Document:

Master Loan Agreement

 Exhibit 10.7 
 MASTER LOAN AGREEMENT 
 Dated as of May 8, 2007 
 Between 
 Cheniere LNG Services, Inc., registered under the laws of
Delaware, United States of America, having its permanent place of business at 717 Texas Avenue, Suite 3100, Houston, Texas 77002, United States of America, hereinafter referred to as the Lender, represented by the directors, on the one hand.

 And 
 J & S Cheniere SA, registered under the laws
of Switzerland, having its permanent place of business at 9 Route de St-Cergue, CH – 1260 Nyon, Switzerland hereinafter referred to as the Borrower, represented by the directors, on the other hand. 
 Whereas: 
 The Lender has agreed to advance to the Borrower by way of
loan(s) the sum(s) specified in Addendum(s) attached to this Master Loan Agreement (“Agreement”) and referred to as the capital sum; 
 The
funds shall be used for the financing of Borrower’s business operations; 
 The Lender has entered into this Agreement at the request of the Borrower;
and 
 The parties now wish to record in writing the terms and conditions of any loan(s) made under this Agreement which will form the general terms and
understanding of any loan(s) designated and identified in any Addendum(s) to this Agreement. 
 Now this Agreement witnessed and agreed by and between the
parties hereto as follows: 
  

	1.	Interpretation 

 In the construction of this Agreement and except to
the extent that such construction shall be excluded by or shall be repugnant to the context: 
 “Borrower” means J & S Cheniere SA and
includes where the context so admits each one and all of them and its or their respective successors, executors, administrators and assigns jointly and severally; 

 “Lender” means Cheniere LNG Services, Inc. and includes where the context so demands each one and all of
them and its successors, executors, administrators and assigns jointly and severally; 
 The “capital sum” means an amount of US Dollars
that are identified in an Addendum to this Agreement; 
 “Notice” means a written notice sent by one party to the other party at the address
specified above, Attention: Treasurer. The address for Notice of any party may be changed upon Notice to the other party; 
 The singular numbers shall mean
and include the plural numbers and vice versa and reference to one gender shall include a reference to all other genders; 
 Reference to persons shall
include forms, corporations and any other entity recognised by law. 
  

	2.	Loan 

 The Lender hereby lends to the Borrower who hereby borrows
the amount of the capital sum as may be specified in any Addendum executed by the parties and attached to this Agreement. 
 The Lender will advance the
capital sum to the Borrower on the date set forth in the applicable Addendum attached to this Agreement. All Addenda shall be in a format substantially similar to that of Addendum 001 attached to this Agreement. 
 The capital sum together with the interest accrued will be repayable at the latest on the date set forth to the applicable Addendum attached to this Agreement. This
period can be extended my mutual written agreement between the Lender and the Borrower. 
  

	3.	Repayment and Term 

 The loan expires on the date specified in the
applicable Addendum attached to this Agreement. The Borrower shall make payments of the capital sum and interest upon expiration of the term or as may otherwise be specified in any Addendum. 
  

	4.	Interest 

 The interest rate applicable to the loan shall be the
lesser of: (i) the six (6) months USD-LIBOR (as quoted on page 3750 of the Dow Jones Markets (Telerate) Service (or any successor)) on the funding date of the loan under each Addendum and each six (6) months thereafter at 11:00 a.m.
CET) plus one percent (1.0%) per annum, simple interest, calculated on an actual 360 day basis; and (ii) the maximum effective rate authorized, from time to time, by the Swiss taxing authority, for J&S Cheniere shareholder loans.

 The Borrower shall, in accordance with the terms of any Addendum executed by the parties, transfer to the Lender the
capital sum and the amount of interest which will accrue, by bank transfer. 
  

	5.	Prepayment 

 The Loan may be prepaid in whole or in part, at any
time, without penalty, upon 30 day’s prior written notice by the Borrower to the Lender. 
  

	6.	Representation and Warranties 

 The Borrower represents and warrants
to the Lender, as of the date of this Agreement or any subsequent Addendum to this Agreement, that no litigation or claim, including unpaid taxes against the Borrower, is pending or threatened and no other event has occurred which may adversely
affect the Borrower’s financial condition other than such litigation, claim or other event, if any, that has been disclosed in writing to the Lender. 
  

	7.	Waiver 

 Neither failure to exercise nor any delay in exercising on
the part of the Lender any right shall operate as a waiver thereof, nor shall any single or partial exercise of any right prevent any further or other exercise thereof of any other right. The rights herein provided are not exclusive of any other
rights provided by law. 
  

	8.	General 

  

	8.1	Governing law: This Agreement shall be interpreted, governed by, and construed in accordance with Swiss law. 

  

	8.2	Exclusive jurisdiction: All disputes between the parties relating to this Agreement, regardless of whether they relate to the creation, validity, performance, implementation,
interpretation or termination of, or the legal relationships established by this Agreement, or otherwise arising in connection with this Agreement, shall be submitted to the exclusive jurisdiction of the Swiss courts in the Canton of Vaud.

  

	8.3	Headings: The headings and section references in this Agreement are for convenience of reference only and do not form a part of this Agreement and are not intended to
interpret, define or limit the scope, extent or intent of this Agreement or any prevision hereunder. 

  

	8.4	Binding effect: This Agreement shall be binding upon the Borrower and its successors and assigns and shall insure to the benefit of, and be enforceable by the Lender, and its
successors and assigns. This Agreement may not be assigned and/or transferred by either party hereto without the prior express written consent of the other party. 

	8.5	Amendment: This instrument constitutes the entire Agreement between the parties hereto relating to the subject matter hereof and may not be amended, waived or discharged
except by written instrument duly executed by the parties hereto. Any and all previous agreements and understandings between the parties regarding the subject matter hereof, whether written or oral, are cancelled and superseded by this Agreement.

  

	8.6	Further assurances: Each of the parties hereto covenants and agrees to execute such further and other documents and instruments and do such further acts and other things as
it may be necessary to implement and carry out the intent of this Agreement. 

  

	8.7	Severability: In the event that any one or more of the provisions of this Agreement shall, for any reason, be held invalid, illegal or unenforceable in any respect by a
person or a body of competent jurisdiction, the parties agree that such person or body may interpret this Agreement without reference to such invalid, illegal or unenforceable provision; provided, however, that wherever possible such person or body
shall modify or restrict the meaning of such provision so that, as modified, it shall be enforceable. 

  

	8.8	Borrower expense: All of the expenses, rights and fees in relation with this Agreement shall be borne by the Borrower. 

 In witness whereof, the parties hereto have duly executed this Agreement. 
  

							
	The Borrower	 	The Lender
		
	J & S Cheniere S.A.	 	Cheniere LNG Services, Inc.
				
	By:	 	/s/ Marco Dunand	 	By:	 	 /s/ Graham McArthur

		 		 		 	Graham McArthur
	Director	 		 	Treasurer
				
	By:	 	/s/ Alain Rappo	 	By:	 	 /s/ Craig K. Townsend

		 		 		 	Craig K. Townsend
	Director	 		 	Attorney-in-Fact

 ADDENDUM 001 
 This Addendum (this “Addendum”) is entered into this the 8th day of May, 2007 by and between Cheniere LNG Services, Inc., Houston, Texas, United States of America (“Lender”) and J & S Cheniere
S.A. Nyon, Switzerland (“Borrower”) pursuant to a certain Master Loan Agreement (“Agreement”) dated the date hereof between the parties. 
 Whereas: 
 Borrower has entered into: (i) LNG Carrier Time Charter Party Agreement, dated, as of August 25,
2004 with “K” Line LNG Transport Co., Ltd.; and (ii) LNG Carrier Time Charter Party Agreement, dated, as of August 26, 2004 with Trinity LNG Transport S.A., (collectively, the “Charter Party Agreements” and
individually, a “Charter Party Agreement”). 
 The Lender has entered into a certain Amended and Restated Shareholders Agreement dated the
date hereof (“Shareholders Agreement”), with Mercuria Energy Holdings B.V., Utrecht, Netherlands (“Mercuria”) which provides in paragraph 2.3(b)(i) thereof that Lender has agreed to advance to Borrower the below
capital sum to collateralize certain obligations of Borrower under the Charter Party Agreements. 
 In furtherance of the foregoing undertaking contained in
the Shareholders Agreement, the Lender and Borrower have entered into the Agreement which provides in part that any loans made by Lender to Borrower shall be recorded and documented by use of this Addendum. 
 As Borrower desires to borrow funds from Lender and Lender agrees to loan such funds in accordance with the terms of the Shareholders Agreement, the Agreement and this
Addendum. 
 Now therefore, Lender and Borrower agree to document this loan under the following supplemental terms to the Agreement: 
  

	1.	Loan 

 The Lender hereby lends to the Borrower who hereby borrows
the amount of US Dollars 25 million ($25,000,000) (the “capital sum”). 
 The Lender will advance the capital sum to the
Borrower within seven (7) business days of the date hereof (the “funding date”). 

 The capital sum together with the interest accrued will be repaid as follows: 
  

	 	1.	one-half of the capital sum (US dollars 12.5 million) will be repaid to Lender with interest accrued within five (5) business days of the expiration or termination of the
Charter Party Agreement whose term first expires or is otherwise terminated, and 

  

	 	2.	the remainder of the capital sum unpaid will be repaid to Lender with interest accrued within five (5) business days of the expiration or termination of the next Charter Party
Agreement whose term subsequently expires or is otherwise terminated. 

 For purposes of the foregoing two clauses, the term
“termination” shall include the termination of any Charter Party Agreement whether through voluntary act of the parties thereto or through the occurrence of a default and subsequent termination under the applicable Charter Party Agreement.

 Notwithstanding the foregoing, in the event Lender disposes of its stock in Borrower pursuant to the provisions of paragraphs 3.2 or 4.1 of the
Shareholders Agreement, the full amount of the capital sum or any portion thereof remaining outstanding, with accrued interest, shall be repaid to the Lender, on or before the date of the actual transfer of the shares of stock of Borrower, in
accordance with the provisions of paragraph 3.2(d) of the Shareholders Agreement. 
  

	2.	Repayment and Term 

 Portions of the loan expire on the respective
dates specified in Section 1 of this Addendum. The Borrower shall make payments of the portion of the capital sum and interest in accordance with Section 1 by wire transfer to an account specified in a Notice from Lender to Borrower.

  

	3.	Interest 

 Interest shall accrue and be charged and calculated in
accordance with the terms of the Agreement. 
  

	4.	Proceeds 

 Borrower represents and warrants to Lender that the
proceeds of the loan obtained under this Addendum shall only be used to collateralize the obligations of the Borrower under and in accordance with the terms of the Charter Party Agreements. 
 The Lender and Borrower both acknowledge and agree that the terms of this Addendum shall be considered a part of and incorporated into the Agreement and that in the
event a term in this Addendum is in conflict with the Agreement, the terms of this Addendum shall govern. All other terms and conditions (including, without limitation, the choice of law and the jurisdiction provisions) of the Agreement shall remain
unchanged and binding on the parties and this Addendum. 

 In witness whereof, the parties hereto have duly executed this Addendum. 
  

							
	The Borrower	 	The Lender
		
	J & S Cheniere S.A.	 	Cheniere LNG Services, Inc.
				
	By:	 	/s/ Marco Dunand	 	By:	 	 /s/ Graham McArthur

		 		 		 	Graham McArthur
	Director	 		 		 	Treasurer
				
	By:	 	/s/ Alain Ruppo	 	By:	 	 /s/ Craig K. Townsend

		 		 		 	Craig K. Townsend
	Director	 		 		 	Attorney-in-FactLetter Agreement

 Exhibit 10.8 
 May 8, 2007 
 Sabine Pass LNG, L.P. 
 717 Texas Avenue 
 Suite 3100 
 Houston, Texas 77002 
 Attention: President 
  

	 	Re:	Potential TUA between J & S Cheniere S.A. (“J & S Cheniere”) and Sabine Pass 

 LNG, L.P. (“Sabine Pass”) 
 Gentlemen: 
 This letter confirms our agreement with regard to the potential terminal use agreement, or TUA, between J & S
Cheniere and Sabine Pass involving the Sabine Pass LNG receiving terminal currently under construction in Cameron Parish, Louisiana. 
 1.
The Amended and Restated Shareholders Agreement dated May 8, 2007 between Mercuria Energy Holding B.V. and Cheniere LNG Services, Inc. acknowledges that Cheniere Marketing, Inc. (“Cheniere Marketing”) and J & S Cheniere are
negotiating and propose to enter into an LNG sale and purchase agreement that would provide for the sale by J & S Cheniere of approximately 78,475,000 mmbtu of stipulated maximum annual LNG reception quantity to Cheniere Marketing for
delivery at the Sabine Pass LNG receiving terminal. The terms of such purchase agreement have not been finalized, and any definitive sale and purchase agreement that is entered into may involve substantially different terms. It is anticipated that
such a sale and purchase agreement will provide for J & S Cheniere and Sabine Pass to enter into, in place of the sale and purchase agreement under certain circumstances, a TUA covering approximately 78,475,000 mmbtu of stipulated maximum annual
LNG reception quantity at the Sabine Pass LNG receiving terminal, so long as the Sabine Pass LNG receiving terminal has commenced commercial operation. 
 2. The parties hereto agree to continue to negotiate in good faith the different terms under discussion involving such TUA. To the extent required pursuant to any definitive sale and purchase agreement between
Cheniere Marketing and J & S Cheniere, Cheniere Marketing agrees to make available and/or relinquish 78,475,000 mmbtu of stipulated maximum annual LNG reception quantity under its terminal use agreement with Sabine Pass to satisfy any TUA
entered between J & S Cheniere and Sabine Pass. 
 3. If the sale and purchase referred to in paragraph 1 above is implemented with a
contemplated, although contingent, TUA between J & S Cheniere and Sabine Pass, then Sabine Pass agrees to execute and deliver such TUA in the form attached to the Amended and Restated Shareholders Agreement referenced in paragraph 1, with such
changes as are reasonably acceptable to Sabine Pass. 
  

 4. This letter agreement terminates and supersedes the letter agreement dated November 9, 2006 among
Sabine Pass, Cheniere Marketing and Cheniere LNG, Inc. (the “2006 Letter Agreement”). 
 If the foregoing correctly reflects our
understanding, kindly execute in the space provided below and this letter shall evidence our agreement as to the matters set forth herein. 
  

			
	Sincerely,
	
	Cheniere Marketing, Inc.
		
	By:	 	/s/ Pat Yeater
	Name:	 	Pat Yeater
	Title:	 	V.P. Transportation

  

			
	 AGREED AS OF THE DATE
 FIRST ABOVE
WRITTEN:

	
	Sabine Pass LNG, L.P.
		
	By:	 	 Sabine Pass LNG – GP, Inc.,
     its General Partner

		
	By:	 	/s/ Keith Little
		
	Name:	 	Keith Little
	Title:	 	President

  
  

					
	 AGREED AS TO TERMINATION OF THE 2006 LETTER AGREEMENT
 EFFECTIVE AS OF THE DATE FIRST ABOVE WRITTEN:

		
	Cheniere LNG, Inc.	  	
			
	By:	 	/s/ Graham McArthur	  	
			
	Name:	 	Graham McArthur	  	
	Title:	 	Treasurer	  	

  

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