Document:

Exhibit

Exhibit 10.4

CHANGE ORDER FORM

Performance and Attendance Bonus (PAB) Incentive Program Provisional Sum
	
		
	PROJECT NAME:  Sabine Pass LNG Stage 3 Liquefaction Facility

OWNER:  Sabine Pass Liquefaction, LLC

CONTRACTOR:  Bechtel Oil, Gas and Chemicals, Inc.

DATE OF AGREEMENT: May 4, 2015
	CHANGE ORDER NUMBER: CO-00005

DATE OF CHANGE ORDER: March 16, 2016

The Agreement between the Parties listed above is changed as follows:  (attach additional documentation if necessary) 
		
	1.
	Parties agree Bechtel will implement a Performance and Attendance Bonus (PAB) Incentive Program to attract and retain qualified craft beginning the first regular pay period of 2016 through Substantial Completion of Subproject 5.  The overall PAB Incentive Program will be comprised of two separate programs.  Program 1 will apply to all SPL 3 direct-hire craft workers.  Program 2 will apply to all SPL 3 core direct-hire crafts in the following classifications: electrician, instrument technician, millwright, friction operator, pipefitter, rigger, and welder.  The Provisional Sum amount for Program 1 PAB and Program 2 PAB is $36.9 million. Further details regarding the PAB Incentive Programs 1 and 2 are detailed in Exhibit A of this Change Order. 

		
	2.
	Bechtel will invoice SPL at the beginning of each quarter, the maximum achievable incentive amount for that quarter.  Semi-annually the Parties will reconcile the previous two quarter’s invoiced amount against the total cost of the PAB Incentive Program in the same two quarters.  Any variance will be included with the next applicable invoice.

		
	3.
	PAB quarterly goals will be set with the intention to achieve target schedule progress and attendance goals. PAB amounts will be paid to qualified craft members on a quarterly basis. Bechtel will pay the craft 50% of the earned PAB and retain the remaining 50% of the PAB in escrow through the duration of the employee’s work on SPL 3. Payment parameters and milestone examples are summarized in Exhibit A. 

		
	4.
	Attachment EE of the Agreement is hereby amended by adding Section 2.5 Craft Incentive & Retention Program Provisional Sum.

2.5    Craft Incentive & Retention Program Provisional Sum
The Aggregate Provisional Sum contains a Provisional Sum of Thirty Six Million Nine Hundred Thousand U.S. Dollars (U.S$36,900,000) for craft compensation in order to attract and retain qualified craft.  If the actual Performance and Attendance Bonus (PAB) Incentive Program Cost under this Agreement is less than the Performance and Attendance Bonus (PAB) Incentive Program Provisional Sum, Owner shall be entitled to a Change Order reducing the Contract Price by such difference.  If the actual Performance and Attendance Bonus (PAB) Incentive Program Cost under this Agreement is greater than the Performance and Attendance Bonus (PAB) Incentive Program Provisional Sum, Contractor shall be entitled to a Change Order increasing the Contract Price by such difference. 

5.  The Aggregate Provisional Sum specified in Article 7.1A of the Agreement prior to this Change Order was $269,090,060.  This Change Order will increase the Aggregate Provisional Sum amount by $36,900,000 and the new value shall be $305,990,060.    

Adjustment to Contract Price
	
				
	The original Contract Price was
	$
	2,987,000,000
	

	Net change by previously authorized Change Orders (#0001-00004)
	$
	(34,843,025
	)

	The Contract Price prior to this Change Order was
	$
	2,952,156,975
	

	The Contract Price will be (increased) by this Change Order in the amount of
	$
	36,900,000
	

	The new Contract Price including this Change Order will be
	$
	2,989,056,975
	

Adjustment to dates in Project Schedule
The following dates are modified (list all dates modified; insert N/A if no dates modified): 

Adjustment to other Changed Criteria (insert N/A if no changes or impact; attach additional documentation if necessary). N/A 

Adjustment to Payment Schedule: Yes. 

Adjustment to Minimum Acceptance Criteria: N/A

Adjustment to Performance Guarantees: N/A

Adjustment to Design Basis: N/A

Other adjustments to liability or obligation of Contractor or Owner under the Agreement:

Select either A or B:
[A] This Change Order shall constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall be deemed to compensate Contractor fully for such change.  Initials:   
/s/ DV Contractor   /s/ EL Owner

[B] This Change Order shall not constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall not be deemed to compensate Contractor fully for such change.  Initials:  ____ Contractor  ____ Owner

Upon execution of this Change Order by Owner and Contractor, the above-referenced change shall become a valid and binding part of the original Agreement without exception or qualification, unless noted in this Change Order.  Except as modified by this and any previously issued Change Orders, all other terms and conditions of the Agreement shall remain in full force and effect.  This Change Order is executed by each of the Parties’ duly authorized representatives. 

	
			
	/s/ Ed Lehotsky
	 
	/s/ Dena Volovar

	Owner
	 
	Contractor

	Ed Lehotsky
	 
	Dena Volovar

	Name
	 
	Name

	VP LNG Projects
	 
	Project Manager

	Title
	 
	Title

	April 19, 2016
	 
	March 16, 2016

	Date of Signing
	 
	Date of Signing

*** indicates material has been omitted pursuant to a Confidential Treatment Request filed with the Securities and Exchange Commission.  A complete copy of this agreement has been filed separately with the Securities and Exchange Commission.
CHANGE ORDER FORM

Additional Bechtel Hours to Support RECON, Temporary Access Rd., Addition of Flash Liquid Expander, Removal of Vibration Monitor System, To-Date Reconciliation of Soils Preparation Provisional Sum

	
		
	PROJECT NAME:  Sabine Pass LNG Stage 3 Liquefaction Facility

OWNER:  Sabine Pass Liquefaction, LLC

CONTRACTOR:  Bechtel Oil, Gas and Chemicals, Inc.

DATE OF AGREEMENT: May 4, 2015
	CHANGE ORDER NUMBER: CO-00006

DATE OF CHANGE ORDER: March 22, 2016

The Agreement between the Parties listed above is changed as follows:  (attach additional documentation if necessary) 
		
	1.
	Per Article 6.1.B of the Agreement, Parties agree Bechtel will be compensated for additional hours to support SPL-directed changes to the soil stabilization subcontractor’s (RECON) work. 

		
	2.
	Per Article 6.1.B of the Agreement, Parties agree Bechtel will construct a temporary road to enable access for the piling subcontractor to the Train 5 and surrounding areas. The location of this change is depicted in Exhibit A of this Change Order. 

		
	3.
	Per Article 6.1.B of the Agreement, Parties agree Bechtel will engineer and design for the addition of a Flash Liquid Expander (FLE).  Scope includes the piles and connections/penetrations in the Methane Cold Box.  The location of the FLE is depicted in Exhibit B of this Change Order.

		
	4.
	Per Article 6.1.B of the Agreement, Parties agree Bechtel will remove the Vibration Monitor System scope, various workstations, consoles, and printers from the SPL 3 scope.

		
	a.
	The Existing & Stages 1 and 2 Liquefaction Facility Labor Provisional Sum value was *** U.S. Dollars (U.S. $***) and *** (***) hours.  These values will be amended and the new values shall be *** U.S. Dollars (U.S. $***) and *** (***) hours.

		
	5.
	Per Article 6.1.B of the Agreement, Parties agree Bechtel will reconcile the Soils Preparation Provisional Sum for deductions for SPL scope and drawing revisions.

		
	a.
	The previous Soils Preparation Provisional Sum was *** U.S. Dollars (U.S. $***).  This value will be amended and the new value shall be *** U.S. Dollars (U.S. $***).

		
	6.
	The Aggregate Provisional Sum specified in Article 7.1A of the Agreement prior to this Change Order was $305,990,060.  This value will be reduced by $5,498,381 and the new value shall be $300,491,679.

		
	7.
	The cost breakdown for these scopes of work are detailed in Exhibit C of this Change Order.

		
	8.
	 Schedule C-1 (Milestone Payment Schedule) of Attachment C of the Agreement will be amended by including the milestone(s) listed in Exhibit D of this Change Order.

Adjustment to Contract Price
	
				
	The original Contract Price was
	$
	2,987,000,000
	

	Net change by previously authorized Change Orders (#0001-00005)
	$
	2,056,975
	

	The Contract Price prior to this Change Order was
	$
	2,989,056,975
	

	The Contract Price will be (increased) by this Change Order in the amount of
	$
	(4,740,195
	)

	The new Contract Price including this Change Order will be
	$
	2,984,316,780
	

Adjustment to dates in Project Schedule
The following dates are modified (list all dates modified; insert N/A if no dates modified): 

Adjustment to other Changed Criteria (insert N/A if no changes or impact; attach additional documentation if necessary). N/A 

Adjustment to Payment Schedule: Yes.  See Exhibit D.

Adjustment to Minimum Acceptance Criteria: N/A

Adjustment to Performance Guarantees: N/A

Adjustment to Design Basis: N/A

Other adjustments to liability or obligation of Contractor or Owner under the Agreement:

Select either A or B:
[A] This Change Order shall constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall be deemed to compensate Contractor fully for such change.  Initials:   
/s/ DV Contractor   /s/ EL Owner

[B] This Change Order shall not constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall not be deemed to compensate Contractor fully for such change.  Initials:  ____ Contractor  ____ Owner

Upon execution of this Change Order by Owner and Contractor, the above-referenced change shall become a valid and binding part of the original Agreement without exception or qualification, unless noted in this Change Order.  Except as modified by this and any previously issued Change Orders, all other terms and conditions of the Agreement shall remain in full force and effect.  This Change Order is executed by each of the Parties’ duly authorized representatives. 

	
			
	/s/ Ed Lehotsky
	 
	/s/ Dena Volovar

	Owner
	 
	Contractor

	Ed Lehotsky
	 
	Dena Volovar

	Name
	 
	Name

	VP LNG Projects
	 
	Project Manager

	Title
	 
	Title

	April 19, 2016
	 
	March 22, 2016

	Date of Signing
	 
	Date of Signing

CHANGE ORDER FORM

Additional Support for FERC Document Requests

	
		
	PROJECT NAME:  Sabine Pass LNG Stage 3 Liquefaction Facility

OWNER:  Sabine Pass Liquefaction, LLC

CONTRACTOR:  Bechtel Oil, Gas and Chemicals, Inc.

DATE OF AGREEMENT: May 4, 2015
	CHANGE ORDER NUMBER: CO-00007

DATE OF CHANGE ORDER: May 10, 2016

The Agreement between the Parties listed above is changed as follows:  (attach additional documentation if necessary) 
		
	1.
	Per Article 6.1.B of the Agreement, Parties agree Bechtel will be compensated via this Change Order for FERC related support hours.   Attachment A, Section 9.2 of the Agreement states:

“Any (i) FERC related support provided by Contractor exceeding two thousand five hundred (2,500) man hours or (ii) additional Work required by FERC that is not contemplated in this Scope of Work shall be subject to a Change Order to the extent such excess support or additional Work adversely impacts (i) Contractor cost of performance of the Work; (ii) Contractor’s ability to perform the Work in accordance with the Project Schedule or (iii) Contractor’s ability to perform any obligation under the Agreement.”

This language is amended and will be replaced by the following:

“Any (i) FERC related support provided by Contractor exceeding ten thousand three hundred and thirty (10,330) man hours or (ii) additional Work required by FERC that is not contemplated in this Scope of Work shall be subject to a Change Order to the extent such excess support or additional Work adversely impacts (i) Contractor cost of performance of the Work; (ii) Contractor’s ability to perform the Work in accordance with the Project Schedule or (iii) Contractor’s ability to perform any obligation under the Agreement.”

		
	2.
	The cost breakdown for this scope of work is detailed in Exhibit A of this Change Order.

		
	3.
	Schedule C-1 (Milestone Payment Schedule) of Attachment C of the Agreement will be amended by including the milestone(s) listed in Exhibit B of this Change Order.

Adjustment to Contract Price
	
				
	The original Contract Price was
	$
	2,987,000,000
	

	Net change by previously authorized Change Orders (#0001-00006)
	$
	(2,683,220
	)

	The Contract Price prior to this Change Order was
	$
	2,984,316,780
	

	The Contract Price will be (increased) by this Change Order in the amount of
	$
	1,558,953
	

	The new Contract Price including this Change Order will be
	$
	2,985,875,733
	

Adjustment to dates in Project Schedule
The following dates are modified (list all dates modified; insert N/A if no dates modified): 

Adjustment to other Changed Criteria (insert N/A if no changes or impact; attach additional documentation if necessary). N/A 

Adjustment to Payment Schedule: Yes.  See Exhibit B.

Adjustment to Minimum Acceptance Criteria: N/A

Adjustment to Performance Guarantees: N/A

Adjustment to Design Basis: N/A

Other adjustments to liability or obligation of Contractor or Owner under the Agreement:

Select either A or B:
[A] This Change Order shall constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall be deemed to compensate Contractor fully for such change.  Initials:   
/s/ DV Contractor   /s/ EL Owner

[B] This Change Order shall not constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall not be deemed to compensate Contractor fully for such change.  Initials:  ____ Contractor  ____ Owner

Upon execution of this Change Order by Owner and Contractor, the above-referenced change shall become a valid and binding part of the original Agreement without exception or qualification, unless noted in this Change Order.  Except as modified by this and any previously issued Change Orders, all other terms and conditions of the Agreement shall remain in full force and effect.  This Change Order is executed by each of the Parties’ duly authorized representatives. 

	
			
	/s/ Ed Lehotsky
	 
	/s/ Dena Volovar

	Owner
	 
	Contractor

	Ed Lehotsky
	 
	Dena Volovar

	Name
	 
	Name

	SVP LNG E&C
	 
	Principal Vice President

	Title
	 
	Title

	June 16, 2016
	 
	May 5, 2016

	Date of Signing
	 
	Date of Signing

CHANGE ORDER FORM

Water System Scope Changes and Seal Design & Seal Gas Modification

	
		
	PROJECT NAME:  Sabine Pass LNG Stage 3 Liquefaction Facility

OWNER:  Sabine Pass Liquefaction, LLC

CONTRACTOR:  Bechtel Oil, Gas and Chemicals, Inc.

DATE OF AGREEMENT: May 4, 2015
	CHANGE ORDER NUMBER: CO-00008

DATE OF CHANGE ORDER: May 4, 2016

The Agreement between the Parties listed above is changed as follows:  (attach additional documentation if necessary) 
		
	1.
	Per Article 6.1.B of the Agreement, Parties agree Bechtel will modify the potable water system to remove the UV and Sodium Hypochlorite Injection Packages and to source the water for the potable water distribution directly from the City of Port Arthur pipeline with a 24” water tie-in pipe. The Reverse Osmosis (RO) Feedwater Dump and RO Reject will be rerouted to the outfall. Exhibit A of this Change Order depicts these changes.

		
	2.
	Per Article 6.1.B of the Agreement, Parties agree Bechtel will modify the Seal Gas Recovery System design to include small bore piping and control logic interface updates. Bechtel’s subcontractor will modify the refrigeration compressors to include new control valves, control logic updates, and interface updates. Exhibit B of this Change Order depicts these changes. 

		
	3.
	The cost breakdown for these scopes of work are detailed in Exhibit C of this Change Order.

		
	4.
	Schedule C-1 (Milestone Payment Schedule) of Attachment C of the Agreement will be amended by including the milestone(s) listed in Exhibit D of this Change Order.

Adjustment to Contract Price
	
				
	The original Contract Price was
	$
	2,987,000,000
	

	Net change by previously authorized Change Orders (#0001-00007)
	$
	(1,124,267
	)

	The Contract Price prior to this Change Order was
	$
	2,985,875,733
	

	The Contract Price will be (increased) by this Change Order in the amount of
	$
	(783,454
	)

	The new Contract Price including this Change Order will be
	$
	2,985,092,279
	

Adjustment to dates in Project Schedule
The following dates are modified (list all dates modified; insert N/A if no dates modified): 

Adjustment to other Changed Criteria (insert N/A if no changes or impact; attach additional documentation if necessary). N/A 

Adjustment to Payment Schedule: Yes.  See Exhibit D.

Adjustment to Minimum Acceptance Criteria: N/A

Adjustment to Performance Guarantees: N/A

Adjustment to Design Basis: N/A

Other adjustments to liability or obligation of Contractor or Owner under the Agreement:

Select either A or B:
[A] This Change Order shall constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall be deemed to compensate Contractor fully for such change.  Initials:   
/s/ DV Contractor   /s/ EL Owner

[B] This Change Order shall not constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall not be deemed to compensate Contractor fully for such change.  Initials:  ____ Contractor  ____ Owner

Upon execution of this Change Order by Owner and Contractor, the above-referenced change shall become a valid and binding part of the original Agreement without exception or qualification, unless noted in this Change Order.  Except as modified by this and any previously issued Change Orders, all other terms and conditions of the Agreement shall remain in full force and effect.  This Change Order is executed by each of the Parties’ duly authorized representatives. 

	
			
	/s/ Ed Lehotsky
	 
	/s/ Dena Volovar

	Owner
	 
	Contractor

	Ed Lehotsky
	 
	Dena Volovar

	Name
	 
	Name

	SVP LNG E&C
	 
	Principal Vice President

	Title
	 
	Title

	June 16, 2016
	 
	May 5, 2016

	Date of Signing
	 
	Date of Signing

CHANGE ORDER FORM

Re-Orientation of PSV Bypass Valves

	
		
	PROJECT NAME:  Sabine Pass LNG Stage 3 Liquefaction Facility

OWNER:  Sabine Pass Liquefaction, LLC

CONTRACTOR:  Bechtel Oil, Gas and Chemicals, Inc.

DATE OF AGREEMENT: May 4, 2015
	CHANGE ORDER NUMBER: CO-00009

DATE OF CHANGE ORDER: May 17, 2016

The Agreement between the Parties listed above is changed as follows:  (attach additional documentation if necessary) 
		
	1.
	Per Article 6.1.B of the Agreement, Parties agree Bechtel will modify the current PSV bypass valve orientation on Subproject 5 so that the cavity relief vents of the PSV bypass valves are on the high pressure side of the valves.

		
	2.
	The cost breakdown for this Change Order is detailed in Exhibit A.

		
	3.
	Schedule C-1 (Milestone Payment Schedule) of Attachment C of the Agreement will be amended by including the milestone(s) listed in Exhibit B of this Change Order.

Adjustment to Contract Price
	
				
	The original Contract Price was
	$
	2,987,000,000
	

	Net change by previously authorized Change Orders (#0001-00008)
	$
	(1,907,721
	)

	The Contract Price prior to this Change Order was
	$
	2,985,092,279
	

	The Contract Price will be (increased) by this Change Order in the amount of
	$
	14,933
	

	The new Contract Price including this Change Order will be
	$
	2,985,107,212
	

Adjustment to dates in Project Schedule
The following dates are modified (list all dates modified; insert N/A if no dates modified): 

Adjustment to other Changed Criteria (insert N/A if no changes or impact; attach additional documentation if necessary). N/A 

Adjustment to Payment Schedule: Yes.  See Exhibit B.

Adjustment to Minimum Acceptance Criteria: N/A

Adjustment to Performance Guarantees: N/A

Adjustment to Design Basis: N/A

Other adjustments to liability or obligation of Contractor or Owner under the Agreement:

Select either A or B:
[A] This Change Order shall constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall be deemed to compensate Contractor fully for such change.  Initials:   
/s/ DV Contractor   /s/ EL Owner

[B] This Change Order shall not constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall not be deemed to compensate Contractor fully for such change.  Initials:  ____ Contractor  ____ Owner

Upon execution of this Change Order by Owner and Contractor, the above-referenced change shall become a valid and binding part of the original Agreement without exception or qualification, unless noted in this Change Order.  Except as modified by this and any previously issued Change Orders, all other terms and conditions of the Agreement shall remain in full force and effect.  This Change Order is executed by each of the Parties’ duly authorized representatives. 

	
			
	/s/ Ed Lehotsky
	 
	/s/ Dena Volovar

	Owner
	 
	Contractor

	Ed Lehotsky
	 
	Dena Volovar

	Name
	 
	Name

	SVP LNG E&C
	 
	Principal Vice President

	Title
	 
	Title

	June 16, 2016
	 
	May 17, 2016

	Date of Signing
	 
	Date of Signing

CHANGE ORDER FORM

Deletion of Chlorine Analyzer

	
		
	PROJECT NAME:  Sabine Pass LNG Stage 3 Liquefaction Facility

OWNER:  Sabine Pass Liquefaction, LLC

CONTRACTOR:  Bechtel Oil, Gas and Chemicals, Inc.

DATE OF AGREEMENT: May 4, 2015
	CHANGE ORDER NUMBER: CO-00010

DATE OF CHANGE ORDER: June 15, 2016

The Agreement between the Parties listed above is changed as follows:  (attach additional documentation if necessary) 
		
	1.
	Per Article 6.1.B of the Agreement, Parties agree Bechtel will remove the Chlorine Analyzer on the potable water distribution line from its Scope of Work to accommodate the removal of the Hypochlorite Injection Package that was included in Change Order 008. Exhibit A of this Change Order depicts this change.

		
	2.
	The cost breakdown for this Change Order is detailed in Exhibit B.

		
	3.
	Schedule C-1 (Milestone Payment Schedule) of Attachment C of the Agreement will be amended by including the milestone(s) listed in Exhibit C of this Change Order.

Adjustment to Contract Price
	
				
	The original Contract Price was
	$
	2,987,000,000
	

	Net change by previously authorized Change Orders (#0001-00009)
	$
	(1,892,788
	)

	The Contract Price prior to this Change Order was
	$
	2,985,107,212
	

	The Contract Price will be (increased) by this Change Order in the amount of
	$
	(72,336
	)

	The new Contract Price including this Change Order will be
	$
	2,985,034,876
	

Adjustment to dates in Project Schedule
The following dates are modified (list all dates modified; insert N/A if no dates modified): N/A

Adjustment to other Changed Criteria (insert N/A if no changes or impact; attach additional documentation if necessary). 

Adjustment to Payment Schedule: Yes.  See Exhibit C.

Adjustment to Minimum Acceptance Criteria: N/A

Adjustment to Performance Guarantees: N/A

Adjustment to Design Basis: N/A

Other adjustments to liability or obligation of Contractor or Owner under the Agreement: 

Select either A or B:
[A] This Change Order shall constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall be deemed to compensate Contractor fully for such change.  Initials:   
/s/ DV Contractor   /s/ EL Owner

[B] This Change Order shall not constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall not be deemed to compensate Contractor fully for such change.  Initials:  ____ Contractor  ____ Owner

Upon execution of this Change Order by Owner and Contractor, the above-referenced change shall become a valid and binding part of the original Agreement without exception or qualification, unless noted in this Change Order.  Except as modified by this and any previously issued Change Orders, all other terms and conditions of the Agreement shall remain in full force and effect.  This Change Order is executed by each of the Parties’ duly authorized representatives. 

	
			
	/s/ Ed Lehotsky
	 
	/s/ Dena Volovar

	Owner
	 
	Contractor

	Ed Lehotsky
	 
	Dena Volovar

	Name
	 
	Name

	SVP LNG E&C
	 
	Principal Vice President

	Title
	 
	Title

	June 30, 2016
	 
	June 16, 2016

	Date of Signing
	 
	Date of SigningExhibit

	
					
	 
	 
	 
	 
	 

FIFTH AMENDMENT TO CONSTRUCTION LOAN AGREEMENT 
 
 
 
DATED AS OF 
OCTOBER 29, 2015 
 
AMONG 
 
STRATUS LAKEWAY CENTER L.L.C., 
AS BORROWER, 
 
PLAINSCAPITAL BANK, 
AS ADMINISTRATIVE AGENT, 
 
AND 
 
THE LENDERS PARTY HERETO 

	
					
	 
	 
	 
	 
	 

 

    

FIFTH AMENDMENT TO CONSTRUCTION LOAN AGREEMENT
THIS FIFTH AMENDMENT TO CONSTRUCTION LOAN AGREEMENT (the "Fifth Amendment to Loan Agreement" or this "Amendment") is entered into effective as of October __, 2015, among STRATUS LAKEWAY CENTER L.L.C., a Texas limited liability company ("Borrower"), PLAINSCAPITAL BANK, a state banking association, as Administrative Agent, and the financial institutions executing this Amendment as Lenders.
R E C I T A L S
A.    Borrower, the financial institutions signing as Lenders and Administrative Agent are parties to that certain Construction Loan Agreement dated as of September 29, 2014, as amended by that certain First Amendment to Construction Loan Agreement dated as of November 7, 2014, and as amended by that certain Second Amendment to Construction Loan Agreement dated as of February 5, 2015, and as amended by that certain Third Amendment to Construction Loan Agreement dated as of May 22, 2015, and as amended by that certain Fourth Amendment to Construction Loan Agreement dated as of June 3, 2015 (collectively, the "Original Loan Agreement").  
B.    The parties desire to amend the Original Loan Agreement as hereinafter provided.
NOW, THEREFORE, in consideration of these premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1.Same Terms.  All terms used herein which are defined in the Original Loan Agreement shall have the same meanings when used herein, unless the context hereof otherwise requires or provides.  In addition, (i) all references in the Loan Documents to the "Agreement" shall mean the Original Loan Agreement, as amended by this Amendment, as the same shall hereafter be amended from time to time, and (ii) all references in the Loan Documents to the “Loan Documents” shall mean the Loan Documents, as amended by this Amendment, as the same shall hereafter be amended from time to time.  In addition, the following terms have the meanings set forth below:
"Effective Date" means the date when (a) those Lenders comprising the Required Lenders have executed this Amendment, and (b) the conditions set forth in Section 2 of this Amendment have been complied with to the satisfaction of the Administrative Agent, unless waived in writing by the Administrative Agent.
"Modification Papers" means this Amendment and all of the other documents and agreements executed in connection with the transactions contemplated by this Amendment.
2.          Conditions Precedent.  The obligations and agreements of Administrative Agent and the undersigned Lenders as set forth in this Amendment are subject to the satisfaction (in the opinion of Administrative Agent), unless waived in writing by Administrative Agent, of each of the following conditions (and upon such satisfaction, this Amendment shall be deemed to be effective as of the Effective Date):
A.    Fifth Amendment to Loan Agreement.  Administrative Agent shall have received copies of this Amendment duly executed by Borrower and the Required Lenders.

FIFTH AMENDMENT TO CONSTRUCTION LOAN AGREEMENT – Page 1

B.    Fees and Expenses.  Borrower shall have paid to Administrative Agent all out-of-pocket fees and expenses (including reasonable attorneys’ fees and expenses) incurred by Administrative Agent in connection with the preparation, negotiation and execution of the Modification Papers.
C.    Representations and Warranties.   All representations and warranties contained herein or in the other Modification Papers or otherwise made in writing in connection herewith or therewith shall be true and correct in all material respects with the same force and effect as though such representations and warranties have been made on and as of the Effective Date except:  (i) to the extent that any such representation or warranty expressly relates solely to an earlier date, in which case such representation or warranty is true and correct in all material respects as of such earlier date and (ii) the representations and warranties contained in subsections (a) and (b) of Section 11.2 of the Original Loan Agreement shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 9.1 of the Original Loan Agreement.
3.    Amendment to Original Loan Agreement.  On the Effective Date, the Original Loan Agreement shall be deemed to be amended as follows:
(a)    Section 1.1 of the Original Loan Agreement shall be amended by adding thereto in appropriate alphabetical order the following new definitions of "Second Lien Construction Loan Agreement" and "Second Lien Loan":
"Second Lien Construction Loan Agreement" means that certain Construction Loan Agreement among Borrower, Administrative Agent and the Lenders party thereto dated as of October 29, 2015, pertaining to a construction loan in the original principal amount of $1,381,000, as same may be modified, amended and restated from time to time.
"Second Lien Loan" means the loan extended by Lenders to Borrower pursuant to the Second Lien Construction Loan Agreement.
(b)    The definition of "Debt Service" in Section 1.1 of the Original Loan Agreement shall be amended to read in its entirety as follows:
"Debt Service" means the principal (if any) and interest payable under the Loan and the Second Lien Loan for the applicable period based on a 25-year amortization and the stated interest rate on the Loan and the Second Lien Loan in effect at the time of measurement.
(c)    The Original Loan Agreement shall be amended by adding thereto a new Section 12.16 that shall read in its entirety as follows:
12.16    Default under Second Lien Construction Loan Agreement.  Any Event of Default as defined in the Second Lien Construction Loan Agreement shall occur.
4.    Certain Representations.  Borrower represents and warrants that, as of the Effective Date:  (a) Borrower has full power and authority to execute the Modification Papers and the Modification Papers constitute the legal, valid and binding obligation of Borrower enforceable in accordance with their terms,

FIFTH AMENDMENT TO CONSTRUCTION LOAN AGREEMENT – Page 2

except as enforceability may be limited by general principles of equity and applicable Debtor Relief Laws; and (b) no authorization, approval, consent or other action by, notice to, or filing with, any Governmental Authority or other Person is required for the execution, delivery and performance by Borrower thereof; and (c) no Event of Default exists and, to Borrower's knowledge, there exist no facts or circumstances which, with the giving of notice and the passage of time, would reasonably be expected to constitute an Event of Default.  In addition, Borrower represents that after giving effect to this Amendment all representations and warranties contained in Section 11 of the Original Loan Agreement, as amended hereby, and the other Loan Documents are true and correct in all material respects on and as of the Effective Date as if made on and as of such date except:  (i) to the extent that any such representation or warranty expressly relates solely to an earlier date, in which case such representation or warranty is true and correct in all material respects as of such earlier date and (ii) the representations and warranties contained in Section 11.2 of the Original Loan Agreement shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 9.1 of the Original Loan Agreement.
5.    No Further Amendments.  Except as previously amended in writing or as amended hereby, the Original Loan Agreement shall remain unchanged and all provisions shall remain fully effective between the parties.
6.    Acknowledgments and Agreements.  Borrower acknowledges that on the date hereof all outstanding Obligations are payable in accordance with their terms, and Borrower waives any defense, offset, counterclaim or recoupment with respect thereto.  Borrower, Administrative Agent and each Lender do hereby adopt, ratify and confirm the Original Loan Agreement, as amended hereby, and acknowledge and agree that the Original Loan Agreement, as amended hereby, is and remains in full force and effect.  Borrower acknowledges and agrees that its liabilities and obligations under the Original Loan Agreement, as amended hereby, and under the other Loan Documents, are not impaired in any respect by this Amendment.  Any breach of any representations, warranties and covenants under this Amendment shall be an Event of Default under the Original Loan Agreement, as amended hereby.
7.    Limitation on Agreements.  The modifications set forth herein are limited precisely as written and, except as expressly set forth herein, shall not be deemed (a) to be a consent under or a waiver of or an amendment to any other term or condition in, or constitute any course of dealing under, the Original Loan Agreement or any of other the Loan Documents, or (b) to prejudice any right or rights which Administrative Agent or any Lender now has or may have in the future under or in connection with the Original Loan Agreement or the other Loan Documents, each as amended hereby, or any of the other documents referred to herein or therein.  The Modification Papers shall constitute Loan Documents for all purposes.
8.    Confirmation of Security.  Borrower hereby confirms and agrees that all of the collateral documents (the Deed of Trust and the Guaranty Agreement) which presently secure the Obligations shall continue to secure, in the same manner and to the same extent provided therein, the payment and performance of the Obligations as described in the Original Loan Agreement, as amended hereby.
9.    Counterparts.  This Amendment may be executed in any number of counterparts (including execution by electronic transmission (i.e. pdf attachment)), each of which when executed and delivered shall be deemed an original, but all of which constitute one instrument.  In making proof of this Amendment, it shall not be necessary to produce or account for more than one counterpart thereof signed by each of the parties hereto.

FIFTH AMENDMENT TO CONSTRUCTION LOAN AGREEMENT – Page 3

10.    Incorporation of Certain Provisions by Reference.  The provisions of Section 16.4 of the Original Loan Agreement captioned “Governing Law, Jurisdiction, Venue” and Section 16.24 of the Original Loan Agreement captioned “Waiver of Jury Trial” are incorporated herein by reference for all purposes.
11.    Entirety, Etc.  This Amendment and all of the other Loan Documents embody the entire agreement between the parties.  THIS AMENDMENT AND ALL OF THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.
[Remainder of page intentionally left blank.  Signature pages follow.]

FIFTH AMENDMENT TO CONSTRUCTION LOAN AGREEMENT – Page 4

IN WITNESS WHEREOF, the parties hereto have executed this Amendment to be effective as of the date and year first above written.
	
		
	 
	BORROWER

	Address for Notices: 
 
 
212 Lavaca St., Suite 300 
Austin, Texas 78701
	STRATUS LAKEWAY CENTER, L.L.C. 
 
 
By:  /s/ Erin D. Pickens            
   Erin D. Pickens 
   Senior Vice President

FIFTH AMENDMENT TO CONSTRUCTION LOAN AGREEMENT – Signature Page

	
		
	 
	ADMINISTRATIVE AGENT

	Address for Notices: 
 
 
 
2323 Victory Avenue, Suite 300 
Dallas, Texas 75219
	PLAINSCAPITAL BANK, 
as Administrative Agent 
 
 
By: /s/ Thomas Ricks            
   Thomas Ricks 
   Executive Vice President

FIFTH AMENDMENT TO CONSTRUCTION LOAN AGREEMENT – Signature Page

	
		
	 
	LENDER

	Address for Notices: 
 
 
2323 Victory Avenue, Suite 300 
Dallas, Texas 75219
	PLAINSCAPITAL BANK 
 
 
By: /s/ Thomas Ricks            
   Thomas Ricks  
   Executive Vice President

FIFTH AMENDMENT TO CONSTRUCTION LOAN AGREEMENT – Signature Page

	
		
	 
	LENDER

	Address for Notices: 
 
 
P.O. Box 1079 
Tyler, Texas  75710
	SOUTHSIDE BANK
 
 
By:  /s/ Pam Cunningham         
      Pam Cunningham 
      Executive Vice President

FIFTH AMENDMENT TO CONSTRUCTION LOAN AGREEMENT – Signature Page

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