Document:

Security Agreement

 Exhibit 10.2 
  
 EXECUTION COPY 
  
 SECURITY AGREEMENT 
  
 Dated August 31, 2005 
  
 From 
  
 Cheniere LNG Holdings, LLC 
  
 to 
  
 CREDIT SUISSE, CAYMAN
ISLANDS BRANCH 
  
 as Collateral Agent 
  
 Cheniere Security Agreement 

 T A B L E   O F   C
O N T E N T S 
  

			
	 Section

	  	Page

	 Section 1. Grant of Security
	  	2
		
	 Section 2. Security for Obligations
	  	4
		
	 Section 3. Borrower Remains Liable
	  	5
		
	 Section 4. Security Collateral
	  	5
		
	 Section 5. Account Collateral
	  	5
		
	 Section 6. Investments of Amounts in the Pledged Deposit Accounts
	  	6
		
	 Section 7. Release of Amounts in Pledged Deposit Accounts
	  	6
		
	 Section 8. Representations and Warranties
	  	7
		
	 Section 9. Further Assurances
	  	9
		
	 Section 10. Post-Closing Changes; Collections on Assigned Agreements, Receivables and Related Contracts
	  	10
		
	 Section 11. Voting Rights; Dividends; Etc.
	  	10
		
	 Section 12. As to the Assigned Agreements
	  	11
		
	 Section 13. Transfers and Other Liens; Additional Shares
	  	11
		
	 Section 14. Collateral Agent Appointed Attorney in Fact
	  	11
		
	 Section 15. Collateral Agent May Perform
	  	11
		
	 Section 16. The Collateral Agent’s Duties
	  	11
		
	 Section 17. Remedies
	  	12
		
	 Section 18. Indemnity and Expenses
	  	14
		
	 Section 19. Amendments; Waivers; Etc.
	  	15
		
	 Section 20. Notices, Etc.
	  	15
		
	 Section 21. Continuing Security Interest; Assignments under the Credit Agreement
	  	15
		
	 Section 22. Release; Termination
	  	15
		
	 Section 23. Execution in Counterparts
	  	16
		
	 Section 24. Governing Law
	  	17

  
 Cheniere Security Agreement 
  

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	 Schedules
	 	 	    	 
			
	Schedule I	 	-	    	Investment Property
	Schedule II	 	-	    	Constituent Documents of Project Partners
	Schedule III	 	-	    	Location, Chief Executive Office, Type of Organization, Jurisdiction of Organization and Organizational Identification Number
	Schedule IV	 	-	    	Accounts
			
	Exhibit	 	 	    	 
			
	Exhibit A	 	-	    	Form of Consent and Agreement

  
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 SECURITY AGREEMENT 
  
 SECURITY AGREEMENT dated August 31, 2005 made by Cheniere LNG Holdings, LLC, a Delaware limited liability company (the
“Borrower”), to Credit Suisse, Cayman Islands Branch, as collateral agent (in such capacity, together with any successor collateral agent appointed pursuant to Article VII of the Credit Agreement (as hereinafter
defined), the “Collateral Agent”) for the Secured Parties (as defined in the Credit Agreement). 
  
 PRELIMINARY STATEMENTS. 
  
 (1) The Borrower has entered into a Credit Agreement dated as of August 31, 2005 (said Agreement, as it may hereafter be amended, amended and
restated, supplemented or otherwise modified from time to time, being the “Credit Agreement”) with the Lenders and the Agents (each as defined therein). 
  
 (2) The Borrower is the owner of the shares of stock or other Equity Interests (the “Initial Pledged
Equity”) described in Schedule I hereto and issued by the Persons named therein. 
  
 (3) The Borrower is the owner of Account No. GLA/111-565, Sub Account No. 467669 (the “Retained Excess Cash Flow Collateral
Account”), with The Bank of New York. 
  
 (4) The
Borrower is the owner of Account No. GLA/111-565, Sub Account No. 467670 (the “Debt Service Reserve Account”), with The Bank of New York. 
  
 (5) The Borrower is the owner of Account No. GLA/111-565, Sub Account No. 467668 (the “Capital Contribution
Reserve Account”), with The Bank of New York. 
  
 (6)
Pursuant to the Credit Agreement, the Borrower is entering into this Agreement in order to grant to the Collateral Agent for the ratable benefit of the Secured Lender Parties a security interest in the Collateral (as hereinafter defined).

  
 (7) Pursuant to the Crest Settlement Documents, the Borrower
is prohibited from creating or allowing to be created any lien, security interest or other encumbrance on any of Borrower’s assets for borrowed money that is senior to or pari passu with the Obligations of the Borrower to Crest
(excluding certain project financing arrangements); therefore, the parties hereto intend that the security interests granted herein in favor of the Collateral Agent is also for the benefit of Crest and the rights and interests of Crest with respect
to the Collateral shall be senior to the rights and interests of the Secured Lender Parties, as provided herein. 
  
 (8) It is a condition precedent to the making of Advances by the Lenders under the Credit Agreement and the entry into Secured Hedge Agreements by the
Hedge Banks from time to time that the Borrower shall have granted the security interest contemplated by this Agreement. 
  
 (9) Terms defined in the Credit Agreement and not otherwise defined in this Agreement are used in this Agreement as defined in the Credit Agreement.
Further, unless otherwise defined in this Agreement or in the Credit Agreement, terms defined in Article 8 or 9 
  
 Cheniere Security Agreement 

 of the UCC (as defined below) are used in this Agreement as such terms are defined in such Article 8 or 9.
“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York; provided, that, if perfection or the effect of perfection or non perfection or the priority of the security interest in
any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, “UCC” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for
purposes of the provisions hereof relating to such perfection, effect of perfection or non perfection or priority. 
  
 NOW, THEREFORE, in consideration of the premises and in order to induce the Lenders to make Advances under the Credit Agreement and to induce the Hedge
Banks to enter into Secured Hedge Agreements from time to time, the Borrower hereby agrees with the Collateral Agent for the ratable benefit of the Secured Parties as follows: 
  
 Section 1. Grant of Security. The Borrower hereby grants to the Collateral Agent, for the ratable benefit of the
Secured Parties, a security interest in the Borrower’s right, title and interest in and to the following, in each case, as to each type of property described below, whether now owned or hereafter acquired by the Borrower, wherever located, and
whether now or hereafter existing or arising (collectively, the “Collateral”): 
  
 (a) all equipment in all of its forms, including, without limitation, all parts thereof and all accessions thereto; 
  
 (b) all inventory in all of its forms, including, without
limitation, all accessions thereto and products thereof and documents therefore (the “Inventory”); 
  
 (c) all accounts, instruments (including, without limitation, promissory notes), deposit accounts, general intangibles (including, without
limitation, payment intangibles) and other obligations of any kind, whether or not arising out of or in connection with the sale or lease of goods or the rendering of services and whether or not earned by performance, and all rights now or hereafter
existing in and to all supporting obligations and in and to all security agreements, mortgages, Liens, leases, letters of credit, surety and performance bonds and other contracts securing or otherwise relating to the foregoing property (any and all
of the foregoing, to the extent not referred to in clause (d), (e) or (f) below, being the “Receivables,” and any and all such supporting obligations, security agreements, mortgages, Liens, leases,
letters of credit, surety and performance bonds and other contracts, being the “Related Contracts”); 
  
 (d) the following (the “Security Collateral”): 
  
 (i) the Initial Pledged Equity and the certificates, if any, representing the Initial Pledged Equity, and
all dividends, distributions, return of capital, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Initial Pledged Equity and all warrants, rights
or options issued thereon or with respect thereto; 
  
 (ii) all additional shares of stock and other Equity Interests from time to time acquired by the Borrower in any manner (such shares and other Equity 
  

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 Interests, together with the Initial Pledged Equity, being the “Pledged Equity”),
and the certificates, if any, representing such additional shares or other Equity Interests, and all dividends, distributions, return of capital, cash, instruments and other property from time to time received, receivable or otherwise distributed in
respect of or in exchange for any or all of such shares or other Equity Interests and all warrants, rights or options issued thereon or with respect thereto; 
  

(iii) all indebtedness from time to time owed to the Borrower (such indebtedness, being the “Pledged Debt”) and
the instruments, if any, evidencing such indebtedness, and all interest, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such indebtedness;

  
 (iv) all securities accounts (each being a
“Securities Account”), all security entitlements with respect to all financial assets from time to time credited to any Securities Account and all financial assets, and all dividends, distributions, return of capital,
interest, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such security entitlements or financial assets and all warrants, rights or options issued
thereon or with respect thereto; and 
  
 (v) all
other investment property (including, without limitation, all (A) securities, whether certificated or uncertificated, (B) security entitlements, (C) securities accounts, (D) commodity contracts and (E) commodity accounts) in
which the Borrower has now, or acquires from time to time hereafter, any right, title or interest in any manner, and the certificates or instruments, if any, representing or evidencing such investment property, and all dividends, distributions,
return of capital, interest, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such investment property and all warrants, rights or options issued
thereon or with respect thereto; 
  
 (e) each of
the agreements listed on Schedule II hereto and each Hedge Agreement to which the Borrower is now or may hereafter become a party, in each case, as such agreements may be amended, amended and restated, supplemented or otherwise
modified from time to time (collectively, the “Assigned Agreements”), including, without limitation, all rights of the Borrower to (i) receive moneys due and to become due under or pursuant to the Assigned Agreements,
(ii) receive any other proceeds any other amounts payable in respect thereof (whether payable by a third party or otherwise) and (iii) compel performance and otherwise exercise all remedies thereunder (all such Collateral being the
“Agreement Collateral”); 
  
 (f) the following (collectively, the “Account Collateral”): 
  
 (i) the Debt Service Reserve Account, the Capital Contribution Reserve Account, the Retained Excess Cash Flow Collateral Account and any
other deposit accounts, now or hereafter existing (such deposit accounts, together 
  
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 with the Debt Service Reserve Account, the Capital Contribution Reserve Account and the Retained Excess
Cash Flow Collateral Account, the “Pledged Deposit Accounts”), and all funds and financial assets from time to time credited thereto (including, without limitation, all Cash Equivalents), and all certificates and instruments,
if any, from time to time representing or evidencing any Pledged Deposit Account or any amounts in, or credited to, any such Pledged Deposit Accounts; 
  
 (ii) all promissory notes, certificates of deposit, checks and other instruments from time to time delivered to or otherwise possessed by
the Collateral Agent for or on behalf of the Grantor in substitution for or in addition to any or all of the then existing Account Collateral; and 
  
 (iii) all interest, dividends, distributions, cash, instruments and other property from time to time received, receivable or otherwise
distributed in respect of or in exchange for any or all of the then existing Account Collateral; 
  
 (g) all books and records (including, without limitation, credit files, printouts and other computer output materials and records) of the
Borrower pertaining to any of the Collateral; and 
  
 (h) all proceeds of, collateral for, income, royalties and other payments now or hereafter due and payable with respect to, and supporting obligations relating to, any and all of the Collateral (including, without limitation, proceeds,
collateral and supporting obligations that constitute property of the types described in clauses (a) through (g) of this Section 1) and, to the extent not otherwise included, all (A) payments under insurance, or any
indemnity, warranty or guaranty, payable by reason of loss or damage to or otherwise with respect to any of the foregoing Collateral, and (B) cash. 
  
 Section 2. Security for Obligations. This Agreement secures the payment of (i) all Obligations of the Borrower and each other Loan Party
now or hereafter existing under the Loan Documents and the Secured Hedge Agreements, whether direct or indirect, absolute or contingent, and whether for principal, reimbursement obligations, interest, fees, premiums, penalties, indemnifications,
contract causes of action, costs, expenses or otherwise (all such Obligations being the “Secured Loan Obligations”) and (ii) all of Borrower’s obligations, if any, to pay the Crest Royalty (the “Secured
Crest Obligations” and collectively with the Secured Loan Obligations the “Secured Obligations”). Without limiting the generality of the foregoing, this Agreement secures, the payment of all amounts that
constitute part of the Secured Obligations and would be owed by the Borrower to any Secured Party under the Loan Documents or in respect of the Secured Crest Obligations but for the fact that they are unenforceable or not allowable due to the
existence of a bankruptcy, reorganization or similar proceeding involving a Loan Party. 
  
 Section 3. Borrower Remains Liable. Anything herein to the contrary notwithstanding, (a) the Borrower shall remain liable under the contracts and agreements included in the Borrower’s Collateral
to the extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed, (b) the 
  
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 exercise by the Collateral Agent of any of the rights hereunder shall not release the Borrower from any of its duties or
obligations under the contracts and agreements included in the Collateral, and (c) no Secured Party shall have any obligation or liability under the contracts and agreements included in the Collateral by reason of this Agreement or any other
Loan Document, nor shall any Secured Party be obligated to perform any of the obligations or duties of the Borrower thereunder or to take any action to collect or enforce any claim for payment assigned hereunder. 
  
 Section 4. Security Collateral. (a) The Borrower will not
open or maintain any Securities Account without the prior consent of the Collateral Agent. The Borrower will maintain all Securities Accounts only with the financial institution acting as Collateral Agent hereunder or with an Affiliate of the
Collateral Agent or with a financial institution that has duly executed and delivered a Securities Account Control Agreement or Securities/Deposit Account Control Agreement (each as hereinafter defined). With respect to any Securities Account and
any Security Collateral that constitutes a security entitlement as to which the financial institution acting as Collateral Agent hereunder is not the securities intermediary, the Borrower will cause the securities intermediary with respect to such
Securities Account or security entitlement to agree with the Borrower and the Collateral Agent that such securities intermediary will comply with entitlement orders originated by the Collateral Agent without further consent of the Borrower, such
agreement to be in form and substance satisfactory to the Collateral Agent (a “Securities Account Control Agreement” or “Securities/Deposit Account Control Agreement,” respectively). 
  
 (b) The Collateral Agent shall have the right, at any time in its discretion
and without notice to the Borrower, to transfer to or to register in the name of the Collateral Agent or any of its nominees any or all of the Security Collateral, subject only to the revocable rights specified in Section 11(a).
In addition, the Collateral Agent shall have the right at any time to convert Security Collateral consisting of financial assets credited to any Securities Account to Security Collateral consisting of financial assets held directly by the Collateral
Agent, and to convert Security Collateral consisting of financial assets held directly by the Collateral Agent to Security Collateral consisting of financial assets credited to the Securities Account or cash or Cash Equivalents deposited, in, or
credited to, the Cash Collateral Account. The Collateral Agent shall have the right at any time to exchange certificates or instruments representing or evidencing Security Collateral for certificates or instruments of smaller or larger
denominations. 
  
 (c) Upon the request of the Collateral Agent,
the Borrower will notify each issuer of Security Collateral granted by it hereunder that such Security Collateral is subject to the security interest granted hereunder. 
  
 Section 5. Account Collateral. The Borrower will not open or maintain any deposit account, other than the Debt
Service Reserve Account, the Capital Contribution Reserve Account and, the Retained Excess Cash Flow Cash Collateral Account, except for the Operating Expense Account expressly permitted by Section 5.01(l) of the Credit Agreement without
the prior consent of the Collateral Agent. The Borrower will maintain all deposit accounts (other than the Operating Expense Account), which shall be Pledged Deposit Accounts, only with the financial institution acting as Collateral Agent hereunder
or with an Affiliate of the Collateral Agent or with a financial institution that has duly executed and delivered a Deposit Account 
  
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 Control Agreement (as hereinafter defined). With respect to any deposit account as to which the financial institution
acting as Collateral Agent hereunder is not the bank (other than the Operating Expense Account), the Borrower will cause such bank to agree with the Borrower and the Collateral Agent that such bank will comply with instructions originated by the
Collateral Agent directing the disposition of funds in such deposit account without the further consent of the Borrower, such agreement to be in form and substance reasonably satisfactory to the Collateral Agent (a “Deposit Account
Control Agreement”). 
  
 Section 6.
Investments of Amounts in the Pledged Deposit Accounts. The Collateral Agent will, subject to the provisions of Sections 5, 7 and 17, from time to time (a) invest, or direct the applicable bank to invest, amounts deposited
in, received with respect to, any Pledged Deposit Account in such Cash Equivalents credited to such Pledged Deposit Account as the Borrower may select, and (b) reinvest other proceeds of any such Cash Equivalents that may mature or be sold, in
each case, in other Cash Equivalents credited in the same manner. Interest and proceeds that are not invested or reinvested in Cash Equivalents as provided above shall be deposited and held in such Pledged Deposit Account. The Collateral Agent shall
have the right at any time to exchange, or direct the applicable bank to exchange, such Cash Equivalents for similar Cash Equivalents of smaller or larger determinations, or for other Cash Equivalents, credited to the applicable Pledged Deposit
Account. In addition, if the Collateral Agent determines that amount of cash (in immediately available funds) held in the Debt Service Reserve Account or the Capital Contribution Reserve Account, as the case may be, is insufficient to make any
payments required to be made therefrom under Section 7, then the Collateral Agent may sell or otherwise dispose of any Cash Equivalents for cash to be deposited into such Debt Service Reserve Account or Capital Contribution
Reserve Account, as the case may be. 
  
 Section 7.
Release of Amounts in Pledged Deposit Accounts. (a) Debt Service Reserve Account. In connection with any Debt Service payment or any other amounts then required or permitted to be paid under Section 2.03, 2.04, 2.05 or
2.06 of the Credit Agreement or under any other provision of the Loan Documents, the Collateral Agent will pay and release or cause to be paid and released to the Administrative Agent from available cash deposited or held in the Debt Service
Reserve Account the amount specified by the Administrative Agent for such Debt Service or such other payment at such time and to the account, or as otherwise directed by the Administrative Agent, for application to such Debt Service payment or other
payments. Upon the request of the Borrower, the Collateral Agent may release or cause to be released to the Borrower, or otherwise transfer or cause to be transferred as instructed by the Borrower, from available cash deposited or held in the Debt
Service Reserve Account, (i) to the extent that the Crest Royalty or any portion thereof for any year becomes due and payable after the expiration of all applicable cure and grace periods and has not been paid by any other Person prior to the
expiration of all applicable cure and grace periods and the Borrower is required to pay such past due Crest Royalty or portion thereof (the “Borrower’s Past Due Crest Royalty Amount”), an amount equal to the
Borrower’s Past Due Crest Royalty Amount, and (ii) so long as no Default under Section 6.01(a) or (f) or any Event of Default shall have occurred and be continuing, or would result therefrom, amounts to be deposited
in the Operating Expense Account in an aggregate amount not to exceed (A) $2,000,000 from the Effective Date to the first Qualified Fiscal Quarter and (B) $1,000,000 from the first Qualified Fiscal Quarter to August 30, 2012. In
addition, if any Default under Section 6.01(a) or (f) of the Credit Agreement or any Event of Default shall have occurred and be continuing, the Collateral Agent will pay and release or cause 
  
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 to be paid and released to the Administrative Agent such amounts from the Debt Service Reserve Account as may be
specified by the Administrative Agent at any time, and from time to time, at such times and to such accounts, or as otherwise directed by the Administrative Agent, for application to the Obligations under the Loan Documents. 
  
 (b) Capital Contribution Reserve Account. So long as no Default under
Section 6.01(a) or (f) of the Credit Agreement and no Event of Default shall have occurred and be continuing, upon three Business Days’ prior written notice to the Administrative Agent and the Collateral Agent, the Collateral
Agent will pay from available cash deposited or held in the Capital Contribution Reserve Account directly to any Project Parent for Investment in any Project Party or pay directly to any Project Party on behalf of a Project Parent the amount
specified by the Borrower at such time and to such account as directed by the Borrower for application by such Project Party to the Development of its Project; provided, that if such Investment is to satisfy a Capital Contribution Requirement
in respect of the Sabine Pass Project, such amount may be paid from the Capital Contribution Reserve Account so long as (i) such Investment is actually made and satisfies such Capital Contribution Requirement, and (ii) no Default under
Section 6.01 (f) or any Event of Default (other than an Event of Default under Section 6.01(b), (d) or (l)) shall have occurred and be continuing, or would result therefrom. In addition, if any Default
under Section 6.01(a) or (f) of the Credit Agreement or any Event of Default shall have occurred and be continuing, the Collateral Agent will pay and release or cause to be paid and released to the Administrative Agent such amounts
from the Capital Contribution Reserve Account as may be specified by the Administrative Agent at any time, and from time to time, at such times and to such accounts, or as otherwise directed by the Administrative Agent, for application to the
Obligations under the Loan Documents. 
  
 (c) Retained Excess
Cash Flow Collateral Account. So long as no Default under Section 6.01(a) or (f) of the Credit Agreement or Event of Default shall have occurred and be continuing, amounts deposited or held in the Retained Excess Cash Flow
Collateral Account may be paid and released to the Borrower or as otherwise directed by the Borrower, in each case, for application of such amounts as are required to be used (or if not specifically required to be used in a specified manner,
permitted to be used) for Investments in accordance with the Credit Agreement or to make payments with respect to the Loan Documents. In addition, if any Default under Section 6.01(a) or (f) of the Credit Agreement or any Event of
Default shall have occurred and be continuing, the Collateral Agent will pay and release or cause to be paid and released to the Administrative Agent such amounts from the Retained Excess Cash Flow Collateral Account as may be specified by the
Administrative Agent at any time, and from time to time, at such times and to such accounts, or as otherwise directed by the Administrative Agent, for application to the Obligations under the Loan Documents. 
  
 Section 8. Representations and Warranties. The Borrower
represents and warrants as follows: 
  
 (a) The Borrower’s
exact legal name, location, chief executive office, type of organization, jurisdiction of organization and organizational identification number is set forth in Schedule III hereto. The Borrower has no trade names other than as listed
on Schedule III hereto. The Borrower was formed on August 16, 2005 and has not had any other name, location, chief executive office, type of organization, jurisdiction of organization or organizational identification number from
those set forth in Schedule III. 
  
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 (b) The Borrower is the legal and beneficial owner of the Collateral granted or purported to be granted
by it free and clear of any Lien, claim, option or right of others, except for the security interest created under this Agreement. No effective financing statement or other instrument similar in effect covering all or any part of such Collateral or
listing the Borrower or any trade name of the Borrower as debtor is on file in any recording office, except (i) such as may have been filed in favor of the Collateral Agent relating to the Loan Documents, (ii) as may have been filed in
favor of Collateral Agent or Crest relating to the Secured Crest Obligations or (iii) as otherwise permitted under the Credit Agreement. 
  
 (c) The Pledged Equity pledged by the Borrower hereunder has been duly authorized and validly issued and is fully paid and non assessable. 
  
 (d) The Initial Pledged Equity pledged by the Borrower constitutes the
percentage of the issued and outstanding Equity Interests of the issuers thereof indicated on Schedule I hereto. Schedule I hereto sets forth all Pledged Debt all of the outstanding indebtedness owed to the Borrower,
including the issuers thereof and the outstanding principal amount thereof. 
  
 (e) The Borrower has no investment property, other than the investment property listed on Schedule I hereto. 
  
 (f) The Assigned Agreements to which the Borrower is a party, true and complete copies of which (other than the Hedge Agreements) have been furnished to
the Collateral Agent, have been duly authorized, executed and delivered by all parties thereto, have not been amended, amended and restated, supplemented or otherwise modified, are in full force and effect and are binding upon and enforceable
against all parties thereto in accordance with their terms. Each party to the Assigned Agreements listed on Schedule II hereto other than the Borrower has executed and delivered to the Borrower and the Collateral Agent a consent, in
substantially the form of Exhibit A hereto or otherwise in form and substance satisfactory to the Collateral Agent. 
  
 (g) The Borrower agrees, and has effectively so instructed each other party to each Assigned Agreement to which it is a party, that all payments due or to
become due under or in connection with such Assigned Agreement will be made directly to the Debt Service Reserve Account. 
  
 (h) The Borrower has no accounts, other than the Debt Service Reserve Account, the Capital Contribution Reserve Account and the Retained Excess Cash Flow
Collateral Account listed on Schedule IV hereto. 
  
 (i) This Agreement creates in favor of the Collateral Agent for the benefit of the Secured Parties a valid security interest in the Collateral granted by the Borrower, securing the payment of the Secured Obligations; all filings and other
actions (including, without limitation, actions necessary to obtain control of Collateral as provided in Sections 9-104, 9-106 and 9-107 of the UCC) necessary to perfect the security interest in the Collateral granted by the Borrower have been duly
made or taken and are in full force and effect; and such security interest is first priority other than as relating to letter of credit rights. 
  
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 (j) No authorization or approval or other action by, and no notice to or filing with, any governmental
authority or regulatory body or any other third party is required for (i) the grant by the Borrower of the security interest granted hereunder or for the execution, delivery or performance of this Agreement by the Borrower, (ii) the
perfection or maintenance of the security interest created hereunder (including the first priority nature of such security interest), except for the filing of financing and continuation statements under the UCC, which financing statements have been
duly filed and are in full force and effect, and the actions described in Section 4 with respect to the Security Collateral, which actions have been taken and are in full force and effect, or (iii) the exercise by the
Collateral Agent of its voting or other rights provided for in this Agreement or the remedies in respect of the Collateral pursuant to this Agreement, except as may be required in connection with the disposition of any portion of the Security
Collateral by laws affecting the offering and sale of securities generally. 
  
 Section 9. Further Assurances. (a) The Borrower agrees that from time to time, at the expense of the Borrower, the Borrower will promptly execute and deliver, or otherwise authenticate, all further
instruments and documents, and take all further action that may be necessary or desirable, or that the Collateral Agent may request, in order to perfect and protect any pledge or security interest granted or purported to be granted by the Borrower
hereunder or to enable the Collateral Agent to exercise and enforce its rights and remedies hereunder with respect to any Collateral of the Borrower. Without limiting the generality of the foregoing, the Borrower will promptly with respect to
Collateral of the Borrower: (i) if any such Collateral shall be evidenced by a promissory note or other instrument, deliver and pledge to the Collateral Agent hereunder such note or instrument duly indorsed and accompanied by duly executed
instruments of transfer or assignment, all in form and substance satisfactory to the Collateral Agent; (ii) file such financing or continuation statements, or amendments thereto, and such other instruments or notices, as may be necessary or
desirable, or as the Collateral Agent may request, in order to perfect and preserve the security interest granted or purported to be granted by the Borrower hereunder; and (iii) deliver to the Collateral Agent evidence that all other actions
that the Collateral Agent may deem reasonably necessary or desirable in order to perfect and protect the security interest granted or purported to be granted by the Borrower under this Agreement has been taken. 
  
 (b) The Borrower hereby authorizes the Collateral Agent to file one or more
financing or continuation statements, and amendments thereto, including, without limitation, one or more financing statements indicating that such financing statements cover all assets or all personal property (or words of similar effect) of the
Borrower, regardless of whether any particular asset described in such financing statements falls within the scope of the UCC or the granting clause of this Agreement. A photocopy or other reproduction of this Agreement shall be sufficient as a
financing statement where permitted by law. The Borrower ratifies its authorization for the Collateral Agent to have filed such financing statements, continuation statements or amendments filed prior to the date hereof. 
  
 (c) The Borrower will furnish to the Collateral Agent from time to time
statements and schedules further identifying and describing the Collateral of the Borrower and such other reports in connection with such Collateral as the Collateral Agent may reasonably request, all in reasonable
detail. 
  
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 Section 10. Post-Closing Changes; Collections on Assigned Agreements, Receivables and Related
Contracts. (a) The Borrower will not change its name, type of organization, jurisdiction of organization, organizational identification number or location from those set forth in Section 8(a) of this Agreement without
first giving at least 30 days’ prior written notice to the Collateral Agent and taking all action required by the Collateral Agent for the purpose of perfecting or protecting the security interest granted by this Agreement. The Borrower will
hold and preserve its records relating to the Collateral, including, without limitation, the Assigned Agreements and Related Contracts, and will permit representatives of the Collateral Agent at any time during normal business hours to inspect and
make abstracts from such records and other documents. If the Borrower does not have an organizational identification number and later obtains one, it will forthwith notify the Collateral Agent of such organizational identification number.

  
 (b) All amounts and proceeds received by the Borrower and not
required to be paid or deposited into the Debt Service Reserve Account or the Capital Contribution Reserve Account or permitted to be paid or deposited into the Retained Excess Cash Flow Collateral Account shall be promptly paid or deposited into
the Retained Excess Cash Flow Collateral Account or shall be received in trust for the benefit of the Collateral Agent hereunder and shall be forthwith paid over to the Collateral Agent in the same form as so received (with any necessary
indorsement) to be deposited in the Retained Excess Cash Flow Collateral Account and may be released to the Borrower on the terms set forth in Section 7. The Borrower will not permit or consent to the subordination of its right to
payment under any of the Assigned Agreements. 
  
 Section 11.
Voting Rights; Dividends; Etc. (a) So long as no Event of Default shall have occurred and be continuing, the Borrower shall be entitled to exercise any and all voting and other consensual rights pertaining to the Security Collateral of the
Borrower or any part thereof for any purpose; provided however, that the Borrower will not exercise or refrain from exercising any such right if such action would have (i) a material adverse effect on the value of the Security Collateral
or any part thereof or (ii) a Material Adverse Effect. 
  
 (b) So long as no Default under Section 6.01(a) or (f) and Event of Default shall have occurred and be continuing, to the extent permitted by the Credit Agreement, Borrower shall be entitled to receive and retain any and
all dividends, interest and other distributions paid in respect of the Security Collateral, provided, however, that any and all (i) dividends, interest and other distributions paid or payable other than in cash in respect of, and
instruments and other property received, receivable or otherwise distributed in respect of, or in exchange for, any Security Collateral, (ii) dividends and other distributions paid or payable in cash in respect of any Security Collateral in
connection with a partial or total liquidation or dissolution or in connection with a reduction of capital, capital surplus or paid in surplus, and (iii) cash paid, payable or otherwise distributed in respect of principal of, or in redemption
of, or in exchange for, any Security Collateral shall be, and shall be forthwith credited to, deposited or paid into the Debt Service Reserve and as may be more particularly required by the Credit Agreement, or delivered to the Collateral Agent for
such application, and shall, if received by the Borrower, be received in trust for the benefit of the Collateral Agent, and be forthwith delivered to the Collateral Agent as Security Collateral in the same form as so received (with any necessary
indorsement). 
  
 Cheniere Security Agreement

  

 10 

 Section 12. As to the Assigned Agreements. The Borrower will at its expense (a) furnish
to the Collateral Agent such information and reports regarding the Assigned Agreements and such other Collateral of the Borrower as the Collateral Agent may reasonably request and (b) upon request of the Collateral Agent, make to each other
party to any Assigned Agreement to which it is a party such demands and requests for information and reports or for action as the Borrower is entitled to make thereunder. 
  
 Section 13. Transfers and Other Liens; Additional Shares. The Borrower agrees that it will (a) cause each
issuer of any Pledged Equity by the Borrower not to issue any Equity Interests or other securities in addition to or in substitution for the Pledged Equity issued by such issuer, except to the Borrower, and (b) pledge hereunder, immediately
upon its acquisition (directly or indirectly) thereof, any and all additional Equity Interests or other securities of each issuer of the Pledged Equity. 
  
 Section 14. Collateral Agent Appointed Attorney in Fact. The Borrower hereby irrevocably appoints the Collateral Agent the Borrower’s
attorney in fact, with full authority in the place and stead of the Borrower and in the name of the Borrower or otherwise, from time to time in the Collateral Agent’s discretion, to take any action and to execute any instrument that the
Collateral Agent may deem necessary or advisable to accomplish the purposes of this Agreement, including, without limitation: 
  
 (a) to ask for, demand, collect, sue for, recover, compromise, receive and give acquittance and receipts for moneys due and to become due
under or in respect of any of the Collateral, 
  
 (b) to receive, indorse and collect any drafts or other instruments, documents and chattel paper, in connection with clause (a) above, and 
  
 (c) to file any claims or take any action or institute any proceedings that the Collateral Agent may deem
necessary or desirable for the collection of any of the Collateral or otherwise to enforce compliance with the terms and conditions of any Assigned Agreement or the rights of the Collateral Agent with respect to any of the Collateral. 
  
 The above appointment of Collateral Agent as Borrower’s attorney-in-fact shall be
effective only during any period in which a Default or Event of Default shall be continuing. 
  
 Section 15. Collateral Agent May Perform. If the Borrower fails to perform any agreement contained herein, the Collateral Agent may, but without any obligation to do so and without notice, itself perform,
or cause performance of, such agreement, and the expenses of the Collateral Agent incurred in connection therewith shall be payable by the Borrower under Section 18. 
  
 Section 16. The Collateral Agent’s Duties. (a) The powers conferred on the Collateral Agent hereunder
are solely to protect the Secured Parties’ interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Collateral in its possession and the accounting for moneys actually
received by it hereunder, the Collateral Agent shall have no duty as to any Collateral, as to ascertaining or taking action 
  
 Cheniere Security Agreement 
  

 11 

 with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Collateral, whether
or not any Secured Party has or is deemed to have knowledge of such matters, or as to the taking of any necessary steps to preserve rights against any parties or any other rights pertaining to any Collateral. The Collateral Agent shall be deemed to
have exercised reasonable care in the custody and preservation of any Collateral in its possession if such Collateral is accorded treatment substantially equal to that which it accords its own property. 
  
 (b) Anything contained herein to the contrary notwithstanding, the Collateral
Agent may from time to time, when the Collateral Agent deems it to be necessary, appoint one or more subagents (each a “Subagent”) for the Collateral Agent hereunder with respect to all or any part of the Collateral. In the
event that the Collateral Agent so appoints any Subagent with respect to any Collateral, (i) the assignment and pledge of such Collateral and the security interest granted in such Collateral by the Borrower hereunder shall be deemed for
purposes of this Security Agreement to have been made to such Subagent, in addition to the Collateral Agent, for the ratable benefit of the Secured Parties, as security for the Secured Obligations of the Borrower, (ii) such Subagent shall
automatically be vested, in addition to the Collateral Agent, with all rights, powers, privileges, interests and remedies of the Collateral Agent hereunder with respect to such Collateral, and (iii) the term “Collateral Agent,”
when used herein in relation to any rights, powers, privileges, interests and remedies of the Collateral Agent with respect to such Collateral, shall include such Subagent; provided, however, that no such Subagent shall be authorized
to take any action with respect to any such Collateral unless and except to the extent expressly authorized in writing by the Collateral Agent. 
  
 Section 17. Remedies. If (x) any Event of Default shall have occurred and be continuing or (y) a Crest shall have given the
Collateral Agent a Crest Default Remedy Instruction: 
  
 (a) The Collateral Agent may exercise in respect of the Collateral, in addition to other rights and remedies provided for herein or otherwise available to it, all the rights and remedies of a secured party upon default under the UCC
(whether or not the UCC applies to the affected Collateral) and also may: (i) require the Borrower to, and the Borrower hereby agrees that it will at its expense and upon request of the Collateral Agent forthwith, assemble all or part of the
Collateral as directed by the Collateral Agent and make it available to the Collateral Agent at a place and time to be designated by the Collateral Agent that is reasonably convenient to both parties; (ii) without notice except as specified
below, sell the Collateral or any part thereof in one or more parcels at public or private sale, at any of the Collateral Agent’s offices or elsewhere, for cash, on credit or for future delivery, and upon such other terms as the Collateral
Agent may deem commercially reasonable; (iii) occupy any premises owned or leased by the Borrower where the Collateral or any part thereof is assembled or located for a reasonable period in order to effectuate its rights and remedies hereunder
or under law, without obligation to the Borrower in respect of such occupation; and (iv) exercise any and all rights and remedies of the Borrower under or in connection with the Collateral, or otherwise in respect of the Collateral, including,
without limitation, (A) any and all rights of the Borrower to demand or otherwise require payment of any amount under, or performance of any provision of, the Assigned Agreements, the Receivables, the Related Contracts and the other Collateral,
(B) withdraw, or cause or direct the withdrawal, of all funds with 
  
 Cheniere Security Agreement 
  

 12 

 respect to the Account Collateral and (C) exercise all other rights and remedies with respect to the
Assigned Agreements, the Receivables, the Related Contracts and the other Collateral, including, without limitation, those set forth in Section 9-607 of the UCC. The Borrower agrees that, to the extent notice of sale shall be required by law,
at least ten days’ notice to the Borrower of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. The Collateral Agent shall not be obligated to make any sale of
Collateral regardless of notice of sale having been given. The Collateral Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the
time and place to which it was so adjourned. It shall be a condition precedent to any sale or transfer of the Collateral to any purchaser or transferee, that such purchaser or transferee enter into an assumption agreement substantially in the form
of the assumption and adoption dated May 9, 2005 which is one of the Crest Settlement Documents unless, at the time of each such transfer, Cheniere or any of its direct or indirect affiliates, joint ventures, and subsidiaries that are involved
in the LNG business have under contract at one or more LNG facilities it retains, the right and obligation to process and receive a tariff for processing at least one Bcf of gas per day, for a period of at least five years following such transfer of
assets. To the extent any purchaser or transferee is required to enter into any such assumption agreement, it shall be assigned the benefits of the Crest Cheniere Indemnity. 
  
 (b) Any cash held by or on behalf of the Collateral Agent and all cash proceeds received by or on behalf of
the Collateral Agent in respect of any sale of, collection from, or other realization upon all or any part of the Collateral may, in the discretion of the Collateral Agent, be held by the Collateral Agent as collateral for, and/or then or at any
time thereafter applied (after payment of any amounts payable to the Collateral Agent pursuant to Section 18) in whole or in part by the Collateral Agent for the ratable benefit of the Secured Parties against, all or any part of
the Secured Obligations, in the following manner: 
  
 (i) first, if in connection with a Crest Default Remedy Instruction, paid to Crest for payment of the Borrower’s Past Due Crest Royalty Amount; 
  
 (ii) second, paid to the Agents for any amounts then owing to the Agents pursuant to
Section 8.04 of the Credit Agreement or otherwise under the Loan Documents, ratably in accordance with the amounts then owing to the Agents; and 
  
 (iii) third, ratably paid to the Lenders and the Hedge Banks for any amounts then owing to them, in
their capacities as such, under the Loan Documents and the Secured Hedge Agreements ratably in accordance with the amounts then owing to the Lenders and the Hedge Banks, provided that, for purposes of this Section 17, the
amount owing to any Hedge Bank pursuant to any Secured Hedge Agreement to which it is a party (other than any amount theretofore accrued and unpaid) shall be deemed to be equal to the Agreement Value thereof. 
  
 Cheniere Security Agreement 
  

 13 

 Any surplus of such cash or cash proceeds held by or on the behalf of the Collateral Agent and remaining
after payment in full of all the Secured Obligations shall be paid over to the Borrower or to whomsoever may be lawfully entitled to receive such surplus. 
  
 (c) All payments received by the Borrower under or in connection with any Assigned Agreement or otherwise in respect of the Collateral
shall be received in trust for the benefit of the Collateral Agent, shall be segregated from other funds of the Borrower and shall be forthwith paid over to the Collateral Agent in the same form as so received (with any necessary indorsement).

  
 (d) The Collateral Agent may, without notice
to the Borrower except as required by law and at any time or from time to time, charge, set off and otherwise apply all or any part of the Secured Obligations against any funds held with respect to the Account Collateral or in any other deposit
account. 
  
 (e) Notwithstanding anything to the
contrary, if the exercise of any remedies in respect of the Collateral is related to a Borrower’s Past Due Crest Royalty Amount or in connection with a Crest Default Remedy Instruction, recourse to the Collateral for the benefit of any Secured
Parties shall be: first against the Retained Excess Cash Flow Collateral Account and all amounts therein, second, after no further amounts are available from the Retained Excess Cash Flow Collateral Account, the other
Pledged Deposit Accounts and all amounts therein, third, after no further amounts are available from the Retained Excess Cash Flow Collateral Account and the other Pledged Deposit Accounts, all other Collateral other than the Pledged
Equity and the Assigned Agreements, and last, thereafter, the Pledged Equity and the Assigned Agreements. 
  
 Section 18. Indemnity and Expenses. (a) The Borrower agrees to indemnify, defend and save and hold harmless each Secured Party and each
of their Affiliates and their respective officers, directors, employees, agents and advisors (each, an “Indemnified Party”) from and against, and shall pay on demand, any and all claims, damages, losses, liabilities and
expenses (including, without limitation, reasonable fees and expenses of counsel) that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection with or resulting from this Agreement
(including, without limitation, enforcement of this Agreement), except to the extent such claim, damage, loss, liability or expense is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such
Indemnified Party’s gross negligence or willful misconduct. 
  
 (b) The Borrower will upon demand pay to the Collateral Agent the amount of any and all reasonable expenses, including, without limitation, the reasonable fees and expenses of its counsel and of any experts and agents, that the Collateral
Agent may incur in connection with (i) the administration of this Agreement, (ii) the custody, preservation, use or operation of, or the sale of, collection from or other realization upon, any of the Collateral of the Borrower,
(iii) the exercise or enforcement of any of the rights of the Collateral Agent or the other Secured Parties hereunder, or (iv) the failure by the Borrower to perform or observe any of the provisions hereof. 
  
 Cheniere Security Agreement 
  

 14 

 Section 19. Amendments; Waivers; Etc. No amendment or waiver of any provision of this
Agreement, and no consent to any departure by the Borrower herefrom, shall in any event be effective unless the same shall be in writing and signed by the Collateral Agent, and then such waiver or consent shall be effective only in the specific
instance and for the specific purpose for which given. No failure on the part of the Collateral Agent or any other Secured Party to exercise, and no delay in exercising any right hereunder, shall operate as a waiver thereof; nor shall any single or
partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. 
  
 Section 20. Notices, Etc. All notices and other communications provided for hereunder shall be either (i) in writing (including
telecopier communication) and mailed, telecopied or otherwise delivered or (ii) by electronic mail (if electronic mail addresses are designated as provided below) confirmed immediately in writing, in the case of the Borrower or the Collateral
Agent, addressed to it at its address specified in the Credit Agreement; or, as to any party, at such other address as shall be designated by such party in a written notice to the other parties. All such notices and other communications shall, when
mailed, telecopied, sent by electronic mail or otherwise, be effective when deposited in the mails, telecopied, sent by electronic mail and confirmed in writing, or otherwise delivered (or confirmed by a signed receipt), respectively, addressed as
aforesaid; except that notices and other communications to the Collateral Agent shall not be effective until received by the Collateral Agent. Delivery by telecopier of an executed counterpart of any amendment or waiver of any provision of
this Agreement or Schedule hereto shall be effective as delivery of an original executed counterpart thereof. 
  
 Section 21. Continuing Security Interest; Assignments under the Credit Agreement. This Agreement shall create a continuing security interest
in the Collateral and shall (a) remain in full force and effect until the latest of (i) the payment in full in cash of the Secured Loan Obligations and (ii) the termination or expiration of all Secured Hedge Agreements, (b) be
binding upon the Borrower, its successors and assigns, and (c) inure, together with the rights and remedies of the Collateral Agent hereunder, to the benefit of the Secured Parties and their respective successors, transferees and assigns.
Without limiting the generality of the foregoing clause (c), any Lender may assign or otherwise transfer all or any portion of its rights and obligations under the Credit Agreement (including, without limitation, all or any portion of
its Commitment, the Advances owing to it and the Note or Notes, if any, held by it) to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to such Lender herein or otherwise, in each
case as provided in Section 8.07 of the Credit Agreement. 
  
 Section 22. Release; Termination. Upon the latest of (a) the payment in full in cash of the Secured Loan Obligations and (b) the termination or expiration of all Secured Hedge Agreements, the
pledge and security interest granted hereby shall terminate and all rights to the Collateral shall revert to the Borrower. Upon any such termination, the Collateral Agent will, at the applicable Borrower’s expense, execute and deliver to the
Borrower such documents as the Borrower shall reasonably request to evidence such termination. 
  
 Section 23. Subordination of Liens. The parties hereto intend that the security interests created under this Agreement in favor of the Collateral Agent to the extent for the 
  
 Cheniere Security Agreement 
  

 15 

 benefit of the Secured Lender Parties shall be effectively subordinate to the security interests created under this
Agreement in favor of the Collateral Agent to the extent for the benefit of Crest, by virtue of Crest having prior rights and interests in the Collateral pursuant to the provisions of Section 17 hereof. By its acceptance of the
benefits hereof, Crest acknowledges and agrees that the Liens created in favor of the Collateral Agent for the benefit of the Secured Lender Parties to secure the Secured Loan Obligations are permitted under the Crest Settlement Documents.

  
 Section 24. Execution in Counterparts. This
Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature
page to this Agreement by telecopier shall be effective as delivery of an original executed counterpart of this Agreement. 
  
 Section 25. Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.

  
 Cheniere Security Agreement 
  

 16 

 IN WITNESS WHEREOF, the Borrower has caused this Agreement to be duly executed and delivered by its
officer thereunto duly authorized as of the date first above written. 
  

			
	CHENIERE LNG HOLDINGS, LLC
	as Borrower
		
	By:	 	 /s/ Graham McArthur

	Name:	 	Graham McArthur
	Title:	 	Treasurer

  
 Cheniere Security
Agreement 

 Schedule I to the 
 Security Agreement 
  
 INVESTMENT PROPERTY 
  
 Part I 

 
 Initial Pledged Shares 
  

											
	Issuer

	 	 Class of
 Equity
 Interest

	 	Par Value

	 	 Certificate
 No(s)

	 	 Number of
 Shares

	 	 Percentage of
 Outstanding
 Shares

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

  
 Part II

  
 Pledged Debt 
  

									
	Debt Issuer

	 	 Description of
 Debt

	 	 Debt Certificate
 No(s)

	 	 Final
 Maturity

	 	 Outstanding
 Principal
 Amount

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

  
 Part III

  
 Other Investment Property 
  

									
	Issuer

	 	 Name of
 Investment

	 	 Certificate
 No(s)

	 	Amount

	 	 Other
 Identification

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

  
 Cheniere Security Agreement 

 Schedule II to the 
 Security Agreement 
  
 ASSIGNED AGREEMENTS 
  
 Assigned Agreement1 
  

	1	Identify with all relevant available details, including parties, date and name of agreement as appear in the agreement itself. 

  
 Cheniere Security Agreement 

 Schedule III to the 
 Security Agreement 
  
 LOCATION, CHIEF EXECUTIVE OFFICE, TYPE OF ORGANIZATION, 
 JURISDICTION OF ORGANIZATION AND ORGANIZATIONAL IDENTIFICATION
NUMBER 
  

											
	Borrower

	 	Location

	 	 Chief
 Executive
 Office

	 	 Type of
 Organization

	 	 Jurisdiction of
 Organization

	 	 Organizational
 I.D. No.

  
 Cheniere Security Agreement 

 Schedule IV to the 
 Security Agreement 
  
 ACCOUNTS 
  
 Cheniere Security
Agreement 

 Exhibit A to the 
 Security Agreement 
  
 FORM OF CONSENT AND AGREEMENT 
  
 Cheniere Security AgreementPledge Agreement

 Exhibit 10.3 
  
 EXECUTION COPY 
  
 PLEDGE AGREEMENT 
  
 Dated August 31, 2005 
  
 From 
  
 The Pledgor referred to herein 
  
 as Pledgor 
  
 to

  
 Credit Suisse, Cayman Islands Branch 
  
 as Collateral Agent 
  
 Cheniere Pledge Agreement 

 T A B L E   O F   C O N T E N T S 
  

					
	 Section

	  	 	  	Page

	Section 1.	  	Grant of Security	  	2
			
	Section 2.	  	Security for Obligations	  	2
			
	Section 3.	  	Pledgor Remains Liable	  	3
			
	Section 4.	  	Delivery and Control of Collateral	  	3
			
	Section 5.	  	Representations and Warranties	  	3
			
	Section 6.	  	Further Assurances and Covenants	  	5
			
	Section 7.	  	Post-Closing Changes	  	6
			
	Section 8.	  	Voting Rights; Dividends; Etc.	  	6
			
	Section 9.	  	Transfers and Other Liens; Additional Shares	  	7
			
	Section 10.	  	Collateral Agent Appointed Attorney-in-Fact	  	8
			
	Section 11.	  	Collateral Agent May Perform	  	8
			
	Section 12.	  	The Collateral Agent’s Duties	  	8
			
	Section 13.	  	Remedies	  	9
			
	Section 14.	  	Indemnity and Expenses	  	11
			
	Section 15.	  	Amendments; Waivers; Etc.	  	11
			
	Section 16.	  	Notices, Etc.	  	11
			
	Section 17.	  	Continuing Security Interest; Assignments Under the Credit Agreement	  	12
			
	Section 18.	  	Release; Termination	  	12
			
	Section 19.	  	Security Interest Absolute	  	13
			
	Section 20.	  	Subordination of Liens.	  	14
			
	Section 21.	  	Execution in Counterparts	  	14
			
	Section 22.	  	Governing Law	  	14
			
	Section 23.	  	Severability	  	14
			
	Section 24.	  	Jurisdiction, Etc	  	14
			
	Section 25.	  	Waiver of Jury Trial	  	15

  
 Cheniere Pledge Agreement 

 Schedules 
  

					
	Schedule I	  	–	  	Location, Chief Executive Office, Type Of Organization, Jurisdiction Of Organization, Organizational Identification Number and Trade Names
			
	Schedule II	  	–	  	Pledged Equity
			
	Schedule III	  	–	  	Changes in Name, Location, Etc.

  
 Cheniere Pledge Agreement 
  

 ii 

 PLEDGE AGREEMENT 
  
 PLEDGE AGREEMENT dated August 31, 2005 (this “Agreement”) made by Cheniere LNG-LP Interests, LLC, a Delaware
limited liability company (the “Pledgor”), to Credit Suisse, Cayman Islands Branch, as collateral agent (in such capacity, together with any successor collateral agent appointed pursuant to Article VII of the Credit Agreement
(as hereinafter defined), the “Collateral Agent”) for the Secured Parties (as defined in the Credit Agreement). 
  
 PRELIMINARY STATEMENTS. 
  
 (1) Cheniere LNG Holdings, LLC, a Delaware limited liability company (the “Borrower”), has entered into a Credit Agreement dated
as of August 31, 2005 (said Agreement, as it may hereafter be amended, amended and restated, supplemented or otherwise modified from time to time, being the “Credit Agreement”) with the Lenders and the Agents (each as
defined therein). 
  
 (2) Pursuant to the Credit Agreement, the
Pledgor is entering into this Agreement in order to grant to the Collateral Agent for the ratable benefit of the Secured Lender Parties a security interest in the Collateral (as hereinafter defined). 
  
 (3) Pursuant to a the Crest Settlement Documents, the Pledgor is prohibited
from creating or allowing to be created any lien, security interest or other encumbrance on any of the Pledgor’s assets for borrowed money that is senior to or pari passu with the Obligations of the Pledgor to Crest (excluding certain
project financing arrangements); therefore, the parties hereto intend that the security interests granted herein to the Collateral Agent is also for the benefit of Crest and the rights and interests of Crest with respect to the Collateral shall be
senior to the rights and interests of the Collateral Agent for the benefit of the Secured Lender Parties as provided herein. 
  
 (4) The Pledgor is the owner of 100% of all Equity Interests of the Borrower, which consists of as of the date hereof (the “Initial Pledged
Equity”) the Equity Interests described in Schedule II hereto and issued by the Persons named therein. 
  
 (5) It is a condition precedent to the making of Advances by the Lenders under the Credit Agreement and the entry into Secured Hedge Agreements by the
Hedge Banks from time to time that the Pledgor shall have granted the security interest contemplated by this Agreement. 
  
 (6) The Pledgor will derive substantial direct and indirect benefit from the transactions contemplated by the Loan Documents. 
  
 (7) Terms defined in the Credit Agreement and not otherwise defined in this
Agreement are used in this Agreement as defined in the Credit Agreement. Further, unless otherwise defined in this Agreement or in the Credit Agreement, terms defined in Article 8 or 9 of the UCC (as defined below) are used in this Agreement as such
terms are defined in such Article 8 or 9. “UCC” means the Uniform Commercial Code as in effect, from time to time, in the State of New York; provided that, if perfection or the effect of perfection or non-perfection

  
 Cheniere Pledge Agreement 

 or the priority of any security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a
jurisdiction other than the State of New York, “UCC” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of
perfection or non-perfection or priority. Section headings herein are included for convenience of reference only and shall not affect the interpretation of this Agreement. 
  
 NOW, THEREFORE, in consideration of the premises and in order to induce the Lenders to make Advances under the Credit
Agreement and to induce the Hedge Banks to enter into Secured Hedge Agreements from time to time, the Pledgor hereby agrees with the Collateral Agent for the ratable benefit of the Secured Parties as follows: 
  
 Section 1. Grant of Security. The Pledgor hereby grants to the
Collateral Agent, for the ratable benefit of the Secured Parties, a security interest in the Pledgor’s right, title and interest in and to the following, in each case, as to each type of property described below, whether now owned or hereafter
acquired by the Pledgor, wherever located, and whether now or hereafter existing or arising (collectively, the “Collateral”): 
  
 (a) the Initial Pledged Equity and the certificates, if any, representing the Initial Pledged Equity, and all dividends, distributions,
return of capital, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Initial Pledged Equity and all subscription warrants, rights or options issued
thereon or with respect thereto; and 
  
 (b) all
additional shares or units and other Equity Interests of or in the Borrower or any successor entity from time to time issued by the Borrower or acquired by the Pledgor in any manner (such shares, units and other Equity Interests, together with the
Initial Pledged Equity, being the “Pledged Equity”), and the certificates, if any, representing such additional shares or other Equity Interests, and all dividends, distributions, return of capital, cash, instruments and
other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such shares or other Equity Interests and all subscription warrants, rights or options issued thereon or with respect
thereto; 
  
 (c) all proceeds of, collateral for
and supporting obligations relating to, any and all of the Collateral (including, without limitation, proceeds, collateral and supporting obligations that constitute property of the types described in clauses (a) and (b) and
this clause (c)). 
  
 Section 2.
Security for Obligations. This Agreement secures, in the case of the Pledgor, (i) all Obligations of the Borrower now or hereafter existing under the Loan Documents and the Secured Hedge Agreements, whether direct or indirect, absolute
or contingent, and whether for principal, reimbursement obligations, interest, fees, premiums, penalties, indemnifications, contract causes of action, costs, expenses or otherwise (all such Obligations being the “Secured Loan
Obligations”) and (ii) all of Pledgor’s obligations, if any, to pay the Crest Royalty (the “Secured Crest Obligations” and collectively with the Loan Obligations the “Secured
Obligations”). Without limiting the generality of the foregoing, this 
  
 Cheniere Pledge Agreement 
  

 2 

 Agreement secures, as to the Pledgor, the payment of all amounts that constitute part of the Secured Obligations and
would be owed by the Pledgor to any Secured Party under the Loan Documents or in respect of the Secured Crest Obligations but for the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar
proceeding involving a Loan Party. 
  
 Section 3. Pledgor
Remains Liable. Anything herein to the contrary notwithstanding, (a) the Pledgor shall remain liable under the contracts and agreements included in the Pledgor’s Collateral to the extent set forth therein to perform all of its duties
and obligations thereunder to the same extent as if this Agreement had not been executed, (b) the exercise by the Collateral Agent of any of the rights hereunder shall not release the Pledgor from any of its duties or obligations under the
contracts and agreements included in the Collateral and (c) no Secured Party shall have any obligation or liability under the contracts and agreements included in the Collateral by reason of this Agreement or any other Loan Document, nor shall
any Secured Party be obligated to perform any of the obligations or duties of the Pledgor thereunder or to take any action to collect or enforce any claim for payment assigned hereunder. 
  
 Section 4. Delivery and Control of Collateral. (a) All certificates or instruments representing or
evidencing Collateral shall be delivered to and held by or on behalf of the Collateral Agent pursuant hereto and shall be in suitable form for transfer by delivery, or shall be accompanied by duly executed instruments of transfer or assignment in
blank, all in form and substance satisfactory to the Collateral Agent. The Collateral Agent shall have the right, at any time in its discretion and without notice to the Pledgor, to transfer to or to register in the name of the Collateral Agent or
any of its nominees any or all of the Collateral, subject only to the revocable rights specified in Section 8(a). In addition, the Collateral Agent shall have the right at any time to exchange certificates or instruments
representing or evidencing Collateral for certificates or instruments of smaller or larger denominations. 
  
 (b) With respect to any Collateral in which the Pledgor has any right, title or interest and that constitutes an uncertificated security, the Pledgor will
cause the Borrower either (i) to register the Collateral Agent as the registered owner of such security or (ii) to agree in an authenticated record with the Pledgor and the Collateral Agent that the Borrower will comply with instructions
with respect to such security originated by the Collateral Agent without further consent of the Pledgor, such authenticated record to be in form and substance satisfactory to the Collateral Agent. 
  
 Section 5. Representations and Warranties. The Pledgor represents
and warrants as follows: 
  
 (a) The
Pledgor’s exact legal name, as defined in Section 9-503(a) of the UCC, is correctly set forth in Schedule I hereto. The Pledgor has only the trade names listed on Schedule I hereto. The Pledgor is located (within the meaning of
Section 9-307 of the UCC) and has its chief executive office in the state or jurisdiction set forth in Schedule I hereto. The information set forth in Schedule I hereto with respect to the Pledgor is true and accurate in all respects.
The Pledgor has not previously changed its name, location, chief executive office, type of organization, jurisdiction of organization or organizational identification number from those set forth in Schedule I hereto except as disclosed in
Schedule III hereto. 
  
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 (b) All Collateral consisting of certificated securities and instruments has been
delivered to the Collateral Agent. 
  
 (c) The
Pledgor is the legal and beneficial owner of the Collateral of the Pledgor free and clear of any Lien, claim, option or right of others, except for the security interest created under this Agreement. No effective financing statement or other
instrument similar in effect covering all or any part of such Collateral or listing the Pledgor or any trade name of the Pledgor as debtor with respect to such Collateral is on file in any recording office, except (i) such as may have been
filed in favor of the Collateral Agent relating to the Loan Documents, (ii) as may have been filed in favor of Collateral Agent or Crest relating to the Secured Crest Obligations or (iii) as otherwise permitted under the Credit Agreement.

  
 (d) The Pledged Equity pledged by the Pledgor
hereunder has been duly authorized and validly issued and is fully paid and non-assessable. With respect to the Pledged Equity that is an uncertificated security, the Pledgor has caused the issuer thereof either (i) to register the Collateral
Agent as the registered owner of such security or (ii) to agree in an authenticated record with the Pledgor and the Collateral Agent that such issuer will comply with instructions with respect to such security originated by the Collateral Agent
without further consent of the Pledgor. If the Pledgor is an issuer of Pledged Equity, the Pledgor confirms that it has received notice of such security interest. 
  
 (e) The Initial Pledged Equity pledged by the Pledgor constitutes 100% of each series and each class of
issued and outstanding Equity Interests of the Borrower. 
  
 (f) All filings and other actions (including without limitation, actions necessary to obtain control of Collateral as provided in Section 9-106 of the UCC) necessary to perfect the security interest in the
Collateral of the Pledgor created under this Agreement have been duly made or taken and are in full force and effect, and this Agreement creates in favor of the Collateral Agent for the benefit of the Secured Parties a valid and, together with such
filings and other actions, perfected first priority security interest in the Collateral of the Pledgor, securing the payment of the Secured Obligations. 
  
 (g) No authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body or any
other third party is required for (i) the grant by the Pledgor of the security interest granted hereunder or for the execution, delivery or performance of this Agreement by the Pledgor, (ii) the perfection or maintenance of the security
interest created hereunder (including the first priority nature of such security interest), except for the filing of financing and continuation statements under the UCC, which financing statements have been duly filed and are in full force and
effect, and the actions described in Section 4, which actions have been taken and are in full force and effect or (iii) the exercise by the Collateral Agent of its voting or other rights provided for in this Agreement or the
remedies in respect of the Collateral pursuant to this Agreement, except as may be required in connection with the disposition of any portion of the Collateral by laws affecting the offering and sale of securities generally. 
  
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 Section 6. Further Assurances and Covenants. (a) The Pledgor agrees that from time to
time, at the expense of the Pledgor, the Pledgor will promptly execute and deliver, or otherwise authenticate, all further instruments and documents, and take all further action that may be necessary or desirable, or that the Collateral Agent may
request, in order to perfect and protect any pledge or security interest granted or purported to be granted by the Pledgor hereunder or to enable the Collateral Agent to exercise and enforce its rights and remedies hereunder with respect to any
Collateral of the Pledgor. Without limiting the generality of the foregoing, the Pledgor will promptly with respect to Collateral of the Pledgor: (i) file such financing or continuation statements, or amendments thereto, and such other
instruments or notices, as may be necessary or desirable, or as the Collateral Agent may request, in order to perfect and preserve the security interest granted or purported to be granted by the Pledgor hereunder; (ii) deliver and pledge to the
Collateral Agent for benefit of the Secured Parties certificates representing Collateral that constitutes certificated securities, accompanied by undated stock powers or other appropriate instruments of transfer executed in blank; (iii) take
all action necessary to ensure that the Collateral Agent has control of Collateral consisting of investment property as provided in Section 9-106 of the UCC; and (iv) deliver to the Collateral Agent evidence that all other action that the
Collateral Agent may deem reasonably necessary or desirable in order to perfect and protect the security interest created by the Pledgor under this Agreement has been taken. 
  
 (b) The Pledgor hereby authorizes the Collateral Agent to file one or more financing or continuation statements, and
amendments thereto covering the Collateral, in each case without the signature of the Pledgor, and regardless of whether any particular asset described in such financing statements falls within the scope of the UCC or the granting clause of this
Agreement. A photocopy or other reproduction of this Agreement or any financing statement covering the Collateral or any part thereof shall be sufficient as a financing statement where permitted by law. The Pledgor ratifies its authorization for the
Collateral Agent to have filed such financing statements, continuation statements or amendments filed prior to the date hereof. 
  
 (c) The Pledgor will furnish to the Collateral Agent from time to time statements and schedules further identifying and describing the Collateral of the
Pledgor and such other reports in connection with such Collateral as the Collateral Agent may reasonably request, all in reasonable detail. 
  
 (d) The Pledgor will ensure that the LLC Agreement provides at all times that: (i) the consent of the Independent Manager is required to
(A) file, consent to the filing of, or join in any filing of, a bankruptcy or insolvency petition, or otherwise institute insolvency proceedings, (B) dissolve, liquidate, consolidate, merge, or sell all or substantially all of the assets
of the Borrower; (C) engage in any other business activity, and (D) amend the LLC Agreement; (ii) the Borrower will not be dissolved and its affairs will not be wound up solely upon the withdrawal or termination of a member (other
than the last remaining member); (iii) if the Borrower is dissolved, the Borrower’s assets will not be liquidated without the consent of 100% of the Lenders and that the Secured Parties shall be entitled to continue to exercise and

  
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 pursue all of their rights and remedies under the Loan Documents and retain the Collateral until the Obligations have
been paid in full or otherwise completely discharged; and (iv) in making any decisions for the Borrower, the Independent Manager shall be required to consider the interests of the Agents, the Lenders and the Hedge Banks. 
  
 (e) The Pledgor will not cause the Borrower to file a voluntary petition
under any Bankruptcy Laws or other insolvency laws unless, and only unless, such filing has been authorized in accordance with the LLC Agreement. 
  
 (f) The Pledgor will cause the Borrower to have at all times at least one Independent Manager. 
  
 (g) The Pledgor will not cause the Borrower to create or acquire any
Subsidiaries other than the Subsidiaries of the Borrower existing on the Closing Date. 
  
 Section 7. Post-Closing Changes. The Pledgor will not change its name, type of organization, jurisdiction of organization, organizational identification number or location from those set forth in
Section 5(a) without first giving at least 30 days’ prior written notice to the Collateral Agent and taking all action required by the Collateral Agent for the purpose of perfecting or protecting the security interest granted
by this Agreement. The Pledgor will not become bound by a security agreement authenticated by another Person (determined as provided in Section 9-203(d) of the UCC) without giving the Collateral Agent 30 days’ prior written notice thereof
and taking all action required by the Collateral Agent to ensure that the perfection and first priority nature of the Collateral Agent’s security interest in the Collateral will be maintained. The Pledgor will hold and preserve its records
relating to the Collateral and will permit representatives of the Collateral Agent at any time during normal business hours to inspect and make abstracts from such records and other documents. If the Pledgor does not have an organizational
identification number and later obtains one, it will forthwith notify the Collateral Agent of such organizational identification number. 
  
 Section 8. Voting Rights; Dividends; Etc. (a) So long as no Default under Section 6.01(f) of the Credit Agreement or Event of Default shall have
occurred and be continuing: 
  
 (i) The Pledgor
shall be entitled to exercise any and all voting and other consensual rights of the Pledgor pertaining to the Collateral consisting of Equity Interests or any part thereof for any purpose; provided however, that the Pledgor will not exercise
or refrain from exercising any such right if such action would have a material adverse effect on the value of the Collateral or any part thereof. 
  
 (ii) To the extent permitted by the Credit Agreement, the Pledgor shall be entitled to receive and retain any and all dividends, interest
and other distributions paid in respect of the Collateral of the Pledgor if and to the extent that the payment thereof is not otherwise prohibited by the terms of the Loan Documents; provided, however, that any and all 
  
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 (A) dividends, interest and other distributions paid or payable other than in cash in
respect of, and instruments and other property received, receivable or otherwise distributed in respect of, or in exchange for, any Collateral, 
  
 (B) dividends and other distributions paid or payable in cash in respect of any Collateral in connection with a partial or total
liquidation or dissolution or in connection with a reduction of capital, capital surplus or paid-in-surplus and 
  
 (C) cash paid, payable or otherwise distributed in respect of principal of, or in redemption of, or in exchange for, any Collateral

  
 shall be, and shall be forthwith delivered to the Collateral
Agent to hold as, Collateral and shall, if received by the Pledgor, be received in trust for the benefit of the Collateral Agent, be segregated from the other property or funds of the Pledgor and be forthwith delivered to the Collateral Agent as
Collateral in the same form as so received (with any necessary indorsement). 
  
 (iii) The Collateral Agent will execute and deliver (or cause to be executed and delivered) to the Pledgor all such proxies and other instruments as the Pledgor may reasonably request for the purpose of enabling the
Pledgor to exercise the voting and other rights that it is entitled to exercise pursuant to paragraph (i) above and to receive the dividends or interest payments that it is authorized to receive and retain pursuant to
paragraph (ii) above. 
  
 (b) Upon the occurrence and during
the continuance of a Default under Section 6.01(f) of the Credit Agreement or an Event of Default: 
  
 (i) All rights of the Pledgor (x) to exercise or refrain from exercising the voting and other consensual rights that it would
otherwise be entitled to exercise pursuant to Section 8(a)(i) shall, upon notice to the Pledgor by the Collateral Agent, cease and (y) to receive the dividends, interest and other distributions that it would otherwise be
authorized to receive and retain pursuant to Section 8(a)(ii) shall automatically cease, and all such rights shall thereupon become vested in the Collateral Agent, which shall thereupon have the sole right to exercise or refrain
from exercising such voting and other consensual rights and to receive and hold as Collateral such dividends, interest and other distributions. 
  
 (ii) All dividends, interest and other distributions that are received by the Pledgor contrary to the provisions of paragraph (i) of
this Section 8(b) shall be received in trust for the benefit of the Collateral Agent, shall be segregated from other funds of the Pledgor and shall be forthwith paid over to the Collateral Agent as Collateral in the same form as
so received (with any necessary indorsement). 
  
 Section 9.
Transfers and Other Liens; Additional Shares. (a) The Pledgor agrees that it will not (i) sell, assign or otherwise dispose of, or grant any option with respect to, any of the Collateral or (ii) create, incur, assume or suffer
to exist to exist any Lien upon or with respect to any of the Collateral except for the pledge, assignment and security interest created under this Agreement. 
  

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 (b) The Pledgor agrees that it will (i) cause the Borrower not to issue any Equity Interests or
other securities in addition to or in substitution for the Pledged Equity, except to the Pledgor, and (ii) pledge hereunder, immediately upon its acquisition (directly or indirectly) thereof, any and all additional Equity Interests or other
securities of the Borrower as Collateral. 
  
 Section 10.
Collateral Agent Appointed Attorney-in-Fact. The Pledgor hereby irrevocably appoints the Collateral Agent the Pledgor’s attorney-in-fact, with full authority in the place and stead of the Pledgor and in the name of the Pledgor or
otherwise, from time to time in the Collateral Agent’s discretion, to take any action and to execute any instrument that the Collateral Agent may deem necessary or advisable to accomplish the purposes of this Agreement, including, without
limitation: 
  
 (a) to ask for, demand, collect,
sue for, recover, compromise, receive and give acquittance and receipts for moneys due and to become due under or in respect of any of the Collateral, 
  
 (b) to receive, indorse and collect any drafts or other instruments or documents, in connection with clause (a) above,
and 
  
 (c) to file any claims or take any action
or institute any proceedings that the Collateral Agent may deem necessary or desirable for the collection of any of the Collateral or otherwise to enforce the rights of the Collateral Agent with respect to any of the Collateral. 
  
 The above appointment of Collateral Agent as Pledgor’s attorney-in-fact shall be
effective only during any period in which a Default or Event of Default shall be continuing. 
  
 Section 11. Collateral Agent May Perform. If the Pledgor fails to perform any agreement contained herein, the Collateral Agent may, as the Collateral Agent deems necessary to protect the security interest
granted hereunder in the Collateral or to protect the value thereof, but without any obligation to do so and without notice, itself perform, or cause performance of, such agreement, and the expenses of the Collateral Agent incurred in connection
therewith shall be payable by the Pledgor under Section 14. 
  
 Section 12. The Collateral Agent’s Duties. (a) The powers conferred on the Collateral Agent hereunder are solely to protect the Secured Parties’ interest in the Collateral and shall not
impose any duty upon it to exercise any such powers. Except for the safe custody of any Collateral in its possession and the accounting for moneys actually received by it hereunder, the Collateral Agent shall have no duty as to any Collateral, as to
ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Collateral, whether or not any Secured Party has or is deemed to have knowledge of such matters, or as to the taking of
any necessary steps to preserve rights against any parties or any other rights pertaining to any Collateral. The Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation of any Collateral in its possession
if such Collateral is accorded treatment substantially equal to that which it accords its own property. 
  
 (b) Anything contained herein to the contrary notwithstanding, the Collateral Agent may from time to time, when the Collateral Agent deems it to be
necessary, appoint one or 
  
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 8 

 more subagents (each a “Subagent”) for the Collateral Agent hereunder with respect to all or any
part of the Collateral. In the event that the Collateral Agent so appoints any Subagent with respect to any Collateral, (i) the assignment and pledge of such Collateral and the security interest granted in such Collateral by the Pledgor
hereunder shall be deemed for purposes of this Agreement to have been made to such Subagent, in addition to the Collateral Agent, for the ratable benefit of the Secured Parties, as security for the Secured Obligations of the Pledgor, (ii) such
Subagent shall automatically be vested, in addition to the Collateral Agent, with all rights, powers, privileges, interests and remedies of the Collateral Agent hereunder with respect to such Collateral, and (iii) the term “Collateral
Agent,” when used herein in relation to any rights, powers, privileges, interests and remedies of the Collateral Agent with respect to such Collateral, shall include such Subagent; provided, however, that no such Subagent shall be
authorized to take any action with respect to any such Collateral unless and except to the extent expressly authorized in writing by the Collateral Agent. 
  
 Section 13. Remedies. If (x) any Event of Default shall have occurred and be continuing or (y) a Crest shall have given the
Collateral Agent a Crest Default Remedy Instruction: 
  
 (a) The Collateral Agent may exercise in respect of the Collateral, in addition to other rights and remedies provided for herein or otherwise available to it, all the rights and remedies of a secured party upon default under the UCC
(whether or not the UCC applies to the affected Collateral) and also may: (i) without notice except as specified below, sell the Collateral or any part thereof in one or more parcels at public or private sale, at any of the Collateral
Agent’s offices or elsewhere, for cash, on credit or for future delivery, and upon such other terms as the Collateral Agent may deem commercially reasonable; and (ii) exercise any and all rights and remedies of any of the Pledgors under or
in connection with the Collateral, or otherwise in respect of the Collateral, including, without limitation, those set forth in Section 9-607 of the UCC. The Pledgor agrees that, to the extent notice of sale shall be required by law, at least
ten days’ notice to the Pledgor of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. The Collateral Agent shall not be obligated to make any sale of Collateral
regardless of notice of sale having been given. The Collateral Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and
place to which it was so adjourned. It shall be a condition precedent to any sale or transfer of the Collateral to any purchaser or transferee, that such purchaser or transferee enter into an assumption agreement substantially in the form of the
assumption and adoption dated May 9, 2005 which is one of the Crest Settlement Documents unless, at the time of each such transfer, Cheniere or any of its direct or indirect affiliates, joint ventures, and subsidiaries that are involved in the
LNG business have under contract at one or more LNG facilities it retains, the right and obligation to process and receive a tariff for processing at least one Bcf of gas per day, for a period of at least five years following such transfer of
assets. To the extent any purchaser or transferee is required to enter into any such assumption agreement, it shall be assigned the benefits of the Crest Cheniere Indemnity. 
  
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 (b) Any cash held by or on behalf of the Collateral Agent and all cash proceeds received
by or on behalf of the Collateral Agent in respect of any sale of, collection from, or other realization upon all or any part of the Collateral may, in the discretion of the Collateral Agent, be held by the Collateral Agent as collateral for, and/or
then or at any time thereafter applied (after payment of any amounts payable to the Collateral Agent pursuant to Section 14) in whole or in part by the Collateral Agent for the ratable benefit of the Secured Parties against, all
or any part of the Secured Obligations, in the following manner: 
  
 (i) first, if in connection with a Crest Default Remedy Instruction, to the extent that the Crest Royalty or any portion thereof for any year becomes due and payable after the expiration of all applicable cure
and grace periods and has not been paid by any other Person prior to the expiration of all applicable cure and grace periods and the Pledgor is required to pay such past due Crest Royalty or portion thereof (the “Pledgor’s Past Due
Crest Royalty Amount”), paid to Crest for payment of the Pledgor’s Past Due Crest Royalty Amount; 
  
 (ii) second, paid to the Agents for any amounts then owing to the Agents pursuant to Section 8.04 of the Credit
Agreement or otherwise under the Loan Documents, ratably in accordance with such respective amounts then owing to the Agents; and 
  
 (iii) third, ratably paid to the Lenders and the Hedge Banks, respectively, for any amounts then owing to them, in their capacities
as such, under the Loan Documents ratably in accordance with such respective amounts then owing to such Lenders and the Hedge Banks, provided that, for purposes of this Section 13, the amount owing to any such Hedge Bank
pursuant to any Secured Hedge Agreement to which it is a party (other than any amount therefore accrued and unpaid) shall be deemed to be equal to the Agreement Value therefor. 
  
 Any surplus of such cash or cash proceeds held by or on the behalf of the Collateral Agent and remaining after payment in
full of all the Secured Obligations shall be paid over to the applicable Pledgor or to whomsoever may be lawfully entitled to receive such surplus. 
  
 (c) All payments received by the Pledgor in respect of the Collateral shall be received in trust for the benefit of the Collateral Agent,
shall be segregated from other funds of the Pledgor and shall be forthwith paid over to the Collateral Agent in the same form as so received (with any necessary indorsement). 
  
 (d) The Pledgor recognizes that the Collateral Agent may be unable to effect a public sale of any or all the
Collateral by reason of certain prohibitions contained in the Securities Act and applicable state securities laws or otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers which will be
obliged to agree, among other things, to acquire such securities for their own account for investment and not with a view to the distribution or resale thereof. The Pledgor acknowledges and agrees that any such private sale may result in prices and
other terms 
  
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 10 

 less favorable than if such sale were a public sale and, notwithstanding such circumstances, agree that
any such private sale shall be deemed to have been made in a commercially reasonable manner. 
  
 (e) Notwithstanding anything to the contrary, the exercise of any remedies in respect of the Collateral related to a Pledgor’s Past
Due Crest Royalty Amount or in connection with a Crest Default Remedy Instruction shall be subject to the prior exercise of remedies under the Security Agreement. 
  
 Section 14. Indemnity and Expenses. (a) The Pledgor agrees to indemnify, defend and save and hold harmless
each Secured Party and each of their Affiliates and their respective officers, directors, employees, agents and advisors (each, an “Indemnified Party”) from and against, and shall pay on demand, any and all claims, damages,
losses, liabilities and expenses (including, without limitation, reasonable fees and expenses of counsel) that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection with or resulting
from this Agreement (including, without limitation, enforcement of this Agreement), except to the extent such claim, damage, loss, liability or expense is found in a final, non-appealable judgment by a court of competent jurisdiction to have
resulted from such Indemnified Party’s gross negligence or willful misconduct. 
  
 (b) The Pledgor will upon demand pay to the Collateral Agent the amount of any and all reasonable expenses, including, without limitation, the reasonable fees and expenses of its counsel and of any experts and agents,
that the Collateral Agent may incur in connection with (i) the administration of this Agreement, (ii) the custody or preservation of, or the sale of, collection from or other realization upon, any of the Collateral of the Pledgor,
(iii) the exercise or enforcement of any of the rights of the Collateral Agent or the other Secured Parties hereunder or (iv) the failure by the Pledgor to perform or observe any of the provisions hereof. 
  
 Section 15. Amendments; Waivers; Etc. No amendment or waiver of
any provision of this Agreement, and no consent to any departure by the Pledgor herefrom, shall in any event be effective unless the same shall be in writing and signed by the Collateral Agent, and then such waiver or consent shall be effective only
in the specific instance and for the specific purpose for which given. No failure on the part of the Collateral Agent or any other Secured Party to exercise, and no delay in exercising any right hereunder, shall operate as a waiver thereof; nor
shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. 
  
 Section 16. Notices, Etc. All notices and other communications provided for hereunder shall be either (i) in writing (including
telegraphic, telecopier or telex communication) and mailed, telegraphed, telecopied, telexed or otherwise delivered or (ii) by electronic mail (if electronic mail addresses are designated as provided below) confirmed immediately in writing, in
the case of the Borrower or the Collateral Agent, addressed to it at its address specified in the Credit Agreement and, in the case of the Pledgor, addressed to it at its address set forth opposite the Pledgor’s name on the signature pages
hereto or on the signature page to the Pledge Agreement Supplement pursuant to which it became a party hereto; or, as to any party, at such other address as shall be designated by such party in a written notice to the other parties. All such notices
and other communications shall, when mailed, telecopied, sent by electronic mail or 
  
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 otherwise, be effective when deposited in the mails, telecopied, sent by electronic mail and confirmed in writing, or
otherwise delivered (or confirmed by a signed receipt), respectively, addressed as aforesaid; except that notices and other communications to the Collateral Agent shall not be effective until received by the Collateral Agent. Delivery by telecopier
of an executed counterpart of any amendment or waiver of any provision of this Agreement or of any Pledge Agreement Supplement or Schedule hereto shall be effective as delivery of an original executed counterpart thereof. 
  
 Section 17. Continuing Security Interest; Assignments Under the
Credit Agreement. This Agreement shall create a continuing security interest in the Collateral and shall (a) remain in full force and effect until the latest of (i) the payment in full in cash of the Secured Loan Obligations,
(ii) the Termination Date and (iii) the termination or expiration of all Secured Hedge Agreements, (b) be binding upon the Pledgor, its successors and assigns and (c) inure, together with the rights and remedies of the Collateral
Agent hereunder, to the benefit of the Secured Parties and their respective successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), any Lender may assign or otherwise transfer all or any
portion of its rights and obligations under the Credit Agreement (including, without limitation, all or any portion of its Commitment, the Advances owing to it and the Note or Notes, if any, held by it) to any other Person, and such other Person
shall thereupon become vested with all the benefits in respect thereof granted to such Lender herein or otherwise, in each case as provided in Section 8.07 of the Credit Agreement. 
  
 Section 18. Release; Termination. (a) Upon any sale,
transfer or other disposition of any item of Collateral of the Pledgor in accordance with the terms of the Loan Documents, the Collateral Agent will, at the Pledgor’s expense, execute and deliver to the Pledgor such documents as the Pledgor
shall reasonably request to evidence the release of such item of Collateral from the security interest granted hereby; provided, however, that (i) at the time of such request and such release no Event of Default shall have
occurred and be continuing, (ii) the Pledgor shall have delivered to the Collateral Agent, at least ten Business Days prior to the date of the proposed release, a written request for release describing the item of Collateral and the terms of
the sale, transfer or other disposition in reasonable detail, including, without limitation, the price thereof and any expenses in connection therewith, together with a form of release for execution by the Collateral Agent and a certificate of the
Pledgor to the effect that the transaction is in compliance with the Loan Documents and as to such other matters as the Collateral Agent may request and (iii) the proceeds of any such sale, transfer or other disposition required to be applied,
or any payment to be made in connection therewith, in accordance with Section 2.06 of the Credit Agreement shall, to the extent so required, be paid or made to, or in accordance with the instructions of, the Collateral Agent when
and as required under Section 2.06 of the Credit Agreement. 
  
 (b) Upon the latest of (i) the payment in full in cash of the Loan Obligations, (ii) the Termination Date and (iii) the termination or expiration of all Secured Hedge Agreements, the pledge and security
interest granted hereby shall terminate and all rights to the Collateral shall revert to the applicable Pledgor. Upon any such termination, the Collateral Agent will, at the applicable Pledgor’s expense, execute and deliver to the Pledgor such
documents as the Pledgor shall reasonably request to evidence such termination. 
  
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 12 

 Section 19. Security Interest Absolute. The obligations of the Pledgor under this Agreement
are independent of the Secured Obligations or any other Obligations of any other Loan Party under or in respect of the Loan Documents, and a separate action or actions may be brought and prosecuted against the Pledgor to enforce this Agreement,
irrespective of whether any action is brought against the Pledgor or any other Loan Party or whether the Pledgor or any other Loan Party is joined in any such action or actions. All rights of the Collateral Agent and the other Secured Parties and
the pledge, assignment and security interest hereunder, and all obligations of the Pledgor hereunder, shall be irrevocable, absolute and unconditional irrespective of, and the Pledgor hereby irrevocably waives (to the maximum extent permitted by
applicable law) any defenses it may now have or may hereafter acquire in any way relating to, any or all of the following: 
  
 (a) any lack of validity or enforceability of any Loan Document or any other agreement or instrument relating thereto; 
  
 (b) any change in the time, manner or place of payment of,
or in any other term of, all or any of the Secured Obligations or any other Obligations of any other Loan Party under or in respect of the Loan Documents or any other amendment or waiver of or any consent to any departure from any Loan Document,
including, without limitation, any increase in the Secured Obligations resulting from the extension of additional credit to any Loan Party or any of its Subsidiaries or otherwise; 
  
 (c) any taking, exchange, release or non-perfection of any Collateral or any other collateral, or any
taking, release or amendment or waiver of or consent to departure from any guaranty, for all or any of the Secured Obligations; 
  
 (d) any manner of application of any Collateral or any other collateral, or proceeds thereof, to all or any of the Secured Obligations, or
any manner of sale or other disposition of any Collateral or any other collateral for all or any of the Secured Obligations or any other Obligations of any other Loan Party under or in respect of the Loan Documents or any other assets of any Loan
Party or any of its Subsidiaries; 
  
 (e) any
change, restructuring or termination of the corporate structure or existence of any Loan Party or any of its Subsidiaries; 
  
 (f) any failure of any Secured Party to disclose to any Loan Party any information relating to the business, condition (financial or
otherwise), operations, performance, assets, nature of assets, liabilities or prospects of any other Loan Party now or hereafter known to such Secured Party (the Pledgor waiving any duty on the part of the Secured Parties to disclose such
information); 
  
 (g) the release or reduction of
liability of the Pledgor or other grantor or surety with respect to the Secured Obligations; or 
  
 (h) any existence of or reliance on any representation by any Secured Party that might otherwise constitute a defense available to, or a
discharge of, the Pledgor or any other Pledgor or a third party grantor of a security interest. 
  
 Cheniere Pledge Agreement 
  

 13 

 This Agreement shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of
the Secured Obligations is rescinded or must otherwise be returned by any Secured Party or by any other Person upon the insolvency, bankruptcy or reorganization of any Loan Party or otherwise, all as though such payment had not been made.

  
 Section 20. Subordination of Liens. The parties
hereto intend that the security interests created under this Agreement in favor of the Collateral Agent to the extent for the benefit of the Secured Lender Parties shall be effectively subordinate to the security interests created under this
Agreement in favor of the Collateral Agent to the extent for the benefit of Crest, by virtue of Crest having prior rights and interests in the Collateral pursuant to the provisions of Section 13 hereof. By its acceptance of the benefits
hereof, Crest acknowledges and agrees that the Liens created in favor of the Collateral Agent for the benefit of the Secured Lender Parties to secure the Secured Loan Obligations are permitted under the Crest Settlement Documents. 
  
 Section 21. Execution in Counterparts. This Agreement may be
executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this
Agreement by telecopier shall be effective as delivery of an original executed counterpart of this Agreement. 
  
 Section 22. Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.

  
 Section 23. Severability. Any provision of this
Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  
 Section 24. Jurisdiction, Etc. (a) Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its
property, to the nonexclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York City, and any appellate court from any thereof, in any action or proceeding arising out of or relating
to this Agreement or any of the other Loan Documents to which it is a party, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such
action or proceeding may be heard and determined in any such New York State court or, to the fullest extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that any party may otherwise have to bring any action or proceeding relating to
this Agreement or any of the other Loan Documents in the courts of any jurisdiction. 
  
 (b) Each of the parties hereto irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit,
action or proceeding arising out of or relating to this 
  
 Cheniere Pledge Agreement 
  

 14 

 Agreement or any of the other Loan Documents to which it is a party in any New York State or Federal court. Each of the
parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
  
 Section 25. Waiver of Jury Trial. The Pledgor irrevocably waives all right to trial by jury in any action,
proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of or relating to any of the Loan Documents, the Advances or the actions of any Agent or any Lender in the negotiation, administration, performance or enforcement
thereof. 
  
 Cheniere Pledge Agreement

  

 15 

 IN WITNESS WHEREOF, the Pledgor has caused this Agreement to be duly executed and delivered by its
officer thereunto duly authorized as of the date first above written. 
  

			
	CHENIERE LNG-LP INTERESTS, LLC
		
	By:	 	 /s/ Graham McArthur

	Name:	 	Graham McArthur
	Title:	 	Treasurer
	
	Address for Notices:
	
	Cheniere LNG-LP Interests, LLC
	717 Texas Avenue
	Suite 3100
	Houston, TX 77002

  
 Cheniere Pledge
Agreement 

 Schedule I to the 
 Pledge Agreement 
  
 LOCATION, CHIEF EXECUTIVE OFFICE, TYPE OF ORGANIZATION, 
 JURISDICTION OF ORGANIZATION AND ORGANIZATIONAL IDENTIFICATION

 NUMBER 
  

													
	 Pledgor

	 	 Location

	 	 Chief
 Executive
 Office

	 	 Type of
Organization

	 	 Jurisdiction of
Organization

	 	 Organizational
 I.D. No.

	 	 Trade
 Names

  
 Cheniere Pledge Agreement 

 Schedule II to the 
 Pledge Agreement 
  
 PLEDGED EQUITY 
  
 Part I 

 

									
	 Class of Equity
 Interest

	 	 Par Value

	 	 Certificate
 No(s)

	 	 Number
 of Shares

	 	 Percentage
 of
 Outstanding
 Shares

  
 Cheniere Pledge Agreement 

 Schedule III to the 
 Pledge Agreement 
  
 CHANGES IN NAME, LOCATION, ETC. 
  

							
	1.	    	Changes in the Pledgor’s Name (including new Pledgor with a new name and names associated with all predecessors in interest of the Pledgor):
				
	 	    	 Pledgor

	 	 	 	 Changes

			
	2.	    	Changes in the Pledgor’s Location:	 	 
				
	 	    	 Pledgor

	 	 	 	 Changes

			
	3.	    	Changes in the Pledgor’s Chief Executive Office:	 	 
				
	 	    	 Pledgor

	 	 	 	 Changes

			
	4.	    	Changes in the Type of Organization:	 	 
				
	 	    	 Pledgor

	 	 	 	 Changes

			
	5.	    	Changes in the Jurisdiction of Organization:	 	 
				
	 	    	 Pledgor

	 	 	 	 Changes

			
	6.	    	Changes in the Organizational Identification Number:	 	 
				
	 	    	 Pledgor

	 	 	 	 Changes

  
 Cheniere Pledge Agreement

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