SEC Contract Filing

Filing Date: 2023-09-25

Document Content:
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<TYPE>EX-10.6
<SEQUENCE>7
<FILENAME>exh10-6_18762.htm
<DESCRIPTION>SUBORDINATION AGREEMENT, DATED AS OF SEPTEMBER 19, 2023, BY AND AMONG PHIL MULACEK, ENERGY EVOLUTION MASTER FUND, LTD. AND EMPIRE NORTH DAKOTA LLC IN FAVOR OF CROSSFIRST BANK
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 10pt; color: Black"><B><U>EXHIBIT
10.6</U></B></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B><U>SUBORDINATION
AGREEMENT</U></B></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">THIS
SUBORDINATION AGREEMENT is entered into effective as of the 19<SUP>th</SUP> day of September, 2023 (the &quot;<B>Effective Date</B>&quot;),
by and among <B>PHIL MULACEK</B>, an individual (&quot;<B>Mulacek</B>&quot;), <B>ENERGY EVOLUTION MASTER FUND, LTD.</B>, a Cayman Islands
exempted company (&quot;<B>Fund</B>&quot;, and, together with Mulacek, collectively, the &quot;<B>Subordinating Lenders</B>&quot;), and
<B>EMPIRE NORTH DAKOTA LLC</B>, a Delaware limited liability company (&quot;<B>Company</B>&quot;), in favor of <B>CROSSFIRST BANK</B>,
a Kansas state-chartered bank (&quot;<B>Lender</B>&quot;).</FONT></P>

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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">RECITALS</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lender,
as lender, Company, and <B>EMPIRE LOUISIANA LLC</B>, a Delaware limited liability company (together with Company, collectively, the &quot;<B>Borrowers</B>&quot;),
as borrowers, are parties to that certain Senior Revolver Loan Agreement dated as of September 20, 2018, as amended (collectively, as
amended, the &quot;<B>Loan Agreement</B>&quot;), pursuant to which Lender established a revolving credit facility in favor of Borrower
in the maximum principal amount of $20,000,000.00 (subject to the Revolver Commitment Amount described therein, the Collateral Borrowing
Base calculations and the QCR payments, all as more particularly described in the Loan Agreement) (the &quot;<B>Revolver Commitment</B>&quot;).</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">B.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Subordinating Lenders has agreed to make a loan to Company in the maximum principal
amount of $5,000,000.00, and in the aggregate a total of $10,000,000.00 (the &quot;<B>Subordinate Loans</B>&quot;), each of which Subordinate
Loans shall be evidenced by a promissory note in the principal amount of $5,000,000.00 executed by Company in favor of the respective
Subordinating Lender (collectively, the &quot;<B>Subordinating Lender Documents</B>&quot;), forms of which promissory notes are attached
hereto as <U>Exhibit A-1</U> and <U>Exhibit A-2</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Subordinating Lenders are willing to subordinate, in the manner and to the extent set forth herein, the repayment of the Subordinate
Loans to the payment of the Indebtedness of the Borrower to the Lender under the Loan Agreement, and it is a condition precedent to Lender's
consent to Company obtaining the Subordinate Loans that the Loan Agreement, and all Loan Documents described therein, shall be and remain
at all times a lien or charge upon the Mortgaged Property prior and superior to the lien or charge of Subordinate Loans and the Subordinating
Lender Documents and that the Revolver Commitment be prior and superior to the Subordinate Loans.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Subordinate Lenders and Company each desire to evidence their agreement to subordinate the Subordinate Loans and the Subordinating Lender
Documents to indebtedness evidenc