cause to be
executed and delivered, all such documents and instruments as may be reasonably necessary to consummate the transactions contemplated
by this Agreement.

 

10.       Counterparts.
This Assignment may be executed in any number of counterparts, and each counterpart hereof shall be effective as to each Party
that executes the same whether or not all of such Parties execute the same counterpart. If counterparts of this Assignment are
executed, the signature pages from various counterparts may be combined into one composite instrument for all purposes. All counterparts
together shall constitute only one Assignment, but each counterpart shall be considered an original.

 

 

 

[Signature page follows.]

 

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IN WITNESS WHEREOF,
this Assignment has been executed and delivered as of the date and year first written above.

 

	 	ASSIGNOR:	 
	 	 	 
	 	Energy XXI USA, Inc.,	 
	 	a Delaware corporation	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Rick Fox	 
	 	Name:   	Rick Fox	 
	 	Title:	Chief Financial Officer and Treasure	 
	 	 	 	 
	 	 	 	 
	 	Assignee:	 
	 	 	 
	 	Energy XXI Gulf Coast, Inc.,	 
	 	a Delaware corporation	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Hugh A. Menown	 
	 	Name:	Hugh A. Menown	 
	 	Title:	Executive Vice President, Chief Accounting   Officer 

                                                             
	 

 

    
Signature Page to
 Assignment and Assumption Agreement

     

    

 

	 	BUYER:	 
	 	 	 
	 	 	 	 
	 	Grand Isle Corridor, L.P.,	 
	 	a Delaware limited partnership	 
	 	 	 	 
	 	 	 	 
	 	By: Grand Isle GP, Inc., a Delaware corporation, its sole general partner	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Rebecca M. Sandring	 
	 	Name:	Rebecca M. Sandring	 
	 	Title:   	Secretary and Treasurer	 

  

    
Signature Page to
 Assignment and Assumption AgreementExhibit 10.36

 

Execution Version

 

ASSIGNMENT AND ASSUMPTION OF GUARANTY AND RELEASE

 

THIS
ASSIGNMENT AND ASSUMPTION OF GUARANTY AND RELEASE (this “Assignment”) is entered into as of December
30, 2016 (the “Effective Date”), by and among Energy XXI Ltd, an exempted company formed under
the laws of Bermuda (“Assignor”), Energy XXI
Gulf Coast, Inc., a Delaware corporation (“Assignee”),
and Grand Isle Corridor, LP, a Delaware limited partnership (“Landlord”).
Assignor, Assignee and Landlord are each, individually, a “Party,” and are, together, the “Parties.”
Unless as specifically modified, all capitalized terms used but not otherwise
defined herein, shall have the same meaning as set forth in the Guaranty.

W I T N E S S E T H:

 

WHEREAS, pursuant
to that certain Guaranty made by Assignor to Landlord, dated June 30, 2015 (the “Guaranty”), Assignor is guarantor
of the obligations of Energy XXI GIGS Services, LLC, a Delaware limited liability company (“Tenant”),
under that certain Lease, dated June 30, 2015, by and between Landlord and Tenant (the “Lease”), pursuant
to which, among other things, Tenant leases certain lands and facilities, including an oil pipeline system part of the Grand Isle
Gathering System, purchased by Landlord from Energy XXI USA, Inc., a Delaware corporation;

 

WHEREAS, on
April 14, 2016, Assignor and certain other subsidiaries of Assignor excluding Tenant (collectively, the “Debtors”)
filed voluntary petitions in the United States Bankruptcy Court for the Southern District of Texas, Houston Division (the “Bankruptcy
Court”) seeking relief under the provisions of chapter 11 of Title 11 (“Chapter 11”) of
the United States Code under the caption In re Energy XXI Ltd, et al., Case No. 16-31928 (the “Chapter 11 Cases”);

 

WHEREAS, on
December 13, 2016, the Bankruptcy Court entered an order (the “Confirmation Order”) confirming the Debtors’
Second Amended Joint Chapter 11 Plan of Reorganization (as amended and supplemented, the “Plan”);

 

WHEREAS, pursuant
to the Plan and Conformation Order, on the effective date of the Plan, Assignee will emerge from the Chapter 11 Cases as the reorganized
parent of the reorganized Debtors;

 

WHEREAS, upon
emergence from the Chapter 11, Assignor will proceed with wind up and liquidation proceedings in Bermuda;

 

WHEREAS, as
a result of the internal restructuring as set forth in the Plan and the Confirmation Order, Assignor
desires to assign to Assignee all of Assignor’s rights and obligations, and Assignee desires to assume from Assignor all
of Assignor’s rights and obligations, under the Guaranty.

 

NOW THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and intending to be legally bound
hereby, the Parties hereby agree as follows:

 

    

     

    

 

Agreement

 

1.       Assignment.
As of the Effective Date and for the remainder of the term of the Lease, as may be extended, Assignor transfers, conveys and assigns
to Assignee all of Assignor’s rights and obligations under the Guaranty, subject to the terms and conditions of this Assignment
and the Guaranty.

 

2.       Assumption.
Assignee, for itself and its successors and legal representatives, hereby accepts this Assignment and expressly assumes in full
all obligations of Assignor under the Guaranty, and agrees to (a) keep, perform and observe the performance of all of the terms,
covenants and conditions of Assignor as guarantor under the Guaranty, (b) be fully bound by all of the terms, covenants, agreements,
provisions, conditions, obligations and liability of guarantor thereunder, and (c) satisfy all obligations of Assignor that
have arisen prior to the Effective  Date or are hereafter due under
the Guaranty.

 

3.       Acknowledgement.
Assignee hereby acknowledges (a) that nothing stated herein shall limit, modify or reduce the obligations of the guarantor of the
Lease as set forth in the Guaranty, which shall continue in full force and affect and (b) the full liability of Assignee as guarantor
with respect to the Lease, as assigned by this Assignment.

 

4.       Entire
Understanding; Guaranty. This Assignment, together with the Guaranty, constitute the entire agreement of the Parties with respect
to the subject matter hereof and supersede all prior agreements and understandings, both written and oral, among the Parties with
respect to the subject matter hereof. In the event of a conflict or inconsistencies between the terms and conditions of this Assignment
and the Guaranty, the terms and conditions of the Guaranty shall control.

 

5.       Release.
Landlord hereby consents to this Assignment pursuant to Section 10 of the Guaranty. The
Parties, including by its signature below, Landlord, acknowledge and agree that, as of the Effective Date, Assignor shall be released
and discharged from all obligations, liabilities, damages and claims that Landlord has had, now has or hereafter may have, relating
to, arising out of, or under the Guaranty, and that as of the Effective Date, Assignee is liable for all obligations, liabilities,
damages and claims that Landlord has had, now has or hereafter may have relating to, arising out of, or under the Guaranty.

 

6.       Amendment
and Waiver. This Assignment may be altered, amended, or waived only by a written agreement executed by the Parties. No waiver
of any provision of this Assignment shall be deemed or shall constitute a waiver of any other provision of this Assignment (whether
or not similar), nor shall such waiver constitute a continuing waiver unless otherwise expressly provided.

 

7.       Successors
and Assigns. This Assignment shall be binding upon and inure to the benefit of the Parties and their respective successors,
transferees and assigns.

 

8.       No
Third Party Rights. The provisions of this Assignment are intended to bind the Parties and their successors and permitted assigns
as to each other and are not intended to and do not create rights in any other person or confer upon any other person any benefits,
rights or remedies, and no person is or is intended to be a third-party beneficiary of any of the provisions of this Assignment.

 

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9.       Governing
Law. THIS ASSIGNMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF LOUISIANA WITHOUT
GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAW.

 

10.       Further
Assurances. From time to time, as and when requested by any Party, any other Party will execute and deliver, or cause to be
executed and delivered, all such documents and instruments as may be reasonably necessary to consummate the transactions contemplated
by this Agreement.

 

11.       Counterparts.
This Assignment may be executed in any number of counterparts, and each counterpart hereof shall be effective as to each Party
that executes the same whether or not all of such Parties execute the same counterpart. If counterparts of this Assignment are
executed, the signature pages from various counterparts may be combined into one composite instrument for all purposes. All counterparts
together shall constitute only one Assignment, but each counterpart shall be considered an original.

 

[Signature page follows.]

 

    3

     

    

 

IN WITNESS WHEREOF,
this Assignment has been executed and delivered as of the date and year first written above.

 

	 	ASSIGNOR:	 
	 	 	 
	 	Energy XXI Ltd,	 
	 	a Bermuda company	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ John D. Schiller, Jr.	 
	 	Name:	John D. Schiller, Jr.	 
	 	Title:  	Chairman, President, CEO	 
	 	 	 	 
	 	 	 	 
	 	ASSIGNEE:	 
	 	 	 	 
	 	Energy XXI Gulf Coast, Inc.,	 
	 	a Delaware corporation	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Hugh A. Menown	 
	 	Name:	Hugh A. Menown	 
	 	Title:   	Executive Vice President, Chief Accounting   Officer

 

    
[Signature Page to Assignment and Assumption of Guaranty and Release]

     

    

 

	 	LANDLORD: 	 
	 	 	 	 
	 	Grand Isle Corridor, L.P.,	 
	 	a Delaware limited partnership	 
	 	 	 	 
	 	 	 	 
	 	By:	Grand Isle GP, Inc., a Delaware corporation, its sole general partner	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Rebecca M. Sandring	 
	 	Name:	Rebecca M. Sandring	 
	 	Title:   	Secretary and Treasurer	 

 

    
[Signature Page to Assignment and Assumption of Guaranty and Release]

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