Document:

Third Amended and Restated Multiple Indebtedness Mortgage

 Exhibit 10.3 
 RECORDING REQUESTED BY AND 
 WHEN RECORDED, RETURN TO: 
 Latham & Watkins LLP 
 885 Third Avenue Suite 1000 
 New York, New York 10022 
 Attn: Betsy J. Mukamal, Esq.

  

 THIRD
AMENDED AND RESTATED MULTIPLE INDEBTEDNESS MORTGAGE, 
 ASSIGNMENT OF RENTS AND LEASES 
 AND SECURITY AGREEMENT 
 Dated as of
November 9, 2006 
 by 
 SABINE PASS LNG, L.P. 
 a Delaware limited partnership, 
 Mortgagor 
 to and for the benefit of 
 THE BANK OF NEW YORK 
 Collateral
Trustee as Mortgagee 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE 1 - DEFINITIONS
	  	7
			
	 1.1
	  	 DEFINED TERMS
	  	7
	 1.1
	  	 ACCOUNTING TERMS
	  	9
	 1.2
	  	 THE RULES OF INTERPRETATION
	  	9
	 1.3
	  	 PRIORITY. THE RELATIVE PRIORITY OF THE
LIENS GRANTED HEREUNDER SHALL BE AS SET FORTH IN THE COLLATERAL TRUST
AGREEMENT.
	  	9
		
	 ARTICLE 2 - GENERAL COVENANTS AND PROVISIONS
	  	9
			
	 2.1
	  	 MORTGAGOR PERFORMANCE OF THE COLLATERAL TRUST
AGREEMENT
	  	9
	 2.2
	  	 GENERAL REPRESENTATIONS, COVENANTS AND
WARRANTIES
	  	9
	 2.3
	  	 COMPLIANCE WITH LEGAL REQUIREMENTS
	  	9
	 2.4
	  	 INSURANCE; APPLICATION OF INSURANCE PROCEEDS;
APPLICATION OF EMINENT DOMAIN PROCEEDS.
	  	10
	 2.5
	  	 ASSIGNMENT OF RENTS
	  	10
	 2.6
	  	 MORTGAGEE ASSUMES NO OBLIGATIONS
	  	11
	 2.7
	  	 FURTHER ASSURANCES
	  	11
	 2.8
	  	 ACTS OF MORTGAGOR
	  	11
	 2.9
	  	 AFTER-ACQUIRED PROPERTY
	  	11
	 2.10
	  	 MORTGAGED PROPERTY
	  	12
	 2.11
	  	 POWER OF ATTORNEY
	  	12
	 2.12
	  	 COVENANT TO PAY
	  	12
	 2.13
	  	 SECURITY AGREEMENT
	  	13
		
	 ARTICLE 3 - REMEDIES
	  	13
			
	 3.1
	  	 ACCELERATION OF MATURITY
	  	13
	 3.2
	  	 PROTECTIVE ADVANCES
	  	14
	 3.3
	  	 INSTITUTION OF EQUITY PROCEEDINGS
	  	14
	 3.4
	  	 MORTGAGEE’S POWER OF ENFORCEMENT
	  	14
	 3.5
	  	 MORTGAGEE’S RIGHT TO ENTER AND
TAKE POSSESSION, OPERATE AND APPLY INCOME
	  	15
	 3.6
	  	 SEPARATE SALES
	  	16
	 3.7
	  	 WAIVER OF APPRAISEMENT, MORATORIUM, VALUATION,
STAY, EXTENSION AND REDEMPTION LAWS
	  	16
	 3.8
	  	 KEEPER
	  	17
	 3.9
	  	 SUITS TO PROTECT THE MORTGAGED
PROPERTY
	  	17
	 3.10
	  	 PROOFS OF CLAIM
	  	17
	 3.11
	  	 MORTGAGOR TO PAY AMOUNTS SECURED HEREBY
ON ANY DEFAULT IN PAYMENT; APPLICATION OF MONIES BY MORTGAGEE
	  	18
	 3.12
	  	 DELAY OR OMISSION; NO WAIVER
	  	18
	 3.13
	  	 NO WAIVER OF ONE DEFAULT TO AFFECT
ANOTHER
	  	18
	 3.14
	  	 DISCONTINUANCE OF PROCEEDINGS; POSITION OF
PARTIES RESTORED
	  	19
	 3.15
	  	 REMEDIES CUMULATIVE
	  	19
	 3.16
	  	 INTEREST AFTER ACTIONABLE DEFAULT
	  	19
	 3.17
	  	 FORECLOSURE; EXPENSES OF LITIGATION
	  	19
	 3.18
	  	 DEFICIENCY JUDGMENTS
	  	20
	 3.19
	  	WAIVER OF JURY TRIAL	  	20
	 3.20
	  	 EXCULPATION OF MORTGAGEE
	  	21

  

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	 ARTICLE 4 - GENERAL
	  	21
			
	 4.1
	  	 DISCHARGE
	  	21
	 4.2
	  	 NO WAIVER
	  	21
	 4.3
	  	 EXTENSION, REARRANGEMENT OR RENEWAL OF
OBLIGATIONS
	  	21
	 4.4
	  	 FORCIBLE DETAINER
	  	21
	 4.5
	  	 WAIVER OF STAY OR EXTENSION
	  	22
	 4.6
	  	 NOTICES
	  	22
	 4.7
	  	 SEVERABILITY
	  	22
	 4.8
	  	 APPLICATION OF PAYMENTS
	  	22
	 4.9
	  	GOVERNING LAW	  	22
	 4.10
	  	 ENTIRE AGREEMENT
	  	22
	 4.11
	  	 AMENDMENTS
	  	23
	 4.12
	  	 SUCCESSORS AND ASSIGNS
	  	23
	 4.13
	  	 RENEWAL, ETC
	  	23
	 4.14
	  	 FUTURE ADVANCES
	  	23
	 4.15
	  	 SEVERABILITY AND COMPLIANCE WITH USURY
LAW
	  	23
	 4.16
	  	 RELEASE OF COLLATERAL
	  	24
	 4.17
	  	 COLLATERAL TRUST AGREEMENT CONTROLS
	  	24
	 4.18
	  	 TIME OF THE ESSENCE
	  	24
	 4.19
	  	 COUNTERPART EXECUTION
	  	24
		
	 ARTICLE 5 – SUBJECT LEASE
	  	25
			
	 5.1
	  	 MORTGAGOR REPRESENTS, WARRANTS AND AGREES AS
FOLLOWS:
	  	25
	 5.2
	  	 TREATMENT OF SUBJECT LEASE IN
BANKRUPTCY
	  	26
	 5.3
	  	 REJECTION OF LEASE BY LESSOR
	  	26
	 5.4
	  	 ASSIGNMENT OF CLAIMS TO MORTGAGEE
	  	27
	 5.5
	  	 OFFSET BY MORTGAGOR
	  	27
	 5.6
	  	 MORTGAGOR’S ACQUISITION OF INTEREST IN
LEASED PARCEL
	  	27
	 5.7
	  	 NEW LEASE ISSUED TO MORTGAGEE
	  	27
		
	 ARTICLE 6 – STATE SPECIFIC PROVISIONS
	  	28
			
	 6.1
	  	 LOUISIANA REMEDIES.
	  	28
	 6.2
	  	 DECLARATION OF FACT
	  	29
	 6.3
	  	 TAXPAYER IDENTIFICATION NUMBER
	  	29
	 6.4
	  	 CUMULATIVE REMEDIES
	  	29
	 6.5
	  	 LOUISIANA TERMS
	  	29
	 6.6
	  	 NOVATION
	  	30
	 6.7
	  	 WAIVERS OF CERTIFICATES
	  	30
	 6.8
	  	 SUBORDINATION.
	  	30

  

 ii 

 THIRD AMENDED AND RESTATED MULTIPLE INDEBTEDNESS MORTGAGE, 
 ASSIGNMENT OF RENTS AND LEASES 
 AND
SECURITY AGREEMENT 
 BE IT KNOWN, that on the 9th day of November, 2006, before me, the undersigned Notary Public, duly
commissioned and qualified in and for the State and County set forth below, and in the presence of the undersigned competent witnesses: 
 PERSONALLY CAME AND APPEARED: 
 Sabine Pass LNG, L.P. (the “Mortgagor”) (TIN 20-0466069) a Delaware
limited partnership, domiciled at 717 Texas Avenue, Suite 3100, Houston, Texas 77002, organized pursuant to a Certificate of Limited Partnership dated October 20, 2003, filed in the office of the Secretary of State, State of Delaware on
October 20, 2003 which filed partnership documents and registered to do business in Louisiana on December 16, 2003; whose chief executive office is declared to be at 717 Texas Avenue, Suite 3000, Houston, Texas 77002; 
 who declared as follows: 
 Mortgagor does hereby enter into this Third Amended and Restated Multiple Indebtedness Mortgage, Assignment of Leases and Rents and Security Agreement (as modified, supplemented, amended, consolidated or extended from time to time, this
“Mortgage”) effective as of November 9th, 2006, in favor of THE BANK OF NEW YORK as Collateral
Trustee for the benefit of, the Secured Parties, (together with its successors and assigns, in such capacities, the “Collateral Trustee” and “Mortgagee”). Capitalized terms used in this Mortgage and not otherwise
defined herein shall have the meanings ascribed to them in the Collateral Trust Agreement. 
 Recitals 
  

	 	A.	Mortgagor (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 Mortgagor and The
Bank of New York as trustee (together with its successors and assigns, in such capacity, 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 ranking pari passu with the Notes (such other secured indebtedness together with the Notes, the “Parity
Secured Debt”). 

  

	 	B.	Mortgagor 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.

	 	C.	Mortgagor and the other Pledgors have entered 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. 

  

	 	D.	Pursuant to the Crest Settlement Documents (as defined herein), the Mortgagor is prohibited from creating or allowing to be created any lien, security interest or other encumbrance
on any of Mortgagor’s assets that is senior to or pari passu with the obligations of the Mortgagor under the Crest Settlement Documents; therefore, the Mortgagor hereby grants in favor of the Mortgagee for the benefit of Crest, a secured lien
and security interest with respect to the Mortgaged Property which such lien shall be senior to the liens and security interests of the holders of the Parity Lien Obligations. 

  

	 	E.	Mortgagor, 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
Agreement”) pursuant to which Mortgagor granted a secured interest in all of its assets to the Prior Collateral Agent. Pursuant to an instrument 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. 

  

	 	F.	Mortgagor, Société Générale, as agent, and HSBC Bank USA, National Association, as collateral agent thereunder were parties to Multiple Indebtedness
Mortgage, Assignment of Leases and Rents and Security Agreement dated as of February 25, 2005 (the “Original Mortgage”), as amended by that certain First Amendment to Multiple Indebtedness Mortgage, Assignment of Leases and
Rents and Security Agreement dated as of January 19, 2006 (the “First Amendment”) and by that certain Second Amendment to Multiple Indebtedness Mortgage, Assignment of Leases and Rents and Security Agreement (the
“Second Amendment” and together with the Original Mortgage and the First Amendment, the “Assigned Mortgage”) pursuant to which Mortgagor granted a secured interest in the Property to the Prior Collateral Agent.

  

	 	G.	Pursuant to an instrument dated as of the date hereof, the Prior Collateral Agent has assigned all of its rights under the Assigned Mortgage to the Collateral Trustee. The Assigned
Mortgage is hereunder declared amended and restated as the Agreement. 

  

	 	H.	It is a requirement under the Indenture and a condition precedent to the issuance of the Notes that the Mortgagor shall have executed and delivered this Agreement.

  

	 	I.	As set forth more fully below, Mortgagor intends to secure its payment and performance of the Secured Obligations by and with the Mortgaged Property (as defined below) owned by
Mortgagor and other Real Property, the ownership and other real right in which of Mortgagor may not be evidenced in the official records of the parish in which the Real Property is situated as of the date of this act. This Mortgage is being granted
to establish a mortgage affecting the Real Property owned by Mortgagor as of the date of this act and, 

  

 2 

	 	 	pursuant to Louisiana Civil Code Article 3292, to establish a mortgage affecting the other Real Property if and when the ownership of, or other real right in, the other Real
Property is subsequently acquired by or otherwise evidenced in Mortgagor. 

 Agreement 
 NOW, THEREFORE, to secure the prompt and complete payment and performance, when and as required, due and/or payable, of all of the Secured Obligations,
by acceleration or otherwise, or arising out of or in connection therewith, and in consideration of the covenants herein contained and in the Collateral Trust Agreement and intending to be legally bound, does hereby specially mortgage, affect,
hypothecate, and grant a continuing security interest, assign and pledge unto Mortgagee, for the benefit of the Secured Parties as set forth in the Collateral Trust Agreement, all of Mortgagor’s estate, right, title, interest, property, claim
and demand, now or hereafter arising, in and to the following property and rights (herein collectively called the “Mortgaged Property”): 
 (a) the lands and premises more particularly described in Exhibit A hereto (which such lands and premises shall include all property interests in those certain leases described on Exhibit A, as the same
may be amended, restated, renewed or extended in the future in compliance with this Mortgage, including any options to purchase, extend or renew provided for in such leases (collectively, the “Subject Lease”) and any estoppel,
nondisturbance, attornment and recognition agreement benefiting Mortgagor with respect to the Subject Lease, together with all credits, deposits, privileges, rights, estates, title and interest of Mortgagor as tenant under the Subject Lease
(including all rights of Mortgagor to treat the Subject Lease as terminated under Section 365(h) (a “365(h) Election”) of the Bankruptcy Code, or any other state or federal insolvency, reorganization, moratorium or similar law
for the relief of debtors (a “Bankruptcy Law”), or any comparable right provided under any other Bankruptcy Law, together with all rights, remedies and privileges related thereto), and all books and records that contain
records or other evidence of payments of rent or security made under the Subject Lease and all of Mortgagor’s claims and rights to the payment of damages that may arise from a lessor’s failure to perform under the Subject Lease, or
rejection of the Subject Lease under any Bankruptcy Law (a “Lease Damage Claim”), Mortgagee having the right, at any time and from time to time, to notify such lessor of the rights of Mortgagee hereunder), (all such lands and
premises collectively, the “Site”); 
 (b) any and all servitudes, easements, leases, licenses, option
rights, rights-of-way and other rights used in connection with the Site or as a means of ingress and egress thereto and therefrom, all servitudes or easements for ingress and egress and easements for water, natural gas and sewage pipelines, running
in favor of Mortgagor, or appurtenant to the Site, and any and all sidewalks, alleys, strips and gores of land adjacent thereto or used in connection therewith together with all and singular the appurtenances thereto, and with any land lying within
the right-of-way of any streets, open or proposed, adjoining the same (collectively, the “Easements”; and the Site and the Easements collectively referred to herein as the “Real Property”); 
  

 3 

 (c) all buildings, structures, fixtures and other improvements now or hereafter
constructed, placed or erected on the Real Property (collectively, the “Improvements”); 
 (d) all machinery,
apparatus, equipment, fittings, fixtures, generators, boilers, turbines and other articles of personal property, including all goods and all goods which become fixtures, now owned or hereafter acquired by Mortgagor and now or hereafter located on,
attached to or used in the operation of or in connection with the Real Property and/or the Improvements, and all replacements thereof, additions thereto and substitutions therefor, to the fullest extent permitted by applicable law (all of the
foregoing being hereinafter collectively called the “Equipment”); 
 (e) all raw materials, work in process
and other materials used or consumed in the construction of, or now or hereafter located on or used in connection with, the Real Property, the Improvements and/or the Equipment, (including, without limitation, fuel and fuel deposits, now or
hereafter located on the Real Property or elsewhere or otherwise owned by Mortgagor) (the above items, together with the Equipment, being hereinafter collectively called the “Tangible Collateral”); 
 (f) all rights, powers, privileges and other benefits of Mortgagor (to the extent assignable) now or hereafter obtained by Mortgagor from
any Governmental Authority (as such term is defined in the Indenture), including, without limitation, all licenses, certificates, permits and other similar instruments and documents, issued in the name of Mortgagor, governmental actions relating to
the ownership, operation, management and use of the Real Property, Improvements, Equipment or Tangible Collateral, and any improvements, modifications or additions thereto; 
 (g) all the lands and interests in lands hereafter acquired by Mortgagor in connection with or appurtenant to the Site, and all income,
rents, rent equivalents, issues, profits, revenues (including all oil and gas or other mineral royalties and bonuses), deposits and other benefits from the Site and the Improvements (including all receivables and other obligations now existing or
hereafter arising or created out of the sale, lease, sublease, license, concession or other grant of the right of the use and occupancy of property or rendering of services by Mortgagor or any operator or manager of the Mortgaged Property or the
commercial space located in the Improvements or acquired from others) (collectively, the “Rents”) and all proceeds from the sale or other disposition of the Leases (as defined herein) and the right to receive and apply the Rents
and/or any other property or rights subject to the lien hereof, including (without limitation) all interests of Mortgagor, whether as lessor or lessee, in any leases of land hereafter made and all rights of Mortgagor thereunder; 
 (h) any and all other property in any way associated or used in connection with or appurtenant to the Real Property, Improvements,
Equipment or Tangible Collateral that may from time to time, by delivery or by writing of any kind, be subjected to the lien hereof by Mortgagor or by anyone on its behalf or with its consent, or which may come into the possession or be subject to
the control of Mortgagee pursuant to this Mortgage, being hereby collaterally assigned to Mortgagee and subjected or added to the lien or estate created by this 
  

 4 

 Mortgage forthwith upon the acquisition thereof by Mortgagor, as fully as if such property were now owned
by Mortgagor and were specifically described in this Mortgage and subjected to the lien and security interest hereof; and Mortgagee is hereby authorized to receive any and all such property as and for additional security hereunder; 
 (i) all the remainder or remainders, reversion or reversions, Rents, revenues, issues, profits, royalties, income, proceeds and other
benefits derived from any of the foregoing, all of which are hereby assigned to Mortgagee, who is hereby authorized to collect and receive the same, to give proper receipts and acquittances therefor and to apply the same in accordance with the
provisions of this Mortgage; 
 (j) all Proceeds, as defined in the UCC (defined below), including all proceeds, products,
offspring, Rents, profits or receipts, in whatever form, arising from the Mortgaged Property, including (i) cash, instruments and other property received, receivable or otherwise distributed in respect of or in exchange for any or all of the
Mortgaged Property, (ii) the collection, sale, lease, sublease, concession, exchange, assignment, licensing or other disposition of, or realization upon, any item or portion of the Mortgaged Property (including all claims of Mortgagor against
third parties for loss of, damage to, destruction of, or for proceeds payable under, or unearned premiums with respect to, policies of insurance in respect of, any the Mortgaged Property now existing or hereafter arising), (iii) any and all
proceeds of any insurance, indemnity, warranty or guaranty payable to Mortgagor from time to time with respect to any of the Mortgaged Property, (iv) any and all payments (in any form whatsoever) made or due and payable to Mortgagor from time
to time in connection with the requisition, confiscation, condemnation, seizure or forfeiture of all or any part of the Mortgaged Property by any Governmental Authority (or any person acting under color of Governmental Authority) and (v) any
and all other amounts from time to time paid or payable under or in connection with any of the Mortgaged Property; 
 (k) all
agreements to which Mortgagor is a party or which are assigned to Mortgagor in any management agreement or any other document and which are executed in connection with the construction, operation and management of the Improvements located on the
Mortgaged Property (including agreements for the sale, lease or exchange of goods or other property and/or the performance of services by it, in each case whether now in existence or hereafter arising or acquired) as any such agreements have been or
may be from time to time amended, supplemented or otherwise modified; 
 (l) all general intangibles, now owned or hereafter
acquired by Mortgagor, including (i) all obligations or indebtedness owing to Mortgagor from whatever source arising, (ii) all unearned premiums accrued or to accrue under all insurance policies for the Mortgaged Property obtained by
Mortgagor, all proceeds of the conversion, voluntary or involuntary, of any of the foregoing into cash or liquidated claims (including proceeds of insurance, condemnation awards, and all rights of Mortgagor to refunds of real estate taxes and
assessments), (iii) all royalties and license fees, (iv) all rights or claims in respect of refunds for taxes paid, and (v) all judgments, awards of damages and settlements which may result from any damage to all or any portion of the
Real Property 
  

 5 

 or Improvements or any part thereof or to any rights appurtenant thereto, together with the right to
receive proceeds attributable to the insurance loss of the Real Property or Improvements, as provided in La. R.S. 9:5386; 
 (m) all instruments, chattel paper or letters of credit, evidencing, representing, arising from or existing in respect of, relating to, securing or otherwise supporting the payment of, any of the Mortgaged Property (including promissory
notes, drafts, bills of exchange and trade acceptances) and chattel paper obtained by Mortgagor in connection with the Mortgaged Property (including all ledger sheets, computer records and printouts, databases, programs, books of account and files
of Mortgagor relating thereto) and such notes or other obligations of indebtedness owing to Mortgagor from whatever source arising, in each case now owned or hereafter acquired by Mortgagor and relating to the Mortgaged Property; 
 (n) all inventory, whether now or hereafter existing or acquired, and which arises out of or is used in connection with, directly or
indirectly, the ownership and operation of the Mortgaged Property, all documents representing the same and all Proceeds and products of the same, including all goods, merchandise, raw materials, work in process and other personal property, wherever
located, now or hereafter owned or held by Mortgagor for manufacture, processing, the providing of services or sale, use or consumption in the operation of the Mortgaged Property (including fuel, supplies and similar items and all substances
commingled therewith or added thereto) and rights and claims of Mortgagor against anyone who may store or acquire the same for the account of Mortgagor, or from whom Mortgagor may purchase the same; and 
 (o) all Permits used in connection with the ownership, operation, use or occupancy of the Mortgaged Property, but excluding any of the
Permits which by their terms or by operation of law prohibit or do not allow assignment or which would become void solely by virtue of a security interest being granted therein. 
 The Rents and Leases are pledged on a parity with the Land and Improvements and not secondarily. This Mortgage has been executed by Mortgagor pursuant to
Article 3298 of the Louisiana Civil Code for the purpose of securing Secured Obligations that may now be existing and/or that may arise in the future as provided herein, with the preferences and priorities provided under applicable Louisiana law.
The assignment of Leases and the Rents therefrom is given to the fullest extent allowed by La. R.S. 9:4401 to secure Secured Obligations up to a maximum amount outstanding at any time and from time to time of $3,000,000,000. 
 ANYTHING TO THE CONTRARY CONTAINED HEREIN NOTWITHSTANDING, THE MAXIMUM AMOUNT OF INDEBTEDNESS SECURED OR THAT UNDER ANY CONTINGENCY MAY BE SECURED HEREBY
AT ANY TIME AND FROM TIME TO TIME IS THREE BILLION AND NO/100 DOLLARS ($3,000,000,000). 
 The Mortgaged Property to remain so specially
mortgaged, affected and hypothecated, unto and in favor of the Mortgagee and any future holder or holders of the Secured Obligations until the full and final payment of the Parity Lien Obligations thereof, Mortgagor being hereby 
  

 6 

 obligated not to sell, alienate, deteriorate or otherwise encumber the Mortgaged Property to the prejudice of this act
except as may be permitted under the Indenture and not to permit or suffer the same to be so sold, alienated, deteriorated or encumbered except as may be permitted under the Secured Debt Documents. 
 PROVIDED ALWAYS, that when and as set forth in the Collateral Trust Agreement and upon the observance and performance by Mortgagor of its covenants and
agreements set forth herein and therein, then Mortgagee shall execute and deliver a release and cancellation of this Mortgage as provided herein below. 
 ARTICLE 1- DEFINITIONS 
 1.1 Defined Terms. Any term defined by reference to an agreement, instrument or other
document shall have the meaning so assigned to it whether or not such document is in effect. In addition, for purposes of this Mortgage, the following definitions shall apply: 
 “Actionable Default” means either a Secured Debt Default (as defined in the Collateral Trust Agreement or a Crest Default
Remedy Instruction. 
 “Bankruptcy Law” has the meaning ascribed to it in the Granting Clauses. 

“Cheniere” means Cheniere Energy, Inc., a Delaware corporation. 
 “Collateral Trust Agreement” has the meaning ascribed to it in the recitals hereof. 
 “Collateral Trustee” has the meaning ascribed to it in the preamble hereof. 
 “Crest” means Crest Investment Company, a Texas corporation. 
 “Crest Cheniere Indemnity” means any indemnity arrangement heretofore or hereafter provided by Cheniere in favor of any
of its subsidiaries pursuant to the Crest Settlement Documents. 
 “Crest Default Remedy Instruction” means
any instruction by Crest to the Mortgagee in writing to exercise remedies under the this Mortgage as a result of the Mortgagor’s failure to make any payment in respect of the Crest Obligations after written demand by Crest. 
 “Crest Obligations” means all obligations of the Mortgagor under the Crest Settlement Documents. 
 “Crest Settlement Documents” means collectively (a) that certain Settlement and Purchase Agreement, dated as of
June 14, 2001 (the “Settlement Agreement”), by and among Cheniere, Cheniere FLNG, L.P., Crest, Crest Energy, L.L.C., and Freeport LNG Terminal, LLC, (b) that certain assumption and adoption document, dated May 9,
2005, 
  

 7 

 executed by the Mortgagor among others, pursuant to the Settlement Agreement, (c) that certain
Indemnification Agreement, dated May 9, 2005, executed by Cheniere, relating thereto 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. 
 “Easements” has the meaning ascribed to it in the Granting Clauses. 
 “Equipment” has the meaning ascribed to it in the Granting Clauses. 
 “Improvements” has the meaning ascribed to it in the Granting Clauses. 
 “Land” means the real property described on Exhibit A. 
 “Lease Damage Claim” has the meaning ascribed to it in the Granting Clauses. 
 “Leases” has the meaning ascribed to it in the Section 2.5. 
 “Legal Requirements” has the meaning ascribed to it in Section 2.3. 
 “Mortgaged Property” has the meaning ascribed to it in the Granting Clauses. 
 “Permitted Encumbrances” has the meaning ascribed to it in Section 2.2. 
 “Proceeds” has the meaning ascribed to it in the Granting Clauses. 
 “Real Property” has the meaning ascribed to it in the Granting Clauses. 
 “Secured Obligations” shall mean all Parity Lien Obligations as defined in the Collateral Trust Agreement together with
all Crest Obligations. 
 “Site” has the meaning ascribed to it in the Granting Clauses. 
 “State” has the meaning ascribed to it in Section 2.13. 
 “Subject Lease” has the meaning ascribed to it in the Granting Clauses 
 “Tangible Collateral” has the meaning ascribed to it in the Granting Clauses. 
 “Tenant Leases” has the meaning ascribed to it in Section 2.5. 
 “Trustee” has the meaning ascribed to it in the preamble hereof. 
 “UCC” has the meaning ascribed to it in Section 2.13. 
 “365(h) Election” has the meaning ascribed to it in the Granting Clauses. 
  

 8 

 1.1 Accounting Terms. As used herein and in any certificate or other document made or delivered
pursuant hereto, accounting terms not defined herein shall have the respective meanings given to them under GAAP. 
 1.2 The Rules of
Interpretation. The rules of interpretation as set forth in the Collateral Trust Agreement shall govern the terms, conditions and provisions hereof. In the event of any conflict between those set forth in this Mortgage and the Collateral Trust
Agreement, the latter shall be deemed controlling and shall preempt the former. 
 1.3 Priority. The relative priority of the liens
granted hereunder shall be as set forth in the Collateral Trust Agreement. 
 ARTICLE 2- GENERAL COVENANTS AND PROVISIONS 

2.1 Mortgagor Performance of the Collateral Trust Agreement. Mortgagor shall perform, observe and comply with each and every provision hereof,
and with each and every provision contained in the Collateral Trust Agreement and shall promptly pay to Mortgagee, when payment shall become due, the amounts provided for thereunder with interest thereon, if any, and all other sums required to be
paid by Mortgagor under this Mortgage and the Indenture, at the time and in the manner provided herein and therein. 
 2.2 General
Representations, Covenants and Warranties. Mortgagor, to the best of its knowledge, represents, covenants and warrants that as of the date hereof: (a) Mortgagor has good and marketable title to that portion of the Real Property which
constitutes real property interests, free and clear of all encumbrances except the permitted encumbrances set forth on Schedule B of the applicable title policy, if any (“Permitted Encumbrances”); (b) Mortgagor has the right to
hold, occupy and enjoy its interest in the Real Property, and has good right, full power and lawful authority to mortgage the same as provided herein and, subsequent to the occurrence and continuance of an Actionable Default, Mortgagee may at all
times peaceably and quietly enter upon, hold, occupy and enjoy the Real Property in accordance with the terms hereof; (c) all costs arising from construction of any improvements, the performance of any labor and the purchase of all Mortgaged
Property have been or shall be paid when due; (d) the Site has access for ingress and egress to dedicated street(s); and (e) no material part of the Mortgaged Property has been damaged, destroyed, condemned or abandoned. 
 2.3 Compliance with Legal Requirements. Mortgagor shall promptly comply in all material respects with all governmental statutes, laws, rules,
orders, regulations, ordinances, judgments, decrees and injunctions of Governmental Authorities affecting either the Mortgaged Property or any part thereof or the construction, use, alteration or operation thereof, or any part thereof (whether now
or hereafter enacted and in force), and all permits, licenses and authorizations and regulations relating thereto, and all covenants, agreements, restrictions and encumbrances contained in any instruments, at any time in force affecting such
Mortgaged Property or any part thereof (collectively “Legal Requirements”) relating to its use and occupancy of the Mortgaged Property, whether or not such compliance requires work or remedial measures that are ordinary or

  

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 extraordinary, foreseen or unforeseen, structural or nonstructural, or that interfere with the use or enjoyment of the
Mortgaged Property. 
 2.4 Insurance; Application of Insurance Proceeds; Application of Eminent Domain Proceeds. 
 2.4.1 Mortgagor shall at its sole expense obtain for, deliver to (or deliver certificates evidencing), assign and maintain for the benefit of Mortgagee,
during the term of this Mortgage, insurance policies insuring the Mortgaged Property (to the extent insurable) and liability insurance policies, all in accordance with the requirements of the Indenture. Mortgagor shall pay promptly when due any
premiums on such insurance policies and on any renewals thereof. In the event of the foreclosure of this Mortgage or any other transfer of the Mortgaged Property in extinguishment of the indebtedness and other sums secured hereby, all right, title
and interest of Mortgagor in and to all casualty insurance policies, and renewals thereof then in force, shall pass to the purchaser or grantee in connection therewith. 
 2.4.2 All insurance proceeds and all awards payable with respect to any taking of the Real Property or Improvements shall be paid and/or shall be applied in accordance with the provisions of the Collateral Trust
Agreement. 
 2.5 Assignment of Rents. Mortgagor unconditionally and absolutely assigns to Mortgagee all of Mortgagor’s
right, title and interest in and to: all leases, subleases, occupancy agreements, licenses, rental contracts and other similar agreements now or hereafter existing relating to the use or occupancy of the Mortgaged Property, together with all
guarantees, modifications, extensions and renewals thereof; and all Rents, issues, profits, income and proceeds due or to become due from tenants of the Mortgaged Property (the “Tenant Leases”), including rentals and all other
payments of any kind under any Tenant Leases now existing or hereafter entered into, together with all deposits (including security deposits) of tenants thereunder. Subject to the provisions below, Mortgagee shall have the right, power and authority
to: notify any person that the Tenant Leases have been assigned to Mortgagee and that all Rents and other obligations are to be paid directly to Mortgagee, whether or not Mortgagee has commenced or completed foreclosure or taken possession of the
Mortgaged Property; settle compromise, release, extend the time of payment of, and make allowances, adjustments and discounts of any Rents or other obligations under the Tenant Leases; enforce payment of Rents and other rights under the Tenant
Leases, prosecute any action or proceeding, and defend against any claim with respect to Rents and Tenant Leases; enter upon, take possession of and operate the Mortgaged Property; lease all or any part of the Mortgaged Property; and/or perform any
and all obligations of Mortgagor under the Leases and exercise any and all rights of Mortgagor therein contained to the full extent of Mortgagor’s rights and obligations thereunder, with or without the bringing of any action or the appointment
of a receiver. At Mortgagee’s request, Mortgagor shall deliver a copy of this Mortgage to each tenant under a Tenant Lease. Mortgagor irrevocably directs any tenant, without any requirement for notice to or consent by Mortgagor, to comply with
all demands of Mortgagee under this Section and to turn over to Mortgagee on demand all Rents which it receives. Mortgagee shall have the right, but not the obligation, to use and apply all Rents received hereunder in such order and such manner as
Mortgagee may determine in accordance with the Collateral Trust Agreement. Notwithstanding that this is an absolute assignment of the Rents and Tenant Leases and not merely the collateral 
  

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 assignment of, or the grant of a lien or security interest in the Rents and Tenant Leases, Mortgagee grants to Mortgagor
a revocable license to collect and receive the Rents and to retain, use and enjoy such Rents. Such license may be revoked by Mortgagee only upon the occurrence and during the continuance of any Actionable Default. Mortgagor shall apply any Rents
which it receives to the payment due under the Secured Obligations, taxes, assessments, water charges, sewer Rents and other governmental charges levied, assessed or imposed against the Mortgaged Property, insurance premiums, and other obligations
of lessor under the Tenant Leases before using such proceeds for any other purpose.  
 2.6 Mortgagee Assumes No Obligations.
It is expressly agreed that, anything herein contained to the contrary notwithstanding, Mortgagor shall remain obligated under all agreements which are included in the definition of “Mortgaged Property” and shall perform all of its
obligations thereunder in accordance with the provisions thereof, and neither Mortgagee nor any of the Secured Parties shall have any obligation or liability with respect to such obligations of Mortgagor, nor shall Mortgagee or any of the Secured
Parties be required or obligated in any manner to perform or fulfill any obligations or duties of Mortgagor under such agreements, or to make any payment or to make any inquiry as to the nature or sufficiency of any payment received by it, or to
present or file any claim or take any action to collect or enforce the payment of any amounts which have been assigned to Mortgagee hereunder or to which Mortgagee or the Secured Parties may be entitled at any time or times. 
 2.7 Further Assurances. Mortgagor shall, from time to time, at its expense, promptly execute and deliver all further instruments and documents,
and take all further action, that may be necessary or that Mortgagee may reasonably request, in order to perfect and continue the lien and security interest granted hereby and to enable Mortgagee to obtain the full benefits of the lien and security
interest granted or intended to be granted hereby. Mortgagor shall keep the Mortgaged Property free and clear of all Liens, other than Permitted Encumbrances and Permitted Prior Liens (as defined in the Collateral Trust Agreement). Without limiting
the generality of the foregoing, Mortgagor shall execute and record or file this Mortgage and each amendment hereto, and such financing or continuation statements, or amendments thereto, and such other instruments, endorsements or notices, as may be
necessary, or as Mortgagee may reasonably request, in order to perfect and preserve the lien and security interest granted or purported to be granted hereby. Mortgagor hereby authorizes Mortgagee to file one or more financing statements or
continuation statements, and amendments thereto, relative to all or any part of the Mortgaged Property necessary to preserve or protect the lien and security interest granted hereby without the signature of Mortgagor where permitted by law.

 2.8 Acts of Mortgagor. Mortgagor hereby represents and warrants that it has not mortgaged, hypothecated, assigned or pledged and
hereby covenants that it will not mortgage, hypothecate, assign or pledge, so long as this Mortgage shall remain in effect, any of its right, title or interest in and to the Mortgaged Property or any part thereof, to anyone other than Mortgagee.

 2.9 After-Acquired Property. Any and all of the Mortgaged Property which is hereafter acquired shall immediately, without any
further conveyance, assignment or act on the part of Mortgagor or Mortgagee, become and be subject to the lien and security interest of this Mortgage as fully and completely as though specifically described herein, all as and to the extent
contemplated 
  

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 by Article 3292 of the Louisiana Civil Code. If and whenever from time to time Mortgagor shall hereafter acquire any real
property or interest therein which constitutes or is intended to constitute part of the Mortgaged Property hereunder, Mortgagor shall promptly give notice thereof to Mortgagee and Mortgagor shall forthwith execute, acknowledge and deliver to
Mortgagee a supplement to this Mortgage in form and substance reasonably satisfactory to Mortgagee subjecting the property so acquired to the lien and security interest of this Mortgage. At the same time, if Mortgagee so requests, Mortgagor shall
deliver to Mortgagee either (i) an endorsement to the lender’s policy of title insurance issued to Mortgagee insuring the lien of this Mortgage, or (ii) a new lender’s title policy (which shall include tie in coverage relating to
the lender’s policy described in (i), above), in each case which shall insure to Mortgagee in form and substance reasonably satisfactory to Mortgagee that the lien and security interest of this Mortgage as insured under such title insurance
policy or policies encumbers such later acquired property and that Mortgagor’s title to such property meets all of the applicable requirements of the Secured Debt Documents with respect to title to Mortgagor’s real property interests.

 2.10 Mortgaged Property. Mortgagor shall observe all applicable covenants, easements and other restrictions of record with respect
to the Site, the Easements or to any other part of the Mortgaged Property, in all material respects. 
 2.11 Power of Attorney.
Mortgagor does hereby irrevocably constitute and appoint Mortgagee its true and lawful attorney (which appointment is coupled with an interest), with full power of substitution, for Mortgagor and in the name, place and stead of Mortgagor or in
Mortgagee’s own name, for so long as any of the Parity Lien Obligations are outstanding, to ask, demand, collect, receive, receipt for and sue for any and all Rents, income and other sums which are assigned hereunder with full power to endorse
the name of Mortgagor on all instruments given in payment or in part payment thereof, to settle, adjust or compromise any claims thereunder as fully as Mortgagor itself could do and in its discretion file any claim or take any action or proceeding,
either in its own name or in the name of Mortgagor or otherwise, which Mortgagee may deem necessary or appropriate to protect and preserve the right, title and interest of Mortgagee in and to such Rents, income and other sums and the security
intended to be afforded hereby; provided that Mortgagee shall not exercise such rights unless an Actionable Default has occurred and is continuing. 
 2.12 Covenant to Pay. If an Actionable Default has occurred and is continuing, then Mortgagee, among its other rights and remedies, shall have the right, but not the obligation, to pay, observe or perform the
obligations of Mortgagor herein, in whole or in part, and with such modifications as Mortgagee reasonably shall deem advisable. All sums, including, without limitation, reasonable attorneys fees’, so expended or incurred by Mortgagee by reason
of the default of Mortgagor, or by reason of the bankruptcy or insolvency of Mortgagor, as well as, without limitation, sums expended or incurred to sustain the lien or estate of this Mortgage or its priority, or to protect or enforce any rights of
Mortgagee hereunder, or to recover any of the Secured Obligations, or for repairs, maintenance, alterations, replacements or improvements thereto or for the protection thereof, or for real estate taxes or other governmental assessments or charges
against any part of the Mortgaged Property, or premiums for insurance of the Mortgaged Property, shall be entitled to the benefit of the lien on the Mortgaged Property as of the date of the recording of this Mortgage, shall be deemed to be added to
and be part of the Secured Obligations secured hereby, 
  

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 whether or not the result thereof causes the total amount of the Secured Obligations to exceed the stated amount set
forth in the first and second introductory paragraphs of the Recitals of this Mortgage. 
 2.13 Security Agreement. 
 2.13.1 This Mortgage shall also be a security agreement between Mortgagor and Mortgagee covering the Mortgaged Property constituting personal property or
fixtures (hereinafter collectively called “UCC Collateral”) governed by the Uniform Commercial Code (“UCC”) of the state in which the Real Property is located (the “State”) as such UCC Collateral
may be more specifically set forth in any financing statement delivered in connection with this Mortgage, and, as further security for the payment and performance of the Secured Obligations, Mortgagor hereby grants to Mortgagee a continuing security
interest in such portion of the Mortgaged Property to the full extent that the Mortgaged Property may be subject to the UCC. In addition to Mortgagee’s other rights hereunder, Mortgagee shall have all rights of a secured party under the UCC, as
is in effect in the relevant jurisdiction, or other applicable laws or in equity. Mortgagor hereby authorizes the filing of, and if requested by Mortgagee, Mortgagor shall execute and deliver to Mortgagee, all financing statements and such further
assurances that may be reasonably required by Mortgagee to establish, create, perfect (to the extent the same can be achieved by the filing of a financing statement) and maintain the validity and priority of Mortgagee’s security interests, and
Mortgagor shall bear all reasonable costs thereof, including all UCC searches. If Mortgagee should dispose of any of the Mortgaged Property comprising the UCC Collateral pursuant to the UCC, ten (10) days’ prior written notice by Mortgagee
to Mortgagor shall be deemed to be reasonable notice; provided, however, that Mortgagee may dispose of such property in accordance with the foreclosure procedures of this Mortgage in lieu of proceeding under the UCC. Mortgagee may from time
to time execute and deliver at Mortgagor’s expense all continuation statements, termination statements, amendments, partial releases, or other instruments relating to all financing statements by and between Mortgagor and Mortgagee. Except as
otherwise provided in the Collateral Trust Agreement, but otherwise subject to the provisions thereof, if an Actionable Default shall occur and be continuing, (a) Mortgagee, in addition to any other rights and remedies which it may have, may
exercise immediately and without demand to the extent permitted by law, any and all rights and remedies granted to a secured party under the UCC, as in effect in any relevant jurisdiction, including, without limiting the generality of the foregoing,
the right to take possession of the UCC Collateral or any part thereof, and to take such other measures as Mortgagee may deem necessary for the care, protection and preservation of such collateral and (b) upon request or demand of Mortgagee,
Mortgagor shall at its expense, assemble the UCC Collateral and make it available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand any and all expenses, including reasonable attorneys’ fees
and disbursements incurred or paid by Mortgagee in protecting the interest in the UCC Collateral and in enforcing Mortgagee’s rights hereunder with respect to such UCC Collateral. 
 ARTICLE 3- REMEDIES 
 3.1 Acceleration of Maturity. The Parity Lien
Obligations may be accelerated in accordance with the terms and conditions of the applicable Secured Debt Documents. Upon such 
  

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 acceleration, that portion of the Parity Lien Obligations so accelerated shall become immediately become due and payable.

 3.2 Protective Advances. If an Actionable Default shall have occurred and is continuing, then without thereby limiting
Mortgagee’s other rights or remedies, waiving or releasing any of Mortgagor’s obligations, or imposing any obligation on Mortgagee, Mortgagee for the benefit of the Secured Parties may either advance any amount owing or perform any or all
actions that Mortgagee considers necessary or appropriate to cure such default. All such advances shall constitute “Protective Advances.” No sums advanced or performance rendered by Mortgagee shall cure, or be deemed a waiver of, any
Actionable Default. 
 3.3 Institution of Equity Proceedings. If an Actionable Default occurs and is continuing, Mortgagee for the
benefit of the Secured Parties, may institute an action, suit or proceeding in equity for specific performance of this Mortgage which shall be specifically enforceable by injunction or other equitable remedy. 
 3.4 Mortgagee’s Power of Enforcement. 
 (a) If an Actionable Default occurs and is continuing, Mortgagee for the benefit of the Secured Parties shall be entitled, at its option and in its sole and absolute discretion, to institute a proceeding or proceedings for the complete
foreclosure of this Mortgage in which case the Mortgaged Property or any interest therein may be sold for cash or upon credit in one or more parcels or in several interests or portions and in any order or manner in accordance with the laws of the
jurisdiction in which such Mortgaged Property is located, and sell for cash or upon credit the Mortgaged Property or any part thereof and all estate, claim, demand, right, title and interest of Mortgagor therein and rights of redemption thereof,
pursuant to the provisions contained herein or as otherwise permitted in accordance with the laws of the jurisdiction in which such Mortgaged Property is located, at one or more sales, as an entity or in parcels, at such time and place, upon such
terms and after such notice thereof as may be required or permitted by the laws of the State. Mortgagee for the benefit of the Secured Parties may require Mortgagor to pay monthly in advance to Mortgagee for the benefit of the Secured Parties, or
any receiver appointed to collect the Rents, the fair and reasonable rental value for the use and occupation of any portion of the Mortgaged Property occupied by Mortgagor and require Mortgagor to vacate and surrender possession to Mortgagee of the
Mortgaged Property or to such receiver and, in default thereof, evict Mortgagor by summary proceedings or otherwise. It shall be a condition precedent to any sale or transfer of the Mortgaged Property or any part thereof to any purchaser or
transferee, that such purchaser or transferee enter into an assumption agreement substantially in the form of the assumption and adoption dated May 9, 2005 which is one of the Crest Settlement Documents unless, at the time of each such
transfer, Cheniere or any of its direct or indirect affiliates, joint ventures, and subsidiaries that are involved in the LNG business have under contract at one or more LNG facilities it retains, the right and obligation to process and receive a
tariff for processing at least one Bcf of gas per day, for a period of at least five years following such transfer of assets. To the extent any purchaser or transferee is required to enter into any such assumption agreement, it shall be assigned the
benefits of the Crest Cheniere Indemnity. 
  

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 (b) If any Actionable Default occurs and is continuing, Mortgagee for the benefit of the Secured
Parties may, either with or without entry or taking possession of the Mortgaged Property, and without regard to whether or not the indebtedness and other sums secured hereby shall be due and without prejudice to the right of Mortgagee thereafter to
bring an action or proceeding to foreclose or any other action for any default existing at the time such earlier action was commenced, proceed by any appropriate action or proceeding: (a) to enforce payment of the Secured Obligations, to the
extent permitted by law, or the performance of any term hereof or any other right; (b) to foreclose this Mortgage in any manner provided by law for the foreclosure of mortgages or deeds of trust on real property and to sell, as an entirety or
in separate lots or parcels, the Mortgaged Property or any portion thereof pursuant to the laws of the State or under the judgment or decree of a court or courts of competent jurisdiction, and Mortgagee shall be entitled to recover in any such
proceeding all costs and expenses incident thereto, including reasonable attorneys’ fees in such amount as shall be awarded by the court; (c) to the extent not prohibited by the laws of the State, to exercise any or all of the rights and
remedies available to it under the Secured Debt Documents; and (d) to pursue any other remedy available to it. Mortgagee shall take action either by such proceedings or by the exercise of its powers with respect to entry or taking possession,
or both, as Mortgagee may determine. 
 (c) The remedies described in this Section may be exercised with respect to all or any portion
of the UCC Collateral, either simultaneously with the sale of any real property encumbered hereby or independent thereof. Mortgagee for the benefit of the Secured Parties shall at any time be permitted to proceed with respect to all or any portion
of the UCC Collateral in any manner permitted by the UCC. Mortgagor agrees that Mortgagee’s inclusion of all or any portion of the UCC Collateral in a sale or other remedy exercised with respect to the real property encumbered hereby, as
permitted by the UCC, is a commercially reasonable disposition of such property. 
 3.5 Mortgagee’s Right to Enter and Take
Possession, Operate and Apply Income. 
 (a) If an Actionable Default occurs and is continuing, Mortgagor, upon demand of Mortgagee,
shall forthwith surrender to Mortgagee for the benefit of the Secured Parties the actual possession and, if and to the extent permitted by law, Mortgagee itself, or by such officers or agents as it may appoint, may enter and take possession of all
of the Mortgaged Property, including the Tangible Collateral, without liability for trespass, damages or otherwise, and may exclude Mortgagor and its agents and employees wholly therefrom and may have joint access with Mortgagor to the books, papers
and accounts of Mortgagor. 
 (b) If an Actionable Default has occurred and is continuing and Mortgagor shall for any reason fail to
surrender or deliver the Mortgaged Property or any part thereof after Mortgagee’s demand, Mortgagee for the benefit of the Secured Parties may obtain a judgment or decree conferring on Mortgagee for the benefit of the Secured Parties the right
to immediate possession or requiring Mortgagor to deliver immediate possession of all or part of such property to Mortgagee for the benefit of the Secured Parties and Mortgagor hereby specifically consents to the entry of such judgment or decree.
Mortgagor shall pay to Mortgagee for the benefit of the Secured Parties, upon demand, all costs and expenses of obtaining such judgment or decree and reasonable 
  

 15 

 compensation to Mortgagee for the benefit of the Secured Parties, their attorneys and agents, and all such costs,
expenses and compensation shall, until paid, be secured by the lien of this Mortgage. 
 (c) Upon every such entering upon or taking of
possession, Mortgagee for the benefit of the Secured Parties may hold, store, use, operate, manage and control the Mortgaged Property and conduct the business thereof, and, from time to time in its sole and absolute discretion and without being
under any duty to so act: 
 (1) make all necessary and proper maintenance, repairs, renewals and replacements thereto and thereon, and
all necessary additions, betterments and improvements thereto and thereon and purchase or otherwise acquire fixtures, personalty and other property in connection therewith; 
 (2) insure or keep the Mortgaged Property insured; 
 (3) manage and operate the Mortgaged Property and exercise all the rights and powers of Mortgagor in their name or otherwise with respect to the same; 
 (4) enter into agreements with others to exercise the powers herein granted Mortgagee, all as Mortgagee from time to time may determine; and shall
apply the monies so received by Mortgagee in such priority as provided by the Collateral Trust Agreement; and/or 
 (5) rent or sublet
the Mortgaged Property or any portion thereof for any purpose permitted by this Mortgage. 
 Mortgagee shall surrender possession of the
Mortgaged Property to Mortgagor (i) as may be required by law or court order, or (ii) when all amounts under any of the terms of the Secured Debt Documents, including this Mortgage, shall have been paid current and all Actionable Defaults
have been cured or waived. The same right of taking possession, however, shall exist if any subsequent Actionable Default shall occur and be continuing. 
 3.6 Separate Sales. To the extent permitted by law or Legal Requirements upon and during the continuation of an Actionable Default, the Mortgaged Property may be sold in one or more parcels and in such manner
and order as Mortgagee, in its sole discretion, may elect, it being expressly understood and agreed that the right of sale arising out of any Actionable Default shall not be exhausted by any one or more sales and shall not affect the lien or
security interest of this Mortgage on the remaining portion of the Mortgaged Property. 
 3.7 Waiver of Appraisement, Moratorium,
Valuation, Stay, Extension and Redemption Laws. Mortgagor agrees to the full extent permitted by law that ,if an Actionable Default occurs and is continuing, neither Mortgagor nor anyone claiming through or under it shall or will set up, claim
or seek to take advantage of any appraisement, moratorium, valuation, stay, extension or redemption laws now or hereafter in force, in order to prevent or hinder the enforcement or foreclosure of this Mortgage or the absolute sale of the Mortgaged
Property or any portion thereof or the final and absolute putting into possession thereof, immediately after such sale, of the purchasers thereof, and Mortgagor for itself and all who may at any time claim through or under it, 
  

 16 

 hereby waives, to the full extent that it may lawfully so do, the benefit of all such laws, and any and all right to have
the assets comprising the Mortgaged Property marshaled upon any foreclosure of the lien and security interest hereof and agrees that Mortgagee or any court having jurisdiction to foreclose such lien may sell the Mortgaged Property in part or as an
entirety. 
 3.8 Keeper. If an Actionable Default occurs and is continuing, Mortgagee for the benefit of the Secured Parties, to the
extent permitted by law, and without regard to the value, adequacy or occupancy of the security for the indebtedness and other sums secured hereby, shall be entitled as a matter of right if it so elects to the appointment of a keeper to enter upon
and take possession of the Mortgaged Property and to collect all earnings, revenues and receipts and apply the same as the court may direct, and such keeper may be appointed by any court of competent jurisdiction upon application by Mortgagee. To
the extent permitted by law or Legal Requirement, Mortgagee for the benefit of the Secured Parties may have a keeper appointed without notice to Mortgagor or any third party, and Mortgagee may waive any requirement that the keeper post a bond. To
the extent permitted by law or Legal Requirement, Mortgagee for the benefit of the Secured Parties shall have the power to designate and select the Person who shall serve as the keeper and to negotiate all terms and conditions under which such
keeper shall serve. To the extent permitted by law or Legal Requirement, any keeper appointed on Mortgagee’s behalf may be an Affiliate of Mortgagee. The reasonable expenses, including keeper’s fees, reasonable attorneys’ fees, costs
and agents’ compensation, incurred pursuant to the powers herein contained shall be secured by this Mortgage. The right to enter and take possession of and to manage and operate the Mortgaged Property and to collect all earnings, revenues and
receipts, whether by a keeper or otherwise, shall be cumulative to any other right or remedy available to Mortgagee for the benefit of the Secured Parties under this Mortgage, the Collateral Trust Agreement or otherwise available to Mortgagee and
may be exercised concurrently therewith or independently thereof, but such rights shall be exercised in a manner which is otherwise in accordance with and consistent with the Collateral Trust Agreement. Mortgagee shall be liable to account only for
such earnings, revenues and receipts (including, without limitation, security deposits) actually received by Mortgagee, whether received pursuant to this section or any other provision hereof. Notwithstanding the appointment of any keeper or other
custodian, Mortgagee shall be entitled as pledge to the possession and control of any cash, deposits, or instruments at the time held by, or payable or deliverable under the terms of this Mortgage to, Mortgagee. 
 3.9 Suits to Protect the Mortgaged Property. Mortgagee for the benefit of the Secured Parties shall have the power and authority to institute and
maintain any suits and proceedings as Mortgagee, in its sole and absolute discretion, may deem advisable (a) to prevent any impairment of the Mortgaged Property by any acts which may be unlawful or in violation of this Mortgage, (b) to
preserve or protect its interest in the Mortgaged Property, or (c) to restrain the enforcement of or compliance with any legislation or other Legal Requirements that may be unconstitutional or otherwise invalid, if the enforcement of or
compliance with such enactment, rule or order might impair the security hereunder or be prejudicial to Mortgagee’s interest. 
 3.10
Proofs of Claim. In the case of any receivership, insolvency, reorganization, arrangement, adjustment, composition or other judicial proceedings affecting Mortgagor, any Affiliate or any guarantor, co-maker or endorser of any of
Mortgagor’s obligations, its creditors or its property, Mortgagee, to the extent permitted by law, shall be entitled to file such proofs of claim 
  

 17 

 or other documents as it may deem necessary or advisable in order to have its claims allowed in such proceedings for the
entire amount due and payable by Mortgagor under the Secured Debt Documents, at the date of the institution of such proceedings, and for any additional amounts which may become due and payable by Mortgagor after such date. 
 3.11 Mortgagor to Pay Amounts Secured Hereby on Any Default in Payment; Application of Monies by Mortgagee. 
 (a) In case of a foreclosure sale of all or any part of the Mortgaged Property and of the application of the proceeds of sale to the payment of the
sums secured hereby, to the extent permitted by law, Mortgagee shall be entitled to enforce payment from Mortgagor of any additional amounts then remaining due and unpaid and to recover judgment against Mortgagor for any portion thereof remaining
unpaid, with interest at the default interest rate as set forth in the Indenture for the applicable Series of Secured Debt or as otherwise provided by law. 
 (b) Mortgagor hereby agrees, to the extent permitted by law, that no recovery of any such judgment by Mortgagee or other action by Mortgagee and no attachment or levy of any execution upon any of the Mortgaged
Property or any other property shall in any way affect the Lien and security interest of this Mortgage upon the Mortgaged Property or any part thereof or any Lien, rights, powers or remedies of Mortgagee hereunder, but such Lien, rights, powers and
remedies shall continue unimpaired as before. 
 (c) Any monies collected or received by Mortgagee under this Mortgage shall be first
applied as set forth in the Collateral Trust Agreement. 
 3.12 Delay or Omission; No Waiver. No delay or omission of Mortgagee to
exercise any right, power or remedy upon any Actionable Default shall exhaust or impair any such right, power or remedy or shall be construed to waive any such Actionable Default or to constitute acquiescence therein. Every right, power and remedy
given to Mortgagee whether contained herein or in the Collateral Trust Agreement or otherwise available to Mortgagee may be exercised from time to time and as often as may be deemed expedient by Mortgagee. 
 3.13 No Waiver of One Default to Affect Another. No waiver of any Actionable Default hereunder shall extend to or affect any subsequent or any
other Actionable Default then existing, or impair any rights, powers or remedies consequent thereon. If Mortgagee (a) grants forbearance or an extension of time for the payment of any sums secured hereby; (b) takes other or additional
security for the payment thereof; (c) waives or does not exercise any right granted in this Mortgage, the Collateral Trust Agreement; (d) releases any part of the Mortgaged Property from the lien or security interest of this Mortgage or
any other instrument securing the Secured Obligations; (e) consents to the filing of any map, plat or replat of the Real Property or any part thereof; (f) consents to the granting of any easement on the Real Property; or (g) makes or
consents to any agreement changing the terms of this Mortgage or the other Secured Debt Documents or the Collateral Trust Agreement subordinating the lien or any charge hereof, no such act or omission shall release, discharge, modify, change or
affect the liability under this Mortgage or otherwise of Mortgagor, or any subsequent purchaser of the Mortgaged Property or any part thereof or any maker, co-signer, surety or guarantor with respect to any other matters not addressed by such act or

  

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 omission. No such act or omission shall preclude Mortgagee from exercising any right, power or privilege herein granted
or intended to be granted in case of any Actionable Default then existing or of any subsequent Actionable Default, nor, except as otherwise expressly provided in an instrument or instruments executed by Mortgagee, shall the lien or security interest
of this Mortgage be altered thereby, except to the extent expressly provided in such acts or omissions. In the event of the sale or transfer by operation of law or otherwise of all or any part of the Mortgaged Property, Mortgagee, without notice to
any person, firm or corporation, is hereby authorized and empowered to deal with any such vendee or transferee with reference to the Mortgaged Property or the indebtedness secured hereby, or with reference to any of the terms or conditions hereof,
as fully and to the same extent as it might deal with the original parties hereto and without in any way releasing or discharging any of the liabilities or undertakings hereunder, or waiving its right to declare such sale or transfer an Actionable
Default as provided herein. Notwithstanding anything to the contrary contained in this Mortgage or any other Security Document, (i) in the case of any non-monetary Actionable Default, Mortgagee may continue to accept payments due hereunder
without thereby waiving the existence of such or any other Actionable Default and (ii) in the case of any monetary Actionable Default, Mortgagee may accept partial payments of any sums due hereunder without thereby waiving the existence of such
Actionable Default if the partial payment is not sufficient to completely cure such Actionable Default. 
 3.14 Discontinuance of
Proceedings; Position of Parties Restored. If Mortgagee shall have proceeded to enforce any right or remedy under this Mortgage by foreclosure, entry of judgment or otherwise and such proceedings shall have been discontinued or abandoned for any
reason, or such proceedings shall have resulted in a final determination adverse to Mortgagee, then and in every such case Mortgagor and Mortgagee shall be restored to their former positions and rights hereunder, and all rights, powers and remedies
of Mortgagee shall continue as if no such proceedings had occurred or had been taken. 
 3.15 Remedies Cumulative. Subject to the
provisions of Sections 4.15 hereof, no right, power or remedy, including without limitation remedies with respect to any security for the Secured Obligations, conferred upon or reserved to Mortgagee by this Mortgage or any other Security
Document is exclusive of any other right, power or remedy, but each and every such right, power and remedy shall be cumulative and concurrent and shall be in addition to any other right, power and remedy given hereunder or under any other Security
Document, now or hereafter existing at law, in equity or by statute, and Mortgagee shall be entitled to resort to such rights, powers, remedies or security as Mortgagee shall in its sole and absolute discretion deem advisable. 
 3.16 Interest After Actionable Default. If an Actionable Default shall have occurred and is continuing, all sums outstanding and unpaid under the
Secured Debt Documents, including this Mortgage, shall, at Mortgagee’s option, subject to the provisions of the Collateral Trust Agreement, bear interest at the interest rate on the applicable Series of Secured Debt or as otherwise provided by
law, as provided in the applicable Secured Debt Documents, until such Actionable Default has been cured. Mortgagor’s obligation to pay such interest shall be secured by this Mortgage. 
 3.17 Foreclosure; Expenses of Litigation. If any action or proceeding be commenced to foreclose this Mortgage, reasonable attorneys’ fees for
services in the supervision of said foreclosure proceeding shall be allowed to the Mortgagee for the benefit of the Secured Parties as 
  

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 part of the foreclosure costs. In the event of foreclosure of the lien hereof, there shall be allowed and included as
additional indebtedness all expenditures and expenses which may be paid or incurred by or on behalf of Mortgagee for reasonable attorneys’ fees, appraisers’ fees, outlays for documentary and expert evidence, stenographers’ charges,
publication costs, and costs (which may be estimated as to items to be expended after foreclosure sale or entry of the decree) of procuring all such abstracts of title, title searches and examinations, title insurance policies and guarantees, and
similar data and assurances with respect to title as Mortgagee may deem reasonably necessary either to prosecute such suit or to evidence to a bidder at any sale which may be had pursuant to such decree the true condition of the title to or the
value of the Mortgaged Property or any portion thereof. All expenditures and expenses of the nature in this section mentioned, and such expenses and fees as may be incurred in the protection of the Mortgaged Property and the maintenance of the lien
and security interest of this Mortgage, including the reasonable fees of any attorney employed by Mortgagee in any litigation or proceeding affecting this Mortgage or any other Security Document, the Mortgaged Property or any portion thereof,
including, without limitation, civil, probate, appellate and bankruptcy proceedings, or in preparation for the commencement or defense of any proceeding or threatened suit or proceeding, shall be immediately due and payable by Mortgagor, with
interest thereon at the default interest rate as set forth in the Indenture for the applicable Series of Secured Debt or as otherwise provided by law and shall be secured by this Mortgage. Mortgagee waives its right to any statutory fee in
connection with any judicial or nonjudicial foreclosure of the lien hereof and agrees to accept a reasonable fee for such services. 
 3.18
Deficiency Judgments. If, after foreclosure of this Mortgage, there shall remain any deficiency with respect to any amounts payable under the Secured Debt Documents, including hereunder, or any amounts secured hereby, and Mortgagee for the
benefit of the Secured Parties shall institute any proceedings to recover such deficiency or deficiencies, all such amounts shall continue to bear interest at the default interest rate as set forth in the Indenture for the applicable Series of
Secured Debt or as otherwise provided by law. Mortgagor waives any defense to Mortgagee’s recovery against Mortgagor of any deficiency after any foreclosure sale of the Mortgaged Property. Subject to the Collateral Trust Agreement, to the
extent permitted by law, Mortgagor expressly waives any defense or benefits that may be derived from any statute granting Mortgagor any defense to any such recovery by Mortgagee. In addition, Mortgagee shall be entitled to recovery of all of its
reasonable costs and expenditures (including without limitation any court imposed costs) in connection with such proceedings, including its reasonable attorneys’ fees, appraisal fees and the other costs, fees and expenditures referred to in
Section 3.17 above. This provision shall survive any foreclosure or sale of the Mortgaged Property, any portion thereof and/or the extinguishment of the lien hereof. 
 3.19 WAIVER OF JURY TRIAL. MORTGAGEE AND MORTGAGOR EACH WAIVE ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE WHETHER
SOUNDING IN CONTRACT, TORT OR OTHERWISE ARISING OUT OF, CONNECTED WITH, RELATED TO OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED BETWEEN THEM IN CONNECTION WITH THIS MORTGAGE OR ANY OTHER SECURITY DOCUMENT. ANY SUCH DISPUTES SHALL BE RESOLVED IN A
BENCH TRIAL WITHOUT A JURY. 
  

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 3.20 Exculpation of Mortgagee. The acceptance by Mortgagee of the assignment contained herein with
all of the rights, powers, privileges and authority created hereby shall not, prior to entry upon and taking possession of the Mortgaged Property by Mortgagee, be deemed or construed to make Mortgagee a “mortgagee in possession”, nor
thereafter or at any time or in any event obligate Mortgagee to appear in or defend any action or proceeding relating to the Mortgaged Property, nor shall Mortgagee, prior to such entry and taking, be liable in any way for any injury or damage to
person or property sustained by any person in or about the Mortgaged Property. 
 ARTICLE 4- GENERAL 
 4.1 Discharge. Mortgagor shall be released from the covenants, agreements and obligations of Mortgagor contained in this Mortgage and as set forth
in the Collateral Trust Agreement and, in connection therewith, Mortgagee, at the request and the expense of Mortgagor, shall promptly execute a release or cancellation and such other documents as may be reasonably requested by Mortgagor to evidence
the discharge and satisfaction of this Mortgage and the release of Mortgagor from its obligations hereunder. 
 4.2 No Waiver. The
exercise of the privileges granted in this Mortgage to perform Mortgagor’s obligations under the agreements which constitute the Mortgaged Property shall in no event be considered or constitute a waiver of any right which Mortgagee or any other
Secured Party may have at any time, including any right of acceleration. No delay or omission to exercise any right, remedy or power accruing upon any default shall impair any such right, remedy or power or shall be construed to be a waiver of any
such default or acquiescence therein; and every such right, remedy and power may be exercised from time to time and as often as may be deemed expedient. 
 4.3 Extension, Rearrangement or Renewal of Obligations. It is expressly agreed that any of the Secured Obligations at any time secured hereby may be from time to time extended for any period, or with the
consent of Mortgagor rearranged or renewed, and that any part of the security herein described, or any other security for the Secured Obligations, may be waived or released, without altering, varying or diminishing the force, effect or lien or
security interest of this Mortgage; and the lien and security interest granted by this Mortgage shall continue as a prior lien and security interest on all of the Mortgaged Property not expressly so released, until the Secured Obligations are fully
paid and this Mortgage is terminated in accordance with the provisions of the Collateral Trust Agreement; and no other security now existing or hereafter taken to secure the payment of the Secured Obligations or any part thereof or the performance
of any obligation or liability of Mortgagor whatever shall in any manner impair or affect the security given by this Mortgage; and all security for the payment of the Secured Obligations or any part thereof and the performance of any obligation or
liability shall be taken, considered and held as cumulative. 
 4.4 Forcible Detainer. Mortgagor agrees for itself and all persons
claiming by, through or under it, that subsequent to foreclosure hereunder in accordance with this Mortgage and applicable law if Mortgagor shall hold possession of the Mortgaged Property or any part thereof, Mortgagor or the persons so holding
possession shall be guilty of trespass; and any such persons (including Mortgagor) failing or refusing to surrender possession upon demand shall be guilty of forcible detainer and shall be liable to Mortgagee or any purchaser in foreclosure, as
applicable, for 
  

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 reasonable rental on said premises, and shall be subject to eviction and removal in accordance with law. 
 4.5 Waiver of Stay or Extension. To the extent permitted to be waived by law, Mortgagor shall not at any time insist upon or plead or in any
manner whatever claim the benefit or advantage of any stay, extension or moratorium law now or at any time hereafter in force in any locality where the Mortgaged Property or any part thereof may or shall be situated, nor shall Mortgagor claim any
benefit or advantage from any law now or hereafter in force providing for the valuation or appraisement of the Mortgaged Property or any part thereof prior to any sale thereof to be made pursuant to any provision of this Mortgage or to a decree of
any court of competent jurisdiction, nor after any such sale shall Mortgagor claim or exercise any right conferred by any law now or at any time hereafter in force to redeem the Mortgaged Property so sold or any part thereof; and Mortgagor hereby
expressly waives all benefit or advantage of any such law or laws and the appraisement of the Mortgaged Property or any part thereof, and covenants that Mortgagor shall not hinder or delay the execution of any power herein granted and delegated to
Mortgagee but that Mortgagor shall permit the execution of every such power as though no such law had been made. 
 4.6 Notices.
Except where certified or registered mail notice is required by applicable law, any notice to Mortgagor or Mortgagee required or permitted hereunder shall be deemed to be given when given in the manner prescribed in the Collateral Trust Agreement.

 4.7 Severability. All rights, powers and remedies provided herein may be exercised only to the extent that the exercise thereof
does not violate any applicable law, and are intended to be limited to the extent necessary so that they will not render this Mortgage invalid, unenforceable or not entitled to be recorded, registered or filed under any applicable law. In the event
any term or provision contained in this Mortgage is in conflict, or may hereafter be held to be in conflict, with the laws of the State or of the United States of America, this Mortgage shall be affected only as to such particular term or provision,
and shall in all other respects remain in full force and effect. 
 4.8 Application of Payments. In the event that any part of the
Secured Obligations cannot lawfully be secured hereby, or in the event that the lien and security interest hereof cannot be lawfully enforced to pay any part of the Secured Obligations, or in the event that the lien or security interest created by
this Mortgage shall be invalid or unenforceable as to any part of the Secured Obligations, then all payments on the Secured Obligations shall be deemed to have been first applied to the complete payment and liquidation of that part of the Secured
Obligations which is not secured by this Mortgage and the unsecured portion of the Secured Obligations shall be completely paid and liquidated prior to the payment and liquidation of the remaining secured portion of the Secured Obligations.

 4.9 GOVERNING LAW. THIS MORTGAGE IS GOVERNED BY AND SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE.

 4.10 Entire Agreement. This Mortgage and the other Secured Debt Documents represent the final agreement between the
parties and may not be contradicted by evidence of prior, contemporaneous, or subsequent oral agreements of the parties. 
  

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 4.11 Amendments. This Mortgage may be amended, supplemented or otherwise modified only by an
instrument in writing signed by Mortgagor and Mortgagee. 
 4.12 Successors and Assigns. All terms of this Mortgage shall run with the
land and bind each of Mortgagor and Mortgagee and their respective successors and assigns, and all persons claiming under or through Mortgagor or Mortgagee, as the case may be, or any such successor or assign, and shall inure to the benefit of
Mortgagee and Mortgagor, and their respective successors and assigns. 
 4.13 Renewal, Etc. Mortgagee may at any time and from time to
time renew or extend this Mortgage, or alter or modify the same in any way, or waive any of the terms, covenants or conditions hereof in whole or in part and may release any portion of the Mortgaged Property or any other security, and grant such
extensions and indulgences in relation to the Secured Obligations as Mortgagee may determine, without the consent of any junior lienor or encumbrancer and without any obligation to give notice of any kind thereto and without in any manner affecting
the priority of the lien and security interest hereof on any part of the Mortgaged Property; provided that nothing in this Section 4.13 shall grant Mortgagee the right to alter or modify the Mortgage without the consent of the Mortgagor
unless otherwise specifically permitted in this Mortgage. 
 4.14 Future Advances. This Mortgage is executed and delivered to secure,
among other things, Mortgagor’s guaranty of future advances under the Secured Debt Documents. It is understood and agreed that this Mortgage secures Mortgagor’s guaranty of present and future advances made pursuant to the Secured Debt
Documents and that the lien of such future advances shall relate to the date of this Mortgage. Anything herein contained to the contrary notwithstanding, it is expressly understood and agreed that this Mortgage is granted pursuant to and in
accordance with the provisions of Louisiana Civil Code Article 3298, to secure indebtedness that may now exist or that may be incurred, granted or extended of even date herewith or that may arise or be incurred, granted or extended in the future
(including particularly, but not limited to, Mortgagor’s guaranty of future advances under the Secured Debt Documents), all of which shall constitute a portion of the Secured Obligations whether or not Mortgagor should agree or consent thereto
or therewith and without the necessity that the note or notes or other instruments evidencing such additional or further indebtedness should make reference to the fact that such note or notes other instruments are secured hereby. 
 4.15 Severability and Compliance With Usury Law. The Secured Debt Documents are intended to be performed in accordance with, and only to
the extent permitted by, all applicable Legal Requirements. If any provision of any of the Secured Debt Documents or the application thereof to any person or circumstance shall, for any reason and to any extent, be invalid or unenforceable, neither
the remainder of the instrument in which such provision is contained, nor the application of such provision to other persons or circumstances, nor the other instruments referred to hereinabove, shall be affected thereby, but rather shall be
enforceable to the greatest extent permitted by law. It is expressly stipulated and agreed to be the intent of Mortgagor and Mortgagee at all times to comply with the applicable State law governing the maximum rate or amount of interest
payable on or in connection with the Secured Obligations (or applicable United States federal law to the extent that it permits Mortgagee to contract for, charge, take, reserve or receive a greater amount of interest than under State law). If the
applicable law is ever judicially interpreted 
  

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 so as to render usurious any amount called for under the Secured Debt Documents, or contracted for, charged, taken,
reserved or received with respect to the extensions of credit evidenced by the Secured Debt Documents or if acceleration of the maturity of the Secured Obligations or if any prepayment by Mortgagor results in Mortgagor having paid any interest in
excess of that permitted by law, then it is Mortgagor’s and Mortgagee’s express intent that all excess amounts theretofore collected by Mortgagee be credited on the principal balance due under the Secured Debt Documents (or, if the Secured
Debt Documents have been or would thereby be paid in full, refunded to Mortgagor), and the provisions of the Secured Debt Documents immediately be deemed reformed and the amounts thereafter collectible thereunder reduced, without the necessity of
the execution of any new document, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for hereunder and thereunder. The right to accelerate maturity of the Secured Obligations does not
include the right to accelerate any interest which has not otherwise accrued on the date of such acceleration, and Mortgagee does not intend to collect any unearned interest in the event of acceleration. All sums paid or agreed to be paid to
Mortgagee for the use, forbearance or detention of the Secured Obligations shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of the Secured Obligations until payment in full so
that the rate or amount of interest on account of the Secured Obligations does not exceed the applicable usury ceiling. 
 4.16 Release of
Collateral. 
 (a) Notwithstanding any provision herein to the contrary, the Mortgaged Property or any part thereof shall be released from
the security interest created by this Mortgage at any time or from time to time upon the request of the Mortgagor; provided that the requirements of the Secured Debt Documents, if any, have been satisfied. Upon satisfaction of such requirements, the
Mortgagee shall execute, deliver and acknowledge any necessary or proper instruments of termination, satisfaction or release to evidence the release of any Mortgaged Property permitted to be released pursuant to this Mortgage in each case as
required by, and in accordance with, the Secured Debt Documents. 
 (b) Collateral Trustee may release Mortgaged Property or any part thereof
from the security interest created hereunder upon the sale or disposition of such Mortgaged Property pursuant to the Mortgagee’s powers, rights and duties with respect to remedies provided herein, in each case as required by, and in accordance
with, the Secured Debt Documents. 
 4.17 Collateral Trust Agreement Controls. In the event of any conflict between any terms and
provisions set forth in this Mortgage and those set forth in any other Secured Debt Document, the terms and provisions of the Collateral Trust Agreement shall supersede and control the terms and provisions of this Mortgage. 
 4.18 Time of the Essence. Mortgagor acknowledges that time is of the essence in performing all of Mortgagor’s obligations set forth herein.

 4.19 Counterpart Execution. This Mortgage may be executed by the parties hereto in any number of counterparts (and be each of the
parties hereof on separate counterparts), each of 
  

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 which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one
and the same instrument. 
 ARTICLE 5 – SUBJECT LEASE 
 5.1 Mortgagor represents, warrants and agrees as follows: 
 5.1.1 Mortgagor has delivered to Mortgagee a true, correct and complete copy of the Subject Lease, including all amendments and modifications, written or oral existing as of the date hereof. 
 5.1.2 Mortgagor has not executed or entered into any modifications or amendments of the Subject Lease, either orally or in writing, other than written
amendments that have been disclosed to Agent in writing. Mortgagor shall not enter into any new leases of all or any portion of the Mortgaged Property or any modifications or amendments of the Subject Lease except with Mortgagee’s prior written
consent which consent shall not be unreasonably withheld or delayed. 
 5.1.3 No default now exists under the Subject Lease. No event has
occurred that, with the giving of notice or the passage of time or both, would constitute such a default or would entitle Mortgagor or any other party under the Subject Lease to cancel the same or otherwise avoid its obligations. 
 5.1.4 Except for this Mortgage or other assignments in favor of Mortgagee, Mortgagor has not executed any assignment or pledge of the Subject Lease or of
Mortgagor’s right, title and interest in the same. 
 5.1.5 This Mortgage conforms and complies with the Subject Lease, does not
constitute a violation or default under the Subject Lease, and is and shall at all times constitute a valid lien (subject only to matters permitted by this Mortgage) on Mortgagor’s interests in the Subject Lease. 
 5.1.6 Mortgagor shall pay, when due and payable, the rentals, additional rentals, and other charges required by, and payable under, the Subject Lease in
accordance with the Subject Lease. 
 5.1.7 Mortgagor shall perform and observe all terms, covenants, and conditions that Mortgagor must
perform and observe as lessee under the Subject Lease, and do everything necessary to preserve and to keep unimpaired Mortgagor’s rights under the Subject Lease. Mortgagor shall provide all insurance required by the Subject Lease. All such
insurance shall comply with this Mortgage. Mortgagor shall enforce the Lessor’s obligations of the lessors under the Subject Lease so that Mortgagor may enjoy all its rights as lessee under the Subject Lease. Mortgagor shall furnish to
Mortgagee all information that Agent may reasonably request from time to time concerning Mortgagor’s compliance with the Subject Lease. 
 5.1.8 Mortgagor shall promptly deliver to Agent a copy of any notice of default or termination that it receives from any lessor of the Subject Lease. 
  

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 5.1.9 Mortgagor shall not, without Mortgagee’s consent, consent or refuse to consent to any action
that a lessor under a Subject Lease takes or desires to take pursuant to the terms and provisions of such Lease if such action has a material adverse effect on the Subject Lease or Mortgagor’s rights thereunder. 
 5.1.10 Mortgagor’s obligations under this Mortgage are independent of and in addition to Mortgagor’s obligations under the Subject Lease.
Nothing in this Mortgage shall be construed to require Mortgagor or Mortgagee to take or omit to take any action that would cause a default under the Subject Lease. 
 5.2 Treatment of Subject Lease in Bankruptcy. 
 5.2.1 If a lessor under a Subject Lease rejects or
disaffirms, or seeks or purports to reject or disaffirm, the Subject Lease pursuant to any Bankruptcy Law, then Mortgagor shall not exercise the 365(h) Election except as otherwise provided in this paragraph. To the extent permitted by law,
Mortgagor shall not suffer or permit the termination of any Subject Lease by exercise of the 365(h) Election or otherwise without Mortgagee’s consent. Mortgagor acknowledges that because the Subject Lease is a primary element of
Mortgagee’s security for the Secured Obligations secured hereunder, it is not anticipated that Mortgagee would consent to termination of the Subject Lease. If Mortgagor makes any 365(h) Election in violation of this Mortgage, then such 365(h)
Election shall be void and of no force or effect. 
 5.2.2 Mortgagor hereby assigns to Mortgagee the 365(h) Election with respect to the
Subject Lease until the Secured Obligations secured hereunder have been satisfied in full. Mortgagor acknowledges and agrees that the foregoing assignment of the 365(h) Election and related rights is one of the rights that Mortgagee may use at any
time to protect and preserve Mortgagee’s other rights and interests under this Mortgage. Mortgagor further acknowledges that exercise of the 365(h) Election in favor of terminating the Subject Lease would constitute waste prohibited by this
Mortgage. Mortgagor acknowledges and agrees that the 365(h) Election is in the nature of a remedy available to Mortgagor under the Subject Lease, and is not a property interest that Mortgagor can separate from the Subject Lease as to which it
arises. Therefore, Mortgagor agrees and acknowledges that exercise of the 365(h) Election in favor of preserving the right to possession under the Subject Lease shall not be deemed to constitute Mortgagee’s taking or sale of the Land (or any
element thereof) and shall not entitle Mortgagor to any credit against the Secured Obligations secured hereunder or otherwise impair Mortgagee’s remedies. 
 5.2.3 Mortgagor acknowledges that if the 365(h) Election is exercised in favor of Mortgagor’s remaining in possession under the Subject Lease, then Mortgagor’s resulting occupancy rights, as adjusted by the
effect of Section 365 of the Bankruptcy Code, shall then be part of the Mortgaged Property and shall be subject to the lien of this Mortgage. 
 5.3 Rejection of Lease by Lessor. If a lessor rejects or disaffirms the Subject Lease or purports or seeks to disaffirm such Subject Lease pursuant to any Bankruptcy Law, then: 
 5.3.1 Mortgagor shall remain in possession of the Land demised under the Subject Lease and shall perform all acts necessary for Mortgagor to remain in
such possession 
  

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 for the unexpired term of such Subject Lease (including all renewals), whether the then existing terms and provisions of
such Subject Lease require such acts or otherwise; and 
 5.3.2 All the terms and provisions of this Mortgage and the lien created by this
Mortgage shall remain in full force and effect and shall extend automatically to all of Mortgagor’s rights and remedies arising at any time under, or pursuant to, Section 365(h) of the Bankruptcy Code, including all of Mortgagor’s
rights to remain in possession of the Land. 
 5.4 Assignment of Claims to Mortgagee. Mortgagor, immediately upon learning that the a
lessor under a Subject Lease has failed to perform the terms and provisions under the Subject Lease (including by reason of a rejection or disaffirmance or purported rejection or disaffirmance of such Subject Lease pursuant to any Bankruptcy Law),
shall notify Mortgagee of any such failure to perform. Mortgagor unconditionally assigns, transfers, and sets over to Mortgagee any and all Lease Damage Claims. This assignment constitutes a present, irrevocable, and unconditional assignment of the
Lease Damage Claims, and shall continue in effect until the Secured Obligations secured hereunder have been satisfied in full. 
 5.5
Offset by Mortgagor. If pursuant to Section 365(h)(2) of the Bankruptcy Code or any other similar Bankruptcy Law, Mortgagor seeks to offset against any rent under the Subject Lease the amount of any Lease Damage Claim, then Mortgagor
shall notify Mortgagee of its intent to do so at least 20 days before effecting such offset. Such notice shall set forth the amounts proposed to be so offset and the basis for such offset. If Mortgagee reasonably objects to all or any part of such
offset, then Mortgagor shall not effect any offset of the amounts to which Mortgagee reasonably objects. If Mortgagee approves such offset, then Mortgagor may effect such offset as set forth in Mortgagor’s notice. Neither Mortgagee’s
failure to object, nor any objection or other communication between Mortgagee and Mortgagor that relates to such offset, shall constitute Mortgagee’s approval of any such offset. Mortgagor shall indemnify Mortgagee against any offset against
the rent reserved in any Subject Lease. 
 5.6 Mortgagor’s Acquisition of Interest in Leased Parcel. If Mortgagor acquires
the ownership or any other interest in any Land or Improvements originally subject to the Subject Lease, then, such acquired interest shall immediately become subject to the lien and security interest of this Mortgage as fully and completely, and
with the same effect, as if Mortgagor now owned it and as if this Mortgage specifically described it, without need for the delivery and/or recording of a supplement to this Mortgage or any other instrument. In the event of any such acquisition, the
ownership and leasehold interests in such Land or Improvements, unless Mortgagee elects otherwise in writing, remain separate and distinct and shall not merge, notwithstanding any principle of law to the contrary. 
 5.7 New Lease Issued to Mortgagee. If the Subject Lease is for any reason whatsoever terminated before the expiration of its term and, pursuant to
any provision of the Subject Lease, Mortgagee or its designee shall acquire from such lessor a new lease of the relevant leased premises, then Mortgagor shall have no right, title or interest in or to such new lease or the estate created thereby.

  

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 ARTICLE 6– STATE SPECIFIC PROVISIONS 
 In the event of any conflict between the terms and provisions of any of the other Articles of this Mortgage and this Article 5, the terms and provisions
of this Article 5 shall govern and control. 
 6.1 Louisiana Remedies. In addition to and not in lieu or limitation of its other
remedies set out in this Mortgage or in any of the Security Documents which are enforceable under Louisiana or other applicable law, should one or more Actionable Defaults occur or exist under this Mortgage, Mortgagee, at its option, may exercise
any one or more of the following rights and remedies, in addition to any other rights and remedies provided by law: 
 (a) Seizure and Sale
of Mortgaged Property. In the event that Mortgagee elects to commence appropriate Louisiana foreclosure proceedings under this Mortgage, Mortgagee may cause the Mortgaged Property, or any part or parts thereof, to be immediately seized and sold,
whether in term of court or in vacation, under ordinary or executory process, in accordance with applicable Louisiana law, to the highest bidder for cash, with or without appraisement, and without the necessity of making additional demand upon or
notifying Mortgagor or placing Mortgagor in default, all of which are expressly waived. 
 (b) Confession of Judgment. Solely for
purposes of foreclosure under Louisiana executory process procedures, Mortgagor confesses judgment and acknowledges to be indebted unto and in favor of Mortgagee, for the full amount of the Secured Obligations, whether now existing or arising
hereafter, in principal, interest, costs, expenses, attorneys’ fees and other fees and charges. Mortgagor further confesses judgment and acknowledges to be indebted unto and in favor of Mortgagee in the amount of all additional advances that
Mortgagee may make on Mortgagor’s behalf pursuant to this Mortgage, together with interest thereon. To the extent permitted under applicable Louisiana law, Mortgagor additionally waives: (a) the benefit of appraisal as provided in Articles
2332, 2336, 2723 and 2724 of the Louisiana Code of Civil Procedure, and all other laws with regard to appraisal upon judicial sale; (b) the demand and three (3) days’ delay as provided under Articles 2639 and 2721 of the Louisiana
Code of Civil Procedure; (c) the notice of seizure as provided under Articles 2293 and 2721 of the Louisiana Code of Civil Procedure; (d) the three (3) days’ delay provided under Articles 2331 and 2722 of the Louisiana Code of
Civil Procedure; and (e) all other benefits provided under Articles 2331, 2722 and 2723 of the Louisiana Code of Civil Procedure and all other Articles not specifically mentioned above. 
 (c) Keeper. Should any or all of the Mortgaged Property be seized as an incident to an action for the recognition or enforcement of this Mortgage,
by executory process, ordinary process, sequestration, attachment, writ of fieri facias or otherwise, Mortgagor hereby agrees that the court issuing any such order shall, if requested by Mortgagee, appoint Mortgagee, or any agent designated by
Mortgagee, or any person or entity named by Mortgagee at the time such seizure is requested, or any time thereafter, as Keeper of the Mortgaged Property. The designation is pursuant to La. R.S. 9:5136 through 5140.2, inclusive, as the same may be
amended, and the Mortgagee shall be entitled to all the rights and benefits afforded thereunder. It is hereby agreed that the Keeper shall be entitled to receive as compensation, in excess of its 
  

 28 

 reasonable costs and expenses incurred in the administration or preservation of the Mortgaged Property, an amount equal
to $75.00 per day, which shall be included as Secured Obligations secured by this Mortgage. The designation of Keeper made herein shall not be deemed to require the Mortgagees to provoke the appointment of such a Keeper. 
 (d) Specific Performance. Mortgagee may, in addition to the foregoing remedies, or in lieu thereof, in Mortgagee’s sole discretion, commence
an appropriate action against Mortgagor seeking specific performance of any covenant contained herein, or in aid of the execution or enforcement of any power herein granted. 
 6.2 Declaration of Fact. Should it become necessary for Mortgagee to foreclose under this Mortgage, all declarations of fact, which are made under
an authentic act before a Notary Public in the presence of two witnesses, by a person declaring such facts to lie within his or her knowledge, shall constitute authentic evidence for purposes of executory process and also for purposes of La. R.S.
9:3509.1, La. R.S. 9:3504(D)(6) and La. R.S. 10:9-508, where applicable. The Mortgagor specifically agrees that such an affidavit by a representative of the Mortgagee as to the existence, amount, terms and maturity of the Secured Obligations and of
a default thereunder shall constitute authentic evidence of such facts for the purpose of executory process. 
 6.3 Taxpayer
Identification Number. Mortgagor hereby represents and warrants that its taxpayer identification number and chief executive office are correct as set forth in the introductory paragraphs of this Mortgage. No change shall be made to its taxpayer
identification number, chief executive office or entity structure without Mortgagor first giving Mortgagee written notice within 10 days of the effective date of the change, or as otherwise set forth in the Collateral Trust Agreement. 
 6.4 Cumulative Remedies. Mortgagee’s remedies as provided in this Mortgage shall be cumulative in nature and nothing under this Mortgage
shall be construed as to limit or restrict the options and remedies available to Mortgagee following any Actionable Default, or to in any way limit or restrict the rights and ability of Mortgagee to proceed directly against Mortgagor and/or against
any guarantor, surety or endorser of the Secured Obligations, or to proceed against other collateral directly or indirectly securing any such Secured Obligations. 
 6.5 Louisiana Terms. Each reference to a “lien” will include a reference to a “mortgage” and/or “security interest”, as appropriate. Each reference to an “easement” or
“easements” will include a reference to a “servitude” and “servitudes”. Each reference to a county will include a reference to a Louisiana parish. The terms “land”, “real property”, and “real
estate” will mean “immovable property” as that term is used in the Louisiana Civil Code. The term “personal property” or “personalty” will mean “movable property” as that term is used in the Louisiana
Civil Code. The term “tangible” will include “corporeal” as that term is used in the Louisiana Civil Code. The term “intangible” will include “incorporeal” as that term is used in the Louisiana Civil Code.
References to the “UCC” or the “Uniform Commercial Code” shall include the Louisiana Commercial Laws, La. R.S. 10:1-101 et seq. The term “condemnation” will include “expropriation” as that term is used in
Louisiana law. 
  

 29 

 6.6 Novation. The Secured Obligations secured by this Mortgage will continue with respect to any
new obligation arising from any novation (subjective or objective) of the extinguished obligation as permitted by Louisiana Civil Code Article 1884, as well as to any other renewals, refinancings, modifications, amendments, revisions or extensions
of the Secured Obligations. 
 6.7 Waivers of Certificates. The parties to this Mortgage hereby waive the production of mortgage,
conveyance, tax, paving, assignment of accounts receivable and other certificates and relieve and release the Notary before whom this Mortgage was passed from all responsibilities and liabilities in connection therewith. 
 6.8 Subordination. The liens and security interests created under this Mortgage in favor of the Mortgagee for the benefit of the holders of the
Parity Lien Obligations shall effectively be subordinated to the security interests created under this Mortgage in favor of the Mortgagee for the benefit of Crest, provided, however that no such subordination shall prevent or preclude Mortgagee from
exercising any of its available remedies hereunder or under any other Security Document. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

  

 30 

 Thus DONE AND PASSED, on the day, and in the month and year first written above, in the City of Houston,
County of Harris, State of Texas, by the undersigned Mortgagor in the presence of the undersigned competent witnesses, who hereunto sign their names with Mortgagor and me, Notary, after due reading of the whole. 
  

							
	WITNESSES:	 		 	Sabine Pass LNG, L.P.,
		 		 	a Delaware limited partnership
			
		 		 	By: Sabine Pass LNG- GP, Inc., its General Partner
				
	 /s/ Jacque Bateman
	 		 	By:	 	 /s/ Graham A. McArthur

	Printed Name: Jacque Bateman	 		 	Name:	 	Graham A. McArthur
		 		 	Title:	 	Treasurer
				
	 /s/ Randall R. Cummins
	 		 		 	
	Printed Name: Randall R. Cummins	 		 		 	

  
  

					
		 	 Amanda Hoyt
	 	
		 	Notary Public	 	

 Printed Name of Notary: Amanda Hoyt 
 My Commission Expires: October 12, 2008 
 [seal] 

 Thus DONE AND PASSED, on the day, and in the month and year first written above, in the City of New York, County of New
York, State of New York, by the undersigned Mortgagee in the presence of the undersigned competent witnesses, who hereunto sign their names with Mortgagee and me, Notary, after due reading of the whole. 
  

									
	WITNESSES:	 		 		 	The Bank of New York,
		 		 		 	not individually but solely in its capacity as Collateral Trustee
					
		 	 /s/ Julie Salovitch-Miller
	 		 	By:	 	 /s/ Beata Hryniewicka

	Printed Name:	 	 Julie Salovitch-Miller
	 		 	Name:	 	Beata Hryniewicka
		 	Vice President	 		 	Title:	 	Assistant Vice President
		 	 /s/ Alexander Pabon
	 		 		 	
	Printed Name:	 	 Alexander Pabon
	 		 		 	

  
  

					
		 	 /s/ Carlos R. Luciano
 Notary Public
	 	

 Printed Name of Notary: Carlos R.
Luciano                 
 My Commission Expires:
4/30/2010                             
 [seal] 
  

 S 

 EXHIBIT A 
 LEASES 
 Parcel A: Leasehold estate created by that certain Lease Agreement dated effective January 15, 2005, by
and between Crain Lands, L.L.C., as Lessor, and Sabine Pass LNG, L.P., as Lessee, recorded on February 25, 2005, under Entry No. 291098 of the records of Cameron Parish, Louisiana, as amended by that certain Amendment to Lease dated
effective February 24,2005, by and between Crain Lands, L.L.C., as Lessor, and Sabine Pass LNG, L.P., as Lessee, recorded on February 25, 2005, under Entry No. 291099 of the records of Cameron Parish, Louisiana, as further amended by
that certain Second Amendment to Lease dated July 18, 2006 by and between Crain Lands, L.L.C. as Lessor, and Sabine Pass LNG, L.P. as Lessee, recorded on July 25, 2006 under Entry No. 299244 of the records of Cameron Parish,
Louisiana, covering the lands described as “Parcel A” and Tract “A” on Schedule IA attached hereto and made a part hereof. 
 Parcel
B: Leasehold estate created by that certain Lease Agreement dated effective January 15, 2005, by and between Crain Brothers Ranch, Inc., Marguerite Domatti as Trustee of M.A. Domatti Management Trust, Eva L. Domatti individually and as
Trustee, Domatti Family Living Trust, Erika Domatti and Renata Domatti, collectively, as Lessor, and Sabine Pass LNG, L.P., as Lessee, recorded on February 25, 2005, under Entry No. 291100 of the records of Cameron Parish, Louisiana, as
amended by that certain Amendment to Lease dated effective February 24, 2005, by and between Crain Brothers Ranch, Inc., Marguerite Domatti as Trustee of M.A. Domatti Management Trust, Eva L. Domatti individually and as Trustee of Domatti
Family Living Trust, Erika Domatti and Renata Domatti, collectively, as Lessor, and Sabine Pass LNG, L.P., as Lessee, recorded on February 25, 2005, under Entry No. 291101 of the records of Cameron Parish, Louisiana, covering the lands
described as “Parcel B” on Schedule IB attached hereto and made a part hereof. 
 Parcel C: Leasehold estate created by that certain Lease
Agreement dated effective January 15, 2005, by and between George A. Davis, et al, as Lessors, and Sabine Pass LNG, L.P., as Lessee, recorded on February 25,2005, in Conveyance Book 999 under Entry No. 291103 of the records of Cameron
Parish, Louisiana, as amended by that certain Amendment to Lease dated effective February 24, 2005, by and between George A. Davis, et al, as Lessors, and Sabine Pass LNG, L.P., as Lessee, recorded January 5, 2006, under File
No. 295504, of the records of Cameron Parish, Louisiana, covering the lands described as “Parcel C” on Schedule IC attached hereto and made a part hereof. 
  

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 DESCRIPTION OF SITE 
 PARCEL “A” 
 COMMENCING AT NATIONAL GEODETIC SURVEY MONUMENT PATSY AZ MK THAT HAS NAD 83(1992) LOUISIANA SOUTH ZONE (1702) LAMBERT COORDINATES OF N=469,996.61FEET AND E=2,468,956.13 FEET ; THENCE S.79°19’35”E., A DISTANCE OF 8,687.99
FEET TO A FOUND 3” DIAMETER TRANSITE PIPE 113.95’ N 01°17’51”E OF TRUE POSITION ON THE EAST LINE OF SECTION 18, TOWNSHIP 15 SOUTH, RANGE 15 WEST, CAMERON PARISH, LOUISIANA; SAID POINT BEING THE POINT OF BEGINNING; THENCE
S.01°17’51”W., A DISTANCE OF 5,166.18 FEET TO A FOUND 1” DIAMETER IRON PIPE, BEING THE SOUTHEAST CORNER OF SECTION 18, TOWNSHIP 15 SOUTH, RANGE 15 WEST, CAMERON PARISH, LOUISIANA; THENCE S.01°17’48”W., A DISTANCE OF
1,320.82 FEET TO A FOUND 1” DIAMETER IRON PIPE, BEING THE SOUTHEAST CORNER OF THE NORTHEAST QUARTER OF THE NORTHEAST QUARTER OF SECTION 19, TOWNSHIP 15 SOUTH, RANGE 15 WEST, CAMERON PARISH, LOUISIANA; THENCE N.88°39’31”W., A
DISTANCE OF 2,643.51 FEET TO A SET 1” DIAMETER IRON PIPE; THENCE N.88°41’32”W., A DISTANCE OF 1,620.05 FEET TO A FOUND 1” DIAMETER IRON PIPE 296.70’ S 88°41’32” E OF TRUE POSITION; SAID POINT BEING ON THE
PRESENT LEFT DESCENDING BANKLINE OF THE SABINE RIVER NAVIGATION CHANNEL; THENCE N.29°52’38”W., A DISTANCE OF 12.72 FEET ALONG SAID BANKLINE; THENCE N.18°31’24”W., A DISTANCE OF 18.66 FEET ALONG SAID BANKLINE; THENCE
N.26°45’04”W., A DISTANCE OF 58.42 FEET ALONG SAID BANKLINE; THENCE N.30°56’03”W., A DISTANCE OF 14.89 FEET ALONG SAID BANKLINE; THENCE N.29°08’03”W., A DISTANCE OF 31.05 FEET ALONG SAID BANKLINE; THENCE
N.28°47’01”W., A DISTANCE OF 34.51 FEET ALONG SAID BANKLINE; THENCE N.23°47’36”W., A DISTANCE OF 36.47 FEET ALONG SAID BANKLINE; THENCE N.21°41’44”W., A DISTANCE OF 43.25 FEET ALONG SAID BANKLINE; THENCE
N.25°27’34”W., A DISTANCE OF 52.61 FEET ALONG SAID BANKLINE; THENCE N.32°17’16”W., A DISTANCE OF 34.76 FEET ALONG SAID BANKLINE; THENCE N.05°22’54”E., A DISTANCE OF 27.74 FEET ALONG SAID BANKLINE; THENCE
N.19°21’40”E., A DISTANCE OF 16.59 FEET ALONG SAID BANKLINE; THENCE N.34°50’15”W., A DISTANCE OF 25.40 FEET ALONG SAID BANKLINE; THENCE N.49°44’00”E., A DISTANCE OF 13.27 FEET ALONG SAID BANKLINE; THENCE
N.74°33’57”W., A DISTANCE OF 16.21 FEET ALONG SAID BANKLINE; THENCE N.26°00’42”W., A DISTANCE OF 22.59 FEET ALONG SAID BANKLINE; THENCE N.21°12’16”W., A DISTANCE OF 30.37 FEET ALONG SAID BANKLINE; THENCE
N.24°14’15”W., A DISTANCE OF 37.05 FEET ALONG SAID BANKLINE; THENCE N.28°04’47”W., A DISTANCE OF 18.88 FEET ALONG SAID BANKLINE; THENCE N.48°19’14”W., A DISTANCE OF 11.90 FEET ALONG SAID BANKLINE; THENCE
N.02°09’00”W., A DISTANCE OF 10.18 FEET ALONG SAID BANKLINE; THENCE N.34°55’22”W., A DISTANCE OF 15.52 FEET ALONG SAID BANKLINE; THENCE N.37°36’50”W., A 
  

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 DISTANCE OF 16.61 FEET ALONG SAID BANKLINE; THENCE N.21°54’21”W., A DISTANCE OF 9.67 FEET ALONG SAID
BANKLINE; THENCE N.76°12’32”W., A DISTANCE OF 11.40 FEET ALONG SAID BANKLINE; THENCE N.13°55’29”W., A DISTANCE OF 9.34 FEET ALONG SAID BANKLINE; THENCE N.40°58’04”W., A DISTANCE OF 8.07 FEET ALONG SAID
BANKLINE; THENCE N.85°52’40”W., A DISTANCE OF 8.39 FEET ALONG SAID BANKLINE; THENCE N.51°58’58”W., A DISTANCE OF 18.44 FEET ALONG SAID BANKLINE; THENCE N.45°59’08”W., A DISTANCE OF 12.29 FEET ALONG SAID
BANKLINE; THENCE N.29°23’59”W., A DISTANCE OF 24.58 FEET ALONG SAID BANKLINE; THENCE N.38°49’16”W., A DISTANCE OF 21.04 FEET ALONG SAID BANKLINE; THENCE N.21°19’37”W., A DISTANCE OF 20.92 FEET ALONG SAID
BANKLINE; THENCE N.27°55’57”W., A DISTANCE OF 18.85 FEET ALONG SAID BANKLINE; THENCE N.25°58’30”W., A DISTANCE OF 18.33 FEET ALONG SAID BANKLINE; THENCE N.13°39’55”W., A DISTANCE OF 15.21 FEET ALONG SAID
BANKLINE; THENCE N.26°53’58”W., A DISTANCE OF 19.38 FEET ALONG SAID BANKLINE; THENCE N.22°11’11”W., A DISTANCE OF 18.12 FEET ALONG SAID BANKLINE; THENCE S.12°24’20”W., A DISTANCE OF 269.63 FEET TO A POINT
ALONG THE EAST LIMIT OF THE SABINE RIVER NAVIGATION CHANNEL; THENCE N.32°34’53”W., A DISTANCE OF 904.94 FEET ALONG SAID LIMIT OF CHANNEL; THENCE S.77°35’21”E., A DISTANCE OF 489.63 FEET TO A POINT ON THE PRESENT LEFT
DESCENDING BANKLINE OF THE SABINE RIVER NAVIGATION CHANNEL; THENCE N.00°29’32”W., A DISTANCE OF 34.81 FEET ALONG THE PRESENT LEFT DESCENDING BANKLINE OF THE SABINE RIVER NAVIGATION CHANNEL; THENCE N.04°48’54”E., A
DISTANCE OF 24.71 FEET ALONG SAID BANKLINE; THENCE N.08°20’11”W., A DISTANCE OF 26.71 FEET ALONG SAID BANKLINE; THENCE N.14°34’49”W., A DISTANCE OF 37.60 FEET ALONG SAID BANKLINE; THENCE N.23°27’40”E., A
DISTANCE OF 23.01 FEET ALONG SAID BANKLINE; THENCE N.33°57’37”E., A DISTANCE OF 24.40 FEET ALONG SAID BANKLINE; THENCE N.02°13’08”W., A DISTANCE OF 8.55 FEET ALONG SAID BANKLINE; THENCE N.50°20’38”E., A
DISTANCE OF 13.69 FEET ALONG SAID BANKLINE; THENCE N.39°10’19”E., A DISTANCE OF 14.47 FEET ALONG SAID BANKLINE; THENCE N.02°52’22”W., A DISTANCE OF 24.68 FEET ALONG SAID BANKLINE; THENCE N.23°00’02”E., A
DISTANCE OF 26.34 FEET ALONG SAID BANKLINE; THENCE N.28°43’38”E., A DISTANCE OF 17.92 FEET ALONG SAID BANKLINE; THENCE N.30°10’48”E., A DISTANCE OF 19.06 FEET ALONG SAID BANKLINE; THENCE N.15°32’58”E., A
DISTANCE OF 27.83 FEET ALONG SAID BANKLINE; THENCE N.18°40’59”E., A DISTANCE OF 16.94 FEET ALONG SAID BANKLINE; THENCE N.18°47’18”E., A DISTANCE OF 18.41 FEET ALONG SAID BANKLINE; THENCE N.04°58’25”E., A
DISTANCE OF 12.33 FEET ALONG SAID BANKLINE; THENCE N.03°39’40”E., A DISTANCE OF 5.48 FEET ALONG SAID BANKLINE; THENCE N.49°39’22”W., A DISTANCE OF 7.73 FEET ALONG SAID BANKLINE; THENCE N.25°00’51”W., A
DISTANCE OF 7.82 FEET ALONG SAID BANKLINE; THENCE N.01°38’38”W., A DISTANCE OF 8.37 FEET ALONG SAID BANKLINE; THENCE N.14°32’44”E., A DISTANCE OF 8.10 FEET ALONG SAID BANKLINE; THENCE N.02°42’23”E., A
DISTANCE OF 18.55 FEET ALONG SAID BANKLINE; THENCE N.01°34’29”W., A DISTANCE OF 25.47 FEET ALONG SAID BANKLINE; THENCE N.00°54’03”W., A DISTANCE OF 20.10 FEET 
  

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 ALONG SAID BANKLINE; THENCE N.07°38’44”E., A DISTANCE OF 19.96 FEET ALONG SAID BANKLINE; THENCE
N.10°06’29”E., A DISTANCE OF 13.61 FEET ALONG SAID BANKLINE; THENCE N.72°15’10”E., A DISTANCE OF 11.78 FEET ALONG SAID BANKLINE; THENCE N.56°54’25”E., A DISTANCE OF 8.84 FEET ALONG SAID BANKLINE; THENCE
N.05°58’49”W., A DISTANCE OF 23.84 FEET ALONG SAID BANKLINE; THENCE N.07°14’23”E., A DISTANCE OF 20.62 FEET ALONG SAID BANKLINE; THENCE N.08°50’41”E., A DISTANCE OF 27.34 FEET ALONG SAID BANKLINE; THENCE
N.07°53’16”W., A DISTANCE OF 39.87 FEET ALONG SAID BANKLINE; THENCE N.08°08’55”W., A DISTANCE OF 33.03 FEET ALONG SAID BANKLINE; THENCE N.05°28’55”W., A DISTANCE OF 27.35 FEET ALONG SAID BANKLINE; THENCE
N.13°06’43”W., A DISTANCE OF 27.36 FEET ALONG SAID BANKLINE; THENCE N.00°20’15”E., A DISTANCE OF 13.24 FEET ALONG SAID BANKLINE; THENCE N.08°37’32”W., A DISTANCE OF 20.90 FEET ALONG SAID BANKLINE; THENCE
N.23°58’43”W., A DISTANCE OF 22.15 FEET ALONG SAID BANKLINE; THENCE N.35°33’35”W., A DISTANCE OF 23.52 FEET ALONG SAID BANKLINE; THENCE N.25°47’37”W., A DISTANCE OF 32.15 FEET ALONG SAID BANKLINE; THENCE
N.27°33’37”W., A DISTANCE OF 25.54 FEET ALONG SAID BANKLINE; THENCE N.61°40’59”W., A DISTANCE OF 31.67 FEET ALONG SAID BANKLINE; THENCE N.67°54’57”W., A DISTANCE OF 69.78 FEET ALONG SAID BANKLINE; THENCE
N.75°28’20”W., A DISTANCE OF 68.07 FEET ALONG SAID BANKLINE; THENCE N.78°59’34”W., A DISTANCE OF 27.54 FEET ALONG SAID BANKLINE; THENCE N.30°12’01”W., A DISTANCE OF 49.12 FEET ALONG SAID BANKLINE; THENCE
N.31°45’05”W., A DISTANCE OF 59.59 FEET ALONG SAID BANKLINE; THENCE N.33°17’17”W., A DISTANCE OF 41.77 FEET ALONG SAID BANKLINE; THENCE N.30°14’26”W., A DISTANCE OF 50.16 FEET ALONG SAID BANKLINE; THENCE
N.30°11’36”W., A DISTANCE OF 58.49 FEET ALONG SAID BANKLINE; THENCE N.32°16’47”W., A DISTANCE OF 72.58 FEET ALONG SAID BANKLINE; THENCE N.45°21’02”W., A DISTANCE OF 23.22 FEET ALONG SAID BANKLINE; THENCE
N.47°00’50”W., A DISTANCE OF 13.96 FEET ALONG SAID BANKLINE; THENCE N.86°55’18”W., A DISTANCE OF 12.59 FEET ALONG SAID BANKLINE; THENCE N.01°03’18”E., A DISTANCE OF 15.21 FEET ALONG SAID BANKLINE; THENCE
N.28°34’20”W., A DISTANCE OF 24.48 FEET ALONG SAID BANKLINE; THENCE N.29°48’54”W., A DISTANCE OF 14.11 FEET ALONG SAID BANKLINE; THENCE N.32°54’11”W., A DISTANCE OF 20.64 FEET ALONG SAID BANKLINE; THENCE
N.43°31’52”W., A DISTANCE OF 24.66 FEET ALONG SAID BANKLINE; THENCE N.41°01’49”W., A DISTANCE OF 27.60 FEET ALONG SAID BANKLINE; THENCE N.64°31’06”W., A DISTANCE OF 31.60 FEET ALONG SAID BANKLINE; THENCE
N.61°16’18”W., A DISTANCE OF 27.12 FEET ALONG SAID BANKLINE; THENCE N.72°49’51”W., A DISTANCE OF 16.99 FEET ALONG SAID BANKLINE; THENCE S.81°12’50”W., A DISTANCE OF 38.79 FEET ALONG SAID BANKLINE; THENCE
N.87°34’41”W., A DISTANCE OF 25.06 FEET ALONG SAID BANKLINE; THENCE N.83°02’49”W., A DISTANCE OF 29.64 FEET ALONG SAID BANKLINE; THENCE N.87°32’34”W., A DISTANCE OF 25.63 FEET ALONG SAID BANKLINE; THENCE
S.17°39’58”W., A DISTANCE OF 10.21 FEET ALONG SAID BANKLINE; THENCE S.41°48’12”W., A DISTANCE OF 6.37 FEET ALONG SAID BANKLINE; THENCE N.65°28’08”W., A DISTANCE OF 6.75 FEET 
  

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 ALONG SAID BANKLINE; THENCE N.40°52’29”W., A DISTANCE OF 8.21 FEET ALONG SAID BANKLINE; THENCE
N.86°51’04”W., A DISTANCE OF 12.87 FEET ALONG SAID BANKLINE; THENCE S.73°11’33”W., A DISTANCE OF 11.71 FEET ALONG SAID BANKLINE; THENCE S.68°15’02”W., A DISTANCE OF 8.61 FEET ALONG SAID BANKLINE; THENCE
N.52°53’57”W., A DISTANCE OF 15.03 FEET ALONG SAID BANKLINE; THENCE N.68°20’17”W., A DISTANCE OF 16.87 FEET ALONG SAID BANKLINE; THENCE N.72°42’23”W., A DISTANCE OF 22.03 FEET ALONG SAID BANKLINE; THENCE
N.45°38’10”W., A DISTANCE OF 26.94 FEET ALONG SAID BANKLINE; THENCE N.45°50’23”W., A DISTANCE OF 46.02 FEET ALONG SAID BANKLINE; THENCE N.37°14’07”W., A DISTANCE OF 51.10 FEET ALONG SAID BANKLINE; THENCE
N.44°07’34”W., A DISTANCE OF 40.05 FEET ALONG SAID BANKLINE; THENCE N.57°25’15”W., A DISTANCE OF 54.67 FEET ALONG SAID BANKLINE; THENCE N.68°07’09”W., A DISTANCE OF 41.16 FEET ALONG SAID BANKLINE; THENCE
N.85°14’10”W., A DISTANCE OF 22.18 FEET ALONG SAID BANKLINE; THENCE N.72°03’58”W., A DISTANCE OF 31.35 FEET ALONG SAID BANKLINE; THENCE N.29°10’04”W., A DISTANCE OF 26.22 FEET ALONG SAID BANKLINE; THENCE
N.17°44’58”W., A DISTANCE OF 14.62 FEET ALONG SAID BANKLINE; THENCE N.32°02’36”W., A DISTANCE OF 15.81 FEET ALONG SAID BANKLINE; THENCE N.41°18’36”W., A DISTANCE OF 20.70 FEET ALONG SAID BANKLINE; THENCE
N.53°25’25”W., A DISTANCE OF 32.96 FEET ALONG SAID BANKLINE; THENCE N.63°21’05”W., A DISTANCE OF 20.85 FEET ALONG SAID BANKLINE; THENCE N.50°23’40”W., A DISTANCE OF 28.75 FEET ALONG SAID BANKLINE; THENCE
N.55°45’42”W., A DISTANCE OF 24.69 FEET ALONG SAID BANKLINE; THENCE N.60°07’26”W., A DISTANCE OF 23.12 FEET ALONG SAID BANKLINE; THENCE N.67°04’53”W., A DISTANCE OF 21.52 FEET ALONG SAID BANKLINE; THENCE
N.30°23’04”W., A DISTANCE OF 26.96 FEET ALONG SAID BANKLINE; THENCE N.39°14’32”W., A DISTANCE OF 34.71 FEET ALONG SAID BANKLINE; THENCE N.43°31’15”W., A DISTANCE OF 33.42 FEET ALONG SAID BANKLINE; THENCE
N.48°10’14”W., A DISTANCE OF 27.96 FEET ALONG SAID BANKLINE; THENCE N.73°13’43”W., A DISTANCE OF 24.84 FEET ALONG SAID BANKLINE; THENCE N.66°20’34”W., A DISTANCE OF 20.11 FEET ALONG SAID BANKLINE; THENCE
S.65°15’23”W., A DISTANCE OF 30.59 FEET ALONG SAID BANKLINE; THENCE N.46°15’48”W., A DISTANCE OF 61.16 FEET ALONG SAID BANKLINE; THENCE N.40°15’43”W., A DISTANCE OF 37.33 FEET ALONG SAID BANKLINE; THENCE
N.41°17’58”W., A DISTANCE OF 27.04 FEET ALONG SAID BANKLINE; THENCE N.32°33’53”W., A DISTANCE OF 21.03 FEET ALONG SAID BANKLINE; THENCE N.45°30’58”W., A DISTANCE OF 30.46 FEET ALONG SAID BANKLINE; THENCE
N.28°31’26”W., A DISTANCE OF 11.88 FEET ALONG SAID BANKLINE; THENCE N.26°24’44”W., A DISTANCE OF 31.01 FEET ALONG SAID BANKLINE; THENCE N.31°05’40”W., A DISTANCE OF 23.31 FEET ALONG SAID BANKLINE; THENCE
N.30°04’31”W., A DISTANCE OF 25.35 FEET ALONG SAID BANKLINE; THENCE N.25°14’42”W., A DISTANCE OF 25.78 FEET ALONG SAID BANKLINE; THENCE N.03°42’22”E., A DISTANCE OF 21.46 FEET ALONG SAID BANKLINE; THENCE
N.50°34’04”E., A DISTANCE OF 11.22 FEET ALONG SAID BANKLINE; THENCE N.11°24’24”W., A DISTANCE OF 35.65 FEET ALONG SAID BANKLINE; THENCE N.17°01’22”E., A DISTANCE OF 35.66 FEET 
  

 S 

 ALONG SAID BANKLINE; THENCE N.03°24’05”E., A DISTANCE OF 44.53 FEET ALONG SAID BANKLINE; THENCE
N.01°29’04”E., A DISTANCE OF 65.04 FEET ALONG SAID BANKLINE; THENCE N.00°03’30”W., A DISTANCE OF 51.98 FEET ALONG SAID BANKLINE; THENCE N.06°30’02”W., A DISTANCE OF 48.10 FEET ALONG SAID BANKLINE; THENCE
N.06°32’31”W., A DISTANCE OF 53.53 FEET ALONG SAID BANKLINE; THENCE N.21°24’28”W., A DISTANCE OF 58.43 FEET ALONG SAID BANKLINE; THENCE N.26°23’11”W., A DISTANCE OF 82.08 FEET ALONG SAID BANKLINE; THENCE
N.08°27’21”W., A DISTANCE OF 57.54 FEET ALONG SAID BANKLINE; THENCE N.08°32’39”W., A DISTANCE OF 81.96 FEET ALONG SAID BANKLINE; THENCE N.18°43’14”W., A DISTANCE OF 37.13 FEET ALONG SAID BANKLINE; THENCE
N.22°11’51”W., A DISTANCE OF 46.12 FEET ALONG SAID BANKLINE; THENCE N.34°23’42”W., A DISTANCE OF 61.23 FEET ALONG SAID BANKLINE; THENCE N.44°10’04”W., A DISTANCE OF 42.16 FEET ALONG SAID BANKLINE; THENCE
N.24°32’28”W., A DISTANCE OF 41.51 FEET ALONG SAID BANKLINE; THENCE N.12°34’16”W., A DISTANCE OF 18.84 FEET ALONG SAID BANKLINE; THENCE N.19°13’09”E., A DISTANCE OF 35.51 FEET ALONG SAID BANKLINE; THENCE
N.23°33’06”E., A DISTANCE OF 36.89 FEET ALONG SAID BANKLINE; THENCE N.22°18’03”E., A DISTANCE OF 42.95 FEET ALONG SAID BANKLINE; THENCE N.18°23’00”E., A DISTANCE OF 51.23 FEET ALONG SAID BANKLINE; THENCE
N.13°23’25”E., A DISTANCE OF 53.86 FEET ALONG SAID BANKLINE; THENCE N.02°27’53”E., A DISTANCE OF 25.42 FEET ALONG SAID BANKLINE; THENCE N.20°53’28”E., A DISTANCE OF 40.59 FEET ALONG SAID BANKLINE; THENCE
N.38°49’39”E., A DISTANCE OF 38.56 FEET ALONG SAID BANKLINE; THENCE N.31°39’05”E., A DISTANCE OF 40.69 FEET ALONG SAID BANKLINE; THENCE N.47°36’02”E., A DISTANCE OF 60.93 FEET TO A SET 1-1/4” DIAMETER
IRON PIPE 50.34’ S 88°43’54” E OF TRUE POSITION ALONG SAID BANKLINE; THENCE S.88°43’54”E., A DISTANCE OF 968.48 FEET TO A SET 1-1/4” DIAMETER IRON PIPE ON THE EAST LINE OF SECTION 13, TOWNSHIP 15 SOUTH, RANGE 16
WEST, CAMERON PARISH, LOUISIANA; THENCE N.01°20’01”E., A DISTANCE OF 884.99 FEET TO A FOUND 3/4” DIAMETER IRON PIPE ALONG THE EAST LINE OF SECTION 13, TOWNSHIP 15 SOUTH, RANGE 16 WEST, CAMERON PARISH, LOUISIANA; THENCE
S.88°36’02”E., A DISTANCE OF 1,254.17 FEET TO A SET 1-1/4” DIAMETER IRON PIPE; THENCE N.01°10’26”E., A DISTANCE OF 1,460.45 FEET TO A SET 1-1/4” DIAMETER IRON PIPE ON THE NORTH LINE OF SECTION 18, TOWNSHIP 15
SOUTH, RANGE 15 WEST, CAMERON PARISH, LOUISIANA; THENCE S.88°41’06”E., A DISTANCE OF 2,106.04 FEET TO A SET 1-1/4” DIAMETER IRON PIPE 100.31’ N 88°41’06” W OF TRUE POSITION ALONG THE NORTH LINE OF SECTION 18,
TOWNSHIP 15 SOUTH, RANGE 15 WEST, CAMERON PARISH, LOUISIANA TO A POINT ON THE CENTERLINE OF THE ASPHALTIC CONCRETE TRAVELING SURFACE OF THE LOUISIANA STATE HIGHWAY NO. 82; THENCE S.73°39’31”E., A DISTANCE OF 94.01 FEET ALONG THE
CENTERLINE OF THE ASPHALTIC CONCRETE TRAVELING SURFACE OF THE LOUISIANA STATE HIGHWAY NO. 82; THENCE S.76°03’46”E., A DISTANCE OF 106.02 FEET ALONG THE CENTERLINE OF THE ASPHALTIC CONCRETE TRAVELING SURFACE OF THE LOUISIANA STATE
HIGHWAY NO. 82; THENCE S.77°52’01”E., A DISTANCE OF 99.86 FEET ALONG 
  

 S 

 THE CENTERLINE OF THE ASPHALTIC CONCRETE TRAVELING SURFACE OF THE LOUISIANA STATE HIGHWAY NO. 82; THENCE
S.79°43’53”E., A DISTANCE OF 100.71 FEET ALONG THE CENTERLINE OF THE ASPHALTIC CONCRETE TRAVELING SURFACE OF THE LOUISIANA STATE HIGHWAY NO. 82; THENCE S.81°53’56”E., A DISTANCE OF 106.20 FEET ALONG THE CENTERLINE OF THE
ASPHALTIC CONCRETE TRAVELING SURFACE OF THE LOUISIANA STATE HIGHWAY NO. 82; THENCE S.84°15’23”E., A DISTANCE OF 118.24 FEET ALONG THE CENTERLINE OF THE ASPHALTIC CONCRETE TRAVELING SURFACE OF THE LOUISIANA STATE HIGHWAY NO. 82; THENCE
S.86°28’19”E., A DISTANCE OF 111.66 FEET ALONG THE CENTERLINE OF THE ASPHALTIC CONCRETE TRAVELING SURFACE OF THE LOUISIANA STATE HIGHWAY NO. 82; THENCE S.88°16’02”E., A DISTANCE OF 216.77 FEET ALONG THE CENTERLINE OF THE
ASPHALTIC CONCRETE TRAVELING SURFACE OF THE LOUISIANA STATE HIGHWAY NO. 82; THENCE S.89°06’51”E., A DISTANCE OF 336.48 FEET ALONG THE CENTERLINE OF THE ASPHALTIC CONCRETE TRAVELING SURFACE OF THE LOUISIANA STATE HIGHWAY NO. 82; THENCE
S.88°54’09”E., A DISTANCE OF 346.61 FEET ALONG THE CENTERLINE OF THE ASPHALTIC CONCRETE TRAVELING SURFACE OF THE LOUISIANA STATE HIGHWAY NO. 82; THENCE S.88°33’37”E., A DISTANCE OF 115.58 FEET ALONG THE CENTERLINE OF THE
ASPHALTIC CONCRETE TRAVELING SURFACE OF THE LOUISIANA STATE HIGHWAY NO. 82; THENCE S.87°11’40”E., A DISTANCE OF 108.18 FEET ALONG THE CENTERLINE OF THE ASPHALTIC CONCRETE TRAVELING SURFACE OF THE LOUISIANA STATE HIGHWAY NO. 82; THENCE
S.84°49’32”E., A DISTANCE OF 77.14 FEET ALONG THE CENTERLINE OF THE ASPHALTIC CONCRETE TRAVELING SURFACE OF THE LOUISIANA STATE HIGHWAY NO. 82 TO THE POINT OF BEGINNING. 
 THE ABOVE DESCRIBED PARCEL IS SITUATED IN SECTIONS 18 AND 19, TOWNSHIP 15 SOUTH, RANGE 15 WEST, AND SECTION 13 TOWNSHIP 15 SOUTH, RANGE 16 WEST, CAMERON PARISH, LOUISIANA, IS MADE REFERENCE TO AS PARCEL “A”
ON THAT PLAT OF SURVEY PREPARED BY LONNIE G. HARPER & ASSOCIATES, INC. DATED FEBRUARY 4, 2005 AND LAST REVISED FEBRUARY 24, 2005, AND CONTAINS 33,183,906.88 SQUARE FEET OR 761.7977 ACRES, MORE OR LESS. 
 LESS AND EXCEPT FROM PARCEL A: 
 COMMENCING AT NATIONAL GEODETIC
SURVEY MONUMENT PATSY AZ MK THAT HAS NAD 83(1992) LOUISIANA SOUTH ZONE (1702) LAMBERT COORDINATES OF N=469,996.61FEET AND E=2,468,956.13 FEET; THENCE S.39°33’52”E., A DISTANCE OF 4,817.58 FEET TO A SET ONE AND A QUARTER INCH
DIAMETER IRON PIPE; SAID POINT BEING THE POINT OF BEGINNING; THENCE N.88°43’54”W., A DISTANCE OF 833.28 FEET TO A SET ONE AND A QUARTER INCH DIAMETER IRON PIPE 50.34’ S 88°43’54” E OF TRUE POSITION; SAID POINT BEING
ON THE PRESENT LEFT DESCENDING BANKLINE OF THE 
  

 S 

 SABINE RIVER NAVIGATION CHANNEL; THENCE S.47°36’02”W., A DISTANCE OF 60.93 FEET ALONG SAID BANKLINE; THENCE
S.31°39’05”W., A DISTANCE OF 40.69 FEET ALONG SAID BANKLINE; THENCE S.38°49’39”W., A DISTANCE OF 38.56 FEET ALONG SAID BANKLINE; THENCE S.20°53’28”W., A DISTANCE OF 40.59 FEET ALONG SAID BANKLINE; THENCE
S.02°27’53”W., A DISTANCE OF 25.42 FEET ALONG SAID BANKLINE; THENCE S.13°23’25”W., A DISTANCE OF 53.86 FEET ALONG SAID BANKLINE; THENCE S.18°23’00”W., A DISTANCE OF 51.23 FEET ALONG SAID BANKLINE; THENCE
S.22°18’03”W., A DISTANCE OF 42.95 FEET ALONG SAID BANKLINE; THENCE S.23°33’06”W., A DISTANCE OF 36.89 FEET ALONG SAID BANKLINE; THENCE S.19°13’09”W., A DISTANCE OF 35.51 FEET ALONG SAID BANKLINE; THENCE
S.12°34’16”E., A DISTANCE OF 18.84 FEET ALONG SAID BANKLINE; THENCE S.24°32’28”E., A DISTANCE OF 41.51 FEET ALONG SAID BANKLINE; THENCE S.44°10’04”E., A DISTANCE OF 42.16 FEET ALONG SAID BANKLINE; THENCE
S.34°23’42”E., A DISTANCE OF 61.23 FEET ALONG SAID BANKLINE; THENCE S.22°11’51”E., A DISTANCE OF 46.12 FEET ALONG SAID BANKLINE; THENCE S.18°43’14”E., A DISTANCE OF 37.13 FEET ALONG SAID BANKLINE; THENCE
S.08°32’39”E., A DISTANCE OF 81.96 FEET ALONG SAID BANKLINE; THENCE S.08°27’21”E., A DISTANCE OF 57.54 FEET ALONG SAID BANKLINE; THENCE S.26°23’11”E., A DISTANCE OF 82.08 FEET ALONG SAID BANKLINE; THENCE
S.21°24’28”E., A DISTANCE OF 58.43 FEET ALONG SAID BANKLINE; THENCE S.06°32’31”E., A DISTANCE OF 53.53 FEET ALONG SAID BANKLINE; THENCE S.06°30’02”E., A DISTANCE OF 48.10 FEET ALONG SAID BANKLINE; THENCE
S.00°03’30”E., A DISTANCE OF 51.98 FEET ALONG SAID BANKLINE; THENCE S.01°29’04”W., A DISTANCE OF 65.04 FEET ALONG SAID BANKLINE; THENCE S.03°24’05”W., A DISTANCE OF 44.53 FEET ALONG SAID BANKLINE; THENCE
S.17°01’22”W., A DISTANCE OF 35.66 FEET ALONG SAID BANKLINE; THENCE S.11°24’24”E., A DISTANCE OF 35.65 FEET ALONG SAID BANKLINE; THENCE S.50°34’04”W., A DISTANCE OF 11.22 FEET ALONG SAID BANKLINE; THENCE
S.03°42’22”W., A DISTANCE OF 21.46 FEET ALONG SAID BANKLINE; THENCE S.25°14’42”E., A DISTANCE OF 25.78 FEET ALONG SAID BANKLINE; THENCE S.30°04’31”E., A DISTANCE OF 25.35 FEET ALONG SAID BANKLINE; THENCE
S.31°05’40”E., A DISTANCE OF 23.31 FEET ALONG SAID BANKLINE; THENCE S.26°24’44”E., A DISTANCE OF 31.01 FEET ALONG SAID BANKLINE; THENCE S.28°31’26”E., A DISTANCE OF 11.88 FEET ALONG SAID BANKLINE; THENCE
S.45°30’58”E., A DISTANCE OF 30.46 FEET ALONG SAID BANKLINE; THENCE S.32°33’53”E., A DISTANCE OF 21.03 FEET ALONG SAID BANKLINE; THENCE S.41°17’58”E., A DISTANCE OF 27.04 FEET ALONG SAID BANKLINE; THENCE
S.40°15’43”E., A DISTANCE OF 37.33 FEET ALONG SAID BANKLINE; THENCE S.46°15’48”E., A DISTANCE OF 61.16 FEET ALONG SAID BANKLINE; THENCE N.65°15’23”E., A DISTANCE OF 30.59 FEET ALONG SAID BANKLINE; THENCE
S.66°20’34”E., A DISTANCE OF 20.11 FEET ALONG SAID BANKLINE; THENCE S.73°13’43”E., A DISTANCE OF 24.84 FEET ALONG SAID BANKLINE; THENCE S.48°10’14”E., A DISTANCE OF 27.96 FEET ALONG SAID BANKLINE; THENCE
S.43°31’15”E., A DISTANCE OF 33.42 FEET ALONG SAID BANKLINE; THENCE S.39°14’32”E., A DISTANCE OF 34.71 FEET ALONG SAID BANKLINE; THENCE S.30°23’04”E., A DISTANCE OF 
  

 S 

 26.96 FEET ALONG SAID BANKLINE; THENCE S.67°04’53”E., A DISTANCE OF 21.52 FEET ALONG SAID BANKLINE; THENCE
S.60°07’26”E., A DISTANCE OF 23.12 FEET ALONG SAID BANKLINE; THENCE S.55°45’42”E., A DISTANCE OF 24.69 FEET ALONG SAID BANKLINE; THENCE S.50°23’40”E., A DISTANCE OF 28.75 FEET ALONG SAID BANKLINE; THENCE
S.63°21’05”E., A DISTANCE OF 20.85 FEET ALONG SAID BANKLINE; THENCE S.53°25’25”E., A DISTANCE OF 32.96 FEET ALONG SAID BANKLINE; THENCE S.41°18’36”E., A DISTANCE OF 20.70 FEET ALONG SAID BANKLINE; THENCE
S.32°02’36”E., A DISTANCE OF 15.81 FEET ALONG SAID BANKLINE; THENCE S.17°44’58”E., A DISTANCE OF 14.62 FEET ALONG SAID BANKLINE; THENCE S.29°10’04”E., A DISTANCE OF 26.22 FEET ALONG SAID BANKLINE; THENCE
S.72°03’58”E., A DISTANCE OF 31.35 FEET ALONG SAID BANKLINE; THENCE S.85°14’10”E., A DISTANCE OF 22.18 FEET ALONG SAID BANKLINE; THENCE S.68°07’09”E., A DISTANCE OF 41.16 FEET ALONG SAID BANKLINE; THENCE
S.57°25’15”E., A DISTANCE OF 54.67 FEET ALONG SAID BANKLINE; THENCE S.44°07’34”E., A DISTANCE OF 40.05 FEET ALONG SAID BANKLINE; THENCE S.37°14’07”E., A DISTANCE OF 51.10 FEET ALONG SAID BANKLINE; THENCE
S.45°50’23”E., A DISTANCE OF 46.02 FEET ALONG SAID BANKLINE; THENCE S.45°38’10”E., A DISTANCE OF 20.31 FEET TO A SET ONE AND A QUARTER INCH DIAMETER IRON PIPE 49.96 FEET N02°48’04”E OF TRUE POSITION; THENCE
N.02°48’04”E., A DISTANCE OF 1,849.52 FEET TO THE POINT OF BEGINNING. 
 THE ABOVE DESCRIBED PARCEL IS SITUATED IN SECTION 13, TOWNSHIP 15
SOUTH, RANGE 16 WEST, CAMERON PARISH, LOUISIANA, IS MADE REFERENCE TO AS TRACT “B” ON THAT PLAT OF SURVEY PREPARED BY LONNIE G. HARPER & ASSOCIATES, INC. DATED APRIL 27, 2006 AND CONTAINS 1,304,468.95 SQUARE FEET OR 29.9465 ACRES.

 TRACT “A” 
 COMMENCING AT NATIONAL GEODETIC SURVEY MONUMENT PATSYAZ MK THAT HAS NAD 83(1992) LOUISIANA SOUTH ZONE (1702) LAMBERT COORDINATES OF N=469,996.61FEET AND E=2,468,956.13 FEET; THENCE S.51°45’32”E., A DISTANCE OF 4,590.62
FEET TO A SET ONE AND A QUARTER INCH DIAMETER IRON PIPE; SAID POINT BEING THE POINT OF BEGINNING; THENCE N.35°45’31”E., A DISTANCE OF 848.45 FEET TO A SET ONE AND A QUARTER INCH DIAMETER IRON PIPE; THENCE N.04°26’02”E., A
DISTANCE OF 632.85 FEET TO A SET ONE AND A QUARTER INCH DIAMETER IRON PIPE; THENCE N.42°42’54”E., A DISTANCE OF 1,026.57 FEET TO A SET ONE AND A QUARTER INCH DIAMETER IRON PIPE; THENCE S.64°09’09”E., A DISTANCE OF
1,547.44 FEET TO A SET ONE AND A QUARTER INCH DIAMETER IRON PIPE; THENCE N.88°41’06”W., A DISTANCE OF 1,731.70 FEET TO A SET ONE AND A QUARTER INCH DIAMETER IRON PIPE; THENCE S.01°10’26”W., A DISTANCE OF 1,460.45 FEET;
THENCE N.88°36’02”W., A DISTANCE OF 872.84 FEET TO THE POINT OF BEGINNING. 
  

 S 

 THE ABOVE DESCRIBED PARCEL IS SITUATED IN SECTIONS 7 AND 18, TOWNSHIP 15 SOUTH, RANGE 15 WEST, CAMERON PARISH, LOUISIANA,
IS MADE REFERENCE TO AS TRACT “A” ON THAT PLAT OF SURVEY PREPARED BY LONNIE G. HARPER & ASSOCIATES, INC. DATED APRIL 27, 2006, AND CONTAINS 1,350,998.89 SQUARE FEET OR 31.0147 ACRES. 
 PARCEL “B” 
 COMMENCING AT NATIONAL GEODETIC SURVEY
MONUMENT PATSY AZ MK THAT HAS NAD 83(1992) LOUISIANA SOUTH ZONE (1702) LAMBERT COORDINATES OF N=469,996.61FEET AND E=2,468,956.13 FEET; THENCE S.79°19’35”E., A DISTANCE OF 8,687.99 FEET TO A FOUND 3” DIAMETER TRANSITE PIPE
113.95’ N 01°17’51”E OF TRUE POSITION ON THE EAST LINE OF SECTION 18, TOWNSHIP 15 SOUTH, RANGE 15 WEST, CAMERON PARISH, LOUISIANA; THENCE S.01°17’51”W., A DISTANCE OF 5,166.18 FEET TO A FOUND 1” DIAMETER IRON
PIPE, BEING THE SOUTHEAST CORNER OF SECTION 18, TOWNSHIP 15 SOUTH, RANGE 15 WEST, CAMERON PARISH, LOUISIANA; THENCE S.01°17’48”W., A DISTANCE OF 1,320.82 FEET TO A FOUND 1” DIAMETER IRON PIPE, BEING THE SOUTHEAST CORNER OF THE
NORTHEAST QUARTER OF THE NORTHEAST QUARTER OF SECTION 19, TOWNSHIP 15 SOUTH, RANGE 15 WEST, CAMERON PARISH, LOUISIANA; THENCE N.88°39’31”W., A DISTANCE OF 250.69 FEET TO A SET 1” DIAMETER IRON PIPE ALONG THE SOUTH LINE OF THE
NORTHEAST QUARTER OF THE NORTHEAST QUARTER OF SECTION 19, TOWNSHIP 15 SOUTH, RANGE 15 WEST, CAMERON PARISH, LOUISIANA; SAID POINT BEING THE POINT OF BEGINNING; THENCE S.01°18’01”W., A DISTANCE OF 1,726.79 FEET TO A SET 1” DIAMETER
IRON PIPE ON THE 1917 SMITH AND BALDWIN MEANDER LINE ; THENCE N.68°45’04”W., A DISTANCE OF 264.71 FEET ALONG SAID MEANDER LINE; THENCE N.80°57’34”W., A DISTANCE OF 528.00 FEET ALONG SAID MEANDER LINE; THENCE
S.88°32’26”W., A DISTANCE OF 462.00 FEET ALONG SAID MEANDER LINE; THENCE N.82°27’34”W., A DISTANCE OF 435.60 FEET ALONG SAID MEANDER LINE TO A POINT ON THE LEFT DESCENDING BANKLINE OF THE SABINE RIVER; THENCE
N.70°12’34”W., A DISTANCE OF 56.07 FEET ALONG SAID BANKLINE; THENCE N.51°06’21”W., A DISTANCE OF 103.04 FEET ALONG SAID BANKLINE; THENCE N.29°10’12”W., A DISTANCE OF 47.30 FEET ALONG SAID BANKLINE; THENCE
N.24°56’20”W., A DISTANCE OF 49.96 FEET ALONG SAID BANKLINE; THENCE N.22°45’34”W., A DISTANCE OF 54.44 FEET ALONG SAID BANKLINE; THENCE N.19°49’12”W., A DISTANCE OF 46.15 FEET ALONG SAID BANKLINE; THENCE
N.18°45’21”W., A DISTANCE OF 43.15 FEET ALONG SAID BANKLINE; THENCE N.03°22’42”W., A DISTANCE OF 41.51 FEET ALONG SAID BANKLINE; THENCE N.04°34’39”W., A DISTANCE OF 39.82 FEET ALONG SAID BANKLINE; THENCE
N.14°32’45”W., A DISTANCE OF 19.99 FEET ALONG SAID BANKLINE; THENCE N.38°23’36”W., A DISTANCE OF 17.60 FEET ALONG SAID BANKLINE; THENCE N.44°39’18”W., A DISTANCE OF 78.35 FEET ALONG SAID BANKLINE; THENCE
N.50°28’04”W., A DISTANCE OF 19.19 FEET ALONG SAID BANKLINE; 
  

 S 

 THENCE N.58°42’00”W., A DISTANCE OF 26.20 FEET ALONG SAID BANKLINE; THENCE N.38°46’44”W., A
DISTANCE OF 9.32 FEET ALONG SAID BANKLINE; THENCE N.63°26’22”W., A DISTANCE OF 16.86 FEET ALONG SAID BANKLINE; THENCE N.66°47’14”W., A DISTANCE OF 13.35 FEET ALONG SAID BANKLINE; THENCE N.73°44’32”W., A
DISTANCE OF 15.12 FEET ALONG SAID BANKLINE; THENCE N.67°44’58”W., A DISTANCE OF 15.26 FEET ALONG SAID BANKLINE; THENCE S.85°43’57”W., A DISTANCE OF 17.09 FEET ALONG SAID BANKLINE; THENCE S.84°56’37”W., A
DISTANCE OF 28.16 FEET ALONG SAID BANKLINE; THENCE N.89°58’38”W., A DISTANCE OF 37.89 FEET ALONG SAID BANKLINE; THENCE S.89°06’48”W., A DISTANCE OF 22.04 FEET ALONG SAID BANKLINE; THENCE S.84°58’36”W., A
DISTANCE OF 19.92 FEET ALONG SAID BANKLINE; THENCE S.72°58’59”W., A DISTANCE OF 14.76 FEET ALONG SAID BANKLINE; THENCE S.82°41’01”W., A DISTANCE OF 15.85 FEET ALONG SAID BANKLINE; THENCE N.89°32’13”W., A
DISTANCE OF 44.53 FEET ALONG SAID BANKLINE; THENCE N.84°09’59”W., A DISTANCE OF 24.87 FEET ALONG SAID BANKLINE; THENCE N.88°25’18”W., A DISTANCE OF 22.69 FEET ALONG SAID BANKLINE; THENCE S.80°30’33”W., A
DISTANCE OF 20.43 FEET ALONG SAID BANKLINE; THENCE S.87°15’17”W., A DISTANCE OF 19.73 FEET ALONG SAID BANKLINE; THENCE N.78°45’23”W., A DISTANCE OF 13.37 FEET ALONG SAID BANKLINE; THENCE N.70°40’45”W., A
DISTANCE OF 12.58 FEET TO A FOUND 1” DIAMETER IRON PIPE 11.70’ N.01%%D18’42”E. OF TRUE POSITION; THENCE N.01°18’42”E., A DISTANCE OF 1,033.85 FEET TO A SET 1” DIAMETER IRON PIPE, BEING THE SOUTHWEST CORNER OF
THE NORTHWEST QUARTER OF THE NORTHEAST QUARTER OF SECTION 19, TOWNSHIP 15 SOUTH, RANGE 15 WEST, CAMERON PARISH, LOUISIANA; THENCE S.88°39’31”E., A DISTANCE OF 2,392.82 FEET TO THE POINT OF BEGINNING. 
 THE ABOVE DESCRIBED PARCEL IS SITUATED IN SECTION 19, TOWNSHIP 15 SOUTH, RANGE 15 WEST, CAMERON PARISH, LOUISIANA, IS MADE REFERENCE TO AS PARCEL “B” ON THAT
PLAT OF SURVEY PREPARED BY LONNIE G. HARPER & ASSOCIATES, INC. DATED FEBRUARY 4, 2005 AND LAST REVISED FEBRUARY 24, 2005, AND CONTAINS 3,516,397.00 SQUARE FEET OR 80.7254 ACRES, MORE OR LESS. 
 PARCEL “C” 
 COMMENCING AT NATIONAL GEODETIC SURVEY
MONUMENT PATSY AZ MK THAT HAS NAD 83 (1992) LOUISIANA SOUTH ZONE (1702) LAMBERT COORDINATES OF N=469,996.61 FEET AND E= 2,468,956.13 FEET; THENCE S 79o19’35” E, A DISTANCE OF 8,687.99 FEET TO A FOUND 3” DIAMETER
TRANSITE PIPE 113.95’ N 01o17’51” E OF TRUE POSITION ON THE EAST LINE OF SECTION 18, TOWNSHIP 15 SOUTH, RANGE 15 WEST, CAMERON PARISH, LOUISIANA; THENCE S 01o17’51” W, A DISTANCE OF 5,166.18 FEET TO A FOUND
1” DIAMETER IRON PIPE, BEING THE SOUTHEAST CORNER OF SECTION 18, TOWNSHIP 15 SOUTH, RANGE 15 WEST, CAMERON PARISH, LOUISIANA; THENCE S 01o17’48” W, A DISTANCE OF 1,320.82 FEET TO A FOUND 1” 
  

 S 

 DIAMETER IRON PIPE, BEING THE SOUTHEAST CORNER OF THE NORTHEAST QUARTER OF THE NORTHEAST QUARTER OF SECTION 19,
TOWNSHIP 15 SOUTH, RANGE 15 WEST, CAMERON PARISH, LOUISIANA; SAID POINT BEING THE POINT OF BEGINNING; THENCE S 01o18’01” W, A DISTANCE OF 1,747.98 FEET TO A FOUND 1” DIAMETER IRON PIPE ON THE 1917 SMITH AND BALDWIN MEANDER LINE;
THENCE N 83o49’35”W, A DISTANCE OF 251.60 FEET TO A SET 1” DIAMETER IRON PIPE ALONG SAID MEANDER LINE; THENCE N 01o18’01” E, A DISTANCE OF 1,726.79 FEET TO A SET 1” DIAMETER IRON PIPE ON THE SOUTH LINE OF THE
NORTHEAST QUARTER OF THE NORTHEAST QUARTER OF SECTION 19, TOWNSHIP 15 SOUTH, RANGE 15 WEST, CAMERON PARISH, LOUISIANA; THENCE S 88o39’31” E, A DISTANCE OF 250.69 FEET TO THE POINT OF BEGINNING. 
 THE ABOVE DESCRIBED PARCEL IS SITUATED IN SECTION 19, TOWNSHIP 15 SOUTH, RANGE 15 WEST, CAMERON PARISH, LOUISIANA, IS MADE REFERENCE TO AS PARCEL “C” ON
THAT PLAT OF SURVEY PREPARED BY LONNIE G. HARPER & ASSOCIATES DATED FEBRUARY 4, 2005 AND LAST REVISED FEBRUARY 24, 2005, AND CONTAINS 435,598.20 SQUARE FEET OR 10.0000 ACRES, MORE OR LESS. 
  

 SAmended and Restated Parity Lien Pledge Agreement

 Exhibit 10.4 
 Execution Version 

 AMENDED
AND RESTATED 
 PARITY LIEN PLEDGE AGREEMENT 
 Dated as of November 9, 2006 
 among 
 SABINE PASS LNG–LP, LLC 
 and 
 SABINE PASS LNG–GP, INC., 
 as
Pledgors 
 SABINE PASS LNG, L.P., 
 as the 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 REPRESENTATIONS AND WARRANTIES
	 	5
		
	 ARTICLE III PLEDGE AGREEMENT COLLATERAL
	 	8
		 	 3.01
	  	Pledge for the benefit of the Parity Lien Secured Parties	 	8
		 	 3.02
	  	Pledge for the benefit of Crest	 	9
		 	 3.03
	  	Priority.	 	9
		 	 3.04
	  	Amendment and Restatement of Prior Security Agreement; Confirmation of Pledge of Security	 	9
		
	 ARTICLE IV COVENANTS
	 	9
		
	 ARTICLE V FURTHER ASSURANCES; REMEDIES
	 	10
		 	 5.01
	  	Delivery and Other Perfection	 	10
		 	 5.02
	  	Other Financing Statements and Liens	 	12
		 	 5.03
	  	Pledge Agreement Collateral	 	12
		 	 5.04
	  	Event of Default	 	13
		 	 5.05
	  	Removals, Etc.	 	14
		 	 5.06
	  	Private Sale	 	15
		 	 5.07
	  	Application of Proceeds	 	15
		 	 5.08
	  	Attorney-in-Fact	 	15
		 	 5.09
	  	Perfection	 	16
		 	 5.10
	  	Continuing Security Interest; Termination and Releases	 	16
		 	 5.11
	  	Further Assurances	 	16
		
	 ARTICLE VI CREST REMEDIES
	 	16
		
	 ARTICLE VII MISCELLANEOUS
	 	17
		 	 7.01
	  	Expenses of Pledgor’s Agreements and Duties	 	17
		 	 7.02
	  	Collateral Trustee’s Right to Perform on Pledgor’s Behalf	 	17
		 	 7.03
	  	Waivers of Rights Inhibiting Enforcement	 	17
		 	 7.04
	  	No Waiver	 	18
		 	 7.05
	  	Notices	 	18
		 	 7.06
	  	Waivers, Etc.	 	18
		 	 7.07
	  	Successors and Assigns	 	19
		 	 7.08
	  	Counterparts; Effectiveness	 	19
		 	 7.09
	  	Agents, Etc.	 	19
		 	 7.10
	  	Severability	 	19
		 	 7.11
	  	The Collateral Trustee	 	19
		 	 7.12
	  	Headings	 	19
		 	 7.13
	  	Limitation of Liability	 	19

							
		 	 7.14
	  	Security Interest Absolute	  	20
		 	 7.15
	  	Subrogation	  	21
		 	 7.16
	  	Reinstatement	  	21
		 	 7.17
	  	NO THIRD PARTY BENEFICIARIES	  	21
		 	 7.18
	  	CONSENT TO JURISDICTION	  	21
		 	 7.19
	  	WAIVER OF JURY TRIAL	  	22
		 	 7.20
	  	GOVERNING LAW	  	22
		 	 7.21
	  	Supremacy Clause	  	22
		 	 7.22
	  	Subordination of Liens	  	23
			
		 	Schedule 1.01             Project Documents	  	
		 	Schedule 5.09             Financing Statements and other Documents for Perfection	  	

  

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 This AMENDED AND RESTATED PARITY LIEN PLEDGE AGREEMENT, dated as of November 9, 2006 (this
“Agreement”), is made among SABINE PASS LNG–LP, LLC, a Delaware limited liability company (“Sabine LP”) and SABINE PASS LNG–GP, INC., a Delaware corporation
(“Sabine GP” and each of Sabine LP and Sabine GP, a “Pledgor” and, collectively, the “Pledgors”), SABINE PASS LNG, L.P., a Delaware
limited partnership (the “Company”) THE BANK OF NEW YORK, a New York banking corporation, acting hereunder as collateral trustee (in such capacity, together with its successors and assigns in such capacity, 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 (as defined herein). 
 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 Pledgors are prohibited from creating or allowing to be created any lien, security interest or other
encumbrance on any of the Pledgors’ assets for borrowed money that is senior to or pari passu with the obligations of the Pledgors to Crest and therefore the Pledgors desire 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 Pledgors to the Collateral Trustee in favor of the Parity Lien Secured Parties. 
 F. The Pledgors, 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 pledge agreement, dated as of February 25, 2005 (as amended, restated, supplemented and otherwise modified from time to time, the “Prior Pledge 
  

 -1- 
 Pledge 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 Pledge Agreement to the Collateral Trustee for the benefit of the Secured Parties. The Collateral
Trustee shall have no liability for any action or inaction of the Prior Collateral Agent. The Prior Pledge Agreement is hereunder deemed amended and restated as this Agreement. 
 G. It is a requirement under the Indenture, and a condition precedent to the issuance of the Notes, that the Pledgors 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. 
 “Cheniere” means Cheniere Energy, Inc., a Delaware corporation. 
 “Contest” means, with respect to any Person, with respect to any Taxes or any Lien imposed on Property of such Person (or the related underlying claim for labor, material, supplies or services) by any
Government Authority for Taxes or with respect to obligations under ERISA or any Mechanics’ Lien (each, a “Subject Claim”), a contest of the amount, validity or application, in whole or in part, of such
Subject Claim pursued in good faith and by appropriate legal, administrative or other proceedings diligently conducted so long as: (a) adequate reserves have been established with respect to such Subject Claim in accordance with GAAP,
(b) during the period of such contest the enforcement of such Subject Claim is effectively stayed and any Lien (including any inchoate Lien) arising by virtue of such Subject Claim shall, if required by applicable Government Rule, be
effectively secured by posting of cash collateral or a surety bond (or similar instrument) by a reputable surety company, (c) neither the Collateral Trustee nor any other Secured Party could reasonably be expected to be exposed to any risk of
criminal liability or civil liability as a result of such contest and (d) the failure to pay such Subject Claim under the circumstances described above could not otherwise reasonably be expected to have a Material Adverse Effect. The term
“Contest” used as a verb shall have a correlative meaning. 
 “Crest” means Crest Investment Company, a Texas corporation. 
  

 -2- 
 Pledge Agreement 

 “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 any instruction by Crest to the Collateral Trustee in writing to exercise remedies under this Agreement as a result of a Pledgor’s failure to make any payment in respect of the Crest Obligations after written demand by Crest. 

“Crest Obligations” means all obligations of the Pledgors under the Crest Settlement Documents. 
 “Crest Settlement Documents” means collectively (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. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 
 “Event of Default” means (a) an “Event of Default” under and as defined in the Indenture or
(b) any other Secured Debt Default. 
 “Investment Property” shall have the respective meaning of
investment property ascribed thereto in Article 9 of the Uniform Commercial Code. 
 “Management Services
Agreement” means the agreement dated February 25, 2005 between the Company and Sabine GP for the management, administration, development and operations of the Project and for the management and administration of the Company,
as amended and in effect from time to time. 
 “Material Adverse Effect” means any event or condition
which has a material adverse effect on the business or financial condition of the Company or the ability of the Company to perform its payment obligations under the Notes. 
 “Mechanics’ Liens” means carriers’, warehousemen’s, workmen’s, materialmen’s, construction
or other like statutory Liens. 
 “Partnership Agreement” means the Fifth Amended and Restated
Agreement of Limited Partnership of the Company effective as of the date of the Indenture, as amended and in effect from time to time. 
 “Pledge Agreement Collateral” shall have the meaning assigned to such term in Article III hereof. 
 “Pledgors” shall have the meaning assigned to such term in the preamble. 
  

 -3- 
 Pledge Agreement 

 “Prior Collateral Agent” shall have the meaning assigned to such
term 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 Schedule 1.01 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. 
 “Property” means any
right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible. 
 “Records” shall have the meaning assigned to such term in Article II(a) hereof. 
 “Restricted Payments” shall have the meaning given such term in the Indenture. 
 “Secured Obligations” means the Parity Lien Obligations and the Crest Obligations. 
 “Secured Parties” means 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 November 9, 2006 between the Company and the Collateral Trustee. 
 “Taxes” shall mean, with respect to any Person, all taxes, assessments, imposts, duties, governmental charges or levies imposed directly or indirectly on such Person or its
income, profits or Property by any Government Authority. The term “Tax” shall have a correlative meaning. 
 “Transaction Documents” means each Secured Debt Document and each Material Project Agreement (as defined in the Indenture). 
 “Uniform Commercial Code” or “UCC” shall mean 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 Pledge Agreement Collateral is governed by the Uniform Commercial Code as in
effect in a jurisdiction other than New York, “UCC” shall mean the 
  

 -4- 
 Pledge Agreement 

 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 
 REPRESENTATIONS AND WARRANTIES 
 Each Pledgor represents and warrants with respect to itself to the Collateral Trustee for the benefit of the Parity Lien Secured Parties that: 
 (a) The principal place of business and chief executive office of such Pledgor and the office where such Pledgor keeps its records
concerning the Pledge Agreement Collateral (hereinafter, collectively, the “Records”) is located at such Pledgor’s address for notices set forth in Section 6.05. 
 (b) Sabine GP is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and is duly
qualified to do business and is in good standing in all places where necessary in light of the business it conducts and the property it owns and in light of the transactions contemplated by this Agreement, the Partnership Agreement and each other
Transaction Document to which it is a party. Sabine LP is a limited liability company duly formed, validly existing and in good standing under the laws of the State of Delaware and is duly qualified to do business and is in good standing in all
places where necessary in light of the business it conducts and the property it owns and in light of the transactions contemplated by this Agreement, the Partnership Agreement and each other Transaction Document to which it is a party. 

(c) Such Pledgor has the full corporate or limited liability company power, as the case may be, authority and legal right to execute,
deliver and perform its obligations under this Agreement, the Partnership Agreement and each other Transaction Document to which it is a party. The execution, delivery and performance by such Pledgor of this Agreement, the Partnership Agreement and
each other Transaction Document to which it is a party and the consummation of the transactions contemplated hereby and thereby have been duly authorized by all necessary corporate and limited liability company action, as the case may be, of such
Pledgor. Each of this Agreement, the Partnership Agreement and each other Transaction Document to which it is a party has been duly executed and delivered by such Pledgor, is in full force and effect and is the legal, valid and binding obligation of
such Pledgor, enforceable against such Pledgor in accordance with its terms, except as such enforceability may be limited by (i) applicable bankruptcy, insolvency, moratorium or other similar laws affecting the enforcement of creditors’
rights generally and (ii) the application of general principles of equity (regardless of whether enforcement thereof is sought in a proceeding at law or in equity). Such Pledgor 
  

 -5- 
 Pledge Agreement 

 is not in default in the performance of any covenant or obligation set forth in this Agreement, the
Partnership Agreement, any other Transaction Document to which it is a party or any other indenture or loan or credit agreement or other agreement, lease or instrument to which it is a party or by which any of its property may be bound or affected
except any such default that could not reasonably be expected to result in a Material Adverse Effect. 
 (d) The execution,
delivery and performance by such Pledgor of this Agreement, the Partnership Agreement and each other Transaction Document to which it is a party and the consummation of the transactions contemplated hereby and thereby do not: 
 (i) require any consent or approval of the board of directors, any shareholder, member or manager, as the case may be, of such Pledgor or
any other Person that has not been duly obtained and each such consent or approval that has been obtained is in full force and effect, 
 (ii) violate any provision of the charter documents of such Pledgor or any applicable Government Rule or Government Approval applicable to such Pledgor, 
 (iii) conflict with, result in a breach of or constitute a default under any provision of any resolution of the board of directors or
managers, as the case may be, of such Pledgor or any indenture or loan or credit agreement or other material agreement, lease or instrument to which such Pledgor is a party or by which it or any of its property may be bound or affected except any
such conflict, breach or default that could not reasonably be expected to result in a Material Adverse Effect, or 
 (iv)
result in, or require the creation or imposition of, any Lien, upon or with respect to the Pledge Agreement Collateral, except for Permitted Prior Liens. 
 Such Pledgor is not in violation of any applicable Government Rule except any such violation that could not reasonably be expected to result in a Material Adverse Effect. 
 (e) This Agreement creates in favor of the Collateral Trustee, for the benefit of the Secured Parties, a valid lien on and security
interest in all of such Pledgor’s right, title and interest in, to and under the Pledge Agreement Collateral, subject to no other Lien except Permitted Prior Liens, securing the payment and performance of the Secured Obligations, and all
filings and other actions necessary to create, preserve, validate, perfect and protect such Lien and the Priority thereof have been duly made or taken (other than any such filings or other actions permitted to be made or taken after the date hereof
in accordance with this Agreement and the other Secured Documents ). 
 (f) No Government Approval by, and no filing with, any
Government Authority is required to be obtained by such Pledgor in connection with this Agreement, 
  

 -6- 
 Pledge Agreement 

 the Partnership Agreement or any other Transaction Document to which it is a party and the transactions
contemplated hereby and thereby, including (i) the grant by such Pledgor 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 Pledge Agreement Collateral (whether specifically granted or created hereunder or created or provided for by applicable law), except for such Government Approvals and such filings heretofore obtained or made and in full force and effect and
for the filing of the financing statements in the relevant jurisdictions) and as may be required, in connection with the disposition of any Investment Property, by laws generally affecting the offering and sale of securities. All actions and
consents, including all filings, notices, registrations and recordings necessary or desirable for the exercise by the Collateral Trustee of the voting or other rights provided for in this Agreement or the exercise of remedies in respect of the
Pledge Agreement Collateral have been made or obtained. 
 (g) Such Pledgor is the sole legal and beneficial owner of the
Pledge Agreement Collateral in which it purports to grant a security interest pursuant to Article III hereof, and no Lien exists upon the Pledge Agreement Collateral (and, with respect to its partnership interest in the Company, no right or
option, except as provided in the Partnership Agreement, to acquire the same exists in favor of any other Person), except for the pledge and security interest in favor of the Collateral Trustee for the benefit of the Secured Parties created or
provided for herein and except for Permitted Prior Liens. 
 (h) There is no action, suit or proceeding at law or in equity by
or before any Government Authority, arbitral tribunal or other body now pending, or to the knowledge of such Pledgor, threatened, against or affecting such Pledgor or any of its property or the Pledge Agreement Collateral which could reasonably be
expected to result in a Material Adverse Effect. 
 (i) Such Pledgor has filed, or caused to be filed, all tax and information
returns that are required to have been filed by it in any jurisdiction, and has paid (prior to their delinquency dates) all Taxes shown to be due and payable on such returns and all other Taxes payable by it, to the extent the same have become due
and payable, except to the extent there is Contest thereof by such Pledgor or to the extent that the failure to file such returns or to pay such Taxes could reasonably be expected to result in a Material Adverse Effect, and no tax Liens have been
filed and no claims are being asserted with respect to any such Taxes except any such tax Liens and claims that could not be reasonably be expected to result in a Material Adverse Effect. 
 (j) Such Pledgor is not an “investment company” or an entity “controlled” by an “investment company” as such
terms are defined in the Investment Company Act of 1940, as amended, or an “investment advisor” within the meaning of the Investment Company Act of 1940, as amended. 
  

 -7- 
 Pledge Agreement 

 (k) Such Pledgor is a partner in the Company and its partnership interest together with
the interest of the other Pledgor constitutes 100% of the authorized, issued and outstanding partnership interests in the Company as of the date hereof. The Company has opted in the Partnership Agreement for its partnership interests to be treated
as securities under the uniform commercial code of its jurisdiction of organization. 
 ARTICLE III 
 PLEDGE AGREEMENT COLLATERAL 
 3.01
Pledge for the benefit of the Parity Lien Secured Parties. As collateral security for the prompt payment in full when due (whether at stated maturity, by acceleration or otherwise) of the Parity Lien Obligations now existing or hereafter
arising, each Pledgor hereby pledges, assigns, hypothecates and transfers to the Collateral Trustee for the benefit of the Parity Lien Secured Parties, and hereby grants to the Collateral Trustee for the benefit of the Parity Lien Secured Parties, a
lien on and security interest in all of such Pledgor’s right, title and interest in, to and under the following, whether now owned by such Pledgor or hereafter acquired and whether now existing or hereafter coming into existence and wherever
located (all being collectively referred to herein as the “Pledge Agreement Collateral”): 
 (a) its
partnership interest in the Company, including, without limitation, all of its right, title and interest in, to and under the Partnership Agreement, including, without limitation, (i) all rights of such Pledgor to receive moneys due but unpaid
and to become due under or pursuant to the Partnership Agreement, (ii) all rights of such Pledgor to participate in the operation or management of the Company and to take actions or consent to actions in accordance with the provisions of the
Partnership Agreement, (iii) all rights of such Pledgor to property of the Company, (iv) all rights of such Pledgor to receive proceeds of any insurance, bond, indemnity, warranty or guaranty with respect to the Partnership Agreement,
(v) all claims of such Pledgor for damages arising out of or for breach of or default under the Partnership Agreement and (vi) all rights of such Pledgor to terminate, amend, supplement, modify or waive performance under the Partnership
Agreement, to perform thereunder and to compel performance and otherwise to exercise all remedies thereunder; 
 (b) all certificates
representing its partnership interest or a distribution or return of capital upon or with respect to its partnership interest or resulting from a split-up, revision, reclassification or other like change of the Pledge Agreement Collateral or
otherwise received in exchange therefor, and any subscription warrants, rights or options issued to the holders of, or otherwise in respect of the Pledge Agreement Collateral; and 
 (c) to the extent not included in the foregoing, all proceeds, products, offspring, rents, revenues, issues, profits, royalties, income, benefits,
accessions, additions, substitutions and replacements of and to any and all of the foregoing. 
  

 -8- 
 Pledge Agreement 

 3.02 Pledge 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, each Pledgor hereby pledges, assigns, hypothecates and transfers to the Collateral Trustee for the benefit of Crest, and hereby grants to the Collateral Trustee for the benefit of
Crest, a lien on and security interest in all of such Pledgor’s right, title and interest in, to and under the Pledge Agreement Collateral, whether now owned by such Pledgor or hereafter acquired and whether now existing or hereafter coming
into existence and wherever located. 
 3.03 Priority. The relative priority of the liens granted pursuant to Sections
3.01 and 3.02 shall be as set forth in the Collateral Trust Agreement. 
 3.04 Amendment and Restatement of Prior Security
Agreement; Confirmation of Pledge of Security. The Pledgors hereby acknowledge that the Prior Collateral Agent assigned all of its rights under the Prior Pledge Agreement to the Collateral Trustee. This Agreement is hereby deemed to be an
amendment and restatement of the Prior Pledge Agreement. The Pledgors hereby confirm that all Pledge Agreement Collateral (as defined in the Prior Pledge Agreement (prior to giving effect to this amendment and restatement) encumbered by the Prior
Pledge Agreement will continue to secure to the fullest extent possible the payment and performance of the obligations secured by this Agreement, whether now or hereafter existing, under or in respect of the Indenture of any other Parity Lien
Document. 
 ARTICLE IV 
 COVENANTS 
 Each Pledgor covenants and agrees for the benefit of the Parity Lien Secured Parties that, until the Parity
Lien Obligations have been indefeasibly paid in full: 
 (a) Such Pledgor shall not (i) cancel or terminate the
Partnership Agreement or consent to or accept any cancellation or termination thereof or (ii) amend, supplement or modify (or petition, request or take any other legal or administrative action that seeks to amend, supplement or modify) the
Partnership Agreement except as permitted pursuant to the Indenture and any other applicable provision of any Parity Lien Document or (iii) take or otherwise consent to any action that would result in an Event of Default. 
 (b) Such Pledgor shall preserve and maintain its corporate or limited liability company existence, as the case may be, and all of its
rights, privileges and franchises that are necessary for the maintenance of its existence and the due performance of its obligations under this Agreement and the Partnership Agreement. 
 (c) Such Pledgor shall pay and discharge all Taxes now or hereafter imposed on such Pledgor, on its income or profits, on any of its
property or upon the Liens provided for herein, prior to the date on which penalties attach thereto, except to the extent that the failure to pay such Taxes could not reasonably be expected to result in a 
  

 -9- 
 Pledge Agreement 

 Material Adverse Effect; provided that such Pledgor shall have the right to Contest the validity
or amount of any such Tax. 
 (d) Such Pledgor shall not create, incur, assume or suffer to exist any Lien upon any of the
Pledge Agreement Collateral other than Permitted Prior Liens. 
 (e) Such Pledgor shall promptly but in no case later than
five Business Days upon obtaining knowledge of any action, suit or proceeding at law or in equity by or before any Government Authority, arbitral tribunal or other body pending or threatened against such Pledgor which could reasonably be expected to
result in a Material Adverse Effect with respect to it, furnish to the Collateral Trustee a notice of such event describing the same in reasonable detail and, together with such notice or as soon thereafter as possible, a description of the action
that such Pledgor has taken or proposes to take with respect thereto. 
 (f) Sabine GP shall not sell, assign, transfer or
otherwise dispose of all or any part of its partnership interest in the Company, in a manner so as to cause the occurrence of a Change of Control (as defined in the Indenture) without causing the Company to comply with the relevant provisions of the
Indenture including Section 4.15. 
 (g) Such Pledgor shall not petition, request or take, or consent to, any action to
terminate, dissolve or liquidate the Company or commence or consent to the commencement of any proceeding seeking the termination, dissolution or liquidation of the Company. 
 (h) Such Pledgor shall not take, or consent to, any action to cause the Company to elect not to have its partnership interests be treated
as securities (for purposes of the UCC). 
 ARTICLE V 
 FURTHER ASSURANCES; REMEDIES 
 In furtherance of the grant of the lien and security interest
pursuant to Article III hereof, each Pledgor hereby agrees with the Collateral Trustee for the benefit of the Parity Lien Secured Parties as follows: 
 5.01 Delivery and Other Perfection. Such Pledgor shall: 
 (a) if any of the certificates, warrants, rights, options or other property required to be pledged by such Pledgor under Article III
hereof are received by such Pledgor, forthwith: 
 (i) transfer and deliver to the Collateral Trustee for the benefit of the
Parity Lien Secured Parties such certificates, warrants, rights, options or other property so received by such Pledgor all of which thereafter shall be held by the 
  

 -10- 
 Pledge Agreement 

 Collateral Trustee, pursuant to the terms of this Agreement, as part of the Pledge Agreement Collateral;
and/or 
 (ii) take such other action as shall be necessary or appropriate to duly record the Liens created hereunder in such
certificates, warrants, rights, options or other property; 
 (b) give, execute, deliver, file and/or record any financing
statement, continuation statement, notice, instrument, document, agreement or other papers that may be required: 
 (i) to
create, preserve, perfect or validate the security interest granted pursuant hereto so that the Collateral Trustee’s security interest in the Pledge Agreement Collateral shall at all times be valid, perfected and enforceable against such
Pledgor and all third parties, as security for the Parity Lien Secured Obligations, and that the applicable Pledge Agreement Collateral shall not at any time be subject to any Lien, other than a Permitted Prior Lien, that is prior to, on priority
with or junior to such security interest, or 
 (ii) to enable the Collateral Trustee to exercise and enforce its rights
hereunder with respect to such pledge and security interest, including, without limitation, causing any or all of the Pledge Agreement Collateral to be transferred of record into the name of the Collateral Trustee or its nominee (and the Collateral
Trustee agrees that if any Pledge Agreement Collateral is transferred into its name or the name of its nominee, the Collateral Trustee shall thereafter promptly give to such Pledgor copies of any notices and communications received by it with
respect to the Pledge Agreement Collateral). 
 Without limiting the generality of the foregoing, such Pledgor shall, if any Pledge Agreement
Collateral shall be evidenced by a promissory note or other instrument, deliver and pledge to the Collateral Trustee such note or instrument duly endorsed or accompanied by duly executed instruments of transfer or assignment, all in such form and
substance as will allow the Collateral Trustee for the benefit of the Parity Lien Secured Parties to realize upon the Pledge Agreement Collateral pursuant to Section 5.05 hereof; 
 (c) maintain, hold and preserve full and accurate records, and stamp or otherwise mark such records in such manner as may reasonably be
required in order to reflect the security interests granted by this Agreement; and 
 (d) permit representatives or agents of
the Collateral Trustee, upon reasonable notice, at any time during normal business hours to conduct reasonable inspections and examinations of, and make reasonable abstracts from, its Records and, upon reasonable request of the Collateral Trustee,
forward to the Collateral Trustee copies of all communications relating to the Pledge Agreement Collateral and copies of any material notices or communications received by such Pledgor with respect to the Pledge 
  

 -11- 
 Pledge Agreement 

 Agreement Collateral, all in such manner as the Collateral Trustee may reasonably require. 
 5.02 Other Financing Statements and Liens. Without the prior consent of the Collateral Trustee (granted with the written authorization of the
Parity Lien Secured Parties in accordance with the Indenture), no Pledgor shall file or suffer to be on file, or authorize or permit to be filed or to be on file, in any jurisdiction, any financing statement or like instrument with respect to the
Pledge Agreement Collateral in which the Collateral Trustee for the benefit of the Parity Lien Secured Parties is not named as the sole secured party for the benefit of the Secured Parties other than in connection with the Crest Obligations and the
Junior Lien Obligations and as permitted under each of the Secured Debt Documents. 
 5.03 Pledge Agreement Collateral. 

(a) So long as no Event of Default shall have occurred and be continuing, each Pledgor shall have the right to exercise all voting, consensual and
other powers of ownership pertaining to the Pledge Agreement Collateral for all purposes not inconsistent with the terms of this Agreement, any Project Document or any other Transaction Document; and the Collateral Trustee shall execute and deliver
to each Pledgor or cause to be executed and delivered to each Pledgor all such proxies, powers of attorney, dividend and other orders, and all such instruments, without recourse, as such Pledgor may reasonably request for the purpose of enabling
such Pledgor to exercise the rights and powers which it is entitled to exercise pursuant to this Section 5.03(a). 
 (b) Each Pledgor
shall be entitled to receive and retain any and all Restricted Payments to which it is entitled under the Partnership Agreement and, in the case of Sabine GP, all amounts payable to it in accordance with the Management Services Agreement, and
distribute as dividends or otherwise any and all such Restricted Payments, to the extent that such Restricted Payments are made by the Company in accordance with the Indenture and the other Parity Lien Documents. 
 (c) If any Event of Default shall have occurred and be continuing, and whether or not the Collateral Trustee or any other Secured Party exercises any
available right to declare any Secured Obligation due and payable or seeks or pursues any other relief or remedy available to it under applicable Government Rule or under this Agreement or any other Secured Documents, all Restricted Payments to
which any Pledgor is entitled under the Partnership Agreement, the Indenture and the other Parity Lien Documents while such Event of Default continues, shall be paid directly to the Collateral Trustee and retained by it as part of the Pledge
Agreement Collateral, subject to the terms of this Agreement, and, if the Collateral Trustee shall so request, each Pledgor agrees to execute and deliver to the Collateral Trustee appropriate additional dividend, distribution and other orders and
documents to that end, provided that if such Event of Default is waived or cured, any such Restricted Payment theretofore paid to the Collateral Trustee, and not otherwise applied in accordance with any of the Secured Debt Documents shall,
upon request of such Pledgor (except to the extent theretofore applied to the Secured Obligations), be returned by the Collateral Trustee to such Pledgor. 
  

 -12- 
 Pledge Agreement 

 5.04 Event of Default. If any Event of Default shall occur and be continuing then, 
 (a) the Collateral Trustee for the benefit of the Parity Lien Secured Parties shall have the rights and the obligations with respect to
this Agreement as more particularly provided in the Collateral Trust Agreement and the Indenture; 
 (b) the Collateral
Trustee for the benefit of the Parity Lien Secured Parties, may, without notice to each Pledgor and at such time or times as the Collateral Trustee for the benefit of the Parity Lien Secured Parties in its sole discretion may determine, exercise any
or all of such Pledgor’s rights in, to and under, or in any way connected with or related to any of the Pledge Agreement Collateral and the Collateral Trustee shall otherwise have all of the rights and remedies with respect to the Pledge
Agreement Collateral of a secured party under the Uniform Commercial Code (whether or not said Uniform Commercial Code is in effect in the jurisdiction where the rights and remedies are asserted) and such additional rights and remedies to which a
secured party is entitled under the laws in effect in any jurisdiction where any rights and remedies hereunder may be asserted; 
 (c) upon written notice from the Collateral Trustee, all rights of each Pledgor to exercise the voting and other consensual rights it would otherwise be entitled to exercise in the Pledge Agreement Collateral shall immediately cease, and
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 each Pledgor 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 for the benefit of the Parity Lien Secured Parties may reasonably request to
exercise such voting and consensual rights; 
 (d) the Collateral Trustee may make any reasonable compromise or settlement
deemed desirable with respect to any of the Pledge Agreement Collateral and may extend the time of payment, arrange for payment in installments, or otherwise modify the terms, of any of the Pledge Agreement Collateral; 
 (e) the Collateral Trustee may, in its name or in the name of each Pledgor 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 any of the Pledge Agreement Collateral, but shall be under no obligation to do so; 
 (f) the Collateral Trustee shall upon an Act of Required Debtholders upon 10 Business Days’ prior notice to each Pledgor of the time
and place, with respect to the Pledge Agreement Collateral or any part thereof which shall then be or shall thereafter come into the possession, custody or control of the Collateral Trustee, the other Secured Parties or any of their respective
agents, sell, lease, assign or otherwise dispose of all or any part of such Pledge Agreement Collateral, at such place or places as the Collateral 
  

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 Pledge Agreement 

 Trustee deems best, and for cash or for credit or for future delivery (without thereby assuming any
credit risk), at public or private sale, without demand of performance or notice of intention to effect any such disposition or of the time or place thereof (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 anyone else may be the purchaser, lessee, assignee or recipient of any or all of the Pledge Agreement Collateral so disposed of at any public sale (or, to the maximum extent permitted by
applicable Government Rule, 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 any Pledgor, any such demand, notice
and right or equity being hereby expressly waived and released to the maximum extent permitted by 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; and 
 (g) all rights of each Pledgor to receive distributions from the Pledge Agreement Collateral 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, which shall thereupon have the sole right to receive and hold as Collateral and each Pledgor shall, at its sole cost and
expense, deliver to the Collateral Trustee all dividend payment orders and other instruments as the Collateral Trustee may reasonably request to receive all dividends and other distributions which it may be entitled to receive hereunder. 

The proceeds of each collection, sale or other disposition under this 5.04 shall be applied in accordance with 5.07 hereof. 
 Each Pledgor 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 Pledge Agreement Collateral, to limit purchasers to those who will agree, among other things, to acquire the Pledge Agreement Collateral for their own
account, for investment and not with a view to the distribution or resale thereof. Each Pledgor 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 Pledge Agreement Collateral for the period of time necessary to permit the respective issuer thereof to register it for public sale. 
 5.05 Removals, Etc. No Pledgor shall: 
  

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 Pledge Agreement 

 (a) maintain any of its Records at any office or maintain its principal place of business or chief
executive office at any place other than at such Pledgor’s address for notices set forth on the signature pages hereto, 
 (b) change
its legal name, or the name under which it does business, from the name shown on the signature pages hereto, or 
 (c) change its type of
organization or jurisdiction of organization, in each case, unless it shall have given the Collateral Trustee at least 30 days prior written notice. 
 5.06 Private Sale. The Collateral Trustee and the other Secured Parties shall incur no liability as a result of the sale of the Pledge Agreement Collateral, or any part thereof, at any private sale pursuant to
5.04 hereof conducted in a commercially reasonable manner. Each Pledgor hereby waives, to the maximum extent permitted by applicable Government Rule, any claims against the Collateral Trustee or any other Secured Party arising by reason of the fact
that the price at which the Pledge Agreement Collateral may have been sold at such a commercially reasonable private sale was less than the price which might have been obtained at a public sale or was less than the aggregate amount of the Secured
Obligations, even if, to the extent that it is commercially reasonable to do so, the Collateral Trustee accepts the first offer received and does not offer the Pledge Agreement Collateral to more than one offeree. It shall be a condition precedent
to any sale or transfer of the Pledge Agreement 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. 
 5.07 Application of Proceeds. Except as otherwise herein expressly provided, the proceeds of any
collection, sale or other realization of all or any part of the Pledge Agreement Collateral pursuant hereto shall be remitted to the Collateral Trustee in the form received with all necessary endorsements and, to the maximum extent permitted by
applicable Government Rule, be applied in accordance with Section 3.4 of the Collateral Trust Agreement. 
 5.08
Attorney-in-Fact. Without limiting any rights or powers granted by this Agreement to the Collateral Trustee while no Event of Default has occurred and is continuing, upon the occurrence and during the continuance of any Event of Default the
Collateral Trustee is hereby appointed the attorney-in-fact of the Pledgors for the purpose of carrying out the provisions of this Article V and taking any action and executing any instruments which may be reasonably required to accomplish the
purposes hereof, which appointment as attorney-in-fact is irrevocable and coupled with an interest. Without limiting the generality of the foregoing, so long as the Collateral Trustee shall be entitled under this Article V to make 

 

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 Pledge Agreement 

 collections in respect of the Pledge Agreement Collateral, the Collateral Trustee shall have the right and power to
receive, endorse and collect all checks made payable to the order of the Pledgors representing any dividend, payment or other distribution in respect of the Pledge Agreement Collateral or any part thereof and to give full discharge for the same.

 5.09 Perfection. Prior to the Closing Date, each Pledgor shall file or cause to be filed such financing statements and other
documents in the offices set forth on Schedule 5.09 hereto and such other offices as may be necessary to perfect the security interests granted by Article III hereof. Each Pledgor hereby authorizes the Collateral Trustee (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, relating to all or any part of the Pledge Agreement Collateral without the signature of
such Pledgor where permitted by applicable Government Rule; provided that such authorization shall not release such Pledgor from its obligations under Section 5.01(b) hereof. Copies of any such statement or amendment thereto shall be
delivered to such Pledgor. 
 5.10 Continuing Security Interest; Termination and Releases. 
 (a) Continuing Security Interest; Termination. This Agreement shall create a continuing assignment of and security interest in the Collateral and
shall (i) remain in full force and effect until the Discharge of Parity Lien Obligations, (ii) be binding upon the Company, its successors and assigns and (iii) inure, together with the rights and remedies of the Collateral Trustee
hereunder, to the benefit of the Collateral Trustee and the Secured Parties and their respective successors, transferees and assigns. 
 (b)
Releases. All or any portion of the Collateral shall be released from the security interests created hereby in accordance with Article 4 of the Collateral Trust Agreement. 
 5.11 Further Assurances. Each Pledgor agrees that, from time to time upon the request of the Collateral Trustee, each Pledgor shall execute and
deliver such further documents and do such other acts and things as the Collateral Trustee may reasonably request in order fully to effectuate the purposes of this Agreement. 
 ARTICLE VI 
 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 Pledge Agreement Collateral of a secured party under the Uniform Commercial Code. 
  

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 Pledge Agreement 

 ARTICLE VII 
 MISCELLANEOUS 
 7.01 Expenses of Pledgor’s Agreements and Duties. The terms, conditions,
covenants and agreements to be observed or performed by each Pledgor under this Agreement shall be observed or performed by it at its sole cost and expense. 
 7.02 Collateral Trustee’s Right to Perform on Pledgor’s Behalf. If any Pledgor 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 such Pledgor, do the same or cause it to be done or performed or observed at the expense of such Pledgor, either in its name or in the name and on behalf of such Pledgor, and such Pledgor hereby authorizes the
Collateral Trustee to do. 
 7.03 Waivers of Rights Inhibiting Enforcement. For the benefit of each Parity Lien Secured Party, each
Pledgor waives: 
 (a) any claim that, as to any part of the Pledge Agreement Collateral, a public sale, should the Collateral
Trustee elect so to proceed, is, in and of itself, not a commercially reasonable method of sale for the Pledge Agreement Collateral, 
 (b) the right to assert in any action or proceeding between it and the Collateral Trustee relating to this Agreement any offsets or counterclaims (other than mandatory counterclaims) that it may have, 
 (c) except as otherwise provided in this Agreement, TO THE EXTENT PERMITTED BY APPLICABLE LAW, NOTICE OR JUDICIAL HEARING IN CONNECTION
WITH THE COLLATERAL TRUSTEE’S TAKING POSSESSION OR DISPOSITION OF ANY OF THE PLEDGE AGREEMENT COLLATERAL INCLUDING ANY AND ALL PRIOR NOTICE AND HEARING FOR ANY PREJUDGMENT REMEDY OR REMEDIES AND ANY SUCH RIGHT THAT SUCH PLEDGOR WOULD OTHERWISE
HAVE UNDER THE CONSTITUTION OR ANY STATUTE OF THE UNITED STATES OR OF ANY STATE, AND ALL OTHER REQUIREMENTS AS TO THE TIME, PLACE AND TERMS OF SALE OR OTHER REQUIREMENTS WITH RESPECT TO THE ENFORCEMENT OF THE COLLATERAL TRUSTEE’S RIGHTS
HEREUNDER, 
 (d) all rights of redemption, appraisement, valuation, stay and extension or moratorium, and 
 (e) all other rights the exercise of which would, directly or indirectly, prevent, delay or inhibit the enforcement of any of the rights
or remedies under this Agreement or the absolute sale of the Pledge Agreement Collateral, now or hereafter in force under any 
  

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 Pledge Agreement 

 applicable Government Rule, and each Pledgor, for itself and all who may claim under it, insofar as it or
they now or hereafter lawfully may, hereby waive the benefit of all such laws and rights. 
 7.04 No Waiver. No failure on the part
of the Collateral Trustee or any of its agents to exercise and no delay in exercising, and no course of dealing with respect to, any right, power or remedy hereunder shall operate as a waiver thereof, and no single or partial exercise by the
Collateral Trustee for the benefit of the Parity Lien Secured Parties or any of its agents of any right, power or remedy hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The remedies
provided herein for the benefit of the Parity Lien Secured Parties are cumulative and are not exclusive of any remedies provided by applicable Government Rule. 
 7.05 Notices. All notices, requests and other communications provided for in this Agreement shall be given or made in writing (including by telecopy) 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 7.05. 
 If to the Pledgors: 
 Sabine Pass
LNG–LP, LLC 
 2215 –B Renaissance Drive, Suite 5 
 Las Vegas, NV 88119 
 Fax: (702) 966-4247 
 Sabine Pass LNG–GP, Inc. 
 717 Texas
Avenue, Suite 3100 
 Houston, TX 77022 
 Attention: Graham McArthur 
 Fax: (713) 659-5459 
 Email: gmcarthur@cheniere.com 
 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 
 7.06 Waivers, Etc. This Agreement may be amended, supplemented or modified only by an instrument in writing signed by each Pledgor and the Collateral Trustee 
  

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 Pledge Agreement 

 acting on behalf of the Parity Lien Secured Parties in accordance with the Collateral Trust Agreement, and any provision
of this Agreement may be waived by the Collateral Trustee acting on behalf of the Parity Lien Secured Parties 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 7.06. Any waiver shall be effective only in the specific instance and for the
specified purpose for which it was given. 
 7.07 Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of the respective successors and assigns of each Pledgor, the Collateral Trustee for the benefit of the Secured Parties and each holder of any of the Secured Obligations (provided, however, that no Pledgor shall 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). 
 7.08 Counterparts; Effectiveness. This Agreement may be executed in any number of counterparts, all of which when taken together shall constitute
one and the same instrument and either of the parties hereto may execute this Agreement by signing any such counterpart. This Agreement shall become effective at such time as the Collateral Trustee and the Pledgors shall have received counterparts
hereof signed by all of the intended parties hereto. 
 7.09 Agents, Etc. The Collateral Trustee may employ agents and
attorneys-in-fact in connection herewith and shall not be responsible for the negligence or misconduct of any such agents or attorneys-in-fact selected by it in good faith. Each Pledgor acknowledges that it has received a copy of the Indenture,
Security Agreement, Collateral Trust Agreement, and any other Parity Lien Document in effect as of the date hereof or if any Pledgor becomes a party hereto on another date, as in effect on such other date as the same apply hereto and acknowledges
and agrees to the terms and conditions of the Indenture and the Security Agreement as the same apply hereto. 
 7.10 Severability. If
any provision hereof is invalid or unenforceable in any jurisdiction, then, to the fullest extent permitted by applicable Government Rule, (a) the other provisions hereof shall remain in full force and effect in such jurisdiction and shall be
liberally construed in order to carry out the intentions of the parties hereto as nearly as may be possible and (b) the invalidity or unenforceability of any provision hereof in any jurisdiction shall not affect the validity or enforceability
of such provision in any other jurisdiction. 
 7.11 The Collateral Trustee. As provided in Section 2.1 of the Collateral Trust
Agreement, the Secured Parties have appointed The Bank of New York, as their Collateral Trustee for purposes of this Agreement. 
 7.12
Headings. Headings appearing herein are used solely for convenience of reference and are not intended to affect the interpretation of any provision of this Agreement. 
 7.13 Limitation of Liability. (a) NEITHER THE COLLATERAL TRUSTEE NOR ANY OTHER SECURED PARTY SHALL HAVE LIABILITY WITH 
  

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 Pledge Agreement 

 RESPECT TO, AND EACH PLEDGOR HEREBY WAIVES, RELEASES AND AGREES NOT TO SUE FOR:

 (i) ANY LOSS OR DAMAGE SUSTAINED BY SUCH PLEDGOR, OR ANY LOSS, DAMAGE, DEPRECIATION OR OTHER DIMINUTION IN THE VALUE OF ANY
PLEDGE AGREEMENT COLLATERAL, THAT MAY OCCUR AS A RESULT OF, IN CONNECTION WITH, OR THAT IS IN ANY WAY RELATED TO, ANY EXERCISE OF ANY RIGHT OR REMEDY UNDER THIS AGREEMENT EXCEPT FOR ANY SUCH LOSS, DAMAGE, DEPRECIATION OR DIMINUTION TO THE EXTENT
THAT THE SAME IS THE RESULT OF ACTS OR OMISSIONS ON THE PART OF SUCH SECURED PARTY CONSTITUTING WILLFUL MISCONDUCT OR GROSS NEGLIGENCE; OR 
 (ii) ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES SUFFERED BY SUCH PLEDGOR IN CONNECTION WITH ANY CLAIM RELATED TO THIS AGREEMENT. 
 (b) 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 ARTICLES 5 AND 6 OF THE COLLATERAL TRUST AGREEMENT, WHICH PROVISIONS ARE INCORPORATED BY REFERENCE AS IF SET FORTH IN FULL HEREIN. 
 7.14 Security Interest Absolute. The rights and remedies of the Collateral Trustee for the benefit of the Parity Lien Secured Parties hereunder,
the Liens created hereby and the obligations of each Pledgor in favor of the Collateral Trustee for the benefit of the Parity Lien Secured Parties hereunder are absolute, irrevocable and unconditional, irrespective of: 
 (a) the validity or enforceability of any of the Secured Obligations, the Partnership Agreement, any other Secured Documents or any other
agreement or instrument relating thereto; 
 (b) any amendment to, waiver of, consent to or departure from, or failure to
exercise any right, remedy, power or privileges under or in respect of, any of the Secured Obligations, the Partnership Agreement, any other Secured Documents or any other agreement or instrument relating thereto; 
 (c) the acceleration of the maturity of any of the Secured Obligations or any other modification of the time of payment thereof;

 (d) any substitution, release or exchange of any other security for or guarantee of any of the Secured Obligations or the
failure to create, preserve, validate, perfect or 
  

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 Pledge Agreement 

 protect any other Lien granted to, or purported to be granted to, or in favor of, the Collateral Trustee
or any other Secured Party; or 
 (e) any other event or circumstance whatsoever which might otherwise constitute a legal or
equitable discharge of a surety or a guarantor other than payment or performance of the Secured Obligations, it being the intent of this Section 6.14 that the obligations of each Pledgor hereunder shall be absolute, irrevocable and
unconditional under any and all circumstances. 
 7.15 Subrogation. To the greatest extent permitted by Government Rule, no Pledgor
shall exercise, and each Pledgor hereby irrevocably waives, any claim, right or remedy that it may now have or may hereafter acquire against the Company arising under or in connection with this Agreement, including, without limitation, any claim,
right or remedy of subrogation, contribution, reimbursement, exoneration, indemnification or participation arising under contract, by Government Rule or otherwise in any claim, right or remedy of the Collateral Trustee against the Company or any
other Person or any Collateral which the Collateral Trustee may now have or may hereafter acquire until the date the Parity Lien Obligations are indefeasibly paid in full. If, notwithstanding the preceding sentence, any amount shall be paid to any
Pledgor on account of such subrogation rights at any time when any of the Parity Lien Obligations shall not have been paid in full, such amount shall be held by such Pledgor in trust for the Collateral Trustee and the Parity Lien Secured Parties,
segregated from other funds of such Pledgor and be turned over to the Collateral Trustee in the exact form received by such Pledgor (duly endorsed by such Pledgor to the Collateral Trustee for the benefit of the Secured Parties, if required), to be
applied against the Parity Lien Obligations, whether matured or unmatured, in accordance with the Indenture and the Security Documents. 
 7.16 Reinstatement. This Agreement and the Liens 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 Secured
Obligations is rescinded or must otherwise be restored by any holder of the Parity Lien Secured Obligations, whether as a result of any proceedings in bankruptcy or reorganization or otherwise, and each Pledgor shall indemnify the Collateral Trustee
and its employees, officers and agents on demand for all reasonable and documented fees, costs and expenses (including, without limitation, the reasonable fees, costs and expenses of counsel) incurred by the Collateral Trustee or its employees,
officers or agents in connection with such rescission or restoration. 
 7.17 NO THIRD PARTY BENEFICIARIES. THE AGREEMENTS OF THE
PARTIES HERETO ARE SOLELY FOR THE BENEFIT OF EACH PLEDGOR, THE COLLATERAL TRUSTEE AND THE OTHER SECURED PARTIES, AND NO PERSON (OTHER THAN THE PARTIES HERETO, THE OTHER SECURED PARTIES AND THEIR SUCCESSORS AND ASSIGNS PERMITTED HEREUNDER) SHALL HAVE
ANY RIGHTS HEREUNDER. 
 7.18 CONSENT TO JURISDICTION. ALL LEGAL ACTIONS OR PROCEEDINGS BROUGHT AGAINST ANY PLEDGOR, SECURED
PARTY OR THE 
  

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 Pledge Agreement 

 COMPANY WITH RESPECT TO THIS AGREEMENT OR ANY OTHER SECURED DOCUMENTS 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 EACH PLEDGOR, THE COMPANY AND THE COLLATERAL TRUSTEE ACCEPT FOR THEMSELVES AND IN CONNECTION WITH THEIR PROPERTIES, THE
JURISDICTION OF THE AFORESAID COURTS, AND IRREVOCABLY AGREE TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS AGREEMENT. EACH PLEDGOR, THE COMPANY AND THE COLLATERAL TRUSTEE HEREBY EXPRESSLY AND IRREVOCABLY WAIVE 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. EACH PLEDGOR 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 SUCH PLEDGOR 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. 
 7.19
WAIVER OF JURY TRIAL. AS AMONG EACH PLEDGOR, THE COMPANY AND THE COLLATERAL TRUSTEE (ON BEHALF OF ITSELF AND EACH OTHER SECURED PARTY) AND AS TO THIS AGREEMENT AND EACH SECURED DOCUMENT AND PROJECT DOCUMENT TO WHICH SUCH PERSONS ARE A
PARTY, (ON BEHALF OF ITSELF AND EACH OTHER SECURED PARTY) EACH PLEDGOR, THE COMPANY AND THE COLLATERAL TRUSTEE HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR COUNTERCLAIM ARISING IN CONNECTION
WITH THIS AGREEMENT, AND ANY SUCH SECURED DOCUMENT AND PROJECT DOCUMENT. 
 7.20 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. 
 7.21 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 
  

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 Pledge Agreement 

 provisions of this Agreement. Subordination of Liens. The parties hereto intend that the security interests
created under this Agreement in favor of the Collateral Trustee for the benefit of the 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.] 
  

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 Pledge Agreement 

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

			
	SABINE PASS LNG–LP, LLC
		
	By:	 	 /s/ Graham A. McArthur

	Name:	 	Graham A. McArthur
	Title:	 	Treasurer

  

 Signature Page – Pledge Agreement 

			
	SABINE PASS LNG – GP, INC.
		
	By:	 	 /s/ Graham A. McArthur

	Name:	 	Graham A. McArthur
	Title:	 	Treasurer

  

 Signature Page – Pledge Agreement 

			
	 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 – Pledge Agreement 

			
	 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 – Pledge Agreement 

 Schedule 1.01 
 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, L.P., 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. 

  

 Schedule 1.01 

	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. 

 Schedule 5.09 
 The Secretary of State of the State of Delaware 
  

 Schedule 5.09

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