Document:

Collateral Trust Agreement

 Exhibit 10.1 
 Execution Version 
  

 COLLATERAL TRUST AGREEMENT 
 dated as of November 9, 2006 
 among 
 SABINE PASS LNG, L.P.,

 SABINE PASS LNG-LP, LLC, 
 SABINE PASS LNG-GP, INC., 
 THE OTHER PLEDGORS 
 FROM TIME TO TIME PARTY HERETO 
 THE BANK OF NEW YORK, 
 as Trustee under the Indenture, 
 THE OTHER
SECURED DEBT REPRESENTATIVES 
 FROM TIME TO TIME PARTY HERETO, 
 and 
 THE BANK OF NEW YORK, 
 as Collateral Trustee 
  

 TABLE OF CONTENTS 
  

					
	  	 	 	  	Page
	ARTICLE 1. DEFINITIONS; PRINCIPLES OF CONSTRUCTION	  	2
	 SECTION 1.1
	 	Defined Terms	  	2
	 SECTION 1.2
	 	Rules of Interpretation	  	15
		
	ARTICLE 2. THE TRUST ESTATES	  	16
	 SECTION 2.1
	 	Declaration of Senior Trust	  	16
	 SECTION 2.2
	 	Declaration of Junior Trust	  	17
	 SECTION 2.3
	 	Declaration of Crest Trust	  	18
	 SECTION 2.4
	 	Priority of Liens	  	19
	 SECTION 2.5
	 	Restrictions on Enforcement of Junior Liens	  	19
	 SECTION 2.6
	 	Waiver of Right of Marshalling	  	21
	 SECTION 2.7
	 	Discretion in Enforcement of Parity Liens	  	21
	 SECTION 2.8
	 	Discretion in Enforcement of Parity Lien Obligations	  	22
	 SECTION 2.9
	 	Insolvency or Liquidation Proceedings	  	22
	 SECTION 2.10
	 	Collateral Shared Equally and Ratably within Class	  	23
		
	ARTICLE 3. OBLIGATIONS AND POWERS OF COLLATERAL TRUSTEE	  	24
	 SECTION 3.1
	 	Undertaking of the Collateral Trustee	  	24
	 SECTION 3.2
	 	Release or Subordination of Liens	  	25
	 SECTION 3.3
	 	Enforcement of Liens	  	25
	 SECTION 3.4
	 	Application of Proceeds	  	25
	 SECTION 3.5
	 	Powers of the Collateral Trustee	  	27
	 SECTION 3.6
	 	Documents and Communications	  	27
	 SECTION 3.7
	 	For Sole and Exclusive Benefit of Holders of Secured Obligations	  	27
	 SECTION 3.8
	 	Additional Secured Debt	  	28
	 SECTION 3.9
	 	Acceptance of Assignment of Liens	  	29
		
	ARTICLE 4. OBLIGATIONS ENFORCEABLE BY THE COMPANY AND THE OTHER PLEDGORS	  	29
	 SECTION 4.1
	 	Release of Liens on Collateral	  	29
	 SECTION 4.2
	 	Delivery of Copies to Secured Debt Representatives	  	31
	 SECTION 4.3
	 	Collateral Trustee not Required to Serve, File or Record	  	31
	 SECTION 4.4
	 	Release of Liens in Respect of Notes	  	31
		
	ARTICLE 5. IMMUNITIES OF THE COLLATERAL TRUSTEE	  	32
	 SECTION 5.1
	 	No Implied Duty	  	32
	 SECTION 5.2
	 	Appointment of Agents and Advisors	  	32
	 SECTION 5.3
	 	Other Agreements	  	32
	 SECTION 5.4
	 	Solicitation of Instructions	  	32
	 SECTION 5.5
	 	Limitation of Liability	  	33
	 SECTION 5.6
	 	Documents in Satisfactory Form	  	33
	 SECTION 5.7
	 	Entitled to Rely	  	33
	 SECTION 5.8
	 	Secured Debt Default	  	33
	 SECTION 5.9
	 	Actions by Collateral Trustee	  	33

  

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	 SECTION 5.10
	 	Security or Indemnity in favor of the Collateral Trustee	  	33
	 SECTION 5.11
	 	Rights of the Collateral Trustee	  	34
	 SECTION 5.12
	 	Limitations on Duty of Collateral Trustee in Respect of Collateral	  	34
	 SECTION 5.13
	 	Assumption of Rights, Not Assumption of Duties	  	35
	 SECTION 5.14
	 	No Liability for Clean Up of Hazardous Materials	  	35
	 SECTION 5.15
	 	Additional Provisions Relating to the Collateral Trustee.	  	35
	 SECTION 5.16
	 	Appointment of Co-Collateral Trustee.	  	36
		
	ARTICLE 6. RESIGNATION AND REMOVAL OF THE COLLATERAL TRUSTEE	  	38
	 SECTION 6.1
	 	Resignation or Removal of Collateral Trustee	  	38
	 SECTION 6.2
	 	Appointment of Successor Collateral Trustee	  	38
	 SECTION 6.3
	 	Succession	  	38
	 SECTION 6.4
	 	Merger, Conversion or Consolidation of Collateral Trustee	  	39
		
	ARTICLE 7. MISCELLANEOUS PROVISIONS	  	39
	 SECTION 7.1
	 	Amendment	  	39
	 SECTION 7.2
	 	Voting	  	41
	 SECTION 7.3
	 	Further Assurances; Insurance	  	41
	 SECTION 7.4
	 	Perfection of Junior Trust Estate	  	42
	 SECTION 7.5
	 	Successors and Assigns	  	42
	 SECTION 7.6
	 	Delay and Waiver	  	43
	 SECTION 7.7
	 	Notices	  	43
	 SECTION 7.8
	 	Notice Following Discharge of Parity Lien Obligations	  	44
	 SECTION 7.9
	 	Entire Agreement	  	44
	 SECTION 7.10
	 	Compensation; Expenses	  	44
	 SECTION 7.11
	 	Indemnity	  	45
	 SECTION 7.12
	 	Severability	  	46
	 SECTION 7.13
	 	Headings	  	46
	 SECTION 7.14
	 	Obligations Secured	  	46
	 SECTION 7.15
	 	Governing Law	  	46
	 SECTION 7.16
	 	Consent to Jurisdiction	  	46
	 SECTION 7.17
	 	Waiver of Jury Trial	  	47
	 SECTION 7.18
	 	Counterparts	  	47
	 SECTION 7.19
	 	Effectiveness	  	47
	 SECTION 7.20
	 	Additional Pledgors	  	47
	 SECTION 7.21
	 	Continuing Nature of this Agreement	  	48
	 SECTION 7.22
	 	Insolvency	  	48
	 SECTION 7.23
	 	Rights and Immunities of Secured Debt Representatives	  	48
	 SECTION 7.24
	 	Crest Obligations	  	48
	 SECTION 7.25
	 	Amendments to Material Project Agreements	  	49

 EXHIBIT A – Additional Secured Debt Designation 
 EXHIBIT B – Form of Collateral Trust Joinder—Additional Secured Debt 
 EXHIBIT C
– Form of Collateral Trust Joinder—Additional Pledgors 
  

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 This Collateral Trust Agreement (this “Agreement”) is dated as of
November 9, 2006 and is by and among SABINE PASS LNG, L.P., a Delaware limited partnership (the “Company”), SABINE PASS LNG-GP, INC. (“Sabine GP”), SABINE PASS LNG-LP,
LLC (“Sabine LP”), THE OTHER PLEDGORS FROM TIME TO TIME PARTY HERETO, THE BANK OF NEW YORK, a New York banking corporation, in its capacity as Trustee (as defined below), THE OTHER SECURED DEBT REPRESENTATIVES
FROM TIME TO TIME PARTY HERETO and THE BANK OF NEW YORK, a New York banking corporation, as Collateral Trustee (in such capacity and together with its successors in such capacity, the “Collateral Trustee”).

 RECITALS 
 A. Capitalized
terms used in this Agreement have the meanings assigned to them above or in Article 1 below. 
 B. The Company (a) on or about the date
hereof, will issue senior secured notes due November 30, 2013 and senior secured notes due November 30, 2016 (together, the “Initial Notes”) under an indenture, dated on or about the date hereof (as
amended, restated, supplemented or otherwise modified from time to time, the “Indenture”), between the Company and The Bank of New York, in its capacity as indenture trustee and (b) in the future may issue
additional senior secured notes under the Indenture (together with the Initial Notes, the “Notes”) and/or may otherwise incur additional secured indebtedness ranking pari passu with the Notes. 

C. As security for the Notes and other Parity Secured Debt issued or to be issued under the Indenture and other indebtedness permitted to be incurred
on a pari passu basis with the Notes pursuant to the terms of the Indenture, the Company has assigned and granted a security interest in, pursuant to certain Security Documents entered into between the Company and the Collateral Trustee, all
of its right, title and interest in, to and under, all present and future property of the Company to the Collateral Trustee in trust for the benefit of the Secured Parties. 
 D. It is a requirement under the Indenture and a condition precedent to the issuance of the Notes that the Company shall have executed and delivered this
Agreement. 
 E. The Company and the other Pledgors intend to secure the Obligations under the Indenture and any future Parity Secured Debt
on a priority basis (subject to the obligations of the Company under the Crest Settlement Documents which the Company intends to secure on a priority basis to the Parity Secured Debt) and, subject to such priority, intend to secure the Obligations
under the Indenture, any other Parity Lien Document, the Assumption Agreement and any future Junior Lien Document, with Liens on all present and future Collateral to the extent that such Liens have been provided for in the applicable Security
Documents. 
 F. This Agreement sets forth the terms on which each Secured Party has appointed the Collateral Trustee to act as the
collateral trustee for the present and future holders of the Secured Obligations to receive, hold, maintain, administer and distribute the Collateral at any time delivered to the Collateral Trustee or the subject of the Security Documents, and to
enforce the Security Documents and all interests, rights, powers and remedies of the Collateral Trustee with respect thereto or thereunder and the proceeds thereof. 

 AGREEMENT 
 In consideration of the premises and the mutual agreements herein set forth, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 
 ARTICLE 1. DEFINITIONS; PRINCIPLES OF CONSTRUCTION 
 SECTION 1.1 Defined Terms. The following terms will have the following meanings: 
 “Act of Required
Debtholders” means, as to any matter at any time: 
 (1) prior to the Discharge of Parity Lien
Obligations, a direction in writing delivered to the Collateral Trustee by or with the written consent of the holders of more than 50% of the sum of: 
 (a) the aggregate outstanding principal amount of Parity Secured Debt (including if applicable at such times outstanding letters of credit whether or not then available or drawn); and 
 (b) other than in connection with the exercise of remedies, the aggregate unfunded commitments to extend credit which, when funded, would
constitute Parity Secured Debt; and 
 (2) at any time after the Discharge of Parity Lien Obligations, a direction in writing
delivered to the Collateral Trustee by or with the written consent of the holders of Junior Lien Debt representing the Required Junior Lien Debtholders. 
 For purposes of this definition, (a) Secured Debt registered in the name of, or beneficially owned by, the Company or any Affiliate of the Company will be deemed not to be outstanding (other than Notes held by any person that is an
Affiliate of the Company as of the date of the Indenture that is regulated by any banking or insurance authority) and (b) votes will be determined in accordance with Section 7.2. 
 “Additional Secured Debt” has the meaning set forth in Section 3.8. 
 “Additional Secured Debt Designation” means a notice is substantially the form of Exhibit A. 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or
under direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction
of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms “controlling,” “controlled by” and “under 
  

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 common control with” have correlative meanings. Notwithstanding the foregoing, the definition of
“Affiliate” shall not encompass (a) any individual solely by reason of his or her being a director, officer or employee of any Person and (b) the Collateral Trustee or any holder of Debt solely in their capacity as such.

 “Agreement” has the meaning set forth in the preamble. 
 “Asset Sale” has the meaning set forth in the Indenture. 
 “Assumption Agreement” means the agreement for the assumption and adoption by Sabine GP, Sabine LP, Cheniere LNG
O&M Services, L.P., the Company and other Affiliates of the Company of certain obligations under the Settlement Agreement. 
 “Attributable Debt” in respect of a sale and leaseback transaction means, at the time of determination, the present value of the obligation of the lessee for net rental payments during the remaining
term of the lease included in such sale and leaseback transaction including any period for which such lease has been extended or may, at the option of the lessor, be extended. Such present value shall be calculated using a discount rate equal to the
rate of interest implicit in such transaction, determined in accordance with GAAP; provided, however, that if such sale and leaseback transaction results in a Capital Lease Obligation, the amount of Indebtedness represented
thereby will be determined in accordance with the definition of “Capital Lease Obligation.” 
 “Board of
Directors” means: 
 (1) with respect to a corporation, the board of directors of the corporation or any
committee thereof duly authorized to act on behalf of such board; 
 (2) with respect to a partnership, the Board of Directors
of the general partner of the partnership; 
 (3) with respect to a limited liability company, the managing member or members
or any controlling committee of managing members thereof; and 
 (4) with respect to any other Person, the board or committee
of such Person serving a similar function. 
 “Business Day” means any day other than a Legal Holiday.

 “Capital Lease Obligation” means, at the time any determination is to be made, the amount of the
liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet prepared in accordance with GAAP, and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due
under such lease prior to the first date upon which such lease may be prepaid by the lessee without payment of a penalty. 
 “Capital Stock” means: 
  

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 (1) in the case of a corporation, corporate stock; 
 (2) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however
designated) of corporate stock; 
 (3) in the case of a partnership or limited liability company, partnership interests
(whether general or limited) or membership interests; and 
 (4) any other interest or participation that confers on a Person
the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, 
 but excluding from all of the foregoing any
debt securities convertible into Capital Stock, whether or not such debt securities include any right of participation with Capital Stock. 
 “Cash Equivalents” means: 
 (1) United States dollars; 
 (2) securities issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality of the
United States government (provided that the full faith and credit of the United States is pledged in support of those securities) having maturities of not more than one year from the date of acquisition; 
 (3) marketable general obligations issued by any state of the United States of America or any political subdivision of any such state or
any public instrumentality thereof maturing within one year from the date of acquisition thereof and, at the time of acquisition thereof, having a credit rating of “A” or better from either S&P or Moody’s; 
 (4) certificates of deposit and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’
acceptances with maturities not exceeding one year and overnight bank deposits, in each case, with any domestic commercial bank having capital and surplus in excess of $500.0 million and a Thomson Bank Watch Rating of “B” or better;

 (5) repurchase obligations with a term of not more than seven days for underlying securities of the types described in
clauses (2), (3) and (4) above entered into with any financial institution meeting the qualifications specified in clause (4) above; 
 (6) commercial paper having one of the two highest ratings obtainable from Moody’s or S&P and, in each case, maturing within one year after the date of acquisition; and 
 (7) money market funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses (1) through
(6) of this definition or a money market fund or a qualified investment fund (including any such fund for which the Collateral Trustee or any Affiliate thereof acts as an advisor or a manager) given one of the two highest long-term ratings
available from S&P or Moody’s. 
  

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 “Class” means (1) in the case of Junior Lien Debt, every
Series of Junior Lien Debt, taken together, and (2) in the case of Parity Secured Debt, every Series of Parity Secured Debt, taken together. 
 “Collateral” means, in the case of each Series of Secured Debt, all properties and assets of the Company and the other Pledgors now owned or hereafter acquired in which Liens have been granted to the
Collateral Trustee to secure the Secured Obligations, and shall exclude any properties and assets in which the Collateral Trustee has released its Liens pursuant to Section 3.2; provided, that, if such Liens are released as a result of
the sale, transfer or other disposition of any properties or assets of the Company or any other Pledgor, such assets or properties will cease to be excluded from the Collateral if the Company or any other Pledgor thereafter acquires or reacquires
such assets or properties. 
 “Collateral Trustee” has the meaning set forth in the preamble.

 “Collateral Trust Joinder” means (i) with respect to the provisions of this Agreement relating
to any Additional Secured Debt, an agreement substantially in the form of Exhibit B and (ii) with respect to the provisions of this Agreement relating to the addition of additional Pledgors, an agreement substantially in the form of
Exhibit C. 
 “Company” has the meaning set forth in the preamble. 
 “Credit Facility” means, to the extent permitted by the Indenture, any debt facility or commercial paper facility,
in each case with banks or other institutional lenders providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such
lenders against such receivables) or letters of credit, in each case, as amended, restated, modified, renewed, refunded, replaced or refinanced (including by means of sales of debt securities to institutional investors) in whole or in part from time
to time. 
 “Crest” means Crest Investment Company, a Texas corporation. 
 “Crest Cheniere Indemnity” means the Indemnification Agreement, dated May 9, 2005, executed by Cheniere
relating to the Settlement Agreement. 
 “Crest Obligations” means all obligations of the Pledgors in favor of Crest
under the Crest Settlement Documents. 
 “Crest Settlement Documents” means (a) the Settlement Agreement,
(b) the Assumption Agreement, (c) the Crest Cheniere Indemnity and (d) any and all other agreements and documents heretofore or hereafter entered into by any subsidiary of Cheniere pursuant to Section 1.07 of the Settlement
Agreement. 
 “Crest Trust Estate” has the meaning set forth in Section 2.3. 
 “Currency Agreement” means, in respect of a Person, any foreign exchange contract, currency swap agreement or other
similar agreement as to which such Person is a party or beneficiary. 
  

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 “Depositary Agent” means The Bank of New York, in its capacity as
“Depositary Agent” and “Securities Intermediary” under the Security Deposit Agreement, together with its permitted successors and assigns. 
 “Description of Notes” means the section entitled “Description of Notes” in the Confidential Offering Circular, dated November 1, 2006, of the Company, in connection with
the offering of the Initial Notes. 
 “Discharge of Junior Lien Obligations” means the occurrence of
all of the following: 
 (1) termination or expiration of all commitments to extend credit that would constitute Junior Lien
Debt; 
 (2) payment in full in cash of the principal of and interest and premium (if any) on all Junior Lien Debt (other than
any undrawn letters of credit); 
 (3) discharge or cash collateralization (at the lower of (A) 105% of the aggregate
undrawn amount and (B) the percentage of the aggregate undrawn amount required for release of liens under the terms of the applicable Junior Lien Document) of all outstanding letters of credit constituting Junior Lien Debt; and 
 (4) payment in full in cash of all other Junior Lien Obligations that are outstanding and unpaid at the time the Junior Lien Debt is paid
in full in cash (other than any obligations for taxes, costs, indemnifications, reimbursements, damages and other liabilities in respect of which no claim or demand for payment has been made at such time). 
 “Discharge of Parity Lien Obligations” means the occurrence of all of the following: 
 (1) termination or expiration of all commitments to extend credit that would constitute Parity Secured Debt; 
 (2) payment in full in cash of the principal of and interest and premium (if any) on all Parity Secured Debt (other than any undrawn
letters of credit); 
 (3) discharge or cash collateralization (at the lower of (A) 105% of the aggregate undrawn amount
and (B) the percentage of the aggregate undrawn amount required for release of liens under the terms of the applicable Parity Lien Document) of all outstanding letters of credit (if any) constituting Parity Secured Debt; and 
 (4) payment in full in cash of all other Parity Lien Obligations that are outstanding and unpaid at the time the Parity Secured Debt is
paid in full in cash (other than any obligations for taxes, costs, indemnifications, reimbursements, damages and other liabilities in respect of which no claim or demand for payment has been made at such time). 
 “Equally and Ratably” means, in reference to sharing of Liens or proceeds thereof as between holders of Secured
Obligations within the same Class, that such Liens or proceeds: 
  

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 (1) will be allocated and distributed first to the Secured Debt Representative for each
outstanding Series of Secured Debt within that Class, for the account of the holders of such Series of Secured Debt, ratably in proportion to the principal of, and interest and premium (if any) and reimbursement obligations (contingent or otherwise)
with respect to letters of credit, if any, outstanding (whether or not drawings have been made under such letters of credit) on each outstanding Series of Secured Debt within that Class when the allocation or distribution is made, and thereafter

 (2) will be allocated and distributed (if any remain after payment in full of all of the principal of, and interest and
premium (if any) and reimbursement obligations (contingent or otherwise) with respect to letters of credit, if any, outstanding (whether or not drawings have been made on such letters of credit) on all outstanding Secured Obligations within that
Class) to the Secured Debt Representative for each outstanding Series of Secured Obligations within that Class, for the account of the holders of any remaining Secured Obligations within that Class, ratably in proportion to the aggregate unpaid
amount of such remaining Secured Obligations within that Class due and demanded (with written notice to the applicable Secured Debt Representative and the Collateral Trustee) prior to the date such distribution is made. 
 “Fair Market Value” means the value that would be paid by a willing buyer to an unaffiliated willing seller in a
transaction not involving distress or necessity of either party, determined in good faith by the Board of Directors of Sabine GP (unless otherwise provided in the Indenture). 
 “GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the
Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a
significant segment of the accounting profession, which are in effect from time to time. 
 “Government
Approval” shall mean (a) any authorization, consent, approval, license, lease, ruling, permit, tariff, rate, certification, waiver, exemption, filing, variance, claim, order, judgment or decree of, by or with, (b) any
required notice to, (c) any declaration of or with or (d) any registration by or with, any Government Authority, in each case relating to the Development except to the extent routine or ministerial in nature or not otherwise material to
the Development or the Company’s compliance with any Government Rule or obtaining or maintaining any Government Approval. 
 “Government Authority” shall mean any federal, state or local government or political subdivision thereof or other entity exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government and having jurisdiction over the Person or matters in question. 
 “Government
Rule” shall mean any statute, law, regulation, ordinance, rule, judgment, order, decree, permit, concession, grant, franchise, license, agreement, directive, requirement of, or other governmental restriction or any similar
binding form of decision of or determination by, 
  

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 or any binding interpretation or administration of any of the foregoing by, any Government Authority, including all
common law, whether now or hereafter in effect. 
 “Guarantee” means a guarantee other than by
endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect, in any manner including, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or
any part of any Indebtedness (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to take or pay or to maintain financial statement conditions or otherwise).

 “Hedging Obligations” of any Person means the obligations of such Person under pursuant to any
Interest Rate Agreement or Currency Agreement and in the case of the Company, commodity hedges relating to the purchase of LNG for cool down of the Project. 
 “Indebtedness” means, with respect to any specified Person, any indebtedness of such Person (excluding accrued expenses and trade payables), whether or not contingent: 

(1) in respect of borrowed money; 
 (2) evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof); 
 (3) in respect of banker’s acceptances; 
 (4) representing Capital Lease Obligations or Attributable Debt in respect of sale and leaseback transactions; 
 (5) representing the balance deferred and unpaid of the purchase price of any property or services due more than six months after such property is acquired or such services are completed; or 
 (6) representing any Hedging Obligations, 
 if and to the extent any of the preceding items (other than letters of credit , Attributable Debt and Hedging Obligations) would appear as a liability upon a balance sheet of the specified Person prepared in accordance with GAAP. In
addition, the term “Indebtedness” includes (a) all indebtedness of any other Person, of the types described above in clauses (1) through (6), secured by a Lien on any asset of the specified Person (whether or not such
Indebtedness is assumed by the specified Person) and (b) to the extent not otherwise included, the Guarantee by the specified Person of any indebtedness of any other Person, of the types described above in clauses (1) through (6).

 Notwithstanding the foregoing, the following shall not constitute Indebtedness: 
 (a) any indebtedness that has been defeased in accordance with GAAP or defeased pursuant to the deposit of cash or Cash Equivalents (in an
amount sufficient to satisfy all obligations relating thereto at maturity or redemption, as applicable, including all payments of interest and premium, if any) in a trust or 
  

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 account created or pledged for the sole benefit of the holders of such indebtedness, and subject to no
other Liens, and in accordance with the other applicable terms of the instrument governing such indebtedness; and 
 (b) any
obligation arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; provided, however, that such obligation is extinguished within
five Business Days of its incurrence. 
 “Indemnified Liabilities” means any and all liabilities
(including all environmental liabilities), obligations, losses, damages, penalties, actions, judgments, suits, costs, taxes, expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery, performance,
administration or enforcement of this Agreement or any of the other Security Documents, including any of the foregoing relating to the use of proceeds of any Secured Debt or the violation of, noncompliance with or liability under, any law (including
environmental laws) applicable to or enforceable against the Company, any of its Subsidiaries or any other Pledgor or any of the Collateral and all reasonable costs and expenses (including reasonable fees and expenses of legal counsel selected by
the Indemnitee) incurred by any Indemnitee in connection with any claim, action, investigation or proceeding in any respect relating to any of the foregoing, whether or not suit is brought. 
 “Indemnitee” has the meaning set forth in Section 7.11(a). 
 “Indenture” has the meaning set forth in the recitals. 
 “Insolvency or Liquidation Proceeding” means: 
 (1) any case commenced by or against the Company or any other Pledgor under Title 11, U.S. Code or any similar federal or state law for
the relief of debtors, any other proceeding for the reorganization, recapitalization or adjustment or marshalling of the assets or liabilities of the Company or any other Pledgor, any receivership or assignment for the benefit of creditors relating
to the Company or any other Pledgor or any similar case or proceeding relative to the Company or any other Pledgor or its creditors, as such, in each case whether or not voluntary; 
 (2) any liquidation, dissolution, marshalling of assets or liabilities or other winding up of or relating to the Company or any other
Pledgor, in each case whether or not voluntary and whether or not involving bankruptcy or insolvency; or 
 (3) any other
proceeding of any type or nature in which substantially all claims of creditors of the Company or any other Pledgor are determined and any payment or distribution is or may be made on account of such claims. 
 “Interest Rate Agreement” means with respect to any Person any interest rate protection agreement, interest rate
future agreement, interest rate option agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement or other similar agreement or arrangement as to which such Person is party or
a beneficiary. 
  

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 “Junior Lien” means a Lien granted by a Security Document to the
Collateral Trustee, at any time, upon any property of the Company or any other Pledgor to secure Junior Lien Obligations. 
 “Junior Lien Debt” means: any Indebtedness that is secured by a Junior Lien that was permitted to be incurred and so secured under each applicable Secured Debt Document; provided, that in the
case of any such Indebtedness: 
 (a) on or before the date on which such Indebtedness is incurred by the Company or by a
Restricted Subsidiary (as defined under the Indenture) of the Company, such Indebtedness is designated by the Company as “Junior Lien Debt” for the purposes of the Secured Debt Documents in an Additional Secured Debt Designation executed
and delivered in accordance with Section 3.8(a); provided, that no Obligation or Indebtedness may be designated as both Junior Lien Debt and Parity Secured Debt; 
 (b) the Junior Lien Representative for such Indebtedness executes and delivers a Collateral Trust Joinder in accordance with
Section 3.8(b); and 
 (c) all other requirements set forth in Section 3.8 have been complied with. 
 “Junior Lien Documents” means, collectively, any indenture, Credit Facility or other agreement governing each
Series of Junior Lien Debt and, to the extent relating to any Junior Lien Obligations, the Security Documents. 
 “Junior
Lien Obligations” means Junior Lien Debt and all other Obligations in respect thereof. 
 “Junior Lien
Representative” means, in the case of any Series of Junior Lien Debt, the trustee, agent or representative of the holders of such Series of Junior Lien Debt who maintains the transfer register for such Series of Junior Lien Debt
and (A) is appointed as a Junior Lien Representative (for purposes related to the administration of the Security Documents) pursuant to any indenture, Credit Facility or other agreement governing such Series of Junior Lien Debt, together with
its successors in such capacity, and (B) that has executed a Collateral Trust Joinder. 
 “Junior Trust
Estate” has the meaning set forth in Section 2.2. 
 “Legal Holiday” means a
Saturday, a Sunday or a day on which banking institutions in the City of New York or Houston, Texas or at a place of payment are authorized or required by law, regulation or executive order to remain closed. 
 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of
any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell
or give a security interest. 
  

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 “LNG” means liquefied natural gas. 
 “Moody’s” means Moody’s Investors Service, a division of Dun & Bradstreet Corporation, and its
successors and assigns. 
 “Notes” has the meaning set forth in the recitals. 
 “Note Documents” means the Indenture, the Notes, the Note Guarantees and the Security Documents. 
 “Note Guarantee” means the Guarantee by each Guarantor of the Company’s obligations under the Indenture and
the Notes, executed pursuant to the provisions of the Indenture. 
 “Obligations” means any principal
(including reimbursement obligations with respect to letters of credit whether or not drawn), interest (including all interest accrued thereon after the commencement of any Insolvency or Liquidation Proceeding at the rate, including any applicable
post-default rate, specified in the Parity Lien Documents, even if such interest is not enforceable, allowable or allowed as a claim in such proceeding), premium (if any), fees, indemnifications, reimbursements, expenses and other liabilities
payable under the documentation governing any Indebtedness. 
 “Officers’ Certificate” means a
certificate with respect to compliance with a condition or covenant provided for in this Agreement, signed by two officers of the Company (or, if applicable, of Sabine GP acting in its capacity as general partner of the Company), one of whom must be
the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company (or, if applicable, Sabine GP), including: 
 (a) a statement that the Person making such certificate has read such covenant or condition; 
 (b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in
such certificate are based; 
 (c) a statement that, in the opinion of such Person, he or she has made such examination or
investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 
 (d) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied. 
 “Parity Lien” means a Lien granted by a Security Document to the Collateral Trustee, at any time, upon any property of the Company or any other Pledgor to secure Parity Lien Obligations. 
  

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 “Parity Lien Documents” means the Note Documents and the Indenture,
Credit Facility or other agreement governing each other Series of Parity Secured Debt and, to the extent relating to any Parity Lien Obligations, the Security Documents. 
 “Parity Lien Obligations” means the Parity Secured Debt and all other Obligations in respect thereof. 
 “Parity Lien Representative” means: 
 (a) in the case of the Indenture, the Trustee; or 
 (b) in the case of any other Series of Parity Secured Debt, the trustee, agent or representative of the holders of such Series of Parity
Secured Debt who maintains the transfer register for such Series of Parity Secured Debt and is appointed as a representative of the Parity Secured Debt (for purposes related to the administration of the Security Documents) pursuant to the indenture,
any Credit Facility or any other agreement governing such Series of Parity Secured Debt, and who has executed a Collateral Trust Joinder. 
 “Parity Lien Secured Parties” means the holders of Parity Lien Obligations and the Parity Lien Representatives. 
 “Parity Secured Debt” means: 
 (1) the Notes issued on
the date hereof (including any related exchange notes); and 
 (2) any other Indebtedness including additional notes issued
under the Indenture or under any Credit Facility that is secured Equally and Ratably with the Notes by a Parity Lien that was permitted to be incurred and so secured under each applicable Secured Debt Document; provided, in the case of any
Indebtedness referred to in this clause (2), that: 
 (a) on or before the date on which such Indebtedness is incurred by the
Company such Indebtedness is designated by the Company as “Parity Secured Debt” for the purposes of the Secured Debt Documents in an Additional Secured Debt Designation executed and delivered in accordance with Section 3.8(a);
provided, that no Obligation or Indebtedness may be designated as both Junior Lien Debt and Parity Secured Debt; 
 (b)
the Parity Lien Representative for such Indebtedness executes and delivers a Collateral Trust Joinder in accordance with Section 3.8(b); and 
 (c) all other requirements set forth in Section 3.8 have been complied with. 
 “Permitted Prior Liens” means: 
  

 12 

 (1) Liens described in clause (1) of the definition of “Permitted Liens”
under the Indenture; 
 (2) Liens described in clauses (2), (3), (5), (6) or (10) of the definition of
“Permitted Liens” under the Indenture; and 
 (3) Permitted Liens (as defined in the Indenture) that arise by
operation of law and are not voluntarily granted, to the extent entitled by law to priority over the Liens created by the Security Documents. 
 “Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited liability company or government or other entity.

 “Pledgors” means Sabine GP, Sabine LP, the Company and each Subsidiary of the Company that executes
a Security Document in accordance with the provisions of the Indenture or any other Parity Lien Document, and each such Person’s respective successors and assigns, in each case, until the Security Document of such Person has been released in
accordance with the provisions of the Indenture and the terms hereof. 
 “Project” means the Company’s LNG
receiving terminal in Cameron, Louisiana, including associated storage tanks, unloading docks, vaporizers and related facilities. 
 “Required Junior Lien Debtholders” means, at any time, the holders of more than 50% of the sum of: 
 (a) the aggregate outstanding principal amount of Junior Lien Debt (including outstanding letters of credit whether or not then available or drawn); and 
 (b) other than in connection with the exercise of remedies, the aggregate unfunded commitments to extend credit which, when funded, would
constitute Junior Lien Debt. 
 For purposes of this definition, (a) Junior Lien Debt registered in the name of, or beneficially owned
by, the Company or any Affiliate of the Company will be deemed not to be outstanding, and (b) votes will be determined in accordance with the provisions of Section 7.2. 
 “S&P” means Standard & Poor’s Ratings Services and its successors and assigns. 
 “Sabine GP” has the meaning set forth in the preamble. 
 “Sabine LP” has the meaning set forth in the preamble. 
 “Secured Debt” means Junior Lien Debt, Parity Secured Debt and Indebtedness under the Assumption Agreement.

  

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 “Secured Debt Default” means any event or condition which, under
the terms of any Credit Facility, indenture or other agreement governing any Series of Secured Debt causes, or permits holders of Secured Debt outstanding thereunder (with or without the giving of notice or lapse of time, or both, and whether or not
notice has been given or time has lapsed) to cause, the Secured Debt outstanding thereunder to become immediately due and payable. 
 “Secured Debt Documents” means the Junior Lien Documents and the Parity Lien Documents. 
 “Secured Debt Representative” means each Junior Lien Representative and each Parity Lien Representative. 
 “Secured Obligations” means Junior Lien Obligations, Parity Lien Obligations and the Crest Obligations. 
 “Secured Parties” means the holders of Secured Obligations and the Secured Debt Representatives. 
 “Security Deposit Agreement” means the Security Deposit Agreement, dated as of the date hereof, among the Company,
the Collateral Trustee and the Depositary Agent. 
 “Security Documents” means this Agreement, the
Security Deposit Agreement, each Collateral Trust Joinder, and all security agreements, pledge agreements, collateral assignments, consents and other agreements related to collateral assignments, mortgages, collateral agency agreements,
control agreements, deeds of trust or other grants or transfers for security executed and delivered by the Company or any other Pledgor creating (or purporting to create) a Lien upon Collateral in favor of the Collateral Trustee, for the benefit of
the Secured Parties, in each case, as amended, modified, renewed, restated or replaced, in whole or in part, from time to time, in accordance with its terms and Section 7.2. 
 “Senior Trust Estate” has the meaning set forth in Section 2.1. 
 “Series of Junior Lien Debt” means, severally, each issue or series of Junior Lien Debt for which a single transfer
register is maintained. 
 “Series of Parity Secured Debt” means the Notes and each other issue or
series of Parity Secured Debt for which a single transfer register is maintained. 
 “Series of Secured
Debt” means, severally, each Series of Parity Secured Debt and each Series of Junior Lien Debt. 
 “Settlement Agreement” means the Settlement and Purchase Agreement, dated as of June 14, 2001, by and among Cheniere, Cheniere FLNG, L.P., Crest, Crest Energy, L.L.C., and Freeport LNG Terminal,
LLC. 
 “Stated Maturity” means, with respect to any installment of interest or principal on any series
of Indebtedness, the date on which the payment of interest or principal was scheduled to be paid in the documentation governing such Indebtedness as of the date of the Indenture, and 
  

 14 

 will not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the
date originally scheduled for the payment thereof. 
 “Subsidiary” means, with respect to any specified
Person: 
 (1) any corporation, association or other business entity of which more than 50% of the total voting power of
shares of Capital Stock entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement that effectively transfers voting power) to vote in the election of directors,
managers or trustees of the corporation, association or other business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and

 (2) any partnership (a) the sole general partner or the managing general partner of which is such Person or a
Subsidiary of such Person or (b) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof). 
 “Trustee” has the meaning set forth in the recitals. 
 “Trust Estates” has the meaning set forth in Section 2.3. 
 “UCC” means the Uniform Commercial Code as in effect in the State of New York or any other applicable jurisdiction. 
 “Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person.

 SECTION 1.2 Rules of Interpretation. 
 (a) All terms used in this Agreement that are defined in Article 9 of the UCC and not otherwise defined herein have the meanings assigned to them in Article 9 of the UCC. 
 (b) Unless otherwise indicated, any reference to any agreement or instrument will be deemed to include a reference to that agreement or instrument as
assigned, amended, supplemented, amended and restated, or otherwise modified and in effect from time to time or replaced in accordance with the terms of this Agreement. 
 (c) The use in this Agreement or any of the other Security Documents of the word “include” or “including,” when following any general statement, term or matter, will not be construed to limit such
statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not nonlimiting language (such as “without limitation” or “but not limited to” or
words of similar import) is used with reference thereto, but will be deemed to refer to all other items or matters that fall within the broadest possible scope of such general statement, term or matter. The word “will” shall be construed
to have the same meaning and effect as the word “shall.” 
  

 15 

 (d) References to “Sections,” “clauses,” “recitals” and the
“preamble” will be to Sections, clauses, recitals and the preamble, respectively, of this Agreement unless otherwise specifically provided. References to “Articles” will be to Articles of this Agreement unless otherwise
specifically provided. References to “Exhibits” and “Schedules” will be to Exhibits and Schedules, respectively, to this Agreement unless otherwise specifically provided. 
 (e) Notwithstanding anything to the contrary in this Agreement, any references contained herein to any section, clause, paragraph, definition or other
provision of the Indenture (including any definition contained therein) shall be deemed to be a reference to such section, clause, paragraph, definition or other provision as in effect on the date of this Agreement; provided, that any
reference to any such section, clause, paragraph or other provision shall refer to such section, clause, paragraph or other provision of the Indenture (including any definition contained therein) as amended or modified from time to time if such
amendment or modification has been (1) made in accordance with the Indenture and (2) prior to the Discharge of Parity Lien Obligations, approved in a writing delivered to the Trustee and the Collateral Trustee by, or on behalf of, the
requisite holders of Parity Lien Obligations as are needed (if any) under the terms of the applicable Parity Lien Documents to approve such amendment or modification. 
 (f) This Agreement and the other Security Documents will be construed without regard to the identity of the party who drafted it and as though the parties participated equally in drafting it. Consequently, each of the
parties acknowledges and agrees that any rule of construction that a document is to be construed against the drafting party will not be applicable either to this Agreement or the other Security Documents. 
 ARTICLE 2. THE TRUST ESTATES 
 SECTION 2.1
Declaration of Senior Trust. 
 To secure the payment of the Parity Lien Obligations and in consideration of the mutual agreements set
forth in this Agreement, each of the Pledgors hereby grants to the Collateral Trustee, and the Collateral Trustee hereby accepts and agrees to hold, in trust under this Agreement for the benefit of all present and future holders of Parity Lien
Obligations, all of such Pledgor’s right, title and interest in, to and under all Collateral granted to the Collateral Trustee under any Security Document for the benefit of the holders of Parity Lien Obligations, together with all of the
Collateral Trustee’s right, title and interest in, to and under the Security Documents, and all interests, rights, powers and remedies of the Collateral Trustee thereunder or in respect thereof and all cash and non-cash proceeds thereof
(collectively, the “Senior Trust Estate”). 
 The Collateral Trustee and its successors and assigns
under this Agreement will hold the Senior Trust Estate in trust for the benefit solely and exclusively of all present and future holders of Parity Lien Obligations as security for the payment of all present and future Parity Lien Obligations.

 Notwithstanding the foregoing, if at any time: 
  

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 (1) all Liens securing the Parity Lien Obligations have been released as provided in
Section 4.1; 
 (2) the Collateral Trustee holds no other property in trust as part of the Senior Trust Estate;

 (3) no monetary obligation (other than indemnification and other contingent obligations not then due and payable and
letters of credit that have been cash collateralized as provided in clause (3) of the definition of “Discharge of Parity Lien Obligations”) is outstanding and payable under this Agreement to the Collateral Trustee or any of its
co-trustees or agents (whether in an individual or representative capacity); and 
 (4) the Company delivers to the Collateral
Trustee an Officers’ Certificate stating that all Parity Liens of the Collateral Trustee have been released in compliance with all applicable provisions of the Parity Lien Documents and that the Pledgors are not required by any Parity Lien
Document to grant any Parity Lien upon any property, 
 then the Senior Trust Estate will terminate, except that all provisions set forth in
Sections 7.10 and 7.11 that are enforceable by the Collateral Trustee or any of its co-trustees or agents (whether in an individual or representative capacity) will remain enforceable in accordance with their terms. 
 The parties further declare and covenant that the Senior Trust Estate will be held and distributed by the Collateral Trustee subject to the further
agreements herein. 
 SECTION 2.2 Declaration of Junior Trust. 
 To secure the payment of the Junior Lien Obligations, if any, and in consideration of the premises and the mutual agreements set forth herein, each of the
Pledgors hereby grants to the Collateral Trustee, and the Collateral Trustee hereby accepts and agrees to hold, in trust under this Agreement for the benefit of all present and future holders of Junior Lien Obligations, all of such Pledgor’s
right, title and interest in, to and under all Collateral granted to the Collateral Trustee under any Security Document for the benefit of the holders of Junior Lien Obligations, together with all of the Collateral Trustee’s right, title and
interest in, to and under the Security Documents, and all interests, rights, powers and remedies of the Collateral Trustee thereunder or in respect thereof and all cash and non-cash proceeds thereof (collectively, the “Junior Trust
Estate”). 
 The Collateral Trustee and its successors and assigns under this Agreement will hold the Junior Trust Estate
in trust for the benefit solely and exclusively of all present and future holders of Junior Lien Obligations as security for the payment of all present and future Parity Lien Obligations. 
 Notwithstanding the foregoing, if at any time: 
 (1) all Liens securing the Junior Lien Obligations have been released as provided in Section 4.1; 
  

 17 

 (2) the Collateral Trustee holds no other property in trust as part of the Junior Trust
Estate; 
 (3) no monetary obligation (other than indemnification and other contingent obligations not then due and payable
and letters of credit that have been cash collateralized as provided in clause (3) of the definition of “Discharge of Junior Lien Obligations”) is outstanding and payable under this Agreement to the Collateral Trustee or any of
its co-trustees or agents (whether in an individual or representative capacity); and 
 (4) the Company delivers to the
Collateral Trustee an Officers’ Certificate stating that all Junior Liens of the Collateral Trustee have been released in compliance with all applicable provisions of the Junior Lien Documents and that the Pledgors are not required by any
Junior Lien Document to grant any Junior Lien upon any property, 
 then the Junior Trust Estate will terminate, except that all provisions set forth in
Sections 7.10 and 7.11 that are enforceable by the Collateral Trustee or any of its co-trustees or agents (whether in an individual or representative capacity) will remain enforceable in accordance with their terms. 
 The parties further declare and covenant that the Junior Trust Estate will be held and distributed by the Collateral Trustee subject to the further
agreements herein. 
 SECTION 2.3 Declaration of Crest Trust. To secure the payment of the Crest Obligations and in consideration of
the mutual agreements set forth in this Agreement, each of the Pledgors hereby grants to the Collateral Trustee, and the Collateral Trustee hereby accepts and agrees to hold, in trust under this Agreement for the benefit of Crest, all of such
Pledgor’s right, title and interest in, to and under all Collateral granted to the Collateral Trustee under any Security Document for the benefit of Crest, together with all of the Collateral Trustee’s right, title and interest in, to and
under the Security Documents, and all interests, rights, powers and remedies of the Collateral Trustee thereunder or in respect thereof and all cash and non-cash proceeds thereof (collectively, the “Crest Trust
Estate,” and together with the Senior Trust Estate and the Junior Trust Estate, the “Trust Estates”). 
 The Collateral Trustee and its successors and assigns under this Agreement will hold the Crest Trust Estate in trust for the benefit solely and exclusively of Crest as security for the payment of all present and
future Crest Obligations. 
 Notwithstanding the foregoing, if at any time: 
 (1) all Liens securing the Parity Lien Obligations have been released as provided in Section 4.1; and 
 (2) all Liens securing the Junior Lien Obligations have been released as provided in Section 4.1, 
 then the Crest Trust Estate will terminate, except that all provisions set forth in Sections 7.10 and 7.11 that are enforceable by the Collateral Trustee
or any of its co-trustees or agents 
  

 18 

 (whether in an individual or representative capacity) will remain enforceable in accordance with their terms. 

The parties further declare and covenant that the Crest Trust Estate will be held and distributed by the Collateral Trustee subject to the further
agreements herein. 
 SECTION 2.4 Priority of Liens. Notwithstanding anything else contained herein or in any other Security Document,
it is the intent of the parties that: 
 (1) this Agreement and the other Security Documents create three separate and
distinct Trust Estates and Liens: (A) the Crest Trust Estate and Lien in favor of Crest securing the payment and performance of the Crest Obligations, (B) the Senior Trust Estate and Parity Lien securing the payment and performance of the
Parity Lien Obligations and (C) the Junior Trust Estate and Junior Lien securing the payment and performance of the Junior Lien Obligations; 
 (2) the Liens securing the Junior Lien Obligations are subject and subordinate to the Liens securing the Crest Obligations and the Liens securing the Parity Lien Obligations; and 
 (3) the Liens securing the Parity Lien Obligations are subject and subordinate to the Liens securing the Crest Obligations. 
 SECTION 2.5 Restrictions on Enforcement of Junior Liens. 
 (a) Until the Discharge of Parity Lien Obligations, the holders of Parity Lien Obligations will have, subject to the exceptions set forth below in clauses (1) through (4), the exclusive right to authorize and
direct the Collateral Trustee with respect to the Security Documents and the Collateral including the exclusive right to authorize or direct the Collateral Trustee to enforce, collect or realize on any Collateral or exercise any other right or
remedy with respect to the Collateral and no Junior Lien Representative or holder of Junior Lien Obligations may authorize or direct the Collateral Trustee with respect to such matters. Notwithstanding the foregoing, the holders of Junior Lien
Obligations may, subject to the rights of the holders of other Permitted Prior Liens, direct the Collateral Trustee: 
 (1)
without any condition or restriction whatsoever, at any time after the Discharge of Parity Lien Obligations; 
 (2) as
necessary to redeem any Collateral in a creditor’s redemption permitted by law or to deliver any notice or demand necessary to enforce (subject to the prior Discharge of Parity Lien Obligations) any right to claim, take or receive proceeds of
Collateral remaining after the Discharge of Parity Lien Obligations in the event of foreclosure or other enforcement of any Permitted Prior Lien; 
 (3) as necessary to perfect or establish the priority (subject to the Liens in favor of Crest and Parity Liens) of the Junior Liens upon any Collateral, except that the holders of Junior Lien Obligations may not
require the Collateral Trustee to take any 
  

 19 

 action to perfect any Collateral through possession or control other than the Collateral Trustee taking
any action for possession or control required by the holders of Junior Liens and the Collateral Trustee agreeing pursuant to Section 7.4 that the Collateral Trustee as agent for the benefit of the holders of Parity Lien Obligations agrees to
act as agent for the benefit of the holders Junior Lien Obligations; or 
 (4) as necessary to create, prove, preserve or
protect (but not enforce) the Junior Liens upon any Collateral. 
 (b) Until the Discharge of Parity Lien Obligations, none of the holders of
Junior Lien Obligations, the Collateral Trustee or any Junior Lien Representative will: 
 (1) request judicial relief, in an
Insolvency or Liquidation Proceeding or in any other court, that would hinder, delay, limit or prohibit the lawful exercise or enforcement of any right or remedy otherwise available to the holders of Parity Lien Obligations in respect of the Parity
Liens or that would limit, invalidate, avoid or set aside any Parity Lien or subordinate the Parity Liens to the Junior Liens or grant the Junior Liens equal ranking to the Parity Liens; 
 (2) oppose or otherwise contest any motion for relief from the automatic stay or for any injunction against foreclosure or enforcement of
Parity Liens made by any holder of Parity Lien Obligations or any Parity Lien Representative in any Insolvency or Liquidation Proceeding; 
 (3) oppose or otherwise contest any lawful exercise by any holder of Parity Lien Obligations or any Parity Lien Representative of the right to credit bid Parity Secured Debt at any sale in foreclosure of Parity Liens;

 (4) oppose or otherwise contest any other request for judicial relief made in any court by any holder of Parity Lien
Obligations or any Parity Lien Representative relating to the lawful enforcement of any Parity Lien; or 
 (5) challenge the
validity, enforceability, perfection or priority of the Parity Liens. 
 Notwithstanding the foregoing, both before and during an Insolvency or Liquidation
Proceeding, the holders of Junior Lien Obligations and the Junior Lien Representatives may take any actions and exercise any and all rights that would be available to a holder of unsecured claims, including, without limitation, the commencement of
an Insolvency or Liquidation Proceeding against the Company or any other Pledgor in accordance with applicable law; provided, that the holders of Junior Lien Obligations and the Junior Lien Representatives may not take any of the actions
prohibited by clauses (1) through (5) of this Section 2.5(b) or oppose or contest any order that it has agreed not to oppose or contest under Section 2.9. 
 (c) At any time prior to the Discharge of Parity Lien Obligations and after (1) the commencement of any Insolvency or Liquidation Proceeding in
respect of the Company or any other Pledgor or (2) the Collateral Trustee and each Junior Lien Representative have received written notice from any Parity Lien Representative at the direction of an Act of 
  

 20 

 Required Debtholders stating that (A) any Series of Parity Secured Debt has become due and payable in full (whether
at maturity, upon acceleration or otherwise) or (B) the holders of Parity Liens securing one or more Series of Parity Secured Debt have become entitled under any Parity Lien Documents to and desire to enforce any or all of the Parity Liens by
reason of a default under such Parity Lien Documents, no payment of money (or the equivalent of money) shall be made from the proceeds of Collateral by the Company or any other Pledgor to any Junior Lien Representative or any holder (or to the
Collateral Trustee or any Junior Lien Representative for the benefit of any holder) of Junior Lien Obligations (including payments and prepayments made for application to Junior Lien Obligations and all other payments and deposits made pursuant to
any provision of any Junior Lien Document). 
 (d) All proceeds of Collateral received by any Junior Lien Representative or any holder (or by
the Collateral Trustee or any Junior Lien Representative for the benefit of any holder) of Junior Lien Obligations in violation of Section 2.5(c) will be held by the Collateral Trustee, the applicable Junior Lien Representative or the
applicable holder of Junior Lien Obligations for the account of the holders of Parity Liens and remitted to any Parity Lien Representative upon demand by such Parity Lien Representative. The Junior Liens will remain attached to and enforceable
against all proceeds so held or remitted. All proceeds of Collateral received by the Collateral Trustee, holders of Junior Lien Obligations and Junior Lien Representatives not in violation of Section 2.5(c) will be received by the Collateral
Trustee, holders of Junior Lien Obligations and the Junior Lien Representatives free from the Parity Liens and all other Liens except the Junior Liens and, if applicable, the Liens in favor of Crest. 
 SECTION 2.6 Waiver of Right of Marshalling. 
 (a) Prior to the Discharge of Parity Lien Obligations, holders of Junior Lien Obligations, each Junior Lien Representative and the Collateral Trustee may not assert or enforce any right of marshalling accorded to a junior lienholder, as
against the holders of Parity Lien Obligations and the Parity Lien Representatives (in their capacity as priority lienholders). 
 (b)
Following the Discharge of Parity Lien Obligations, the holders of Junior Lien Obligations and any Junior Lien Representative may assert their right under the UCC or otherwise to any proceeds remaining following a sale or other disposition of
Collateral by, or on behalf of, the holders of Parity Lien Obligations. 
 SECTION 2.7 Discretion in Enforcement of Parity Liens.

 (a) In exercising rights and remedies with respect to the Collateral, the Parity Lien Representatives may enforce (or refrain from
enforcing) the provisions of the Parity Lien Documents and exercise (or refrain from exercising) remedies thereunder or any such rights and remedies, all in such order and in such manner as they may determine in the exercise of their sole and
exclusive discretion, including: 
 (1) the exercise or forbearance from exercise of all rights and remedies in respect of the
Collateral and/or the Parity Lien Obligations; 
 (2) the enforcement or forbearance from enforcement of any Parity Lien in
respect of the Collateral; 
  

 21 

 (3) the exercise or forbearance from exercise of rights and powers of a holder of shares
of stock included in the Senior Trust Estate to the extent provided in the Security Documents; 
 (4) the acceptance of the
Collateral in full or partial satisfaction of the Parity Lien Obligations; and 
 (5) the exercise or forbearance from
exercise of all rights and remedies of a secured lender under the UCC or any similar law of any applicable jurisdiction or in equity. 
 SECTION 2.8 Discretion in Enforcement of Parity Lien Obligations. 
 (a) Without in any way limiting the generality of
Section 2.7, the holders of Parity Lien Obligations and the Parity Lien Representatives may, at any time and from time to time, without the consent of or notice to holders of Junior Lien Obligations or the Junior Lien Representatives, without
incurring responsibility to holders of Junior Lien Obligations and the Junior Lien Representatives and without impairing or releasing the subordination provided in this Agreement or the obligations hereunder of holders of Junior Lien Obligations and
the Junior Lien Representatives, do any one or more of the following: 
 (1) change the manner, place or terms of payment or
extend the time of payment of, or renew or alter, the Parity Lien Obligations, or otherwise amend or supplement in any manner the Parity Lien Obligations, or any instrument evidencing the Parity Lien Obligations or any agreement under which the
Parity Lien Obligations are outstanding; 
 (2) release any Person or entity liable in any manner for the collection of the
Parity Lien Obligations; 
 (3) release the Parity Lien on any Collateral; and 
 (4) exercise or refrain from exercising any rights against any Pledgor. 
 SECTION 2.9 Insolvency or Liquidation Proceedings. 
 (a) If in any Insolvency or Liquidation Proceeding has occurred and, prior to the Discharge of Parity Lien Obligations, the holders of Parity Lien Obligations by an Act of Required Debtholders consent to any order:

 (1) for use of cash collateral; 
 (2) approving a debtor-in-possession financing secured by a Lien that is senior to or on a parity with all Parity Liens upon any property
of the estate in such Insolvency or Liquidation Proceeding; 
  

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 (3) granting any relief on account of Parity Lien Obligations as adequate protection (or
its equivalent) for the benefit of the holders of Parity Lien Obligations in the Collateral subject to Parity Liens; or 
 (4)
relating to a sale of assets of the Company or any other Pledgor that provides, to the extent the Collateral sold is to be free and clear of Liens, that all Parity Liens and Junior Liens will attach to the proceeds of the sale; 
 then, the holders of Junior Lien Obligations and the Junior Lien Representatives, in their capacity as holders or representatives of secured claims, will not oppose or
otherwise contest the entry of such order, so long as none of the holders of Parity Lien Obligations or Parity Lien Representatives in any respect opposes or otherwise contests any request made by any holder of Junior Lien Obligations or Junior Lien
Representative for the grant to the Collateral Trustee, for the benefit of the holders of Junior Lien Obligations and the Junior Lien Representatives, of a junior Lien upon any property on which a Lien is (or is to be) granted under such order to
secure the Parity Lien Obligations, co-extensive in all respects with, but subordinated (as set forth in Section 2.4) to, such Lien and all Parity Liens on such property. 
 Notwithstanding the foregoing, both before and during an Insolvency or Liquidation Proceeding, the holders of Junior Lien Obligations and the Junior Lien
Representatives may take any actions and exercise any and all rights that would otherwise be available to a holder of unsecured claims, including the commencement of Insolvency or Liquidation Proceedings against any Pledgors in accordance with
applicable law; provided, however, that, both before and during an Insolvency or Liquidation Proceeding, the holders of Junior Lien Obligations and the Junior Lien Representatives may not take any of the actions prohibited under
Section 2.5(b) or oppose or contest any order that it has agreed not to oppose or contest under clauses (1) through (4) of the preceding paragraph. 
 (b) Prior to the Discharge of Parity Lien Obligations, the holders of Junior Lien Obligations or any Junior Lien Representative will not file or prosecute in any Insolvency or Liquidation Proceeding any motion for
adequate protection (or any comparable request for relief) based upon their interest in the Collateral under the Junior Liens, except that: 
 (1) they may freely seek and obtain relief: (A) granting a junior Lien co-extensive in all respects with, but subordinated (as set forth in Section 2.4) to, all Liens granted in such Insolvency or
Liquidation Proceeding to, or for the benefit of, the holders of Parity Lien Obligations; or (B) in connection with the confirmation of any plan of reorganization or similar dispositive restructuring plan; and 
 (2) they may freely seek and obtain any relief upon a motion for adequate protection (or any comparable relief), without any condition or
restriction whatsoever, at any time after the Discharge of Parity Lien Obligations. 
 SECTION 2.10 Collateral Shared Equally and Ratably
within Class. The parties to this Agreement agree that the payment and satisfaction of all of the Secured Obligations within each Class will be secured Equally and Ratably by the Liens established in favor of the Collateral Trustee for the
benefit of the Secured Parties belonging to such Class. It is understood and 
  

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 agreed that nothing in this Section 2.10 is intended to alter the priorities among Secured Parties belonging to
different Classes as provided in Section 2.4. 
 ARTICLE 3. OBLIGATIONS AND POWERS OF COLLATERAL TRUSTEE 
 SECTION 3.1 Undertaking of the Collateral Trustee. 
 (a) Subject to, and in accordance with, this Agreement, the Collateral Trustee will, as trustee, for the benefit solely and exclusively of the present and future Secured Parties and, to the extent applicable, Crest:

 (1) accept, enter into, hold, maintain, administer and enforce all Security Documents, including all Collateral subject
thereto, and all Liens created thereunder, perform its obligations under the Security Documents and protect, exercise and enforce the interests, rights, powers and remedies granted or available to it under, pursuant to or in connection with the
Security Documents; 
 (2) take all lawful and commercially reasonable actions permitted under the Security Documents that it
may deem necessary or advisable to protect or preserve its interest in the Collateral subject thereto and such interests, rights, powers and remedies; 
 (3) deliver and receive notices pursuant to the Security Documents; 
 (4) sell, assign,
collect, assemble, foreclose on, institute legal proceedings with respect to, or otherwise exercise or enforce the rights and remedies of a secured party (including a mortgagee, trust deed beneficiary and insurance beneficiary or loss payee) with
respect to the Collateral under the Security Documents and its other interests, rights, powers and remedies; 
 (5) remit as
provided in Section 3.4 all cash proceeds received by the Collateral Trustee from the collection, foreclosure or enforcement of its interest in the Collateral under the Security Documents or any of its other interests, rights, powers or
remedies; 
 (6) execute and deliver amendments to the Security Documents as from time to time authorized pursuant to
Section 7.1 accompanied by an Officers’ Certificate to the effect that the amendment was permitted under Section 7.1; and 
 (7) release any Lien granted to it by any Security Document upon any Collateral if and as required by Section 4.1(b). 
 (b) Each party to this Agreement and, by its acceptance of any Lien created in favor of the Collateral Trustee for its benefit pursuant to any Security Document, Crest acknowledges and consents to the undertaking of
the Collateral Trustee set forth in Section 3.1(a) and agrees to each of the other provisions of this Agreement applicable to the Collateral Trustee. 
  

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 (c) Notwithstanding anything to the contrary contained in this Agreement, the Collateral Trustee will not
commence any exercise of remedies or any foreclosure actions or otherwise take any action or proceeding against any of the Collateral (other than actions that it may deem necessary or adviseable to prove, protect or preserve the Liens securing the
Secured Obligations) unless and until it shall have been directed by written notice of an Act of Required Debtholders and then only in accordance with the provisions of this Agreement. 
 (d) Notwithstanding anything to the contrary contained in this Agreement, prior to the Discharge of Parity Lien Obligations, no Junior Lien
Representative or Parity Lien Representative, other than the Trustee under the Indenture, may serve as Collateral Trustee. 
 SECTION 3.2
Release or Subordination of Liens. The Collateral Trustee will not release or subordinate any Lien of the Collateral Trustee or consent to the release or subordination of any Lien of the Collateral Trustee, except: 
 (a) as directed by an Act of Required Debtholders accompanied by an Officers’ Certificate to the effect that the release or subordination was
permitted by each applicable Secured Debt Document; 
 (b) as required by Article 4; 
 (c) as ordered pursuant to applicable law under a final (after any applicable appeals to the extent such order has been stayed) order or judgment of a
court of competent jurisdiction; or 
 (d) for the subordination of the Junior Trust Estate and the Junior Liens to the Senior Trust Estate
and the Parity Liens. 
 SECTION 3.3 Enforcement of Liens. If the Collateral Trustee at any time receives written notice that any
event has occurred that constitutes a default under any Secured Debt Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens hereunder, the Collateral Trustee will promptly deliver written notice thereof
to each Secured Debt Representative. Thereafter, the Collateral Trustee may await direction by an Act of Required Debtholders and will act, or decline to act, as directed by an Act of Required Debtholders, in the exercise and enforcement of the
Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline
to act, with respect to the manner of such exercise of remedies as directed by an Act of Required Debtholders. Unless it has been directed to the contrary by an Act of Required Debtholders, the Collateral Trustee in any event may (but will not be
obligated to) take or refrain from taking such action with respect to any default under any Secured Debt Document as it may deem advisable and in the best interest of the holders of Secured Obligations. 
 SECTION 3.4 Application of Proceeds. 
 (a) The Collateral Trustee will apply the proceeds of any collection, sale, foreclosure or other realization upon any Collateral and the proceeds of any title insurance policy 
  

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 required under any Parity Lien Document or Junior Lien Document in the following order
of application: 
 FIRST, to the payment of any Crest Obligations then due and owing by the Pledgors; 
 SECOND, to the payment of all reasonable legal fees and expenses and other reasonable costs or expenses or other liabilities or amounts of
any kind incurred by, or owing to, the Collateral Trustee or any co-trustee or agent under or in connection with any Security Document that secures Parity Lien Obligations, including the reimbursement to any Parity Lien Representative of any amounts
theretofore advanced by such Parity Lien Representative for the payment of such fees, costs and expenses, liabilities or amounts; 
 THIRD, to the Collateral Trustee (without duplication) in an amount equal to the Collateral Trustee’s fees which are unpaid and to any Parity Lien Representative which has theretofore advanced or paid any such Collateral Trustee’s
fees in an amount equal to the amount thereof so advanced or paid by such Parity Lien Representative; 
 FOURTH, to the
respective Parity Lien Representatives for application to the Parity Secured Debt equally and ratably until all Parity Secured Debt has been paid in full in cash for distribution, to (1) in the case of Obligations under the Indenture and the
Notes, to the Trustee for application pursuant to the Indenture and (2) in the case of all other Parity Secured Debt, to the respective Parity Lien Representatives for application pursuant to the applicable Parity Lien Documents; 
 FIFTH, (without duplication) to the payment of all reasonable legal fees and expenses and other reasonable costs or expenses or other
liabilities of any kind incurred by the Collateral Trustee or any co-trustee or agent in connection with any Security Document that secures Junior Lien Obligations, including the reimbursement to any Junior Lien Representative of any amounts
theretofore advanced by such Junior Lien Representative for the payment of such fees, costs and expenses; 
 SIXTH, to any
Junior Lien Representative which has theretofore advanced or paid any such Collateral Trustee’s fees in an amount equal to the amount thereof so advanced or paid by such Junior Lien Representative; 
 SEVENTH, to the respective Junior Lien Representatives for application to the Junior Lien Debt equally and ratably until all Junior Lien
Debt has been paid in full in cash for distribution, to the respective Junior Lien Representatives for application pursuant to the applicable Junior Lien Documents; and 
 EIGHTH, any surplus remaining after the payment in full in cash of amounts described in the preceding clauses will be paid to the Company
or the applicable Pledgor, as the case may be, its successors or assigns, or as a court of competent jurisdiction may direct. 
  

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 (b) If any Junior Lien Representative or any holder of a Junior Lien Obligation collects or receives any
proceeds of such foreclosure, collection or other enforcement that should have been applied to the payment of the Crest Obligation, or the Parity Lien Obligations in accordance with Section 3.4(a) above, whether after the commencement of an
Insolvency or Liquidation Proceeding or otherwise, such Junior Lien Representative or such holder of a Junior Lien Obligation, as the case may be, will forthwith deliver the same to the Collateral Trustee, for the account of Crest or the holders of
the Parity Lien Obligations and other Obligations secured by a Permitted Prior Lien, to be applied in accordance with Section 3.4(a). Until so delivered, such proceeds will be held by that Junior Lien Representative or that holder of a Junior
Lien Obligation, as the case may be, for the benefit of Crest or the holders of the Parity Lien Obligations and other Obligations secured by a Permitted Prior Lien. 
 (c) This Section 3.4 is intended for the benefit of, and will be enforceable as a third party beneficiary by, each present and future holder of Secured Obligations, each present and future Secured Debt
Representative and the Collateral Trustee as holder of Liens securing the Crest Obligations, Parity Liens and Junior Liens. The Secured Debt Representative of each future Series of Secured Debt will be required to deliver a Collateral Trust Joinder
including a lien sharing and priority confirmation as provided in Section 3.8 at the time of incurrence of such Series of Secured Debt. 
 (d) In connection with the application of proceeds pursuant to Section 3.4(a), except as otherwise directed by an Act of Required Debtholders, the Collateral Trustee may sell any non-cash proceeds for cash prior to the application of
the proceeds thereof. 
 SECTION 3.5 Powers of the Collateral Trustee. 
 (a) The Collateral Trustee is irrevocably authorized and empowered to enter into and perform its obligations and protect, perfect, exercise and enforce
its interest, rights, powers and remedies under the Security Documents and applicable law and in equity and to act as set forth in this Article 3 or as requested in any lawful directions given to it from time to time in respect of any matter by
an Act of Required Debtholders. 
 (b) No Secured Debt Representative or holder of Secured Obligations will have any liability whatsoever for
any act or omission of the Collateral Trustee. 
 SECTION 3.6 Documents and Communications. The Collateral Trustee will permit each
Secured Debt Representative and each holder of Secured Obligations upon reasonable written notice from time to time to inspect and copy, at the cost and expense of the party requesting such copies, any and all Security Documents and other documents,
notices, certificates, instructions or communications received by the Collateral Trustee in its capacity as such. 
 SECTION 3.7 For Sole
and Exclusive Benefit of Holders of Secured Obligations. The Collateral Trustee will accept, hold, administer and enforce all Liens on the Collateral at any time transferred or delivered to it and all other interests, rights, powers and remedies
at any time granted to or enforceable by the Collateral Trustee and all other property of the Trust Estates solely and exclusively for the benefit of the present and future holders of present and future 
  

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 Secured Obligations or, in the case of the Crest Trust Estate, Crest, and will distribute all proceeds received by it in
realization thereon or from enforcement thereof solely and exclusively pursuant to the provisions of Section 3.4. 
 SECTION 3.8
Additional Secured Debt. 
 (a) The Collateral Trustee will, as trustee hereunder, perform its undertakings set forth in
Section 3.1(a) with respect to each holder of Secured Obligations of a Series of Secured Debt that is issued or incurred after the date hereof that: 
 (1) holds Secured Obligations that are identified as Junior Lien Debt or Parity Secured Debt in accordance with the procedures set forth in Section 3.8(b); and 
 (2) signs, through its designated Secured Debt Representative identified pursuant to Section 3.8(b), a Collateral Trust Joinder and
delivers the same to the Collateral Trustee. 
 (b) The Company will be permitted to designate as an additional holder of Secured Obligations
hereunder each Person who is, or who becomes, the registered holder of Junior Lien Debt or the registered holder of Parity Secured Debt incurred by the Company or any other Pledgor after the date of this Agreement in accordance with the terms of all
applicable Secured Debt Documents. The Company may only effect such designation by delivering to the Collateral Trustee, on or before the date such Obligations are incurred, an Additional Secured Debt Designation stating that: 
 (1) the Company or such other Pledgor intends to incur additional Secured Debt (“Additional Secured
Debt”) which will either be (i) Parity Secured Debt permitted by each applicable Secured Debt Document to be secured by a Parity Lien Equally and Ratably with all previously existing and future Parity Secured Debt or
(ii) Junior Lien Debt permitted by each applicable Secured Debt Document to be secured with a Junior Lien Equally and Ratably with all previously existing and future Junior Lien Debt; 
 (2) specifying the name and address of the Secured Debt Representative for such series of Additional Secured Debt for purposes of
Section 7.7; 
 (3) the Company and each other Pledgor has duly authorized, executed (if applicable) and recorded (or
caused to be recorded) in each appropriate governmental office all relevant filings and recordations to ensure that the Additional Secured Debt is secured by the Collateral in accordance with the Security Documents; and 
 (4) the Company has caused a copy of the Additional Secured Debt Designation to be delivered to each then existing Secured Debt
Representative. 
 Although the Company shall be required to deliver a copy of each Additional Secured Debt Designation and each Collateral Trust Joinder to
each then existing Secured Debt Representative, the failure to so deliver a copy of the Additional Secured Debt and/or Collateral Trust Joinder to any then existing Secured Debt Representative shall not affect the status of such debt as 

 

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 Additional Secured Debt if the other requirements of this Section 3.8 are complied with. Each of the Collateral
Trustee and the other then existing Secured Debt Representative shall have the right to request that the Company provide a legal opinion of counsel as to the Additional Secured Debt being secured by a valid and perfected security interest; provided,
however, that such legal opinion or opinions need not address any collateral of a type or located in a jurisdiction not previously covered by any legal opinion delivered by or on behalf of the Company. Notwithstanding the foregoing, nothing in this
Agreement will be construed to allow the Company or any other Pledgor to incur additional Indebtedness unless otherwise permitted by the terms of all applicable Secured Debt Documents. 
 SECTION 3.9 Acceptance of Assignment of Liens. The Collateral Trustee is authorized to enter into, accept or acknowledge the assignment to it by
HSBC Bank, USA National Association of any liens or related rights assigned thereto pursuant to the “Payoff Letter and Assignment of Liens” letter agreement, dated on or about the date hereof, among HSBC Bank USA, National Association, as
collateral agent, Société Générale, as agent, the Company and any other party thereto. Any action previously taken to effect the foregoing is hereby ratified. 
 ARTICLE 4. OBLIGATIONS ENFORCEABLE BY THE COMPANY AND THE OTHER PLEDGORS 
 SECTION 4.1
Release of Liens on Collateral. 
 (a) The Collateral Trustee’s Liens upon the Collateral will be released: 
 (1) in whole, upon (A) the Discharge of Parity Lien Obligations and (B) the Discharge of Junior Lien Obligations; 
 (2) as to a release of less than all or substantially all of the Collateral, if (A) consent to the release of all Parity Liens on
such Collateral has been given by an Act of Required Debtholders and (B) such release has become effective in accordance with the terms of such consent; 
 (3) as to (A) deposits in any cash collateral account that are to be applied to fund any mandatory prepayment or purpose offer
(including an Asset Sale Offer (as defined in the Indenture)) that becomes required as to any Secured Debt as a result of a sale of assets, concurrently with such application, so long as effective provision is made for apportionment of such funding
to all holders of Secured Debt entitled to participate in such mandatory prepayment or purchase offer in accordance with their respective entitlements under the Secured Debt Documents; and (B) deposits in any cash collateral account that
constitute proceeds from an asset sale that are permitted under the Secured Debt Documents to be reinvested or otherwise are not required under the Secured Debt Documents to be reinvested or otherwise are not required to be applied to a mandatory
prepayment or purchase offer in respect of any Secured Debt, concurrently with such reinvestment in assets constituting Collateral or other permitted use under the Secured Debt Documents; 
  

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 (4) in accordance with the provisions of this Agreement and the other Security Documents
as in effect from time to time, as applicable; or 
 (5) upon any sale, transfer or other disposition of Collateral if such
sale, transfer or other disposition is not prohibited by the terms of the Indenture or any other Secured Debt Document; provided that if such sale, transfer or other disposition constitutes an Asset Sale, the Company will apply the proceeds in
accordance with the Indenture and any other applicable Parity Lien Document; or 
 (6) as otherwise permitted by the Indenture
and each other Secured Debt Document. 
 (b) The Collateral Trustee agrees for the benefit of the Company and the other Pledgors that if the
Collateral Trustee at any time receives: 
 (1) an Officers’ Certificate stating that (A) each signing officer has
read Article 4 of this Agreement and understands the provisions and the definitions relating hereto, (B) such officer has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to
whether or not the conditions precedent in this Agreement and all other Secured Debt Documents, if any, relating to the release of the Collateral have been complied with and (C) in the opinion of such officer, such conditions precedent, if any,
have been complied with; 
 (2) the proposed instrument or instruments releasing such Lien as to such property in recordable
form, if applicable; and 
 (3) prior to the Discharge of Parity Lien Obligations, the written confirmation of each Parity
Lien Representative (or, at any time after the Discharge of Parity Lien Obligations, each Junior Lien Representative) (such confirmation to be given following receipt of, and based solely on, the Officers’ Certificate described in
clause (1) above) that, in its view, such release is permitted by Section 4.1(a) and the respective Secured Debt Documents governing the Secured Obligations the holders of which such Secured Debt Representative represents; 
 then the Collateral Trustee will execute (with such acknowledgements and/or notarizations as are required) and deliver such release to the Company or other applicable
Pledgor on or before the later of (x) the date specified in such request for such release and (y) the fifth Business Day after the date of receipt of the items required by this Section 4.1(b) by the Collateral Trustee. 
 (c) The Collateral Trustee hereby agrees that: 
 (1) in the case of any release pursuant to clause (5) of Section 4.1(a), if the terms of any such sale, transfer or other disposition require the payment of the purchase price to be contemporaneous with the
delivery of the applicable release, then, at the written request of and at the expense of the Company or other applicable Pledgor, the Collateral Trustee will either (A) be present at and deliver the release at the closing of such transaction
or (B) deliver the release under customary escrow arrangements that permit such contemporaneous payment and delivery of the release; and 
  

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 (2) at any time when a Secured Debt Default under a Series of Secured Debt that
constitutes Junior Lien Debt has occurred and is continuing as soon as reasonably practicable after the receipt by it of any Act of Required Debtholders pursuant to Section 4.1(a)(2), the Collateral Trustee will deliver a copy of such Act of
Required Debtholders to each Secured Debt Representative. 
 (d) Each Secured Debt Representative hereby agrees that: 
 (1) as soon as reasonably practicable after receipt of an Officers’ Certificate from the Company pursuant to Section 4.1(b)(1)
it will, to the extent required by such Section, either provide (A) the written confirmation required by Section 4.1(b)(3), (B) a written statement that such release is not permitted by Section 4.1(a) or (C) a request for
further information from the Company reasonably necessary to determine whether the proposed release is permitted by Section 4.1(a) and after receipt of such information such Secured Debt Representative will as soon as reasonably practicable
either provide the written confirmation or statement required pursuant to clause (A) or (B), as applicable; and 
 (2) as
soon as reasonably practicable after receipt by it of any notice from the Collateral Trustee pursuant to Section 4.1(c)(2), such Secured Debt Representative will deliver a copy of such notice to each registered holder of the Series of Parity
Secured Debt or Series of Junior Lien Debt for which it acts as Secured Debt Representative. 
 SECTION 4.2 Delivery of Copies to Secured
Debt Representatives. The Company will deliver to each Secured Debt Representative a copy of each Officers’ Certificate delivered to the Collateral Trustee pursuant to Section 4.1(b), together with copies of all documents delivered to
the Collateral Trustee with such Officers’ Certificate. The Secured Debt Representatives will not be obligated to take notice thereof or to act thereon, subject to Section 4.1(d). 
 SECTION 4.3 Collateral Trustee not Required to Serve, File or Record. The Collateral Trustee is not required to serve, file, register or record
any instrument releasing or subordinating its Liens on any Collateral; provided, however, that if the Company or any other Pledgor shall make a written demand for a termination statement under Section 9-513(c) of the UCC, the Collateral
Trustee shall, at the expense of the Company, comply with the written request of such Borrower or Pledgor to comply with the requirements of such UCC provision; provided, further, that the Collateral Trustee must first confirm with the
Secured Debt Representatives that the requirements of such UCC provisions have been satisfied. 
 SECTION 4.4 Release of Liens in Respect
of Notes. The Collateral Trustee’s Parity Lien will no longer secure the Notes outstanding under the Indenture (or, in the case of the payment of or defeasance of any series of Notes, such series) or any other Obligations under the
Indenture, and the right of the holders of the Notes and such Obligations to the benefits and proceeds of the Collateral Trustee’s Parity Lien on the Collateral will terminate and be discharged: 
  

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 (1) upon satisfaction and discharge of the Indenture as set forth under Article 12
of the Indenture; 
 (2) upon a Legal Defeasance or Covenant Defeasance (each as defined under the Indenture) of the Notes (or
such series of Notes) as set forth under Article 8 of the Indenture; or 
 (3) upon payment in full and discharge of all Notes
outstanding under the Indenture and all Obligations that are outstanding, due and payable under the Indenture at the time the Notes are paid in full and discharged. 
 ARTICLE 5. IMMUNITIES OF THE COLLATERAL TRUSTEE 
 SECTION 5.1 No Implied Duty. The Collateral Trustee
will not have any fiduciary duties nor will it have responsibilities or obligations other than those expressly assumed by it in this Agreement and the other Security Documents. The Collateral Trustee will not be required to take any action that is
contrary to applicable law or any provision of this Agreement or the other Security Documents. 
 SECTION 5.2 Appointment of Agents and
Advisors. The Collateral Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents, attorneys, accountants, appraisers or other experts or advisors selected by it in good
faith as it may reasonably require and will not be responsible for any misconduct or negligence on the part of any of them. 
 SECTION 5.3
Other Agreements. The Collateral Trustee has accepted and is bound by the Security Documents executed by the Collateral Trustee as of the date of this Agreement and, as directed by an Act of Required Debtholders, the
Collateral Trustee shall execute additional Security Documents delivered to it after the date of this Agreement; provided, however, that such additional Security Documents do not adversely affect the rights, privileges, benefits and
immunities of the Collateral Trustee or impose on the Collateral Trustee any additional duties or obligations. The Collateral Trustee will not otherwise be bound by, or be held obligated by, the provisions of any Credit Facility, indenture or
other agreement governing Secured Debt (other than this Agreement and the other Security Documents). 
 SECTION 5.4 Solicitation of
Instructions. 
 (a) The Collateral Trustee may at any time solicit written confirmatory instructions, in the form of an Act of Required
Debtholders, an Officers’ Certificate or an order of a court of competent jurisdiction, as to any action that it may be requested or required to take, or that it may propose to take, in the performance of any of its obligations under this
Agreement or the other Security Documents. 
 (b) No written direction given to the Collateral Trustee by an Act of Required Debtholders that
in the sole judgment of the Collateral Trustee imposes, purports to impose or might reasonably be expected to impose upon the Collateral Trustee any obligation or liability 
  

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 not set forth in or arising under this Agreement and the other Security Documents will be binding upon the Collateral
Trustee unless the Collateral Trustee elects, at its sole option, to accept such direction. 
 SECTION 5.5 Limitation of Liability.
The Collateral Trustee will not be responsible or liable for any action taken or omitted to be taken by it hereunder or under any other Security Document, except for its own gross negligence, bad faith or willful misconduct as determined by a court
of competent jurisdiction in a final nonappealable judgment. 
 SECTION 5.6 Documents in Satisfactory Form. The Collateral Trustee
will be entitled to require that all agreements, certificates, opinions, instruments and other documents at any time submitted to it, including those expressly provided for in this Agreement, be delivered to it in a form and with substantive
provisions reasonably satisfactory to it. 
 SECTION 5.7 Entitled to Rely. The Collateral Trustee may seek and rely upon, and shall be
fully protected in relying upon, any judicial order or judgment, upon any advice, opinion or statement of legal counsel (who may be counsel to the Company), independent consultants and other experts selected by it in good faith and upon any
certification, instruction, notice or other writing delivered to it by the Company or any other Pledgor in compliance with the provisions of this Agreement or delivered to it by any Secured Debt Representative as to the holders of Secured
Obligations for whom it acts, without being required to determine the authenticity thereof or the correctness of any fact stated therein or the propriety or validity of service thereof. The Collateral Trustee may act in reliance upon any instrument
comporting with the provisions of this Agreement or any signature reasonably believed by it to be genuine and may assume that any Person purporting to give notice or receipt or advice or make any statement or execute any document in connection with
the provisions hereof or the other Security Documents has been duly authorized to do so. To the extent an Officers’ Certificate or opinion of counsel is required or permitted under this Agreement to be delivered to the Collateral Trustee in
respect of any matter, the Collateral Trustee may rely conclusively on an Officers’ Certificate or opinion of counsel as to such matter and such Officers’ Certificate or opinion of counsel shall be full warranty and protection to the
Collateral Trustee for any action taken, suffered or omitted by it under the provisions of this Agreement and the other Security Documents. 
 SECTION 5.8 Secured Debt Default. The Collateral Trustee will not be required to inquire as to the occurrence or absence of any Secured Debt Default and will not be affected by or required to act upon any notice or knowledge as to
the occurrence of any Secured Debt Default unless and until it is directed by an Act of Required Debtholders. 
 SECTION 5.9 Actions by
Collateral Trustee. As to any matter not expressly provided for by this Agreement or the other Security Documents, the Collateral Trustee will act or refrain from acting as directed by an Act of Required Debtholders and will be fully protected
if it does so, and any action taken, suffered or omitted pursuant to hereto or thereto shall be binding on the holders of Secured Obligations. 
 SECTION 5.10 Security or Indemnity in favor of the Collateral Trustee. The Collateral Trustee will not be required to advance or expend any funds or otherwise incur any financial liability in the performance of its duties or the
exercise of its powers or rights hereunder 
  

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 unless it has been provided with security or indemnity reasonably satisfactory to it against any and all liability or
expense which may be incurred by it by reason of taking or continuing to take such action. 
 SECTION 5.11 Rights of the Collateral
Trustee. In the event of any conflict between any terms and provisions set forth in this Agreement and those set forth in any other Security Document, the terms and provisions of this Agreement shall supersede and control the terms and
provisions of such other Security Document. In the event there is any bona fide, good faith disagreement between the other parties to this Agreement or any of the other Security Documents resulting in adverse claims being made in connection with
Collateral held by the Collateral Trustee and the terms of this Agreement or any of the other Security Documents do not unambiguously mandate the action the Collateral Trustee is to take or not to take in connection therewith under the circumstances
then existing, or the Collateral Trustee is in doubt as to what action it is required to take or not to take hereunder or under the other Security Documents, it will be entitled to refrain from taking any action (and will incur no liability for
doing so) until directed otherwise in writing by a request signed jointly by the parties hereto entitled to give such direction or by order of a court of competent jurisdiction. 
 SECTION 5.12 Limitations on Duty of Collateral Trustee in Respect of Collateral. 
 (a) Beyond the exercise of reasonable care in the custody of Collateral in its possession, the Collateral Trustee will have no duty as to any Collateral
in its possession or control or in the possession or control of any agent or bailee or any income thereon or as to preservation of rights against prior parties or any other rights pertaining thereto and the Collateral Trustee will not be responsible
for filing any financing or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any Liens on the Collateral. The Collateral Trustee will
be deemed to have exercised reasonable care in the custody of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which it accords its own property, and the Collateral Trustee will not be liable or
responsible for any loss or diminution in the value of any of the Collateral by reason of the act or omission of any carrier, forwarding agency or other agent or bailee selected by the Collateral Trustee in good faith. 
 (b) The Collateral Trustee will not be responsible for the existence, genuineness or value of any of the Collateral, for the validity, perfection,
priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any action or omission to act on its part hereunder, except to the extent such action or omission constitutes gross negligence,
bad faith or willful misconduct on the part of the Collateral Trustee, for the validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity of the title of any Pledgor to the Collateral, for insuring
the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral. The Collateral Trustee hereby disclaims any representation or warranty to the present and future
holders of the Secured Obligations concerning the perfection of the Liens granted hereunder or in the value of any of the Collateral. 
  

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 SECTION 5.13 Assumption of Rights, Not Assumption of Duties. Notwithstanding anything to the
contrary contained herein: 
 (1) each of the parties thereto will remain liable under each of the Security Documents (other
than this Agreement) to the extent set forth therein to perform all of their respective duties and obligations thereunder to the same extent as if this Agreement had not be executed; 
 (2) the exercise by the Collateral Trustee of any of its rights, remedies or powers hereunder will not release such parties from any of
their respective duties or obligations under the other Security Documents; and 
 (3) the Collateral Trustee will not be
obligated to perform any of the obligations or duties of any of the parties thereunder other than the Collateral Trustee. 
 SECTION 5.14
No Liability for Clean Up of Hazardous Materials. In the event that the Collateral Trustee is requested to acquire title to, or any interest in, an asset for any reason, or take any managerial or other action of any kind in regard thereto, in
order to carry out any obligation for the benefit of another, which in the Collateral Trustee’s sole discretion may cause the Collateral Trustee to be considered an “owner or operator” under any environmental laws or otherwise cause
the Collateral Trustee to incur, or be exposed to, any environmental liability or any liability under any other federal, state or local law, the Collateral Trustee shall not be required to acquire such title or interest therein and reserves the
right, instead of taking such action, either to resign as Collateral Trustee or to arrange for the transfer of the title, interest or control of the asset to a court appointed receiver. The Collateral Trustee will not be liable to any Person for any
environmental liability or any environmental claims or contribution actions under any federal, state or local law, rule or regulation by reason of the Collateral Trustee’s actions and conduct as authorized, empowered and directed hereunder or
relating to any kind of discharge or release or threatened discharge or release of any hazardous materials into the environment. 
 SECTION
5.15 Additional Provisions Relating to the Collateral Trustee. 
 (a) The Collateral Trustee may refuse to follow any direction that
conflicts with law or this Agreement, the Indenture or (subject to Section 5.11 hereof) any of the Security Documents or that would involve the Collateral Trustee in personal liability; provided that the Collateral Trustee may take any other
action deemed proper by the Collateral Trustee that is not inconsistent with such direction. Prior to taking any action under this Agreement or any of the Security Documents, the Collateral Trustee shall be entitled to indemnification reasonably
satisfactory to it against all losses and expenses caused by taking or not taking such action. 
 (b) The Collateral Trustee shall be
accountable only for amounts that it actually receives as a result of the exercise of its powers hereunder and under any Security Document, and neither it nor any of its officers, directors, employees or agents shall have any duty or liability or be
responsible to any Pledgor for any act or failure to act hereunder, except for its own gross negligence, bad faith or willful misconduct. Nothing contained in this Agreement shall be construed as requiring or obligating the Collateral Trustee, and
the Collateral Trustee shall not, absent an Act of Required Debtholders, be required or obligated, to (i) present 
  

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 or file any claim or notice or take any action with respect to any Collateral or in connection therewith or
(ii) notify any Pledgor of any decline in the value of any Collateral. 
 (c) Neither the Collateral Trustee nor any of its directors,
officers, employees or agents shall be liable for failure to demand, collect or realize upon all or any part of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the
request of a Pledgor. 
 (d) No provision of this Agreement or any Security Document shall be deemed to impose any duty or obligation on the
Collateral Trustee to perform any act or acts, receive or obtain any interest in property or exercise any interest in property, or exercise any right, power, duty or obligation conferred or imposed on it in any jurisdiction in which it shall be
illegal, or in which the Collateral Trustee shall be unqualified or incompetent in accordance with applicable law, to perform any such act or acts, to receive or obtain any such interest in property or to exercise any such right, power, duty or
obligation; and no permissive or discretionary power or authority available to the Collateral Trustee shall be construed to be a duty. 
 (e)
In no event shall the Collateral Trustee be liable for any failure or delay in the performance of its obligations hereunder or under any of the other Security Documents because of circumstances beyond the Collateral Trustee’s control,
including, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, strikes or work stoppages for any reason, embargo, government action, including any laws, ordinances, regulations or the like which restrict or prohibit the
providing of the services contemplated by this Agreement, or the failure of equipment or interruption of communications or computer facilities, and other, causes beyond the Collateral Trustee’s control whether or not of the same class or kind
as specifically named above. 
 (f) The Collateral Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it
in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Agreement or any of the other Security Documents. 
 (g) Notwithstanding anything to the contrary contained in this Agreement or any of the other Security Documents, under no circumstances shall the
Collateral Trustee be liable for any special, punitive, exemplary or consequential damages. 
 (h) The Collateral Trustee shall have no
liability to the Company for interest on any money received by it under this Agreement or any of the other Security Documents except as otherwise agreed in writing with the Company. 
 SECTION 5.16 Appointment of Co-Collateral Trustee. Solely for the purpose of meeting any legal requirement of any jurisdiction in which any part
of the Collateral may at the time be located, the Collateral Trustee shall have the power and may execute and deliver all instruments necessary to appoint one or more Persons to act as a co-collateral trustee or separate collateral trustee or
separate collateral trustees, of all or any part of the Collateral, and to vest in such Person or Persons, in such capacity and for the benefit of the Secured Parties, such title to the Collateral, or any part hereof, and subject to the other
provisions of this Section, such 
  

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 powers, duties, obligations, and rights as the Collateral Trustee may consider necessary or desirable. No co-collateral
trustee or separate collateral trustee hereunder shall be required to meet the terms of eligibility as a successor Collateral Trustee under Section 6.2 and no notice to the Secured Parties of the appointment of any co-collateral trustee or
separate collateral trustee shall be required under this Agreement or any of the other Security Documents. 
 (b) Every separate collateral
trustee and co-collateral trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions: 
 (1) all rights, powers, duties and obligations conferred or imposed upon the Collateral Trustee shall be conferred or imposed upon and exercised or performed by the Collateral Trustee and such separate collateral
trustee or co-collateral trustee jointly (it being understood that such separate collateral trustee or co-collateral trustee is not authorized to act separately without the Collateral Trustee joining in such act), except to the extent that under any
law of any jurisdiction in which any particular act or acts are to be performed the Collateral Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding
of title to the Collateral or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate collateral trustee or co-collateral trustee, but solely at the direction of the Collateral Trustee; 
 (2) no collateral trustee shall be personally liable by reason of any act or omission of any other collateral trustee under the Security
Documents; and 
 (3) the Collateral Trustee may at any time accept the resignation of or remove any separate collateral
trustee or co-collateral trustee. 
 (c) Any notice, request or other writing given to the Collateral Trustee shall be deemed to have been
given to each of the then separate collateral trustees and co-collateral trustees, as effectively as if given to each of them. Every instrument appointing any separate collateral trustee or co-collateral trustee shall refer to this Agreement and the
conditions of this Section 5.16. Each separate collateral trustee and co-collateral trustee, upon its acceptance of the obligations conferred, shall be vested with the estates or property specified in its instrument of appointment, either
jointly with the Collateral Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or
affording protection or rights (including the rights to compensation, reimbursement and indemnification hereunder) to, the Collateral Trustee. Every such instrument shall be filed with the Collateral Trustee. 
 (d) Any separate collateral trustee or co-collateral trustee may at any time constitute the Collateral Trustee its agent or attorney-in-fact with full
power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate collateral trustee or co-collateral trustee shall die, become incapable of acting,
resign or be removed, all of its estates, properties, rights, remedies and obligations shall vest in and be exercised by the Collateral Trustee, to the extent permitted by law, without the appointment of a new or successor collateral trustee.

  

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 ARTICLE 6. RESIGNATION AND REMOVAL OF THE COLLATERAL TRUSTEE 
 SECTION 6.1 Resignation or Removal of Collateral Trustee. Subject to the appointment of a successor Collateral Trustee as provided in
Section 6.2 and the acceptance of such appointment by the successor Collateral Trustee: 
 (a) the Collateral Trustee may resign at any
time by giving not less than 30 days’ notice of resignation to each Secured Debt Representative and the Company; and 
 (b) the
Collateral Trustee may be removed at any time, with or without cause, by an Act of Required Debtholders. 
 SECTION 6.2 Appointment of
Successor Collateral Trustee. Upon any such resignation or removal, a successor Collateral Trustee may be appointed by an Act of Required Debtholders. If no successor Collateral Trustee has been so appointed and accepted such appointment within
30 days after the predecessor Collateral Trustee gave notice of resignation or was removed, the retiring Collateral Trustee may (at the expense of the Company), at its option, appoint a successor Collateral Trustee, or petition a court of competent
jurisdiction for appointment of a successor Collateral Trustee, which must be a bank or trust company: 
 (1) authorized to
exercise corporate trust powers; 
 (2) having a combined capital and surplus of at least $500,000,000; 
 (3) maintaining an office in New York, New York; and 
 (4) that is not a Secured Debt Representative (other than the Trustee). 
 The Collateral Trustee will fulfill its obligations hereunder until a successor Collateral Trustee meeting the requirements of this Section 6.2 has
accepted its appointment as Collateral Trustee and the provisions of Section 6.3 have been satisfied. 
 SECTION 6.3 Succession.
When the Person so appointed as successor Collateral Trustee accepts such appointment: 
 (1) such Person will succeed to and
become vested with all the rights, powers, privileges and duties of the predecessor Collateral Trustee, and the predecessor Collateral Trustee will be discharged from its duties and obligations hereunder; and 
 (2) the predecessor Collateral Trustee will (at the expense of the Company) promptly transfer all Liens and collateral security and other
property of the Trust Estates within its possession or control to the possession or control of the successor Collateral Trustee and will execute instruments and assignments as may be necessary or desirable or reasonably requested by the successor
Collateral Trustee to transfer to the successor Collateral Trustee all Liens, interests, rights, powers and remedies of the predecessor Collateral Trustee in respect of the Security Documents or the Trust Estates. 
  

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 Thereafter the predecessor Collateral Trustee will remain entitled to enforce the immunities granted to it in
Article 5 and the provisions of Sections 7.10 and 7.11. 
 SECTION 6.4 Merger, Conversion or Consolidation of Collateral
Trustee. Any Person into which the Collateral Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Collateral Trustee shall be a party, or any
Person succeeding to all or substantially all of the corporate trust business of the Collateral Trustee shall be the successor of the Collateral Trustee pursuant to Section 6.3, provided that without the execution or filing of any paper with
any party hereto or any further act on the part of any of the parties hereto, except where an instrument of transfer or assignment is required by law to effect such succession, anything herein to the contrary notwithstanding, such Person satisfies
the eligibility requirements specified in clauses (1) through (4) of Section 6.2. 
 ARTICLE 7. MISCELLANEOUS PROVISIONS

 SECTION 7.1 Amendment. 
 (a) No amendment or supplement to the provisions of any Security Document will be effective without the approval of the Collateral Trustee acting as directed by an Act of Required Debtholders, except that: 
 (1) any amendment or supplement that has the effect solely of (i) adding or maintaining Collateral, securing additional Secured Debt
that was otherwise permitted by the terms of the Secured Debt Documents to be secured by the Collateral or preserving, perfecting or establishing the Liens thereon or the rights of the Collateral Trustee therein; (ii) curing any ambiguity,
defect or inconsistency; (iii) providing for the assumption of the Company’s or another Pledgor’s obligations under any Security Document in the case of a merger or consolidation or sale of all or substantially all of such
Pledgor’s assets, as applicable; (iv) releasing a Pledgor from a Security Document and the termination of such Security Document, all in accordance with the provisions of the indenture governing such release and termination;
(v) making any change that would provide any additional rights or benefits to the Secured Parties or the Collateral Trustee or that does not adversely affect the legal rights under the Indenture or any other Secured Debt Document of any holder
of Notes, any other Secured Party or the Collateral Trustee; (vi) conforming the text of the Collateral Trust Agreement or any other Security Document to any provision of the Description of Notes to the extent that such provision in the
Description of Notes was intended to be a verbatim recitation of a provision of this Agreement or such other Security Document; or (vii) adding any Security Document, will, in each case, become effective when executed and delivered by the
Company or any other applicable Pledgor party thereto and the Collateral Trustee; and 
 (2) no amendment or supplement that
reduces, impairs or adversely affects the right of any holder of Secured Obligations: 
  

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 (A) to vote its outstanding Secured Debt as to any matter described as subject to an Act
of Required Debtholders (or amends the provisions of this clause (2) or the definition of “Act of Required Debtholders”), 
 (B) to share in the order of application described in Section 3.4 in the proceeds of enforcement of or realization on any Collateral that has not been released in accordance with the provisions described in
Section 4.1 or 
 (C) to require that Liens securing Secured Obligations be released only as set forth in the provisions
described in Section 4.1, 
 will become effective without the consent of the requisite percentage or number of holders of each Series of Secured Debt
so affected under the applicable Secured Debt Documents; and 
 (3) no amendment or supplement that imposes any obligation
upon the Collateral Trustee or any Secured Debt Representative or adversely affects the rights of the Collateral Trustee or any Secured Debt Representative will become effective without the additional consent of the Collateral Trustee or such
Secured Debt Representative. 
 (b) Notwithstanding Section 7.1(a) but subject to Sections 7.1(a)(2) and 7.1(a)(3): 
 (1) any mortgage or other Security Document that secures Junior Lien Obligations (but not Parity Lien Obligations) may be amended or
supplemented with the approval of the Collateral Trustee acting as directed in writing by the Required Junior Lien Debtholders, unless such amendment or supplement would not be permitted under the terms of this Agreement or the other Parity Lien
Documents; and 
 (2) any amendment or waiver of, or any consent under, any provision of this Agreement or any other Security
Document that secures Parity Lien Obligations will apply automatically to any comparable provision of any comparable Junior Lien Document without the consent of or notice to any holder of Junior Lien Obligations and without any action by the Company
or any other Pledgor or any holder of notes or other Junior Lien Obligations. 
 (c) The Collateral Trustee will not enter into any amendment
or supplement unless it has received an Officers’ Certificate to the effect that such amendment or supplement will not result in a breach of any provision or covenant contained in any of the Secured Debt Documents. Prior to executing any
amendment or supplement pursuant to this Section 7.1, the Collateral Trustee will be entitled to receive an opinion of counsel of the Company to the effect that the execution of such document is authorized or permitted hereunder, and with
respect to amendments adding Collateral, an opinion of counsel of the Company addressing customary perfection, and if such additional Collateral consists of equity interests of any Person, priority matters with respect to such additional Collateral.

 (d) The holders of Junior Lien Obligations and the Junior Lien Representatives agree that each Security Document that secures Junior Lien
Obligations (but not also securing Parity Lien Obligations) will include the following language: 
  

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 “Notwithstanding anything herein to the contrary, the lien and security interest granted to the
Collateral Trustee pursuant to this Agreement and the exercise of any right or remedy by such Collateral Trustee hereunder are subject to the provisions of the Collateral Trust Agreement, dated as of November 9, 2006, among, the Company, the
other Pledgors from time to time party thereto, The Bank of New York, as Trustee under the Indenture (as defined therein) and The Bank of New York, as Collateral Trustee (as amended, supplemented, amended and restated or otherwise modified and in
effect from time to time, the “Collateral Trust Agreement”). In the event of any conflict between the terms of the Collateral Trust Agreement and this Agreement, the terms of the Collateral Trust Agreement will govern.”

 ; provided, however, that if the jurisdiction in which any such Junior Lien Document will be filed prohibits the inclusion of the language above or
would prevent a document containing such language from being recorded, the Junior Lien Representatives and the Parity Lien Representatives agree, prior to such Junior Lien Document being entered into, to negotiate in good faith replacement language
stating that the lien and security interest granted under such Junior Lien Document is subject to the provisions of this Agreement. 
 SECTION 7.2 Voting. In connection with any matter under this Agreement requiring a vote of holders of Secured Debt, each Series of Secured Debt will cast its votes in accordance with the Secured Debt Documents governing such Series
of Secured Debt. The amount of Secured Debt to be voted by a Series of Secured Debt will equal, without duplication, (1) the aggregate principal amount of Secured Debt held by such Series of Secured Debt (including outstanding letters of credit
whether or not then available or drawn), plus (2) other than in connection with an exercise of remedies, the aggregate unfunded commitments to extend credit which, when funded, would constitute Indebtedness of such Series of Secured
Debt. Following and in accordance with the outcome of the applicable vote under its Secured Debt Documents, the Secured Debt Representative of each Series of Secured Debt will cast all of its votes as a block in respect of any vote under this
Agreement. 
 SECTION 7.3 Further Assurances; Insurance. 
 (a) The Company and each of the other Pledgors will do or cause to be done all acts and things that may be required, or that the Collateral Trustee from time to time may reasonably request, to assure and confirm that
the Collateral Trustee holds, for the benefit of the holders of Secured Obligations, duly created and enforceable and perfected Liens upon the Collateral (including any property or assets that are acquired or otherwise become Collateral after the
date hereof), in each case as contemplated by, and with the Lien priority required under, the Secured Debt Documents. 
 (b) Upon the
reasonable request of the Collateral Trustee or any Secured Debt Representative at any time and from time to time, the Company and each of the other Pledgors will promptly execute, acknowledge and deliver such security documents, instruments,
certificates, notices and other documents, and take such other actions as may be reasonably required, or that the Collateral Trustee may reasonably request, to create, perfect, protect, assure or enforce the Liens and benefits intended to be
conferred, in each case as contemplated by the Secured Debt Documents for the benefit of holders of Secured Obligations. 
  

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 (c) The Company and the other Pledgors will maintain insurance as may be required by the Indenture or any
other Secured Debt Document or by law. Upon request of the Collateral Trustee, the Company and other Pledgors will furnish to the Collateral Trustee full information as to their property and liability insurance carriers. 
 (d) All insurance policies required by Section 7.3(c) will: 
 (1) provide that, with respect to third party liability insurance, the Collateral Trustee, for the benefit of the Secured Parties, shall
be named as an additional insured, with a waiver of subrogation; 
 (2) name the Collateral Trustee, for the benefit of the
Secured Parties, as a loss payee and additional insured for amounts in excess of $5,000,000; and 
 (3) provide that
(x) no cancellation or termination of such insurance shall be effective until 30 days after written notice is given by the insurers to the Collateral Trustee of such cancellation or termination, (provided that only 10 days written notice is
required if such cancellation or termination is as a result of the non-payment of premiums). 
 (f) Upon the request of the Collateral
Trustee, the Company and the other Pledgors will permit the Collateral Trustee or any of its agents or representatives, at reasonable times and intervals upon reasonable prior notice, to visit their offices and sites and inspect any of the
Collateral and to discuss matters relating to the Collateral with their respective officers and independent public accountants. The Company and the other Pledgors shall, at any reasonable time and from time to time upon reasonable prior notice,
permit the Collateral Trustee or any of its agents or representatives to examine and make copies of and abstracts from the records and books of account of the Company and the other Pledgors and their Subsidiaries, all at the Company’s expense.

 SECTION 7.4 Perfection of Junior Trust Estate. 
 Solely for purposes of perfecting the Liens of the Collateral Trustee in its capacity as agent of the holders of Junior Lien Obligations and the Junior Lien Representatives in any portion of the Junior Trust Estate in
the possession or control of the Collateral Trustee (or its agents or bailees) as part of the Senior Trust Estate including any instruments, goods, negotiable documents, tangible chattel paper, electronic chattel paper, certificated securities,
money, deposit accounts and securities accounts, the Collateral Trustee, the holders of Parity Lien Obligations and the Parity Lien Representatives hereby acknowledge that the Collateral Trustee also holds such property as agent for the benefit of
the Collateral Trustee for the benefit of the holders of Junior Lien Obligations and the Junior Lien Representatives. 
 SECTION 7.5
Successors and Assigns. 
 (a) Except as provided in Section 5.2 and 5.16 the Collateral Trustee may not, in its capacity as such,
delegate any of its duties or assign any of its rights hereunder, and any attempted delegation or assignment of any such duties or rights shall be null and void. 
  

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 (b) All obligations of the Collateral Trustee hereunder will inure to the sole and exclusive benefit of,
and be enforceable by, each Secured Debt Representative, on its own behalf and on behalf of each present and future holder of Secured Obligations, who will be entitled to enforce this Agreement as a third-party beneficiary hereof, and all of their
respective successors and assigns. 
 (c) Neither the Company nor any other Pledgor may delegate any of its duties, except in accordance with
the Indenture or assign any of its rights hereunder, and any attempted delegation or assignment of any such duties or rights will be null and void. All obligations of the Company and the other Pledgors hereunder will inure to the sole and exclusive
benefit of, and be enforceable by, the Collateral Trustee and each Secured Debt Representative, on behalf of itself and on behalf of each present and future holder of Secured Obligations, whom will be entitled to enforce this Agreement as a
third-party beneficiary hereof, and all of their respective successors and assigns. 
 SECTION 7.6 Delay and Waiver. No failure to
exercise, no course of dealing with respect to the exercise of, and no delay in exercising, any right, power or remedy arising under this Agreement or any of the other Security Documents will impair any such right, power or remedy or operate as a
waiver thereof. No single or partial exercise of any such right, power or remedy will preclude any other or future exercise thereof or the exercise of any other right, power or remedy. The remedies herein are cumulative and are not exclusive of any
remedies provided by law. 
 SECTION 7.7 Notices. Any communications, including notices and instructions, between the parties hereto
or notices provided herein to be given, shall be in writing and shall be given to the following addresses: 
  

			
	If to the Collateral Trustee:	  	The Bank of New York
		  	101 Barclay Street, 8 W
		  	New York, NY 10286
		  	Attn: Corporate Trust Administration
		  	Fax: (212) 815-5707
		
	If to the Company or any other Pledgor:	  	 Sabine Pass LNG, L.P.
 717 Texas Avenue Suite
3100
 Houston, Texas 77022
 Attn: Graham McArthur
 Fax: (713) 649-5459
 Email: gmcarthur@cheniere.com

		
	If to the Trustee:	  	The Bank of New York
		  	101 Barclay Street, 8 W
		  	New York, NY 10286
		  	Attn: Corporate Trust Administration
		  	Fax: (212) 815-5707

  

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 and if to any other Secured Debt Representative, to such address as it may specify by written notice to the parties named
above. 
 All notices and communications will be mailed by first class mail, certified or registered, return receipt requested, or by
overnight air courier guaranteeing next day delivery, to the relevant address set forth above or, as to holders of Secured Debt, to its Secured Debt Representative. To the extent applicable, any notice or communication will also be so mailed to any
Person described in § 313(c) of the Trust Indenture Act of 1939, as amended, to the extent required thereunder. Failure to mail a notice or communication to a holder of Secured Debt or any defect in it will not affect its sufficiency with
respect to other holders of Secured Debt. 
 If a notice or communication is mailed in the manner provided above within the time prescribed,
it is duly given, whether or not the addressee receives it, provided that no notice or communication to the Collateral Trustee or the Trustee shall be deemed received by it unless such notice or communication is actually received by it at its
address (including via fax) set forth above. 
 SECTION 7.8 Notice Following Discharge of Parity Lien Obligations. Promptly following
the Discharge of Parity Lien Obligations with respect to one or more Series of Parity Secured Debt, each Parity Lien Representative with respect to each applicable Series of Parity Secured Debt that is so discharged will provide written notice of
such discharge to the Collateral Trustee and to each other Secured Debt Representative. 
 SECTION 7.9 Entire Agreement. This
Agreement states the complete agreement of the parties relating to the undertaking of the Collateral Trustee set forth herein and supersedes all oral negotiations and prior writings in respect of such undertaking. 
 SECTION 7.10 Compensation; Expenses. The Pledgors jointly and severally agree to pay, promptly upon demand: 
 (1) such compensation to the Collateral Trustee and its agents as the Company and the Collateral Trustee may agree in writing from time to
time; 
 (2) all reasonable costs and expenses incurred by the Collateral Trustee and its agents in the preparation,
execution, delivery, filing, recordation, administration or enforcement of this Agreement or any other Security Document or any consent, amendment, waiver or other modification relating hereto or thereto; 
 (3) all reasonable fees, expenses and disbursements of legal counsel and any auditors, accountants, consultants or appraisers or other
professional advisors and agents engaged by the Collateral Trustee or any Secured Debt Representative incurred in connection with the negotiation, preparation, closing, administration, performance or enforcement of this Agreement and the other
Security Documents or any consent, 
  

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 amendment, waiver or other modification relating hereto or thereto and any other document or matter
requested by the Company or any other Pledgor; 
 (4) all reasonable costs and expenses incurred by the Collateral Trustee and
its agents in creating, perfecting, preserving, releasing or enforcing the Collateral Trustee’s Liens on the Collateral, including filing and recording fees, expenses and taxes, stamp or documentary taxes, search fees, and title insurance
premiums; 
 (5) all other reasonable costs and expenses incurred by the Collateral Trustee and its agents in connection with
the negotiation, preparation and execution of the Security Documents and any consents, amendments, waivers or other modifications thereto and the transactions contemplated thereby or the exercise of rights or performance of obligations by the
Collateral Trustee thereunder; 
 (6) after the occurrence of any Secured Debt Default, all costs and expenses incurred by the
Collateral Trustee, its agents and any Secured Debt Representative in connection with the preservation, collection, foreclosure or enforcement of the Collateral subject to the Security Documents or any interest, right, power or remedy of the
Collateral Trustee or in connection with the collection or enforcement of any of the Secured Obligations or the proof, protection, administration or resolution of any claim based upon the Secured Obligations in any Insolvency or Liquidation
Proceeding, including all fees and disbursements of attorneys, accountants, auditors, consultants, appraisers and other professionals engaged by the Collateral Trustee, its agents or the Secured Debt Representatives; and 
 (7) all filing and recordation fees, expenses and taxes. 
 The agreements in this Section 7.10 will survive repayment of all other Secured Obligations and the removal or resignation of the Collateral Trustee. 
 SECTION 7.11 Indemnity. 
 (a) The
Pledgors jointly and severally agree to defend, indemnify, pay and hold harmless the Collateral Trustee, each Secured Debt Representative, each holder of Secured Obligations and each of their respective Affiliates and each and all of the directors,
officers, partners, trustees, employees, attorneys and agents, and (in each case) their respective heirs, representatives, successors and assigns (each of the foregoing, an “Indemnitee”) from and against any and
all Indemnified Liabilities; provided, no Indemnitee will be entitled to indemnification hereunder with respect to any Indemnified Liability to the extent such Indemnified Liability is found by a final and nonappealable decision of a court of
competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnitee. 
 (b) All amounts due under this
Section 7.11 will be payable upon demand. 
  

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 (c) To the extent that the undertakings to defend, indemnify, pay and hold harmless set forth in
Section 7.11(a) may be unenforceable in whole or in part because they violate any law or public policy, each of the Pledgors will contribute the maximum portion that it is permitted to pay and satisfy under applicable law to the payment and
satisfaction of all Indemnified Liabilities incurred by Indemnitees or any of them. 
 (d) No Pledgor will ever assert any claim against any
Indemnitee, on any theory of liability, for any lost profits or special, indirect or consequential damages or (to the fullest extent a claim for punitive damages may lawfully be waived) any punitive damages arising out of, in connection with, or as
a result of, this Agreement or any other Secured Debt Document or any agreement or instrument or transaction contemplated hereby or relating in any respect to any Indemnified Liability, and each of the Pledgors hereby forever waives, releases and
agrees not to sue upon any claim for any such lost profits or special, indirect, consequential or (to the fullest extent lawful) punitive damages, whether or not accrued and whether or not known or suspected to exist in its favor. 
 (e) The agreements in this Section 7.11 will survive repayment of all other Secured Obligations and the removal or resignation of the Collateral
Trustee. 
 SECTION 7.12 Severability. If any provision of this Agreement is invalid, illegal or unenforceable in any respect or in
any jurisdiction, the validity, legality and enforceability of such provision in all other respects and of all remaining provisions, and of such provision in all other jurisdictions, will not in any way be affected or impaired thereby. 

SECTION 7.13 Headings. Section headings herein have been inserted for convenience of reference only, are not to be considered a part of this
Agreement and will in no way modify or restrict any of the terms or provisions hereof. 
 SECTION 7.14 Obligations Secured. All
obligations of the Pledgors set forth in or arising under this Agreement will be Secured Obligations and are secured by all Liens granted by the Security Documents. 
 SECTION 7.15 Governing Law. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS AGREEMENT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE
APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 SECTION 7.16 Consent to Jurisdiction. All judicial
proceedings brought against any party hereto arising out of or relating to this Agreement or any of the other Security Documents may be brought in any state or federal court of competent jurisdiction in the State, County and City of New York. By
executing and delivering this Agreement, each Pledgor, for itself and in connection with its properties, irrevocably: 
 (1)
accepts generally and unconditionally the nonexclusive jurisdiction and venue of such courts; 
  

 46 

 (2) waives any defense of forum non conveniens; 
 (3) agrees that service of all process in any such proceeding in any such court may be made by registered or certified mail, return
receipt requested, to such party at its address provided in accordance with Section 7.7; 
 (4) agrees that service as
provided in clause (3) above is sufficient to confer personal jurisdiction over such party in any such proceeding in any such court and otherwise constitutes effective and binding service in every respect; and 
 (5) agrees each party hereto retains the right to serve process in any other manner permitted by law or to bring proceedings against any
party in the courts of any other jurisdiction. 
 SECTION 7.17 Waiver of Jury Trial. Each party to this Agreement waives its rights to
a jury trial of any claim or cause of action based upon or arising under this Agreement or any of the other Security Documents or any dealings between them relating to the subject matter of this Agreement or the intents and purposes of the other
Security Documents. The scope of this waiver is intended to be all-encompassing of any and all disputes that may be filed in any court and that relate to the subject matter of this Agreement and the other Security Documents, including contract
claims, tort claims, breach of duty claims and all other common law and statutory claims. Each party to this Agreement acknowledges that this waiver is a material inducement to enter into a business relationship, that each party hereto has already
relied on this waiver in entering into this Agreement, and that each party hereto will continue to rely on this waiver in its related future dealings. Each party hereto further warrants and represents that it has reviewed this waiver with its legal
counsel and that it knowingly and voluntarily waives its jury trial rights following consultation with legal counsel. This waiver is irrevocable, meaning that it may not be modified either orally or in writing (other than by a mutual written waiver
specifically referring to this Section 7.17 and executed by each of the parties hereto), and this waiver will apply to any subsequent amendments, renewals, supplements or modifications of or to this Agreement or any of the other Security
Documents or to any other documents or agreements relating thereto. In the event of litigation, this Agreement may be filed as a written consent to a trial by the court. 
 SECTION 7.18 Counterparts. This Agreement may be executed in any number of counterparts (including by facsimile), each of which when so executed and delivered will be deemed an original, but all such
counterparts together will constitute but one and the same instrument. 
 SECTION 7.19 Effectiveness. This Agreement will become
effective upon the execution of a counterpart hereof by each of the parties hereto and receipt by each party of written notification of such execution and written or telephonic authorization of delivery thereof. 
 SECTION 7.20 Additional Pledgors. The Company will cause each Person that becomes a Pledgor or is required by any Secured Debt Document to become
a party to this 
  

 47 

 Agreement to become a party to this Agreement, for all purposes of this Agreement, by causing such Person to execute and
deliver to the Collateral Trustee a Collateral Trust Joinder, whereupon such Person will be bound by the terms hereof to the same extent as if it had executed and delivered this Agreement as of the date hereof. The Company shall promptly provide
each Secured Debt Representative with a copy of each Collateral Trust Joinder executed and delivered pursuant to this Section 7.20; provided, however, that the failure to so deliver a copy of the Collateral Trust Joinder to any then existing
Secured Debt Representative shall not affect the inclusion of such Person as a Pledgor if the other requirements of this Section 7.20 are complied with. 
 SECTION 7.21 Continuing Nature of this Agreement. This Agreement, including the subordination provisions hereof, will be reinstated if at any time any payment or distribution in respect of any of the Parity
Lien Obligations is rescinded or must otherwise be returned in an Insolvency or Liquidation Proceeding or otherwise by any holder of Parity Lien Obligations or Parity Lien Representative or any representative of any such party (whether by demand,
settlement, litigation or otherwise). In the event that all or any part of a payment or distribution made with respect to the Parity Lien Obligations is recovered from any holder of Parity Lien Obligations or any Parity Lien Representative in an
Insolvency or Liquidation Proceeding or otherwise, such payment or distribution received by any holder of Junior Lien Obligations or Junior Lien Representative with respect to the Junior Lien Obligations from the proceeds of any Collateral or any
title insurance policy required by any real property mortgage at any time after the date of the payment or distribution that is so recovered, whether pursuant to a right of subrogation or otherwise, that Junior Lien Representative or that holder of
a Junior Lien Obligation, as the case may be, will forthwith deliver the same to the Collateral Trustee, for the account of the holders of the Parity Lien Obligations and other Obligations secured by a Permitted Prior Lien, to be applied in
accordance with Section 3.4. Until so delivered, such proceeds will be held by that Junior Lien Representative or that holder of a Junior Lien Obligation, as the case may be, for the benefit of the holders of the Parity Lien Obligations and
other Obligations secured by a Permitted Prior Lien. 
 SECTION 7.22 Insolvency. This Agreement will be applicable both before and
after the commencement of any Insolvency or Liquidation Proceeding by or against any Pledgor. The relative rights, as provided for in this Agreement, will continue after the commencement of any such Insolvency or Liquidation Proceeding on the same
basis as prior to the date of the commencement of any such case, as provided in this Agreement. 
 SECTION 7.23 Rights and Immunities of
Secured Debt Representatives. The Trustee will be entitled to all of the rights, protections, immunities and indemnities set forth in the Indenture and any future Secured Debt Representative will be entitled to all of the rights, protections,
immunities and indemnities set forth in any Credit Facility, indenture or other agreement governing the applicable Secured Debt with respect to which such Person will act as representative, in each case as if specifically set forth herein. In no
event will any Secured Debt Representative be liable for any act or omission on the part of the Pledgors or the Collateral Trustee hereunder. 
 SECTION 7.24 Crest Obligations. Except as expressly provided herein, no provision other than the preamble, Article 1, Sections 2.3, 2.4, 3.1(a), 3.1(b), 3.4, 3.7 and 4.1, Articles V 
  

 48 

 and VI, and Sections 7.9, 7.12, 7.13, 7.15, 7.16, 7.17, 7.18 and 7.23 and this Section 7.24 of this Agreement shall
be applicable to Crest or inure to its benefit. 
 SECTION 7.25 Amendments to Material Project Agreements. If any of the
Company’s counterparties under any Material Project Agreement requests (or the Company makes such request on behalf of the counterparty) a consent or approval of the Collateral Trustee with respect to any amendment, modification, change order,
waiver, consent, suspension, rescission or termination of such Material Project Agreement, the Collateral Trustee shall provide such consent or approval to such counterparty if (a) a copy of such amendment, modification, change order, waiver,
consent, suspension, rescission or termination has been delivered to the Collateral Trustee along with a certificate of an authorized officer of the Company certifying that the proposed amendment, modification, change order, waiver, consent,
suspension, rescission or termination could not reasonably be expected to have a Material Adverse Effect or (b) the Company has obtained the consent of a majority of the holders of the Notes to such amendment, modification, change order,
waiver, consent, suspension, rescission or termination (and the Company or the Trustee has provided a copy of such consent (or other evidence thereof) to the Collateral Trustee. Any consent or approval granted by the Collateral Trustee pursuant to
this Section 7.25 shall be solely for the benefit of the counterparty of the Company under the applicable Material Project Agreement. 
 [Signature page follows.] 
  

 49 

 IN WITNESS WHEREOF, the parties hereto have caused this Collateral Trust Agreement to be executed by
their respective officers or representatives as of the day and year first above written. 
  

			
	SABINE PASS LNG, L.P.
	By: Sabine Pass LNG–GP, Inc., its general partner
		
	By:	 	 /s/ Graham McArthur

	Name:	 	Graham McArthur
	Title:	 	Treasurer

 Signature Page – Collateral Trust Agreement 

			
	THE BANK OF NEW YORK, as Trustee under the Indenture
		
	By:	 	 /s/ Beata Hryniewicka

	Name:	 	Beata Hryniewicka
	Title:	 	Assistant Vice President
	
	THE BANK OF NEW YORK, not individually but solely in its capacity as Collateral Trustee
		
	By:	 	 /s/ Beata Hryniewicka

	Name:	 	Beata Hryniewicka
	Title:	 	Assistant Vice President

 Signature Page – Collateral Trust Agreement 

			
	SABINE PASS LNG-LP, LLC
	as a Pledgor
		
	By:	 	 /s/ Graham McArthur

	Name:	 	Graham McArthur
	Title:	 	Treasurer
	
	 SABINE PASS LNG-GP, INC.
 as a
Pledgor

		
	By:	 	 /s/ Graham McArthur

	Name:	 	Graham McArthur
	Title:	 	Treasurer

 Signature Page – Collateral Trust Agreement 

 EXHIBIT A 
 to Collateral Trust Agreement 
 [FORM OF] 
 ADDITIONAL SECURED DEBT DESIGNATION 
 Reference is made to the Collateral Trust
Agreement dated as of November 9, 2006 (as amended, supplemented, amended and restated or otherwise modified and in effect from time to time, the “Collateral Trust Agreement”) among Sabine Pass LNG, L.P.
(the “Company”), the Pledgors from time to time party thereto, The Bank of New York, as Trustee under the Indenture (as defined therein) and The Bank of New York, as Collateral Trustee. Capitalized terms used
but not otherwise defined herein shall have the meaning set forth in the Collateral Trust Agreement. This Additional Secured Debt Designation is being executed and delivered in order to designate additional secured debt as either Parity Secured Debt
or Junior Lien Debt entitled to the benefit of the Collateral Trust Agreement. 
 The undersigned, the duly appointed [specify title]
of the Company hereby certifies on behalf of the Company that: 
 (A) [insert name of the Company or other Pledgor]
intends to incur additional Secured Debt (“Additional Secured Debt”) which will be [select appropriate alternative] [Parity Secured Debt permitted by each applicable Secured Debt Document to be secured by
a Parity Lien Equally and Ratably with all previously existing and future Parity Secured Debt] or [Junior Lien Debt permitted by each applicable Secured Debt Document to be secured with a Junior Lien Equally and Ratably with all previously existing
and future Junior Lien Debt]; 
 (B) the name and address of the Secured Debt Representative for the Additional Secured Debt
for purposes of Section 7.7 of the Collateral Trust Agreement is: 
  

									
		 	  	 	
		 	  	 	
		 	Telephone:	 	  	 	
		 	 Fax:
	 	  	 	

 (C) Each of the Company and each other Pledgor has duly authorized, executed (if
applicable) and recorded (or caused to be recorded) in each appropriate governmental office all relevant filings and recordations to ensure that the Additional Secured Debt is secured by the Collateral in accordance with the Security Documents; and

 (D) the Company has caused a copy of this Additional Secured Debt Designation to be delivered to each existing Secured Debt
Representative. 
 EXHIBIT A 

 IN WITNESS WHEREOF, the Company has caused this Additional Secured Debt Designation to be duly executed
by the undersigned officer as of                     , 20    . 
  

			
	SABINE PASS LNG, L.P.
	By: Sabine Pass LNG–GP, Inc., its general partner
		
	By:	 	  

	Name:	 	
	Title:	 	

 ACKNOWLEDGEMENT OF RECEIPT 
 The undersigned, the duly appointed Collateral Trustee under the Collateral Trust Agreement, hereby acknowledges receipt of an executed copy of this Additional Secured
Debt Designation. 
  

			
	The Bank of New York, as Collateral Trustee
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 S-2 

 EXHIBIT B 
 to Collateral Trust Agreement 
 [FORM OF] 
 COLLATERAL TRUST JOINDER – ADDITIONAL DEBT 
 Reference is made to the
Collateral Trust Agreement dated as of November 9, 2006 (as amended, supplemented, amended and restated or otherwise modified and in effect from time to time, the “Collateral Trust Agreement”) among Sabine
Pass LNG, L.P. (the “Company”), the Pledgors from time to time party thereto, The Bank of New York, as Trustee under the Indenture (as defined therein) and The Bank of New York, as Collateral Trustee.
Capitalized terms used but not otherwise defined herein shall have the meaning set forth in the Collateral Trust Agreement. This Collateral Trust Joinder is being executed and delivered pursuant to Section 3.8 of the Collateral Trust Agreement
as a condition precedent to the debt for which the undersigned is acting as agent being entitled to the benefits of being additional secured debt under the Collateral Trust Agreement. 
 1. Joinder. The undersigned,
                                        
            , a
                                        
            , (the “New Representative”) as [trustee, administrative agent] under that certain [described applicable indenture, Credit Facilities
or other document governing the additional secured debt] hereby agrees to become party as [a Junior Lien Representative] [a Parity Lien Representative] under the Collateral Trust Agreement for all purposes thereof on the terms set forth therein,
and to be bound by the terms of the Collateral Trust Agreement as fully as if the undersigned had executed and delivered the Collateral Trust Agreement as of the date thereof. 
 2. Lien Sharing and Priority Confirmation. 
 [Option A: to be used if Additional Debt is Junior Lien Debt] The undersigned New Representative, on behalf of itself and each holder of Obligations in respect of the Series of Junior Lien Debt for which the undersigned is
acting as Junior Lien Representative hereby agrees, for the enforceable benefit of all holders of each existing and future Series of Parity Secured Debt and Junior Lien Debt, each existing and future Parity Lien Representative, each other existing
and future Junior Lien Representative and each existing and future holder of Permitted Prior Liens and as a condition to being treated as Secured Debt under the Collateral Trust Agreement that: 
 (a) all Junior Lien Obligations will be and are secured Equally and Ratably by all Junior Liens at any time granted by the Company or any
other Pledgor to secure any Obligations in respect of any Series of Junior Lien Debt, whether or not upon property otherwise constituting collateral for such Series of Junior Lien Debt, and that all such Junior Liens will be enforceable by the
Collateral Trustee for the benefit of all holders of Junior Lien Obligations Equally and Ratably; 
  

 S-3 

 (b) the New Representative and each holder of Obligations in respect of the Series of
Junior Lien Debt for which the undersigned is acting as Junior Lien Representative are bound by the provisions of this Agreement, including the provisions relating to the ranking of Junior Liens and the order of application of proceeds from the
enforcement of Junior Liens; and 
 (c) the Collateral Trustee shall perform its obligations under the Collateral Trust
Agreement and the other Security Documents. [or] 
 [Option B: to be used if Additional Debt is Parity Secured Debt] The undersigned New
Representative, on behalf of itself and each holder of Obligations in respect of the Series of Parity Secured Debt for which the undersigned is acting as Parity Lien Representative hereby agrees, for the enforceable benefit of all holders of each
existing and future Series of Parity Secured Debt and Junior Lien Debt, each existing and future Junior Lien Representative, each other existing and future Parity Lien Representative and each existing and future holder of Permitted Prior Liens and
as a condition to being treated as Secured Debt under the Collateral Trust Agreement that: 
 (a) all Parity Lien Obligations
will be and are secured Equally and Ratably by all Parity Liens at any time granted by the Company or any other Pledgor to secure any Obligations in respect of any Series of Parity Secured Debt, whether or not upon property otherwise constituting
collateral for such Series of Parity Secured Debt, and that all such Parity Liens will be enforceable by the Collateral Trustee for the benefit of all holders of Parity Lien Obligations Equally and Ratably; 
 (b) the New Representative and each holder of Obligations in respect of the Series of Parity Secured Debt for which the undersigned is
acting as Parity Lien Representative are bound by the provisions of this Agreement, including the provisions relating to the ranking of Parity Liens and the order of application of proceeds from the enforcement of Parity Liens; and 
 (c) the Collateral Trustee shall perform its obligations under the Collateral Trust Agreement and the other Security Documents.

 3. Governing Law and Miscellaneous Provisions. The provisions of Article 7 of the Collateral Trust Agreement will apply with
like effect to this Collateral Trust Joinder. 
 IN WITNESS WHEREOF, the parties hereto have caused this Collateral Trust Joinder to be
executed by their respective officers or representatives as of                     ,
20        . 
 [INSERT NAME OF THE NEW 
 REPRESENTATIVE] 
  

 S-4 

			
	By:	 	  

	Name:	 	  

	Title:	 	  

 The Collateral Trustee hereby acknowledges receipt of this Collateral Trust Joinder and agrees to act as
Collateral Trustee for the New Representative and the holders of the Obligations represented thereby: 
  

			
	The Bank of New York,
	 as Collateral Trustee

		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 S-5 

 EXHIBIT C 
 to Collateral Trust Agreement 
 [FORM OF] 
 COLLATERAL TRUST JOINDER – ADDITIONAL PLEDGOR 
 Reference is made to the
Collateral Trust Agreement dated as of November 9, 2006 (as amended, supplemented, amended and restated or otherwise modified and in effect from time to time, the “Collateral Trust Agreement”) among Sabine
Pass LNG, L.P. (the “Company”), the Pledgors from time to time party thereto, The Bank of New York, as Trustee under the Indenture (as defined therein) and The Bank of New York, as Collateral Trustee.
Capitalized terms used but not otherwise defined herein shall have the meaning set forth in the Collateral Trust Agreement. This Collateral Trust Joinder is being executed and delivered pursuant to Section 7.20 of the Collateral Trust
Agreement. 
 1. Joinder. The undersigned,
                                        
            , a
                                        
            , hereby agrees to become party as a Pledgor under the Collateral Trust Agreement for all purposes thereof on the terms set forth therein, and to be bound by the terms of the
Collateral Trust Agreement as fully as if the undersigned had executed and delivered the Collateral Trust Agreement as of the date thereof. 
 2. Governing Law and Miscellaneous Provisions. The provisions of Article 7 of the Collateral Trust Agreement will apply with like effect to this Collateral Trust Joinder. 
 IN WITNESS WHEREOF, the parties hereto have caused this Collateral Trust Joinder to be executed by their respective officers or representatives as of
                    , 20        . 
  

			
	[                                      
                                        
      ]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 The Collateral Trustee hereby acknowledges receipt of this Collateral Trust Joinder and agrees to act as
Collateral Trustee with respect to the Collateral pledged by the new Pledgor: 
  

			
	The Bank of New York,
	as Collateral Trustee
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 S-6Amended and Restated Parity Lien Security Agreement

 Exhibit 10.2 
 Execution Version 
  

  
 AMENDED AND RESTATED 
 PARITY LIEN SECURITY AGREEMENT 
 Dated as of November 9, 2006 
 between 
 SABINE PASS LNG, L.P.,

 as Company 
 and 

THE BANK OF NEW YORK, 
 as Collateral
Trustee 
  
  

 TABLE OF CONTENTS 
  

					
	 	  	Page
	ARTICLE I DEFINITIONS AND INTERPRETATION	  	2
	 1.01
	    	Certain Defined Terms	  	2
	 1.02
	    	Interpretation	  	5
		
	ARTICLE II THE COLLATERAL	  	5
	 2.01
	    	Grant for the benefit of the Parity Lien Secured Parties	  	5
	 2.02
	    	Grant for the benefit of Crest	  	7
	 2.03
	    	Priority	  	7
	 2.04
	    	Amendment and Restatement of Prior Security Agreement; Confirmation of Grant of Security	  	7
	 2.05
	    	Perfection	  	7
	 2.06
	    	Preservation and Protection of Security Interests.	  	8
	 2.07
	    	Attorney-in-Fact.	  	10
	 2.08
	    	Instrument	  	11
	 2.09
	    	Rights and Obligation.	  	11
	 2.10
	    	Release and Termination	  	12
	 2.11
	    	Intellectual Property.	  	12
		
	ARTICLE III COLLATERAL ACCOUNTS	  	12
		
	ARTICLE IV REPRESENTATIONS AND WARRANTIES	  	13
	 4.01
	    	Title	  	13
	 4.02
	    	No Other Financing Statements	  	13
	 4.03
	    	Perfection Representations	  	14
	 4.04
	    	Other Perfection Matters	  	14
	 4.05
	    	Fair Labor Standards Act	  	14
	 4.06
	    	No Further Consents, etc	  	14
		
	ARTICLE V COVENANTS	  	15
	 5.01
	    	Books and Records	  	15
	 5.02
	    	Legal Status	  	15
	 5.03
	    	Sales and Other Liens	  	15
	 5.04
	    	Further Assurances	  	15
		
	ARTICLE VI REMEDIES	  	16
	 6.01
	    	Events of Default, Etc.	  	16
	 6.02
	    	Deficiency	  	18
	 6.03
	    	Private Sale	  	18
	 6.04
	    	Application of Proceeds	  	19

  

 -i- 

					
	ARTICLE VII COLLATERAL TRUSTEE MAY PERFORM	  	19
		
	ARTICLE VIII REINSTATEMENT	  	19
		
	ARTICLE IX EXCULPATORY PROVISIONS	  	20
		
	ARTICLE X MISCELLANEOUS	  	20
	 10.01
	    	No Waiver; Remedies Cumulative	  	20
	 10.02
	    	Notices	  	20
	 10.03
	    	Expenses	  	21
	 10.04
	    	Waivers, etc	  	21
	 10.05
	    	Successors and Assigns	  	21
	 10.06
	    	Survival	  	21
	 10.07
	    	Agreements Superseded	  	21
	 10.08
	    	Severability	  	22
	 10.09
	    	Captions	  	22
	 10.10
	    	Counterparts	  	22
	 10.11
	    	CONSENT TO JURISDICTION	  	22
	 10.12
	    	Certain Matters Relating to Collateral Located in the State of Louisiana	  	22
	 10.13
	    	Waiver of Jury Trial	  	24
	 10.14
	    	GOVERNING LAW	  	24
	 10.15
	    	Supremacy Clause	  	24
	 10.16
	    	Subordination of Lien	  	24

  

			
	Annex A:	    	Project Documents
	Schedule 2.06(a):	    	Amounts Payable by Instrument or Tangible Chattel Paper
	Schedule 2.06(c):	    	Investment Property
	Schedule 2.06(f):	    	Commercial Tort Claims
	Schedule 4.04:	    	UCC Filing Offices

  

 -ii- 

 This AMENDED AND RESTATED PARITY LIEN SECURITY AGREEMENT, dated as of November 9, 2006 (this
“Agreement”), is made between SABINE PASS LNG, L.P., a Delaware limited partnership (the “Company”) and THE BANK OF NEW YORK, a New York banking corporation, as collateral
trustee (the “Collateral Trustee”) on behalf of and for the benefit of the Secured Parties (defined below). 
 RECITALS 
 A. Capitalized terms used in this Agreement have the meanings assigned to them above or in Article I below. 

B. The Company (a) on the date hereof, will issue senior secured notes due November 30, 2013 and senior secured notes due November 30,
2016 (together, the “Initial Notes”) under an indenture, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the
“Indenture”), between the Company and The Bank of New York, in its capacity as indenture trustee (the “Trustee”) and (b) in the future may issue additional senior
secured notes (together with the Initial Notes, the “Notes”) under the Indenture and/or may otherwise incur additional secured indebtedness raking pari passu with the Notes (such other secured
indebtedness together with the Notes, the “Parity Secured Debt”). 
 C. The Company may, from time to
time, incur additional future Parity Secured Debt that will, be secured Equally and Ratably with the Notes by Liens on all present and future Collateral. 
 D. In order to cause the Liens encumbering the Collateral and created herein to secure Equally and Ratably, the Notes and all other future Parity Lien Obligations, the Company and the other Pledgors will enter into a
collateral trust arrangement pursuant to the Collateral Trust Agreement, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the “Collateral Trust Agreement”)
among the Company, the Pledgors, the Trustee, the other Secured Debt Representatives party thereto from time to time and the Collateral Trustee. 
 E. Pursuant to the Crest Settlement Documents, the Company is prohibited from creating or allowing to be created any lien, security interest or other encumbrance on any of the Company’s assets for borrowed money that is senior to or
pari passu with the obligations of the Company to Crest and therefore the Company desires to grant in favor of the Collateral Trustee for the benefit of Crest, a secured lien that is senior to the Lien granted by the Company to the Collateral
Trustee in favor of the Parity Lien Secured Parties. 
 F. The Company, Société Générale, as agent, and HSBC Bank
USA, National Association, as collateral agent thereunder (in such capacity, the “Prior Collateral Agent”), were parties to a security agreement, dated as of February 25, 2005 (as amended, restated, supplemented and
otherwise modified from time to time, the “Prior Security 
  

 - 1 - 
 Security Agreement 

 Agreement”) pursuant to which the Company granted an interest in all of its assets to the Prior
Collateral Agent. Pursuant to a letter agreement dated as of the date hereof, the Prior Collateral Agent has assigned all of its rights under the Prior Security Agreement to the Collateral Trustee for the benefit of the Secured Parties. The
Collateral Trustee for the benefit of the Secured Parties shall have no liability for any action or inaction of the Prior Collateral Agent. The Prior Security Agreement is hereunder declared amended and restated as the Agreement. 
 G. It is a requirement under the Indenture and a condition precedent to the issuance of the Notes that the Company shall have executed and delivered this
Agreement. 
 NOW THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS AND INTERPRETATION 
 1.01 Certain Defined Terms. 

(a) Unless otherwise defined herein, all capitalized terms used in this Agreement that are defined in the Collateral Trust Agreement (including those
terms incorporated by reference) shall have the respective meanings assigned to them in the Collateral Trust Agreement. 
 (b) The terms
“Accounts”, “Chattel Paper”, “Commercial Tort Claims”, “Deposit Account”,
“Document”, “Electronic Chattel Paper”, “Equipment”, “Fixtures”, “General
Intangibles”, “Goods”, “Instrument”, “Inventory”, “Investment Property”,
“Letter of Credit”, “Letter-of-Credit Rights”, “Payment Intangible”, “Proceeds”,
“Record” and “Software” shall have the respective meanings ascribed thereto in Article 9 of the Uniform Commercial Code. In addition to the terms defined in the
preamble, recitals and the first sentence of this Section 1.01(b), the following terms shall have the following respective meanings: 
 “Assigned Agreement” shall have the meaning assigned to that term in Section 2.01. 
 “Cheniere” means Cheniere Energy, Inc., a Delaware corporation. 
 “Collateral” shall have the meaning assigned to that term in Section 2.01. 
 “Collateral Accounts” means the “Accounts” under and as defined in the Security Deposit Agreement. 
 “Copyrights” means, collectively, (a) all copyrights, copyright registrations and applications for copyright registrations, (b) all renewals and extensions of all
copyrights, 
  

 - 2 - 
 Security Agreement 

 copyright registrations and applications for copyright registration and (c) all rights, now existing or hereafter
coming into existence: (i) to all income, royalties, damages and other payments (including in respect of all past, present or future infringements) now or hereafter due or payable under or with respect to any of the foregoing, (ii) to sue
for all past, present and future infringements with respect to any of the foregoing and (iii) otherwise accruing under or pertaining to any of the foregoing throughout the world. 
 “Crest” means Crest Investment Company, a Texas corporation. 
 “Crest Cheniere Indemnity” means that certain Indemnification Agreement, dated May 9, 2005, executed by Cheniere relating to
the Settlement Agreement. 
 “Crest Default Remedy Instruction” means, collectively any instruction by Crest to the
Collateral Trustee in writing to exercise remedies under the this Agreement as a result of the Company’s failure to make any payment in respect of the Crest Obligations after written demand by Crest. 
 “Crest Obligations” means all obligations of the Company in favor of Crest under the Crest Settlement Documents. 
 “Crest Settlement Documents” means (a) the Settlement Agreement, (b) the Assumption Agreement, (c) the Crest
Cheniere Indemnity and (d) any and all other agreements and documents heretofore or hereafter entered into by any subsidiary of Cheniere pursuant to Section 1.07 of the Settlement Agreement. 
 “Event of Default” means (a) an “Event of Default” under and as defined in the Indenture or
(b) any other Secured Debt Default. 
 “Gas” means any hydrocarbon or mixture of hydrocarbons
consisting predominantly of methane which is in a gaseous state. 
 “Intellectual Property” means all
Copyrights, all Patents and all Trademarks, together with (a) all inventions, processes, production methods, proprietary information, know-how and trade secrets, (b) all licenses or user or other agreements granted to the Company with
respect to any of the foregoing, in each case whether now or hereafter owned or used, (c) all information, customer lists, identification of suppliers, data, plans, blueprints, specifications, designs, drawings, recorded knowledge, surveys,
engineering reports, test reports, manuals, materials standards, processing standards, performance standards, catalogs, computer and automatic machinery software and programs, (d) all field repair data, sales data and other information relating
to sales or service of products now or hereafter manufactured, (e) all accounting information and all media in which or on which any information or knowledge or data or records may be recorded or stored and all computer programs used for the
compilation or printout of such information, knowledge, records or data, (f) all licenses, consents, permits, variances, certifications and approvals of governmental agencies now or hereafter held by the 
  

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 Security Agreement 

 Company, in each case, to the extent assignable and (g) all causes of action, claims and warranties now owned or
hereafter acquired by the Company in respect of any of the foregoing. 
 “Loss Proceeds” shall have the
meaning ascribed thereto in the Security Deposit Agreement. 
 “Motor Vehicles” means motor vehicles,
tractors, trailers and other like property, whether or not the title thereto is governed by a certificate of title or ownership. 
 “Patents” means, collectively, (a) all patents and patent applications, (b) all reissues, divisions, continuations, renewals, extensions and continuations-in-part of all patents or patent
applications and (c) all rights, now existing or hereafter coming into existence: (i) to all income, royalties, damages, and other payments (including in respect of all past, present and future infringements) now or hereafter due or
payable under or with respect to any of the foregoing, (ii) to sue for all past, present and future infringements with respect to any of the foregoing and (iii) otherwise accruing under or pertaining to any of the foregoing throughout the
world, including all inventions and improvements described or discussed in all such patents and patent applications. 
 “Prior Collateral Agent” shall have the meaning ascribed thereto in the recitals. 
 “Project” means the Sabine Pass LNG receiving terminal in Cameron Parish, Louisiana, including associated storage tanks, unloading docks, vaporizers and related facilities. 
 “Project Document” means each of the agreements or other documents listed on Annex A and each other agreement
to which the Company is party including contracts or agreements for legal, accounting, engineering, environmental, consulting and other professional services in connection with the Project. 
 “Secured Obligations” means the Parity Lien Obligations and the Crest Obligations. 
 “Secured Parties” mean all holders of Parity Lien Obligations, the Parity Lien Representatives and Crest.

 “Settlement Agreement” means that certain Settlement and Purchase Agreement, dated as of
June 14, 2001, by and among Cheniere, Cheniere FLNG, L.P., Crest, Crest Energy, L.L.C., and Freeport LNG Terminal, LLC. 
 “Site” shall have the meaning ascribed thereto in the Multiple Indebtedness Mortgage, Assignment of Rents and Leases and Security Agreement, dated as of November 9, 2006 between the Company and the
Collateral Trustee. 
 “Trademarks” means, collectively, (a) all trade names, trademarks and
service marks, logos, trademark and service mark registrations and applications for trademark and service mark registrations, (b) all renewals and extensions of any of the foregoing and (c) all 
  

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 Security Agreement 

 rights, now existing or hereafter coming into existence: (i) to all income, royalties, damages and other payments
(including in respect of all past, present and future infringements) now or hereafter due or payable under or with respect to any of the foregoing, (ii) to sue for all past, present and future infringements with respect to any of the foregoing
and (iii) otherwise accruing under or pertaining to any of the foregoing throughout the world, together, in each case, with the product lines and goodwill of the business connected with the use of, or otherwise symbolized by, each such trade
name, trademark and service mark. Notwithstanding the foregoing, “Trademark” does not and shall not include any Trademark that would be rendered invalid, abandoned, void or unenforceable by reason of its being included as a Trademark for
the purposes of this Agreement. 
 “Uniform Commercial Code” or
“UCC” means the Uniform Commercial Code as in effect in the State of New York from time to time; provided, that if by reason of mandatory provisions of law, the perfection or the effect of perfection or
non-perfection of any security interests hereunder in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than New York, “UCC” shall mean the Uniform Commercial Code as
in effect in such other jurisdiction for the purposes of the provisions hereof relating to such perfection or effect of perfection or non-perfection. 
 1.02 Interpretation. The rules of interpretation set forth in Section 1.2 of the Collateral Trust Agreement shall apply to, and are hereby incorporated by reference in, this Agreement. 
 ARTICLE II 
 THE COLLATERAL

 2.01 Grant for the benefit of the Parity Lien Secured Parties. As collateral security for the prompt payment in full when due
(whether at stated maturity, upon acceleration, on any optional or mandatory prepayment date or otherwise) and performance of the Parity Lien Obligations, the Company hereby pledges and grants to the Collateral Trustee for the benefit of the Parity
Lien Secured Parties, a security interest in all of its right, title and interest in and to the following property, assets and revenues, whether now owned or in the future acquired by it and whether now existing or in the future coming into
existence and wherever located (collectively, the “Collateral”): 
 (a) the Collateral
Accounts and all amendments, extensions, renewals, and replacements thereof whether under the same or different account number, together with all funds, cash, monies, credit balances, financial assets, investments, Instruments, certificates of
deposit, promissory notes, and any other property (including any Permitted Investments) at any time on deposit therein or credited to any of the foregoing, all rights to payment or withdrawal therefrom, and all proceeds, accounts receivable arising
in the ordinary course, products, accessions, profits, gains, and interest thereon of or in respect of any of the foregoing; 
  

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 Security Agreement 

 (b) the agreements, contracts and documents listed in Annex A (including all
exhibits and schedules thereto) and each additional Project Document to which the Company is or may from time to time be a party or of which it is or may from time to time be a beneficiary, whether executed by the Company or by an agent on behalf of
the Company, as each such agreement, contract and document may be amended, supplemented or modified and in effect from time to time (such agreements, contracts and documents, being individually, an “Assigned
Agreement”, and collectively, the “Assigned Agreements”) including all rights of the Company (i) to receive moneys thereunder, whether or not earned by performance or for property that
has been or is to be sold, leased, licensed, assigned or otherwise disposed of pursuant thereto, (ii) to receive proceeds of any performance or payment bond, liability or business interruption insurance, indemnity, warranty, guaranty or letters
of credit with respect thereto, (iii) to all claims of the Company for damages arising out of, for breach of or default thereunder by any party other than the Company and (iv) to take any action to terminate, amend, supplement, modify or
waive performance thereof, to perform thereunder and to compel performance and otherwise exercise all remedies thereunder; 
 (c) all Accounts, Deposit Accounts, Instruments, Documents, Chattel Paper (including Electronic Chattel Paper), Letters of Credit and Letter-of-Credit Rights, Inventory, Equipment, Fixtures (including those located on or forming part of the
Site), Investment Property, Payment Intangibles, Software and, to the extent not already covered by the other enumerated categories of Collateral described in this clause (c), all Goods and General Intangibles; including all liquefied natural
gas and Gas owned by the Company and the Project to be constructed on or near the Site pursuant to the plans and specifications set forth in the EPC Contract, all other machinery, apparatus, installation facilities, including all goods of the
Company that are spare parts and related supplies, and all goods obtained by the Company in exchange for any such goods, all substances, if any, commingled with or added to such goods, all upgrades and other improvements to such goods and all other
tangible personal property owned by the Company or in which the Company has rights, and all fixtures and all parts thereof and accessions thereto; 
 (d) all Investment Property and “Financial Assets” and “Securities Account” (each as defined in the UCC); 
 (e) all Commercial Tort Claims, including as listed on Schedule 2.01(e) attached hereto (as such schedule may be amended, supplemented or
otherwise modified from time to time); 
 (f) all Government Approvals now or hereafter held in the name, or for the benefit,
of the Company or of the Project; provided, that any Government Approval that by its terms or by operation of law (in each case, other than to the extent any such term would be rendered ineffective pursuant to Section 9-406, 9-407, 9-408
or 9-409 of the UCC) would be breached or become void, voidable, terminable or revocable if mortgaged, pledged or assigned hereunder or if a security interest therein was granted 
  

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 Security Agreement 

 hereunder, are, in each case, expressly excepted from the Collateral to the extent necessary so as to
avoid such voidness, avoidability, terminability or revocability; 
 (g) all Records of the Company directly related to, or
necessary for the use of, the foregoing Collateral included in clauses (a) - (e); 
 (h) all Intellectual Property; and

 (i) all other tangible and intangible personal Property whatsoever of the Company and all cash, products, offspring, rents,
revenues, issues, profits, royalties, income, benefits, accessions, equity contributions, additions, substitutions and replacements of and to any and all of the foregoing, including all Proceeds of and to any of the Property the Company described in
the preceding paragraphs of this Section 2.01 (including any Loss Proceeds or other Proceeds of insurance thereon (whether or not the Collateral Trustee is loss payee thereof), and any indemnity, warranty or guarantee, payable by any
reason of loss or damage to or otherwise with respect to any of the foregoing, and all causes of action, claims and warranties now or hereafter held by the Company in respect of any of the items listed above). 
 2.02 Grant for the benefit of Crest. As collateral security for the prompt payment in full when due of the Crest Obligations now existing or
hereafter arising, the Company hereby pledges and grants to the Collateral Trustee for the benefit of Crest, and hereby grants to the Collateral Trustee for the benefit of Crest, a security interest in all of the Company’s right, title and
interest in, to and under the Collateral, whether now owned or in the future acquired by it and whether now existing or hereafter coming into existence and wherever located. 
 2.03 Priority. The relative priority of the liens granted pursuant to Section 2.01 and 2.02 shall be as set forth in the Collateral Trust
Agreement. 
 2.04 Amendment and Restatement of Prior Security Agreement; Confirmation of Grant of Security. The Company hereby
acknowledges that the Prior Collateral Agent assigned all of its rights under the Prior Security Agreement to the Collateral Trustee. This Agreement is hereby deemed to be an amendment and restatement of the Prior Security Agreement. The Company
hereby confirms that all Collateral (as defined in the Prior Security Agreement (prior to giving effect to this amendment and restatement)) encumbered by the Prior Security Agreement will continue to secure to the fullest extent possible the payment
and performance of the obligations secured by this Agreement. 
 2.05 Perfection. Concurrently with the execution and delivery of
this Agreement, the Company shall (a) file such financing statements and other documents in such offices included, but not limited to, the United States Patent and Trademark Office and the United States Copyright Office as shall be necessary to
perfect and establish the priority of the Liens granted by this Agreement, (b) file amendments to any existing financing statements to reflect the assignment from the Prior Collateral Agent to the Collateral Trustee 
  

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 Security Agreement 

 for the benefit of the Secured Parties of the security interest granted by the Company under the Prior Security Agreement
and (c) take all such other actions as shall be necessary to perfect and establish the priority of the Liens granted by this Agreement. 
 2.06 Preservation and Protection of Security Interests. In order to further ensure the attachment, perfection and priority of, and the ability of the Collateral Trustee for the benefit of the Parity Lien Secured Parties to enforce,
the Collateral Trustee’s security interest for the benefit of the Parity Lien Secured Parties in the Collateral, the Company represents and warrants to the Parity Lien Secured Parties on the date hereof and as of and on the date of each
extension of credit by any Parity Lien Secured Party pursuant to any Parity Lien Document and covenants as follows and agrees, in each case at its own expense, to take the following actions with respect to the following Collateral: 
 (a) Schedule 2.06(a) (as such schedule may be amended, supplemented or otherwise modified from time to time) lists all amounts
payable under or in connection with any of the Collateral that are evidenced by any Instrument or Tangible Chattel Paper. Subject to Section 2.08, each Instrument and each item of Tangible Chattel Paper listed in
Schedule 2.06(a) (i) in which Company currently has rights and (ii) in which Company acquires rights after the date hereof, has been and will be promptly, as the case may be, properly endorsed, assigned and delivered to the
Collateral Trustee for the benefit of the Secured Parties, accompanied by duly executed instruments of transfer or assignment in blank and that the Collateral Trustee for the benefit of the Secured Parties has a perfected first priority security
interest therein. 
 (b) Except as permitted by the Indenture and other Parity Lien Documents, the Company has no Deposit
Accounts or Securities Accounts other than the Collateral Accounts. Subject to the Lien in favor of Crest, except as permitted by the Indenture and other Parity Lien Documents, the Collateral Trustee for the benefit of the Secured Parties has a
first priority security interest in the Collateral Accounts. The Company shall not hereafter establish and maintain any other Deposit Account or Securities Accounts other than (i) Deposit Accounts and Securities Accounts which are used to
deposit and hold disbursements made to the Company from the Construction Account in accordance with the Security Deposit Agreement, provided that the funds in such Deposit Accounts and Securities Accounts are used to pay Construction Expenses (as
defined in the Security Deposit Agreement) and provided that with respect to each such Deposit Account and Securities Account, the Company shall make a good faith and commercially reasonable effort to cause the financial institution at which any
such account is opened to execute a customary account control agreement in favor of the Collateral Trustee promptly following the opening of any such account, and (ii) any account (A) which is open as of the date hereof, (B) in which
any amounts deposited therein will be transferred to the Construction Account as soon as practicable after such deposit is made and (C) which will be closed no later than December 31, 2006. 
 (c) Schedule 2.06(c) (as such schedule may be amended, supplemented or otherwise modified from time to time) sets forth all
certificates or instruments 
  

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 Security Agreement 

 representing or evidencing Investment Property comprising any part of the Collateral and all such
certificates and instruments have been delivered to the Collateral Trustee in suitable form for transfer by delivery or accompanied by duly executed instruments of transfer or assignment in blank and that the Collateral Trustee has a perfected first
priority security interest therein. The Company agrees that all certificates or instruments representing or evidencing Investment Property comprising any part of the Collateral acquired by the Company after the date hereof shall promptly (but in any
event within five days after receipt thereof by the Company) be delivered to and held by or on behalf of the Collateral Trustee pursuant thereto. The Collateral Trustee shall have the right, at any time upon the occurrence and during the continuance
of any Event of Default, to endorse, assign or otherwise transfer to or to register in the name of the Collateral Trustee or any of its nominees or endorse for negotiation any or all of the Investment Property. In addition, upon the occurrence and
during the continuance of an Event of Default, the Collateral Trustee shall have the right at any time to exchange certificates representing or evidencing Investment Property for certificates of smaller or larger denominations. 
 (d) If the Company shall at any time own or acquire, directly or through a nominee, any uncertificated securities constituting Investment
Property, the Company shall promptly notify the Collateral Trustee thereof and pursuant to an agreement in form and substance satisfactory to the Collateral Trustee, either (1) cause the issuer to agree to comply with instructions from the
Collateral Trustee as to such securities, without further consent of the Company or such nominee or (2) register the Collateral Trustee for the benefit of the Secured Parties as the registered owner thereof on the books and records of the
issuer. 
 (e) If the Company is at any time a beneficiary under a Letter of Credit now or hereafter issued, the Company shall
promptly notify the Collateral Trustee thereof and the Company shall, at the request of the Collateral Trustee, pursuant to an agreement in form and substance reasonably satisfactory to the Collateral Trustee, either (i) arrange for the issuer
and any confirmer of such Letter of Credit to consent to an assignment to the Collateral Trustee of the proceeds of any drawing under the Letter of Credit or (ii) arrange for the Collateral Trustee to become the transferee beneficiary of such
Letter of Credit, with the Collateral Trustee agreeing, in each case, that the proceeds of any drawing under the Letter of Credit are to be applied as provided in the Collateral Trust Agreement. 
 (f) Schedule 2.06(f) (as such schedule may be amended or supplemented from time to time) sets forth all Commercial Tort Claims
of the Company. If the Company shall at any time hold or acquire a Commercial Tort Claim, the Company shall immediately notify the Collateral Trustee in writing together with the brief details thereof and grant to the Collateral Trustee in such
writing a security interest therein and in the Proceeds thereof, all upon the terms of this Agreement. 
 (g) If the Company
moves any item of Equipment with a book value greater than $25,000,000 to any location other than the Site, it shall, within ten Business Days of 
  

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 Security Agreement 

 such move, notify the Collateral Agent in writing of such move, such notice to clearly describe such new
location and provide such other information in connection therewith as the Collateral Trustee may reasonably request. 
 (h)
The Company shall grant the Collateral Trustee or its designee from time to time, including but not limited to during the pendency of a Default or an Event of Default, reasonable access to all of its books and records, quality control and
performance test data, all other data relating to the Project and construction progress and the physical facilities of the Project and an opportunity to discuss accounting matters with the Company’s independent auditors, provided that all such
inspections are conducted during normal business hours in a manner that does not unreasonably disrupt the construction or operation of the Project. The Collateral Trustee shall also have the right to monitor, witness and appraise the construction,
testing and operation of the Project. So long as a Default or any Event of Default has occurred and is continuing, the reasonable fees and documented expenses of such persons shall be for the account of the Company. 
 (i) The Company shall give, execute, deliver, file or record any and all financing statements, notices, contracts, agreements or other
instruments, obtain any and all Government Approvals and take any and all steps that may be necessary to create, perfect, establish the priority of, or to preserve the validity, perfection or priority of, the Liens granted by this Agreement or to
enable the Collateral Trustee to exercise and enforce its rights, remedies, powers and privileges under this Agreement with respect to such Liens. 
 (j) The Company shall maintain, hold and preserve full and accurate Records concerning the Collateral, and stamp or otherwise mark such Records in such manner as may reasonably be required in order to reflect the
Liens granted by this Agreement. 
 (k) The Company shall at any time upon request of the Collateral Trustee, cause the
Collateral Trustee for the benefit of the Secured Parties to be listed as the lienholder on any certificate of title or ownership covering any Motor Vehicle (other than Motor Vehicles constituting Inventory) and within 120 days of such request
deliver evidence of the same to the Collateral Trustee. 
 2.07 Attorney-in-Fact. Subject to the rights of the Company under
Sections 2.08 and 2.09, the Company hereby appoints the Collateral Trustee as its attorney-in-fact for the purpose of carrying out the provisions of this Agreement and, following the occurrence and during the continuation of an Event of
Default, taking any action and executing any instruments which the Collateral Trustee may deem necessary or reasonably advisable to accomplish the purposes of this Agreement, to preserve the validity, perfection and priority of the Liens granted by
this Agreement and to exercise its rights, remedies, powers and privileges under Article VI of this Agreement. This appointment as attorney-in-fact is irrevocable and coupled with an interest. Without limiting the generality of the foregoing,
the Collateral Trustee shall be entitled under this Agreement, following the occurrence and during the continuation of an Event of Default (a) to ask, demand, collect, sue for, recover, receive and give receipt and discharge for amounts due and
to become due 
  

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 Security Agreement 

 under and in respect of all or any part of the Collateral, (b) to receive, endorse and collect any
Instruments or other drafts, documents and Chattel Paper in connection with clause (a) above (including any draft or check representing the proceeds of insurance or the return of unearned premiums), (c) to file any claims or take any
action or proceeding that the Collateral Trustee may deem necessary or reasonably advisable for the collection of all or any part of the Collateral, including the collection of any compensation due and to become due under any contract or agreement
with respect to all or any part of the Collateral, (d) to execute, in connection with any sale or disposition of the Collateral under Article VI, any endorsements, assignments, bills of sale or other instruments of conveyance or transfer
with respect to all or any part of the Collateral, (e) to obtain and adjust insurance required to be maintained by the Company pursuant to the Indenture or any other Parity Lien Document and (f) to pay and discharge any taxes or Liens
(other than Permitted Prior Liens) levied or placed upon or threatened against the Collateral, the legality or validity thereof and the amounts necessary to discharge the same to be determined by the Collateral Trustee in its sole discretion, any
such payments made by the Collateral Trustee to become Obligations of the Company to the Collateral Trustee, due and payable immediately without demand. 
 2.08 Instrument. So long as no Event of Default shall have occurred and be continuing, the Company may retain for collection in the ordinary course of business any Instruments comprising any part of the
Collateral obtained by it in the ordinary course of business, and the Collateral Trustee shall, promptly upon the written request of an officer of the Company, and at the expense, of the Company make appropriate arrangements for making any
Instruments pledged by the Company available to the Company for purposes of presentation, collection or renewal. Any such arrangement shall be effected, to the extent deemed appropriate by the Collateral Trustee, against trust receipt or like
document. 
 2.09 Rights and Obligation. 
 (a) The Company shall remain liable to perform its duties and obligations under the contracts and agreements included in the Collateral in accordance with their respective terms to the same extent as if this Agreement
had not been executed and delivered. The exercise by the Collateral Trustee or any Secured Party of any right, remedy, power or privilege in respect of this Agreement shall not release the Company from any of its duties and obligations under such
contracts and agreements. Neither the Collateral Trustee nor any Parity Lien Secured Party shall have a duty, obligation or liability under such contracts and agreements or in respect to any Government Approval included in the Collateral by reason
of this Agreement or any other Security Document, nor shall the Collateral Trustee or any Parity Lien Secured Party be obligated to perform any of the duties or obligations of the Company under any such contract or agreement or any such Government
Approval or to take any action to collect or enforce any claim (for payment) under any such contract or agreement or Government Approval. 
 (b) No Lien granted by this Agreement in the Company’s right, title and interest in any contract, agreement or Government Approval shall be deemed to be a consent by the Collateral Trustee or any Secured Party to any such contract,
agreement or Government Approval. 
  

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 Security Agreement 

 (c) No reference in this Agreement to proceeds or to the sale or other disposition of Collateral shall
authorize the Company to sell or otherwise dispose of any Collateral except to the extent otherwise expressly permitted by the terms of the Secured Debt Documents. 
 (d) Neither the Collateral Trustee nor any Secured Party shall be required to take steps necessary to preserve any rights against prior parties to any part of the Collateral. 
 2.10 Release and Termination 
 (a)
Continuing Security Interest; Termination. This Agreement shall create a continuing assignment of and security interest in the Collateral and shall (a) remain in full force and effect until the Discharge of Parity Lien Obligations,
(b) be binding upon the Company, its successors and assigns and (c) inure, together with the rights and remedies of the Collateral Trustee hereunder, to the benefit of the Collateral Trustee and the other Secured Parties and their
respective successors, transferees and assigns. 
 (b) Releases. All or any portion of the Collateral shall be released from the
security interest created hereby in accordance with Article 4 of the Collateral Trust Agreement. 
 2.11 Intellectual Property. For
the purpose of enabling the Collateral Trustee for the benefit of the Parity Lien Secured Parties to exercise its rights, remedies, powers and privileges under Article VI at that time or times as the Collateral Trustee is lawfully entitled to
exercise those rights, remedies, powers and privileges, and for no other purpose, the Company hereby grants to the Collateral Trustee for the benefit of the Parity Lien Secured Parties, to the extent assignable, an irrevocable, nonexclusive license
(exercisable without payment of royalty or other compensation to the Company) to use, assign, license or sublicense any Intellectual Property of the Company which is directly related to, or necessary and incidental to the use of, any of the
Collateral, together with reasonable access to all media in which any of the licensed items may be recorded or stored and to all computer programs used for the compilation or printout of those items. 
 COLLATERAL ACCOUNTS 
 The Company
agrees and confirms for the benefit of the Parity Lien Secured Parties that (a) pursuant to the Security Deposit Agreement, it has caused to be established with the Depositary Agent each of the Construction Account, the Operating Account, the
DSR Account, the Debt Payment Account, the Revenue Account, the Distribution Account, Asset Sale Proceeds Account and Loss Proceeds Account, in each case in the name of the Collateral Trustee for the benefit of the Secured Parties and (b) it
has instructed (or, on or before the effectiveness of each Project Document that is entered into after the date hereof, will instruct) each of the other parties to the Project Documents that all payments constituting revenues resulting from the
ownership or operation of the Project due or to become due to the Company under or in connection with each such Project Document shall be made directly to the Collateral Trustee for deposit to the Revenue Account in accordance with the terms of the
Collateral Trust Agreement. 
  

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 Security Agreement 

 If, notwithstanding the foregoing, any such payment or proceeds are remitted directly to the Company, the Company shall
hold such funds in trust for the Collateral Trustee and shall promptly remit such payments for deposit to the Revenue Account in accordance with the Collateral Trust Agreement. In addition to the foregoing, the Company agrees for the benefit of the
Parity Lien Secured Parties that if the proceeds of any Collateral hereunder (including the payments made in respect of the Collateral Accounts) shall be received by it, the Company shall as promptly as possible transfer such Proceeds to the
Collateral Trustee for deposit to the Revenue Account. Until so deposited, all such proceeds shall be held in trust by the Company for and as the property of the Collateral Trustee and shall not be commingled with any other funds or property of the
Company. 
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES 
 As of and on the date hereof, and as of and on the date of each extension of credit by any
Parity Lien Secured Party pursuant to any Parity Lien Document, the Company represents and warrants to the Collateral Trustee for the benefit of the Parity Lien Secured Parties as follows: 
 4.01 Title. The Company is the sole beneficial owner of the Collateral in which it purports to grant a security interest pursuant to
Section 2, and such Collateral is free and clear of all Liens, except for Permitted Prior Liens. 
 4.02 No Other Financing
Statements. The Company has not executed and is not aware of any currently effective financing statement or other instrument similar in effect that is on file in any recording office covering all or any part of the Company’s interest in the
Collateral, except such as may have been filed pursuant to this Agreement (including the Crest Obligations) and the other Security Documents evidencing Permitted Prior Liens and the Junior Lien Obligations, and so long as the Discharge of Parity
Lien Obligations has not occurred, the Company will not execute or authorize to be filed in any public office any financing statement (or similar statement or instrument of registration under the law of any jurisdiction) or statements relating to
the Collateral, except for (i) financing statements filed or to be filed in respect of and covering the security interests granted hereby by the Company, (ii) financing statements filed or to be filed in respect of Permitted Prior Liens or
(iii) precautionary financing statements filed or to be filed in respect of operating leases of equipment entered into by the Company. The Company has not assigned any of its rights under the Instruments referred to in
Section 2.01(c) except as expressly permitted under the Parity Lien Documents. The Company has not consented to, and is not otherwise aware of, any Person, other than the Collateral Trustee and the Depositary Agent, having either control
(within the meaning of common law applicable to this Agreement), sole dominion, or “control” (within the meaning of the Uniform Commercial Code) over any interest in any Collateral Accounts or any funds or other property deposited therein.

  

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 Security Agreement 

 4.03 Perfection Representations. 
 (a) The name of the Company shown on the signature pages to this Agreement is the exact legal name of the Company. The Company is a limited partnership
and its “location” (within the meaning of the Uniform Commercial Code) is Delaware. The offices where the Company keeps Records concerning the Collateral and a set of the original counterparts of the Assigned Agreements are located at the
addresses specified for the Company in Section 10.02, or such other location as specified in the most recent notice delivered pursuant to Section 5.01. 
 (b) The Company has not (i) within the period of one year prior to the date hereof, changed its “location” (within the meaning of the
UCC), (ii) changed its name, or (iii) heretofore become a “new debtor” (within the meaning of the UCC) with respect to a currently effective security agreement previously entered into by any other Person. 
 4.04 Other Perfection Matters. Upon the filing of financing statements or other appropriate instruments pursuant to the Uniform Commercial Code
in the offices set forth on Schedule 4.04 attached hereto, the Collateral Trustee’s Liens in the Collateral granted hereunder shall be valid, continuing (subject to any requirement of the Uniform Commercial Code with respect to the
filing of continuation statements), and perfected to the extent any such Lien may be perfected by the filing of a financing statement or other appropriate instrument. Upon the execution and delivery of the Security Deposit Agreement and the
establishment of the Collateral Accounts, the Collateral Trustee’s Liens in the Collateral Accounts and in any funds or other property from time to time deposited therein shall be valid, continuing, and perfected to the extent any such Lien may
be perfected by “control” (within the meaning of the Uniform Commercial Code). All other action necessary or reasonably requested by the Collateral Trustee for the benefit of the Secured Parties to protect and perfect the Liens in the
Collateral has been duly taken with respect to any Collateral that the Company now owns or in which the Company now has a right. The Liens granted by this Agreement in favor of the Collateral Trustee are subject to no other Liens, except Permitted
Prior Liens. 
 4.05 Fair Labor Standards Act. Any goods now or hereafter produced by the Company or any of its Subsidiaries included
in the Collateral have been and will be produced in compliance with the requirements of the Fair Labor Standards Act, as amended. 
 4.06
No Further Consents, etc. No authorization, approval or other action by, and no notice to or filing with, any Government Authority or regulatory body is required for either (i) the grant by the Company of the Liens purported to be
created in favor of the Collateral Trustee hereunder or (ii) the exercise by the Collateral Trustee of any rights or remedies in respect of any Collateral (whether specifically granted or created hereunder or created or provided for by
applicable law), except for the filings contemplated by 2.05(a) above and as may be required, in connection with the disposition of any Investment Property, by laws generally affecting the offering and sale of securities and authorizations or
notices required to be obtained or provided by the Collateral Trustee in the event the Collateral Trustee becomes the owner of the Collateral pursuant to Article VI hereof. All actions and consents, including all filings, notices, registrations and
recordings necessary or desirable for the exercise by the 
  

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 Security Agreement 

 Collateral Trustee of the voting or other rights provided for in this Agreement or the exercise of remedies in respect of
the Collateral have been made or obtained. 
 ARTICLE V 
 COVENANTS 
 The Company covenants and agrees for the benefit of the Parity Lien Secured Parties that,
until the Parity Lien Obligations have been indefeasibly paid in full: 
 5.01 Books and Records. The Company shall (a) stamp or
otherwise mark the Records in its possession that relate to the Collateral in order to reflect the Liens granted by this Agreement and (b) give the Collateral Trustee at least 30 calendar days’ notice before it changes the office where the
Company keeps the Records. 
 5.02 Legal Status. The Company shall not (i) change its type of organization or jurisdiction of
organization or (ii) change its legal name or the name under which it does business from the name shown on the signature pages to this Agreement unless, in either case, it shall have given the Collateral Trustee at least 30 days’ prior
written notice and taken all necessary steps to maintain the continuous validity, perfection and the same or better priority of Collateral Trustee’s security interest in the Collateral granted hereby. 
 5.03 Sales and Other Liens. The Company shall not (a) create, incur, assume or suffer to exist any Lien (other than Permitted Prior Liens)
upon any Collateral or (b) file or suffer to be on file or authorize to be filed, in any jurisdiction, any financing statement or like instrument with respect to all or any part of the Collateral in which the Collateral Trustee is not named as
the sole secured party for the benefit of the Secured Parties (except for financing statements related to Permitted Prior Liens and precautionary financing statements filed or to be filed in respect of operating leases of equipment entered into by
the Company). 
 5.04 Further Assurances. 
 (a) The Company agrees that, from time to time upon the written request of the Collateral Trustee, the Company will execute and deliver such further documents and do such other acts and things as the Collateral
Trustee may reasonably request in order fully to effect the purposes of this Agreement. 
 (b) The Company hereby authorizes the Collateral
Trustee and/or any Secured Party (it being understood and agreed that the Collateral Trustee has no obligation in any circumstance) to file one or more financing or continuation statements, and amendments thereto, relative to all or any part of the
Collateral without the signature of the Company where permitted by law. Such financing statements may describe the Collateral in the same manner as described herein or may describe such property as “all assets” or “all personal
property of the debtor, whether now existing or hereafter acquired.” Copies of any such statement or amendment thereto shall be delivered to the Company. 
  

 - 15 - 
 Security Agreement 

 (c) The Company shall pay all filing, registration and recording fees or re-filing, re-registration and
re-recording fees, and all other expenses incident to the execution and acknowledgment of this Agreement, any agreement supplemental hereto and any instruments of further assurance, and all federal, state, county and municipal stamp taxes and other
taxes, duties, imposts, assessments and charges arising out of or in connection with the execution and delivery of this Agreement, any agreement supplemental hereto and any instruments of further assurance. 
 ARTICLE VI 
 REMEDIES

 6.01 Events of Default, Etc. Subject to the provisions hereof, if any Event of Default shall have occurred and be continuing,
the Company agrees for the benefit of the Parity Lien Secured Parties that: 
 (a) the Collateral Trustee in its sole
discretion may require the Company to, and the Company shall, assemble the Collateral owned by it at such place or places, reasonably convenient to both the Collateral Trustee and the Company, designated in the Collateral Trustee’s request;

 (b) the Collateral Trustee in its sole discretion may make any reasonable compromise or settlement it deems desirable with
respect to any of the Collateral and may extend the time of payment, arrange for payment in installments, or otherwise modify the terms of all or any part of the Collateral; 
 (c) the Collateral Trustee in its sole discretion may, in its name or in the name of the Company or otherwise, demand, sue for, collect or
receive any money or property at any time payable or receivable on account of or in exchange for all or any part of the Collateral, but shall be under no obligation to do so; 
 (d) the Collateral Trustee in its sole discretion may, upon 10 Business Days’ prior written notice to the Company of the time and
place, with respect to all or any part of the Collateral which shall then be or shall thereafter come into the possession, custody or control of the Collateral Trustee or any other Secured Party or any of their respective agents, sell, lease or
otherwise dispose of all or any part of such Collateral, at such place or places and at such time or times as the Collateral Trustee deems best, for cash, on credit or for future delivery (without thereby assuming any credit risk) and at public or
private sale, without demand of performance or notice of intention to effect any such disposition of or time or place of any such sale (except such notice as is required above or by applicable statute and cannot be waived), and the Collateral
Trustee or any other Secured Party or any other Person may be the purchaser, lessee or recipient of any or all of the Collateral so disposed of at any public sale (or, to the extent permitted by law, at any private sale) and thereafter hold the same
absolutely, free from any claim or right of whatsoever kind, including any right or equity of redemption (statutory or otherwise), of the Company, any such demand, notice and right or equity being hereby expressly 
  

 - 19 - 
 Security Agreement 

 waived and released to the extent permitted by applicable Government Rule. The Collateral Trustee shall
not be obligated to make any sale pursuant to any such notice. The Collateral Trustee may, in its sole discretion, at any such sale restrict the prospective bidders or purchasers as to their number, nature of business and investment intention to the
extent necessary to comply with applicable Government Rule. The Collateral Trustee may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed
for the sale, and such sale may be made at any time or place to which the sale may be so adjourned. In case of any sale of all or any part of the Collateral on credit or for future delivery, the Collateral so sold may be retained by the Collateral
Trustee until the full selling price is paid by the purchaser thereof, but neither the Collateral Trustee nor any other Secured Party shall incur any liability in case of the failure of such purchaser to take up and pay for the Collateral so sold,
and, in case of any such failure, such Collateral may again be sold pursuant to the provisions hereof; 
 (e) the Collateral
Trustee shall have, and in its sole discretion may exercise, all of the rights, remedies, powers and privileges with respect to the Collateral of a secured party under the Uniform Commercial Code (whether or not the Uniform Commercial Code is in
effect in the jurisdiction where such rights, remedies, powers and privileges are asserted) and such additional rights, remedies, powers and privileges to which a secured party is entitled under the laws in effect in any jurisdiction where any
rights, remedies, powers and privileges in respect of this Agreement or the Collateral may be asserted, including the right, to the maximum extent permitted by applicable Government Rule, to exercise all voting, consensual and other powers of
ownership pertaining to the Collateral as if the Collateral Trustee were the sole and absolute owner of the Collateral (and the Company agrees to take all such action as may be appropriate to give effect to such right); 
 (f) the Collateral Trustee for the benefit of the Parity Lien Secured Parties may exercise the voting and other consensual rights the
Company would otherwise be entitled to exercise in the Investment Property and the rights of the Company therein shall immediately cease and, upon such exercise by the Collateral Trustee, all such rights shall thereupon become vested in the
Collateral Trustee for the benefit of the Parity Lien Secured Parties, which shall thereupon have the sole right to exercise such voting and other consensual rights and the Company shall, at its sole cost and expense, deliver to the Collateral
Trustee for the benefit of the Parity Lien Secured Parties all proxies and other instruments as the Collateral Trustee may reasonably request to exercise such voting and consensual rights; and 
 (g) all rights of the Company to receive distributions from Investment Property which it would otherwise be authorized to receive and
retain hereof shall immediately cease, and all such rights shall thereupon become vested in the Collateral Trustee for the benefit of the Secured Parties, which shall thereupon have the sole right to receive and hold as Collateral and the Company
shall, at its sole cost and expense, deliver to the Collateral Trustee for the benefit of the Parity Lien Secured Parties all dividend 
  

 - 17 - 
 Security Agreement 

 payment orders and other instruments as the Collateral Trustee for the benefit of the Secured Parties may
reasonably request to receive all dividends and other distributions which it may be entitled to receive hereunder. 
 The proceeds of, and
other realization upon, the Collateral by virtue of the exercise of remedies under this Section 6.01 shall be applied in accordance with Section 6.04. 
 It shall be a condition precedent to any sale or transfer of the Collateral that such purchaser or transferee thereof enter into an assumption agreement
substantially in the form of the Assumption Agreement 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 billion cubic feet 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. 
 The Company recognizes that, by reason of certain prohibitions contained in the Securities Act of 1933, as amended, and applicable state securities laws, the Collateral Trustee may be compelled, with respect to any sale of all or any part
of the Collateral constituting Investment Property, to limit purchasers to those who will agree, among other things, to acquire such Collateral for their own account, for investment and not with a view to the distribution or resale thereof. The
Company for the benefit of the Parity Lien Secured Parties acknowledges that any such private sale may be at prices and on terms less favorable to the Collateral Trustee than those obtainable through a public sale without such restrictions, and,
notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner and that the Collateral Trustee shall have no obligation to engage in public sales and no obligation to delay
the sale of any Collateral constituting Investment Property for the period of time necessary to permit the respective issuer thereof to register it for public sale. 
 The Company acknowledges that the Collateral Trustee shall have no obligation to marshall any of the Collateral. 
 6.02 Deficiency. If the proceeds of, or other realization upon, the Collateral by virtue of the exercise of remedies under Section 6.01 are insufficient to cover the costs and expenses of such exercise and the payment in
full of the other Parity Lien Obligations, the Company shall remain liable to the Parity Lien Secured Parties for any deficiency. 
 6.03
Private Sale. The Collateral Trustee and the Parity Lien Secured Parties shall incur no liability as a result of the sale, lease or other disposition of all or any part of the Collateral at any private sale pursuant to
Section 6.01 conducted in a commercially reasonable manner. To the extent permitted by applicable Government Rule, the Company hereby waives any claims against the Collateral Trustee or any Parity Lien Secured Party arising by reason of
the fact that the price at which the Collateral may have been sold at such a private sale was less than the price which might have been obtained at a public sale or was less than the 
  

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 Security Agreement 

 aggregate amount of the Secured Obligations, even if the Collateral Trustee accepts the first offer received and does not
offer the Collateral to more than one offeree. 
 6.04 Application of Proceeds. Except as otherwise expressly provided in this
Agreement, the proceeds of, or other realization upon, all or any part of the Collateral by virtue of the exercise of remedies under Section 6.01, and any other cash at the time held by the Collateral Trustee under
Article III or this Article VI at the time of the exercise of such remedies, shall be applied by the Collateral Trustee in accordance with the terms of the Collateral Trust Agreement. 
 As used in this Article VI, “Proceeds” of Collateral shall mean cash, securities and other property realized in
respect of, and distributions in kind of, Collateral, including any property received under any bankruptcy, reorganization or other similar proceeding as to the Company or any issuer of, or account debtor or other Company on, any of the Collateral.

 6.05 Crest Remedies. If Crest shall have delivered a Crest Default Remedy Instruction to the Collateral Trustee, the Collateral
Trustee for the benefit of Crest shall have all of the rights and remedies with respect to the Collateral of a secured party under the Uniform Commercial Code. 
 ARTICLE VII 
 COLLATERAL TRUSTEE MAY PERFORM 
 If the Company shall fail to observe or perform any of the terms, conditions, covenants and agreements to be observed or performed by it under this
Agreement, the Collateral Trustee may (but shall not be obligated to), to the extent legally practicable (and so long as the rights of the Collateral Trustee shall not be adversely affected thereby (as determined by the Collateral Trustee)), upon
reasonable notice to the Company, do the same or cause it to be done or performed or observed at the expense of the Company, in its name, and the Company hereby authorizes the Collateral Trustee to do. 
 ARTICLE VIII 
 REINSTATEMENT

 This Agreement and the Lien created hereunder shall automatically be reinstated if and to the extent that for any reason any payment
by or on behalf of the Company in respect of the Parity Lien Obligations is rescinded or must otherwise be restored by any holder of the Parity Lien Obligations, whether as a result of any proceedings in bankruptcy or reorganization or otherwise.

  

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 Security Agreement 

 ARTICLE IX 
 EXCULPATORY PROVISIONS 
 Notwithstanding anything herein to the contrary, the liability of the
Collateral Trustee shall be limited, and the Collateral Trustee shall be entitled to indemnification and all rights, benefits, privileges, immunities and other protections as provided in Article 5 and 6 of the Collateral Trust Agreement, which
provisions are incorporated by reference as if set forth in full herein. 
 ARTICLE X 
 MISCELLANEOUS 
 10.01 No Waiver;
Remedies Cumulative. No failure or delay by any Parity Lien Secured Party in exercising any remedy, right, power or privilege under this Agreement or any other Parity Lien Document shall operate as a waiver of that remedy, right, power or
privilege, nor shall any single or partial exercise of that remedy, right, power or privilege preclude any other or further exercise of that remedy, right, power or privilege or the exercise of any other remedy, right, power or privilege. The
remedies, rights, powers and privileges provided by this Agreement are cumulative and not exclusive of any remedies, rights, powers or privileges provided by the other Parity Lien Documents or by applicable Government Rule. 
 10.02 Notices. All notices, requests and other communications provided for in this Agreement shall be given or made in writing (including by fax)
and delivered to the intended recipient at the address specified below or, as to any party, at such other address as is designated by that party in a notice to each other party. Except as otherwise provided in this Agreement, all such communications
shall be deemed to have been duly given when transmitted and received by fax or personally delivered or, in the case of a mailed notice or notice sent by courier, upon receipt, in each case given or addressed as provided in this
Section 10.02. 
 If to the Company: 
 Sabine Pass LNG, L.P. 
 717 Texas Ave. 
 Ste 3100 
 Houston, TX 77002 
 Attn: Graham McArthur 
 Fax:
(713) 659-5459 
 Email: gmcarthur@cheniere.com 
  

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 Security Agreement 

 If to the Collateral Trustee: 
 The Bank of New York 
 101 Barclay Street, 8W

 New York, NY 10286 
 Attn:
Corporate Trust Administration 
 Fax: 212 815 5707 
 10.03 Expenses. The Company hereby agrees to reimburse the Collateral Trustee and each of the Secured Parties for all reasonable costs and expenses incurred by them hereunder as provided in Section 7.10 of
the Collateral Trust Agreement. 
 10.04 Waivers, etc. This Agreement may be amended, supplemented or modified only by an instrument
in writing signed by the Company and the Collateral Trustee acting in accordance with the Collateral Trust Agreement, and any provision of this Agreement may be waived by the Collateral Trustee acting in accordance with the Collateral Trust
Agreement; provided that no amendment, supplement, modification or waiver shall, unless by an instrument in writing signed by the Collateral Trustee acting with the consent of all of the Secured Debt Representatives, alter the terms of this
Section 10.04. Any waiver shall be effective only in the specific instance and for the specified purpose for which it was given. 
 10.05 Successors and Assigns. This Agreement, together with the other Security Documents, shall be binding upon and inure to the benefit of the respective successors and assigns of the Company, the Collateral Trustee for the benefit
of the Parity Lien Secured Parties, the other Secured Parties and each holder of any of the Secured Obligations (provided, however, that the Company shall not assign or transfer its rights hereunder without the prior consent of the
Collateral Trustee for the benefit of the Parity Lien Secured Parties acting in accordance with Indenture and the other Parity Lien Documents). 
 The Company shall not assign or transfer its rights or obligations under this Agreement without the prior written consent of the Collateral Trustee. 
 10.06 Survival. Each representation and warranty made, or deemed to be made, in or pursuant to this Agreement shall survive the making or deemed making of that representation and warranty, and no Secured Party
shall be deemed to have waived, by reason of making any extension of credit, any default under any of the Parity Lien Documents that may arise by reason of that representation or warranty proving to have been false or misleading, notwithstanding
that such or any other Secured Party may have had notice or knowledge or reason to believe that such representation or warranty was false or misleading at the time that extension of credit was made. 
 10.07 Agreements Superseded. This Agreement, together with the other Parity Lien Documents, constitutes the entire agreement and understanding
among the parties to this Agreement with respect to the matters covered by this Agreement and supersedes any and all prior agreements and understandings, written or oral, with respect to such matters. 
  

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 Security Agreement 

 10.08 Severability. Any provision of this Agreement that is held to be invalid, illegal or
unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions of this
Agreement, and the invalidity, illegality or unenforceability of a particular provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 10.09 Captions. The table of contents, captions and section headings appearing in this Agreement are included solely for convenience of reference
and are not intended to affect the interpretation of any provision of this Agreement. 
 10.10 Counterparts. This Agreement may be
executed in any number of counterparts, all of which taken together shall constitute one and the same instrument, and any party to this Agreement may execute this Agreement by signing any such counterpart; signature pages may be detached from
multiple separate counterparts and attached to a single counterpart so that all signatures are physically attached to the same counterpart. Delivery of an executed counterpart of a signature page to this Agreement by hand or by fax shall be
effective as the delivery of a fully executed counterpart of this Agreement. 
 10.11 CONSENT TO JURISDICTION. ALL LEGAL ACTIONS
OR PROCEEDINGS BROUGHT AGAINST THE COMPANY MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE BOROUGH OF MANHATTAN IN THE STATE OF NEW YORK, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, THE COMPANY ACCEPTS FOR ITSELF
AND IN CONNECTION WITH ITS PROPERTIES, THE JURISDICTION OF THE AFORESAID COURTS, AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS AGREEMENT. THE COMPANY HEREBY EXPRESSLY AND IRREVOCABLY WAIVES ANY CLAIM OR
DEFENSE IN ANY SUCH ACTION OR PROCEEDING BASED ON ANY ALLEGED LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS OR ANY SIMILAR BASIS. THE COMPANY HEREBY APPOINTS AND DESIGNATES CT CORPORATION SYSTEM, WHOSE ADDRESS IS 111 EIGHTH
AVENUE, 13TH FLOOR, NEW YORK, NY 10011, OR ANY OTHER PERSON HAVING AND MAINTAINING A PLACE OF BUSINESS IN THE STATE OF NEW
YORK WHOM THE COMPANY MAY FROM TIME TO TIME HEREAFTER DESIGNATE (HAVING GIVEN 30 DAYS’ NOTICE THEREOF TO THE COLLATERAL TRUSTEE), AS THE DULY AUTHORIZED AGENT FOR RECEIPT OF SERVICE OF LEGAL PROCESS. NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE
PARTIES TO BRING PROCEEDINGS IN THE COURTS OF ANY OTHER JURISDICTION OR TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW. 
 10.12 Certain Matters Relating to Collateral Located in the State of Louisiana. With respect to Collateral which is located in the state of
Louisiana, notwithstanding anything contained herein to the contrary: 
  

 - 22 - 
 Security Agreement 

 (a) Acceleration, Executory Process; Confession of Judgment. The Parity Lien
Obligations may be accelerated in accordance with the terms and conditions of the applicable Secured Debt Documents. Upon such acceleration, that portion of the Parity Lien Obligations so accelerated shall become immediately do and payable, and upon
such acceleration, the Collateral Trustee may, at its option (and, if so instructed by an Act of Required Debtholder, shall), declare the Parity Lien Obligations at once due and payable without further demand, notice or putting the Company in
default, and cause all and singular the Collateral to be seized and sold under executory or other legal process, issued by any court of competent jurisdiction, with or without appraisement, at the option of the Collateral Trustee, to the highest
bidder, for cash. 
 (b) Confession of Judgment. For purposes of foreclosure by executory process, the Company hereby
confesses judgment in favor of the Collateral Trustee for the full amount of the Secured Obligations, including principal and interest, together with all attorney’s fees and costs, and any and all monies that may become due to the Collateral
Trustee for the benefit of the Secured Parties under the terms hereof or secured hereby. 
 (c) Company’s Waiver of
Rights. To the fullest extent permitted by law, the Company hereby waives: 
 (i) the benefit of appraisement provided for
in Articles 2332, 2336, 2723 and 2724 of the Louisiana Code of Civil Procedure, to the extent applicable, and all other laws conferring the same; 
 (ii) the demand and three days notice of demand as provided in Articles 2639 and 2721 of the Louisiana Code of Civil Procedure; 
 (iii) the notice of seizure provided by Articles 2293 of the Louisiana Code of Civil Procedure; and 
 (iv) the three days delay provided for in Articles 2331 and 2722 of the Louisiana Code of Civil Procedure. 
 (d) Special Appointment of Collateral Trustee as Agent. In addition to all of the rights and remedies of the Collateral Trustee
hereunder, so long as this Agreement remains in effect, the Collateral Trustee is, pursuant to Louisiana R.S. 9:5388, hereby appointed by the Company as agent and attorney-in-fact of the Company, coupled with an interest, to carry out and enforce
all or any specified portion of the incorporeal rights comprising part of the Collateral. 
 (e) Civil Law Terminology.
All references in this Agreement to “real property”, “personal property”, “easements” and “receiver” shall mean and include “immovable property”, “movable property”, “servitudes”
and “keeper” respectively. 
  

 - 23 - 
 Security Agreement 

 10.13 Waiver of Jury Trial. THE COMPANY AND THE COLLATERAL TRUSTEE (ON BEHALF OF ITSELF AND
EACH OTHER SECURED PARTY) HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE GOVERNMENT RULE, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. 
 10.14 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, EXCEPT AS REQUIRED BY MANDATORY PROVISIONS OF LAW AND EXCEPT TO THE EXTENT THAT THE VALIDITY OR PERFECTION OF THE SECURITY INTEREST HEREUNDER, OR REMEDIES HEREUNDER, ARE GOVERNED BY THE LAW OF
ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK. 
 10.15 Supremacy Clause. In the event of any conflict between any terms and
provisions set forth in this Agreement and those set forth in the Collateral Trust Agreement, the terms and provisions of the Collateral Trust Agreement shall supersede and control the terms and provisions of this Agreement. 
 10.16 Subordination of Lien. The parties hereto intend that the security interests created under this Agreement in favor of the Collateral
Trustee for the benefit of the Parity Lien Secured Parties shall be effectively subordinated to the security interests created under this Agreement in favor of the Collateral Trustee for the benefit of Crest. 
 [Signature page follows.] 
  

 - 24 - 
 Security Agreement 

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

			
	SABINE PASS LNG, L.P.
		
	By:	 	Sabine Pass LNG – G.P., Inc.
		 	its general partner
		
	By:	 	 /s/ Graham McArthur

	Name:	 	Graham McArthur
	Title:	 	Treasurer

  

 Signature Page - Security Agreement 

			
	 THE BANK OF NEW YORK, not individually but solely in its capacity as Collateral Trustee

		
	By:	 	 /s/ Beata Hryniewicka

	Name:	 	Beata Hryniewicka
	Title:	 	Vice President

  

 Security Agreement 

 ANNEX A 
 Project Documents 
  

	1.	Lump Sum Turnkey for the Engineering, Procurement and Construction of the Sabine Pass LNG Receiving, Storage and Regasification Terminal, dated as of December 18, 2004, between
Sabine Pass LNG, L.P. and Bechtel Corporation (Phase 1). 

  

	2.	Agreement for Engineering, Procurement, Construction and Management of the Sabine Pass Phase 2 LNG Receiving, Storage and Regasification Terminal Expansion, dated as of
July 21, 2006, between Sabine Pass LNG, L.P. and Bechtel Corporation (Phase 2). 

  

	3.	EPC LNG Unit Rate Soil Improvement Contract, dated as of July 21, 2006, between Sabine Pass LNG, L.P. and Remedial Construction Services, L.P. 

  

	4.	EPC LNG Tank Contract, dated as of July 21, 2006, among Sabine Pass LNG, Zachary Construction Corporation and Diamond LNG LLC 

  

	5.	Operation & Maintenance Agreement, dated as of February 25, 2005, between Cheniere LNG O&M Services and Sabine Pass LNG, L.P. 

  

	6.	Management Services Agreement, dated as of February 25, 2005, between Sabine Pass LNG, L.P. and Sabine Pass LNG—GP, Inc. 

  

	7.	Lease Agreement, dated January 15, 2005, between Crain Brothers Ranch, Inc. and Sabine Pass LNG, L.P., as amended by an Amendment to Lease, dated February 24, 2005

  

	8.	Lease Agreement, dated January 15, 2005, between Crain Lands Ranch, Inc. and Sabine Pass LNG, L.P., as amended by an Amendment to Lease, dated February 24, 2005

  

	9.	Lease Agreement, dated January 15, 2005, between George A. Davis, Linda Dianne Dlouhy, Mary P. Lakhardi, Carmen V. Gebhardt, Sharon D. Faulk, Sandra D. Davis, Martha Davis
Johnson, Lonnie A. Davis, Jr., Daniel D. Davis, Wilma Davis Bride, William Earl Guthrie, Jr., James Austin Guthrie, Edwin Scott Henry, Candace Henry Olivier, Charles Gregory Henry, Daniel Ellender, Amy Ellender and Sally Ellender Gay and Sabine Pass
LNG, L.P. 

  

	10.	LNG Terminal Use Agreement, dated November 8, 2004, between Chevron U.S.A, Inc. and Sabine Pass LNG, L.P., as amended , restated, supplemented or otherwise modified from time
to time. 

  

	11.	Guaranty Agreement dated December 15, 2004, executed by Chevron Corporation, guaranteeing the obligations of Chevron U.S.A. under that certain LNG Terminal Use Agreement, dated
as of November 8, 2004. 

  

 Annex A 

	12.	LNG Terminal Use Agreement, dated September 2, 2004, between Total LNG USA Inc. and Sabine Pass LNG, L.P. as amended, restated, supplemented or otherwise modified from time to
time. 

  

	13.	Parent Guarantee dated as of November 5, 2004, executed by Total S.A., guaranteeing certain payment obligations of Total LNG USA, Inc. under that certain LNG Terminal Use
Agreement, dated as of September 2, 2004. 

  

	14.	Amended and Restated LNG Terminal Use Agreement, dated November 9, 2006, between Cheniere Marketing, Inc. and Sabine Pass LNG, L.P. 

  

	15.	J&S Cheniere Letter Agreement, dated November 9, 2006, among J&S Cheniere, S.A., Cheniere Marketing, Inc. and Sabine Pass LNG, L.P. 

  

	16.	Indemnification Agreement, dated May 9, 2005, between Cheniere Energy, Inc. and Sabine Pass LNG, L.P. 

  

	17.	Guaranty Agreement dated November 9, 2006 executed by Cheniere Energy, Inc., guaranteeing the obligations of Cheniere Marketing, Inc., under that certain Amended and Restated
LNG Terminal Use Agreement, dated as of November 9, 2006 between Cheniere Marketing, Inc. and Sabine Pass LNG, L.P. 

  

	18.	Tank Contractor’s Parent Guarantee dated as of July 21, 2006 executed by Mitsubishi Heavy Industries, Ltd. in favor of Sabine Pass LNG, L.P., guaranteeing the obligations
of Zachry Construction Corporation and Diamond LNG LLC, under that certain Engineering, Procurement and Construction (EPC) LNG Tank Contract, executed by and among Sabine Pass LNG, L.P., Diamond LNG LLC and Zachry Construction Corporation
dated as of July 21, 2006. 

  

 A-2 

 Schedule 2.06(a) 
 Amounts Payable by Instrument or Tangible Chattel Paper 
 None 
 Schedule 2.06(c) 
 Investment
Property 
 None 
 Schedule
2.06(f) 
 Commercial Tort Claims of Company 
 None 
 Schedule 4.04 
 UCC Filing Offices 
  

	1.	Secretary of State of the State of Delaware 

  

	2.	Clerk of Court of Cameron Parish, Louisiana, for inclusion in the Louisiana Secretary of State Master UCC Index 

  

 Schedules

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