Exhibit 10.25

FORM OF WAIVER AGREEMENT NO. 9

TO CREDIT AGREEMENT

This WAIVER AGREEMENT NO. 9 TO CREDIT AGREEMENT (this “Waiver”), dated as of
January 23, 2006, is made among Sabine Pass LNG, L.P., a Delaware limited
partnership (the “Borrower”), Société Générale, in its capacity as
administrative agent for the Lenders (the “Agent”), HSBC Bank USA, National
Association, in its capacity as collateral agent for the Lenders (the
“Collateral Agent”) and the Lenders party to the Credit Agreement (as defined
below).

WITNESSETH

WHEREAS, the Borrower, the Agent and the Collateral Agent are party to a Credit
Agreement dated as of February 25, 2005 (as amended, modified and supplemented
and in effect from time to time, the “Credit Agreement”), pursuant to which the
lenders from time to time party thereto (the “Lenders”) have agreed to make
loans to the Borrower in an aggregate principal amount of up to $822,000,000;

WHEREAS, the Borrower and Chevron U.S.A. Inc. (“Chevron U.S.A.”) have entered
into a Terminal Use Agreement (as amended, modified and supplemented and in
effect from time to time, the “Chevron TUA”) setting forth the terms of the
purchase and provision of terminalling services between the Borrower and Chevron
U.S.A.;

WHEREAS, ChevronTexaco Corporation (“ChevronTexaco”) has executed in favor of
the Borrower a Guarantee dated December 15, 2004, setting forth the terms of the
unconditional and irrevocable guaranty by ChevronTexaco of the payment
obligations of the Chevron U.S.A. pursuant to the Chevron TUA;

WHEREAS, as a condition precedent to the Funding Date, the Borrower is required
to provide to the Agent, a certificate of an Authorized Officer of ChevronTexaco
and the Chevron U.S.A. (the “Certificates”) certifying that the Guarantee and
the Chevron TUA, respectively, are in full force and effect;

WHEREAS, pursuant to a waiver request letter (the “Waiver Request Letter”)
attached hereto as Exhibit A, the Borrower has requested a waiver of the
requirements of Section 6.02(i)(i) and (ii) of the Credit Agreement to deliver
the Certificates in order to meet the conditions precedent to the Funding Date.

NOW THEREFORE, in consideration of the mutual agreements herein contained and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto, intending to be legally bound hereby,
agree as follows:

Section 1. Definitions. Capitalized terms (including those used in the preamble
and the recitals above) not otherwise defined herein shall have the meanings
assigned

 

Waiver No. 9

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to such terms in the Credit Agreement and the principles of interpretation set
forth therein shall apply herein.

Section 2. Waiver. Subject to the satisfaction of the condition set forth in
Section 3 hereof, the Agent, acting with the consent of each Lender, hereby
waives compliance with the requirements of Section 6.02(i)(i) and (ii) of the
Credit Agreement to deliver the Certificates as a condition precedent to the
Funding Date.

Section 3. Condition Precedent. This Waiver shall become effective on the date
on which the Agent has received counterparts of this Waiver duly executed and
delivered by the Borrower.

Section 4. Miscellaneous.

(a) Limited Waiver.

(i) Except as expressly consented to hereby, all of the representations,
warranties, terms, covenants, conditions and other provisions of the Credit
Agreement and the other Financing Documents shall remain unchanged and unwaived
and shall continue to be and shall remain in full force and effect in accordance
with their respective terms.

(ii) The waiver set forth herein shall be limited precisely as provided for
herein to the provisions expressly waived and shall not be deemed to be a waiver
of any right, power or remedy of any Lender, the Agent or the Collateral Agent
under, or a waiver of, consent to or modification of, any other term or
provision of the Credit Agreement, any other Financing Document referred to
therein or herein or of any transaction or further or future action on the part
of the Borrower which would require the consent of the Lenders under the Credit
Agreement or any of the other Financing Documents.

(iii) Except as provided in Section 2 hereof, nothing contained in this Waiver
shall abrogate, prejudice, diminish or otherwise affect any powers, rights,
remedies or obligations of any Person arising before the date of this Waiver.

(b) Financing Document. This Waiver shall be deemed to be a Financing Document
referred to in the Credit Agreement and shall be construed, administered and
applied in accordance with the terms and provisions thereof.

(c) Counterparts; Integration; Effectiveness. This Waiver 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 Waiver by signing any such
counterpart.

(d) Costs and Expenses. The Borrower agrees to pay and reimburse the Agent for
all its reasonable costs and out-of-pocket expenses (including, without
limitation, the reasonable fees and expenses of counsel to the Agent and the
Lenders) incurred in connection with the preparation and delivery of this Waiver
and such other related documents.

 

Waiver No. 9

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(e) Governing Law. THIS WAIVER AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK.

[Signature Pages Follow]

 

Waiver No. 9

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IN WITNESS WHEREOF, the parties hereto have caused this Waiver to be duly
executed and delivered as of the day and year first above written.

 

SABINE PASS LNG, L.P.,
as Borrower

By: 

 

Sabine Pass LNG – GP, Inc.,

 

its General Partner

By:   /s/ Graham A. McArthur  

Name: Graham A. McArthur

 

Title: Treasurer

Address for Notices:

717 Texas Avenue, Suite 3100

Houston, TX 77002

Attn: Treasurer

 

Waiver No. 9

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SOCIÉTÉ GÉNÉRALE,
as Agent

By:   /s/ Edward J. Grimm  

Name: Edward J. Grimm

 

Title: Director

Address for Notices:

1221 Avenue of the Americas

New York, NY 10020

Attn: Robert Preminger

 

Waiver No. 9

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HSBC BANK USA, NATIONAL ASSOCIATION,
as Collateral Agent

By:   /s/ Deirdra N. Ross  

Name: Deirdra N. Ross

 

Title: Assistant Vice President

Address for Notices:

HSBC Bank USA, National Association

452 Fifth Avenue

New York, NY 10018

Attn: Corporate Trust

With a copy to:

DLA Piper Rudnick Gray Cary US LLP

One Liberty Place

1650 Market Street, Suite 4900

Philadelphia, PA 19103

Attn: Peter Tucci, Esq.

 

Waiver No. 9

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Exhibit A

to Waiver No. 9

Consent Request Letter

 

Waiver No. 9

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LOGO [g95527img001new.jpg]

January 5, 2006

Societe Generale

1221 Avenue of the Americas

New York, NY 10020

Attn: Edward Grimm

 

Re: Credit Agreement dated February 25, 2005 (the “Credit Agreement”) among
Sabine Pass LNG, L.P. (“Sabine”), Societe Generale, as Agent, HSBC Bank USA,
National Association, as Collateral Agent and the Lenders party thereto

Dear Mr. Grimm:

Reference is made to the captioned Credit Agreement. Capitalized terms used but
not defined herein shall have the meanings assigned to such terms in the Credit
Agreement.

Pursuant to Section 6.02 of the Credit Agreement, Sabine hereby requests the
consent of each Lender to waiver the requirement that Chevron U.S.A deliver an
Anchor Tenant Certificate as required under Section 6.02(i) of the Credit
Agreement.

Chevron U.S.A. has no contractual obligation under the Chevron TUA to deliver an
Anchor Tenant Certificate. Chevron U.S.A. has informed the Borrower that its
corporate practice is to only delivery certifications that it is contractually
obligated to do so.

 

Sincerely,

SABINE PASS LNG, L.P.

By: 

  /s/ Graham A. McArthur  

Graham A. McArthur

Treasurer

SABINE PASS LNG, L.P.

717 Texas Avenue, Suite 3100 – Houston, Texas 77002 – (713) 659-1361 – Fax
(713) 659-5459