Document:

Piggy-back Registration Rights Agreement

 Exhibit 4.1 
  

Execution Copy 
  
 PIGGY-BACK REGISTRATION RIGHTS AGREEMENT 
  
 PIGGY-BACK REGISTRATION RIGHTS AGREEMENT (“Agreement”), dated as of February 8, 2005, by and between Cheniere Energy, Inc., a Delaware
corporation (the “Company”), and BPU Associates, LLC, a Delaware limited liability company (the “Holder”). 
  
 RECITALS: 
  
 1. Pursuant to an Agreement and Plan of Merger of even date herewith by and among Cheniere LNG, Inc., a Delaware corporation, Cheniere Acquisition, LLC, a
Delaware limited liability company, BPU LNG, Inc., a Delaware corporation, and the Holder (the “Merger Agreement”), the Holder is the holder of 1,000,000 unregistered shares (the “Restricted Shares”) of the Company’s common
stock, par value $0.003 per share (the “Common Stock”). 
  
 2. Subject to the terms and conditions of the Merger Agreement, the Company has agreed to grant the piggyback registration rights set forth in this Agreement. 
  
 NOW, THEREFORE, in consideration of the foregoing and of the mutual agreements set forth below, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
  
 SECTION 1. Definitions. As used in this Agreement, the following terms shall have the following meanings: 
  
 Agreement: as defined in the opening paragraph. 
  
 Common Stock: as defined in the recitals. 
  
 Company: as defined in the opening paragraph. 
  
 Effectiveness Period: as defined in Section 4.1(b). 

 
 Exchange Act: the Securities Exchange Act of 1934, as amended, and
the rules and regulations of the SEC promulgated thereunder. 
  
 Holder: as defined in the opening paragraph. 
  
 Incidental Registration: as defined in Section 2.1. 
  
 Merger Agreement: as defined in the recitals. 
  
 Piggy-Back Request: as defined in Section 2.1. 
  
 Prospectus: the prospectus included in any Registration Statement (including, without limitation, a prospectus that includes any information previously omitted from a prospectus filed as part of an effective
Registration Statement in reliance upon Rule 430A under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration
Statement, 

 and all other amendments and supplements to the Prospectus, including post-effective amendments, and all materials
incorporated by reference or deemed to be incorporated by reference in such Prospectus. 
  
 Registrable Securities: the Restricted Shares and any other securities issued or issuable with respect to the Restricted Shares by way of a stock dividend or stock split or in connection with a combination of
shares, recapitalization, merger, consolidation or other reorganization or otherwise, provided that any particular shares of such Registrable Securities shall cease to be Registrable Securities when (i) a Registration Statement with respect
to the sale of such securities shall have become effective under the Securities Act and such securities shall have been disposed of in accordance with such Registration Statement, (ii) such shares shall have become eligible to be sold to the public
by the Holder pursuant to Rule 144 under the Securities Act, or (iii) subsequent disposition of such shares shall not require registration or qualification of them under the Securities Act or of any similar state law then in force. 
  
 Registration: a registration of securities (including Registrable
Securities) under the Securities Act. 
  
 Registration
Expenses: any and all expenses incident to performance of or compliance with this Agreement by the Company and its subsidiaries, including, without limitation (i) all SEC, stock exchange and other registration, listing and filing fees (other
than fees and expenses incurred in connection with compliance with state securities or blue sky laws); (ii) all fees and expenses incurred in connection with compliance with the rules for trading securities on any stock exchange on which the Common
Stock is traded (including reasonable fees and disbursements of counsel to the underwriters in connection with such compliance and the preparation of a Blue Sky Memorandum and legal investment survey), (iii) all expenses of printing, distributing,
mailing and delivering any Registration Statement, any Prospectus, any underwriting agreements, transmittal letters, securities sales agreements, securities certificates and other documents relating to the performance of or compliance with this
Agreement, (iv) the fees and disbursements of counsel for the Company and of the independent public accountants of the Company, including the expenses of any “cold comfort” letters required by or incident to such performance and
compliance, (v) the fees and expenses of any trustee, transfer agent, registrar, escrow agent or custodian, (vi) the expenses customarily borne by the issuer incurred in connection with making road show presentations, if any, to facilitate the
distribution and sale of Registrable Securities, and (vii) all internal expenses of the Company (including all salaries and expenses of officers and employees performing legal or accounting duties). 
  
 Registration Statement: any registration statement of the Company that
covers any Registrable Securities filed or to be filed pursuant to this Agreement in connection with a Registration of Registrable Securities pursuant to Section 2, including the Prospectus, amendments and supplements to such Registration
Statement, including post-effective amendments, all exhibits, and all material incorporated by reference or deemed to be incorporated by reference in such registration statement. 
  
 Restricted Shares: as defined in the recitals. 
  
 Rule 144: Rule 144 (or any successor provision) under the Securities Act. 
  

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 SEC: the Securities and Exchange Commission. 
  
 Securities Act: the Securities Act of 1933, as amended, and the rules
and regulations of the SEC promulgated thereunder. 
  
 Underwritten Registration or Underwritten Offering: a Registration in which securities of the Company (including Registrable Securities) are sold to an underwriter for reoffering to the public. 
  
 SECTION 2. Incidental Registration Rights. 
  
 2.1 Requests for Incidental Registration. If the Company
proposes to register any of its Common Stock (other than pursuant to a Registration on Form S-4 or S-8 or any successor form), it will give prompt written notice to the Holder of its intention to effect such Registration (the “Incidental
Registration”). Within ten business days of receiving such written notice of an Incidental Registration, the Holder may make a written request (the “Piggy-Back Request”) that the Company include in the proposed Incidental Registration
all, or a portion, of the Registrable Securities owned by the Holder (which Piggy-Back Request shall set forth the Registrable Securities intended to be disposed of by the Holder and the intended method of disposition thereof). 
  
 2.2 Obligation to Effect Incidental Registration. 

 
 (a) The Company will use its commercially reasonable efforts to include
in any Incidental Registration all Registrable Securities which the Company has been requested to register pursuant to any timely Piggy-Back Request to the extent required to permit the disposition (in accordance with the intended methods thereof as
aforesaid) of the Registrable Securities so to be registered. 
  
 (b) Notwithstanding the preceding Sections 2.1 and 2.2(a): 
  
 (i) the Company shall not be obligated pursuant to this Section 2 to effect a Registration of Registrable Securities requested
pursuant to a timely Piggy-Back Request if the Company discontinues the related Incidental Registration at any time prior to the effective date of any Registration Statement filed in connection therewith; 
  
 (ii) if a Registration pursuant to this Section 2
involves an underwritten offering, and the managing underwriter (or, in the case of an offering that is not underwritten, an investment banker) shall advise the Company that, in its opinion, the number of securities requested and otherwise proposed
to be included in such Registration exceeds the number which can be sold in such offering without adversely affecting the marketability of the offering, the Company will include in such Registration to the extent of the number which the Company is
so advised can be sold in such offering, first, the securities the Company proposes to sell for its own account in such Registration and second, the Registrable Securities of the Holder requesting to be included in such Registration
and all other securities requested to be included in such Registration on a pro rata basis; and 
  

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 (iii) if the Company is engaged in, or has definitive plans to engage in, any activity or
negotiations that, in the good faith determination of the Board of Directors of the Company, would be adversely affected by disclosure that would be required in connection with a Registration to the material detriment of the Company, then the
Company may delay such registration for a period of 80 days from the date of termination or disclosure of such activity or negotiations. 
  
 SECTION 3. Underwriters. 
  
 3.1 Underwritten Offers. The provisions of this Section 3 do not establish additional registration rights but instead set forth
procedures applicable, in addition to those set forth in Sections 2 and 4, to any Registration which is an underwritten offering. 
  
 3.2 Selection of Underwriters. If a Registration of Registrable Securities is being effected pursuant to Section 2 and such
securities are to be distributed by or through one or more underwriters, the Company shall have the right to select one or more underwriters to administer the offering. 
  
 3.3 Participation in Underwritten Registrations. The Holder may not participate in any underwritten
Registrations hereunder unless the Holder agrees to sell the Holder’s Registrable Securities on the basis provided in any underwriting arrangements approved by the Company. 
  
 3.4 Holdback Agreement of the Holder. If and whenever the Company proposes to register any of its equity
securities under the Securities Act for its own account (other than on Form S-4 or S-8 or any successor form) or is required to use commercially reasonable efforts to effect the Registration of any Registrable Securities under the Securities Act
pursuant to Section 2, the Holder agrees not to effect any public sale or distribution, including any sale pursuant to Rule 144, of any Registrable Securities, of any other equity securities of the Company, or any securities convertible into
or exchangeable for any equity securities of the Company, within 15 days prior to and 90 days (unless advised in writing by the managing underwriter that a longer period, not to exceed 180 days, is required) after the effective date of the
Registration Statement relating to such Registration, except as part of such Registration or with the prior written consent of the Company and the managing underwriter, if any. 
  
 SECTION 4. Registration Procedures. 
  
 4.1 Obligations of the Company. If and whenever the Company is required pursuant to Section 2 to effect
a Registration of Registrable Securities, the Company shall, subject to the provisions of Section 2: 
  
 (a) prepare and file with the SEC a Registration Statement covering such Registrable Securities and use commercially reasonable efforts to cause such
Registration Statement to become effective and remain effective as provided herein; 
  
 (b) use commercially reasonable efforts to prepare and file with the SEC such amendments and supplements to such Registration Statement as may be necessary to keep such Registration Statement and Prospectus used in
connection therewith effective at least until the 
  

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 earlier of (i) 90 days after the effective date of such Registration Statement, and (ii) the completion of the
distribution by the Holder of all of the Registrable Securities covered by such Registration Statement (the “Effectiveness Period”); 
  
 (c) furnish to the Holder such numbers of copies of a prospectus, including a preliminary prospectus, as they may reasonably request in order to
facilitate the disposition of Registrable Securities owned by them; 
  
 (d) use commercially reasonable efforts to register or qualify the Registrable Securities covered by such Registration Statement under the securities or blue sky laws of such states within the United States as the Company determines,
provided that the Company shall not for any such purpose be required to qualify generally to do business as a foreign corporation in any state wherein it is not so qualified, subject itself to taxation in any state wherein it is not so
subject, or take any action which would subject it to general service of process in any state wherein it is not so subject; and 
  
 (e) (i) notify the Holder of Registrable Securities covered by such Registration Statement if, to its knowledge, such Registration Statement, at the time
it or any amendment thereto became effective, contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading, and, as promptly as
practicable, prepare and file with the SEC a post-effective amendment to such Registration Statement and use commercially reasonable efforts to cause such post-effective amendment to become effective such that such Registration Statement, as so
amended, shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, and (ii) notify the Holder of Registrable Securities covered
by such Registration Statement, at any time when a Prospectus relating thereto is required to be delivered under the Securities Act, if, to its knowledge, the Prospectus included in such Registration Statement, as then in effect, includes an untrue
statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and, as promptly as practicable,
prepare and furnish to such Holder a reasonable number of copies of a supplement to or an amendment of such Prospectus as may be necessary so that, as thereafter delivered to the purchasers of such securities, such Prospectus shall not include an
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 
  
 The Holder agrees that upon receipt of any notice from the Company pursuant
to Section 4.1(d), the Holder will promptly discontinue the Holder’s disposition of Registrable Securities pursuant to the Registration Statement covering such Registrable Securities until the Holder shall have received notice from the
Company that such Registration Statement has been amended and/or copies of the supplemented or amended Prospectus contemplated by Section 4.1(d) have been furnished. If so directed by the Company, the Holder of Registrable Securities will
deliver to the Company all copies, other than permanent file copies, in the Holder’s possession of the Prospectus covering such Registrable Securities at the time of receipt of such notice. 
  

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 (f) in the event of any underwritten public offering, enter into an underwriting agreement, in usual and
customary form, with the managing underwriter of such offering, and take all such customary actions in connection therewith; 
  
 (g) use its commercially reasonable efforts to cause all such Registrable Securities registered pursuant hereunder to be listed on each securities
exchange on which similar securities issued by the Company are then listed to the extent such Registrable Securities satisfy applicable listing requirements; 
  
 (h) make available to the Holder the Company’s transfer agent and registrar to expedite and facilitate disposition by the Holder of Registrable
Securities pursuant to any registration statement; 
  
 (i) obtain
a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration; and 
  
 (j) facilitate the timely preparation and delivery of certificates (not bearing any restrictive legend) representing the Registrable Securities to be
offered pursuant to any registration statement and enable such certificates to be in such denominations or amounts as the Holder may reasonably request and registered in such names as the Holder may request (subject to the restrictions on transfer
set forth in the Merger Agreement); and 
  
 (k) take all other
reasonable and customary actions necessary to expedite and facilitate disposition by the Holder of Registrable Securities pursuant to any registration statement. 
  
 4.2 Rule 144(c)(1). In accordance with subsection (c)(1) of Rule 144, the Company hereby covenants and agrees
that, during the term of this Agreement, it (i) will remain subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act and (ii) will file all reports required to be filed under Section 13 or Section 15(d) of the
Exchange Act. 
  
 4.3 Seller Information. The
Company may require the Holder of any Registrable Securities as to which any Registration is being effected to furnish to the Company such information regarding such Holder and the distribution of such Registrable Securities as the Company may from
time to time reasonably request and as shall be required by law in connection therewith. The Holder agrees to furnish promptly to the Company all information required to be disclosed in order to make the information previously furnished to the
Company by such Holder not materially false or misleading. 
  
 SECTION 5. Registration Expenses. 
  
 The Company
shall pay all Registration Expenses arising from or incidental to the performance of, or compliance with, this Agreement, provided that the Holder requesting such Registration shall bear any transfer taxes applicable to its Registrable
Securities registered thereunder, customary (both as to type and amount) commissions or discounts payable to the underwriters, selling brokers, managers or other similar persons engaged in the distribution of any of the Registrable Securities, and
the fees and expenses of the Holder’s own counsel. 
  

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 SECTION 6. Authorization of Restricted Shares. 
  
 The Company hereby represents and warrants to the Holder that the Restricted
Shares were duly authorized and reserved for issuance as of the Closing (as defined in the Merger Agreement) and, upon issuance to the Holder as contemplated in the Merger Agreement, were fully paid and nonassessable, and the issuance thereof was
not subject to any preemptive or other similar right. The Company had a sufficient number of shares of unissued Common Stock authorized under its Restated Certificate of Incorporation to issue the Restricted Shares that were delivered to the Holder
under the Merger Agreement. 
  
 SECTION 7. Indemnification.

  
 7.1 Indemnification by the Company. To the
extent permitted by law, the Company will indemnify, defend and hold harmless the Holder, the members, managers and officers of the Holder, any underwriter (as defined in the Securities Act) for the Holder and each person, if any, who controls
(within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) the Holder or such underwriter from and against any and all losses, claims, damages and liabilities, joint or several, (including, without limitation,
reasonable legal fees and other expenses incurred in connection with any suit, or proceeding or any claim asserted) to which any of the foregoing may become subject, under the Securities Act, the Exchange Act, any state securities laws, or
otherwise, based upon or arising out of any untrue statement or alleged untrue statement of a material fact in a Registration Statement, any Prospectus or omission or alleged omission to state therein any material fact required to be stated therein
or necessary to make the statements therein not misleading; provided, however, that the Company shall have no obligation to indemnify or hold harmless such persons in any such case for any such loss, claim, damage, liability or action
if such statement or alleged statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company by such Holder expressly for use in the preparation of such Registration Statement,
Prospectus, or amendment or supplement thereto; and provided further, however, that the Company shall have no obligation to indemnify or hold harmless Holder with respect to any Prospectus, if the person asserting any claim purchased
shares in the offering and if a copy of the Prospectus was not sent or given by or on behalf of the Holder to such person, if required by law so to have been delivered, at or prior to the written confirmation of the sale of the shares to such
person, and if the Prospectus would have cured the defect giving rise to such claim. 
  
 7.2 Indemnification by the Holder of Registrable Securities. To the extent permitted by law, the Holder will indemnify, defend and hold harmless the Company, its directors and officers and each person,
if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) the Company from and against any and all losses, claims, damages and liabilities, joint or several, (including, without limitation,
reasonable legal fees and other expenses incurred in connection with any suit or proceeding or any claim asserted) to which any of the foregoing may become subject, under the Securities Act, the Exchange Act, any state securities laws, or otherwise,
based upon or arising out of any untrue statement or alleged untrue statement of a material fact in a Registration Statement, any Prospectus, or omission or alleged omission to state therein any material fact required to be stated therein or
necessary to make the statements therein not misleading, if such statement or alleged statement or omission or alleged omission was made in reliance upon and in conformity with written information 
  

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 furnished to the Company by such Holder expressly for use in the preparation of such Registration Statement or
Prospectus. Such indemnity shall remain in full force and effect, regardless of any investigation made by or on behalf of the Company or any such director, officer or controlling person and shall survive the transfer of such Registrable Securities
by such Holder. 
  
 7.3 Indemnification Procedures.
If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand (each, a “Proceeding”) shall be brought or asserted against any person in respect of which indemnification may be sought pursuant to
either Section 7.1 or Section 7.2, such person (the “Indemnified Person”) shall promptly notify the person against whom such indemnification may be sought (the “Indemnifying Person”) in writing; provided that
the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have under this Section 7 except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses)
by such failure. If any such Proceeding shall be brought or asserted against an Indemnified Person and it shall have notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified
Person to represent in such Proceeding the Indemnified Person and any others entitled to indemnification pursuant to this Section 7. Any indemnification required to be made by an Indemnifying Party pursuant to this Section 7 shall be
made by periodic payments to the Indemnified Party during the course of the action or proceeding, as and when bills are received by such Indemnifying Party with respect to an indemnifiable loss, claim, damage, liability or expense incurred by such
Indemnified Party. In any such Proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the
Indemnified Person shall have mutually agreed to the contrary; (ii) the Indemnifying Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have reasonably
concluded that there may be legal defenses available to it that are different from or in addition to those available to the Indemnifying Person; or (iv) the named parties in any such Proceeding (including, without limitation, any impleaded parties)
include both the Indemnifying Person and the Indemnified Person and representation of both such parties by the same counsel would be inappropriate due to actually or potentially differing interests between them. It is understood and agreed that the
Indemnifying Person shall not, in connection with any Proceeding or related Proceeding in the same jurisdiction, be liable for the fees and expenses of more than one separate law firm (in addition to any reasonably necessary local counsel) for all
Indemnified Persons. Any such separate firm (x) for the Holder, its members, managers or officers and any control persons of such Holder may only be designated in writing by the Holder and (y) in all other cases may only be designated in writing by
the Company. The Indemnifying Person shall not be liable for any settlement of any Proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to
indemnify each Indemnified Person from and against any loss or liability by reason of such settlement or judgment. No Indemnifying Person shall, without the written consent of the Indemnified Person, effect any settlement of any pending or
threatened Proceeding in respect of which any Indemnified Person is or could have been a party and indemnification could have been sought hereunder by such Indemnified Person, unless such settlement (A) includes an unconditional release of such
Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such Proceeding and (B) does not include any statement as to or any admission of fault,
culpability or a failure to act by or on behalf of any Indemnified Person. 
  

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 7.4 Other Remedies. If for any reason the foregoing indemnities are unavailable, or are
insufficient to hold harmless an indemnified party, other than by reason of the exceptions provided therein, then the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such losses, claims,
damages, liabilities, actions, proceedings or expenses in such proportion as is appropriate to reflect the relative benefits to and faults of the indemnifying party on the one hand and the indemnified party on the other in connection with the
offering of Registrable Securities (taking into account the portion of the proceeds of the offering realized by each such party) and the statements or omissions or alleged statements or omissions which resulted in such loss, claim, damage,
liability, action, proceeding or expense, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue
statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such statements or omissions. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. No party shall be liable for contribution under this Section 7.4 except to the extent and under such circumstances as such party would have been liable to indemnify under this Section 7 if such indemnification were
enforceable under applicable law. 
  
 SECTION 8. Miscellaneous.

  
 8.1 Entire Agreement. This Agreement is
intended by the parties as a final expression of their agreement, and is intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. This Agreement
supersedes all prior agreements and understandings between the parties with respect to such subject matter. 
  
 8.2 Nominees for Beneficial Owners. In the event that any Registrable Securities are held by a nominee for the beneficial owner thereof, the
beneficial owner thereof may, at its election and unless notice is otherwise given to the Company by the record owner, be treated as the Holder of such Registrable Securities for purposes of any request or other action by the Holder pursuant to this
Agreement. If the beneficial owner of any Registrable Securities so elects, the Company may require assurances reasonably satisfactory to it of such owner’s beneficial ownership of such Registrable Securities. 
  
 8.3 Term. This Agreement shall be effective as of the date
hereof and shall continue in effect thereafter until the earlier of (a) its termination by the consent of the parties hereto or their respective successors in interest, (b) the date on which no Registrable Securities remain outstanding, and (c) the
date on which the Holder may resell all of the Registrable Securities under Rule 144. 
  

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 8.4 Notices. All notices, requests, demands, waivers and other communications required or
permitted to be given under this Agreement shall be in writing and shall be deemed to have been duly given if (a) delivered personally, (b) mailed by first-class, registered or certified mail, return receipt requested, postage prepaid, or (c) sent
by next-day or overnight mail or delivery or (d) sent by telecopy or telegram: 
  

	 	(i)	If to the Holder, at: 

  
 BPU Associates, LLC 
 2419 Rustic Ridge
Drive 
 Sewickley, Pennsylvania 15143 
 Attention: Lewis A. Patterson III 
 Facsimile: (724) 933-5516 
  
 With a copy to: 
  
 Seyfarth Shaw LLP 
 1545 Peachtree Street
N.E., Suite 700 
 Atlanta, Georgia 30309 
 Attention: W. Clayton Sparrow, Jr. 
 Facsimile: (404) 892-7056 
  

	 	(ii)	If to the Company, at: 

  
 Cheniere Energy, Inc. 
 717 Texas Avenue,
Suite 3100 
 Houston, Texas 77002 
 Attention: Zurab S. Kobiashvili 
 Facsimile: (713) 659-5459 
  
 With a copy to: 
  
 Andrews Kurth LLP 
 600 Travis, Suite 4200

 Houston, Texas 77002 
 Attention: Geoffrey K. Walker 
 Facsimile: (713) 238-7433 
  
 or, in each case, at such other address as may be specified in writing to the other parties hereto. 
  
 All such notices, requests, demands, waivers and other communications shall
be deemed to have been received (w) if by personal delivery on the day after such delivery, (x) if by certified or registered mail, on the seventh business day after the mailing thereof, (y) if by next-day or overnight mail or delivery, on the day
delivered, (z) if by telecopy or telegram, on the next day following the day on which such telecopy or telegram was sent, provided that a copy is also sent by certified or registered mail. 
  

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 8.5 Amendments; Waivers; etc. No amendment, modification or discharge of this Agreement,
and no waiver hereunder, shall be valid or binding unless set forth in writing and duly executed by the party against whom enforcement of the amendment, modification, discharge or waiver is sought. Any such waiver shall constitute a waiver only with
respect to the specific matter described in such writing and shall in no way impair the rights of the party granting such waiver in any other respect or at any other time. Neither the waiver by any of the parties hereto of a breach of or a default
under any of the provisions of this Agreement, nor the failure by any of the parties, on one or more occasions, to enforce any of the provisions of this Agreement or to exercise any right or privilege hereunder, shall be construed as a waiver of any
other breach or default of a similar nature, or as a waiver of any of such provisions, rights or privileges hereunder. The rights and remedies herein provided are cumulative and are not exclusive of any rights or remedies that any party may
otherwise have at law or in equity. 
  
 8.6
Severability. If any provision of this Agreement, including any phrase, sentence, clause, Section or subsection is inoperative or unenforceable for any reason, such circumstances shall not have the effect of rendering the provision in
question inoperative or unenforceable in any other case or circumstance, or of rendering any other provision or provisions herein contained invalid, inoperative, or unenforceable to any extent whatsoever. 
  
 8.7 Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of Delaware. 
  
 8.8 Successors, Assigns and Transferees. This Agreement shall not be assignable or otherwise transferable by the Holder without the prior written consent of the Company. This Agreement shall be binding upon and shall inure to
the benefit of the parties hereto and their respective successors and permitted assigns. 
  
 8.9 No Third Party Beneficiaries. Except as provided in Section 7 with respect to indemnification of certain third parties hereunder, nothing in this Agreement shall confer any rights upon any
person or entity other than the parties hereto and their respective heirs, successors and permitted assigns. 
  
 8.10 Headings. The headings contained in this Agreement are for purposes of convenience only and shall not affect the meaning or
interpretation of this Agreement. 
  
 8.11
Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed an original and all of which shall together constitute one and the same instrument. 
  
 8.12 Confidentiality. The parties hereto agree that the terms
and provisions of Section 7.5 of the Merger Agreement shall apply to any information disclosed by either party under or in connection with this Agreement. 
  
 [Signature page follows] 
  

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 IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the date first
written above. 
  

			
	CHENIERE ENERGY, INC.
		
	By:	 	 /s/ Don A. Turkleson

	Name:	 	Don A. Turkleson
	Title:	 	 Senior Vice President, Chief Financial Officer
 and
Secretary

	
	BPU ASSOCIATES, LLC
		
	By:	 	 /s/ Lewis A. Patterson III

	Name:	 	Lewis A. Patterson III
	Title:	 	Manager

  

 12Amended and Restated Loan Agreement

 Exhibit 10.1 
  
 LOAN AGREEMENT 
  
 THIS AMENDED AND RESTATED LOAN AGREEMENT (“Agreement”) is made and entered into as of October 28, 2003 by and between RELOACTION, a California
corporation (“Borrower”), and UNION BANK OF CALIFORNIA, N.A., a national banking association (“Bank”). This Agreement amends and restates in its entirety that certain loan agreement dated as of January 2, 2002 by and
between Borrower and Bank, as amended. 
  
 SECTION 1. THE CREDIT

  
 1.1 CREDIT FACILITIES 
  
 1.1.1 The Revolving Loan. Bank will loan to Borrower an amount not to exceed Twenty
Five Million Dollars ($25,000,000) outstanding in the aggregate at any one time (the “Revolving Loan”). The proceeds of the Revolving Loan shall be used for relocation expenses for Borrower’s clients. Borrower may borrow, repay and
reborrow all or part of the Revolving Loan in accordance with the terms of the Revolving Note (defined below). All borrowings of the Revolving Loan must be made before August 1, 2005, at which time all unpaid principal and interest of the Revolving
Loan shall be due and payable. The Revolving Loan shall be evidenced by Bank’s standard form of commercial promissory note (the “Revolving Note”). Bank shall enter each amount borrowed and repaid in Bank’s records and such
entries shall be deemed correct. Omission of Bank to make any such entries shall not discharge Borrower of its obligation to repay in full with interest all amounts borrowed. 
  
 As of the date of this Agreement, the principal amount outstanding under Borrower’s revolving loan with Bank evidenced by the
promissory note dated July 30, 2003 (“Old Note”) shall be deemed the initial principal amount outstanding under the Revolving Loan, and the Old Note is hereby cancelled and superceded by the Revolving Note. 
  
 1.1.1 (a) The Standby L/C Sublimit. As a sublimit under the Revolving
Loan, Bank shall issue, for the account of Borrower, one or more irrevocable standby letters of credit (individually, a “Standby L/C”). The aggregate amount available to be drawn under all Standby L/Cs and the aggregate amount of unpaid
reimbursement obligations under drawn Standby L/Cs shall not exceed Two Million Dollars ($2,000,000) and shall reduce, dollar for dollar, the maximum amount available under the Revolving Loan. All Standby L/Cs shall be drawn on terms and conditions
acceptable to Bank and shall be governed by the terms of (and Borrower agrees to execute) Bank’s standard form of standby letter of credit application and reimbursement agreement. No Standby L/C shall expire more than twenty four months from
the date of its issuance, and in no event later than August 1, 2005. 
  
 1.1.2
The Revolving Working Capital Loan. Bank will loan to Borrower an amount not to exceed One Million Dollars ($1,000,000) outstanding in the aggregate at any one time (the “Revolving Working Capital Loan”). The proceeds of the Revolving
Working Capital Loan shall be used for Borrower’s general working capital purposes. Borrower may borrow, repay and reborrow all or part of the Revolving Working Capital Loan in accordance with the terms of the Revolving Working Capital Note
(defined below); provided, however, that for at least thirty (30) consecutive days during each twelve (12) month period, the principal amount outstanding under the Revolving Working Capital Loan must be zero dollars ($0). All borrowings of the
Revolving Working Capital Loan must be made before August 2, 2004, at which time all unpaid principal and interest of the Revolving Working Capital Loan shall be due and payable. The Revolving 
  

 Page 1 

 Working Capital Loan shall be evidenced by Bank’s standard form of commercial promissory note (the “Revolving
Working Capital Note”). Bank shall enter each amount borrowed and repaid in Bank’s records and such entries shall be deemed correct. Omission of Bank to make any such entries shall not discharge Borrower of its obligation to repay in full
with interest all amounts borrowed. 
  
 As of the date of this Agreement, the
principal amount outstanding under Borrower’s revolving loan with Bank evidenced by the promissory note dated July 31, 2003 (“Old Note”) shall be deemed the initial principal amount outstanding under the Revolving Working Capital
Loan, and the Old Note is hereby cancelled and superceded by the Revolving Working Capital Note. 
  
 1.1.3 Term Loan. Bank previously made a term loan to Borrower (the “Term Loan”) on January 2, 2002 in the original principal amount of $750,000, which matures August 1, 2005. As of the date of this
Agreement, the outstanding principal balance of the Term Loan is as reflected in Bank’s books and records. The Term Loan is, and shall continue to be, evidenced by a promissory note (the “Term Note”) executed by Borrower in favor of
Bank. 
  
 1.2 Terminology. The following words and phrases, whether used in
their singular or plural form, shall have the meanings set forth below: 
  
 (a) “Corporate Client” means the party or parties with whom Borrower from time to time enters into Relocation Services Agreement(s) (defined below), and who are approved by Bank as corporate clients
for the purposes of Borrower’s borrowings under the Revolving Loan. 
  
 (b) “GAAP” means generally accepted accounting principles and practices consistently applied. Accounting terms used in this Agreement but not otherwise expressly defined have the meanings given them
by GAAP. 
  
 (c) “L/C” means the Standby
L/Cs. 
  
 (d) “Lien” means any voluntary or
involuntary security interest, mortgage, pledge, claim, charge, encumbrance, title retention agreement, or third party interest, covering all or any part of the property of Borrower or any Guarantor. 
  
 (e) “Loan” means all the credit facilities described
above. 
  
 (f) “Loan Documents” means
this Agreement, the Note, and all other documents, instruments and agreements required by Bank and executed in connection with this Agreement, the Note, the Loans, and with all other credit facilities from time to time made available to Borrower by
Bank. 
  
 (g) “Note” means all the
promissory notes described above. 
  
 (h)
“Related Person” means any affiliate of Borrower, or any officer, employee, director or shareholder of Borrower or any affiliate, or relative of any of them. 
  
 (i) “Relocation Services Agreement” means any Relocation Services Agreement, Employee Relocation Services
Agreement, Relocation Assistance Agreement or other similar agreement, howsoever denominated or titled, together with any supplements attached thereto, now existing or hereafter executed between Borrower and a Corporate 
  

 Page 2 

 Client, the form or forms or which have been approved by Bank and pursuant to which Bank fully or
partially finances Borrower’s obligations to provide equity advances, out-of pocket costs or similar funding incurred in providing such services to the Corporate Client. 
  
 1.3 Prepayment. The Loan may be prepaid in full or in part but only in accordance with the terms of the Note, and any such prepayment
shall be subject to any prepayment fee provided for therein. In the event of a principal prepayment on any term indebtedness, the amount prepaid shall be applied to the scheduled principal installments due in the reverse order of their maturity on
the Loan being prepaid. 
  
 1.4 Interest. The unpaid principal
balance of the Loan shall bear interest at the rate or rates provided in the Note. 
  
 1.5 Unused Commitment Fee-Revolving Loan. On the last day of each calendar quarter until August 1, 2005, Borrower shall pay to Bank a fee of one eighth percent (.125%) per year on the average unused portion of
the Revolving Loan for the preceding quarter computed on the basis of actual days elapsed of a year of 360 days. 
  
 1.6 Upfront Documentation Fee. On or before the date of execution of this Agreement, Borrower shall pay to Bank a nonrefundable documentation fee of Seven Hundred
Fifty Dollars ($750). 
  
 1.7 Balances. Borrower shall maintain its
major depository accounts with Bank until all obligations of Borrower to Bank under the Loan Documents have been paid in full. 
  
 1.8 Disbursement. Bank shall disburse the proceeds of the Loan as provided in Bank’s standard form Authorization(s) to Disburse executed by Borrower.

  
 1.9 Security. Prior to any Loan disbursement, Borrower shall execute
one or more security agreements on Bank’s standard form, and one or more financing statements suitable for filing in the official records of the appropriate state government and/or any other location required by Bank, granting to Bank a first
priority security interest in such of Borrower’s property as is described in said security agreement(s). Any exceptions to Bank’s first priority Lien are permitted only as provided in this Agreement. At Bank’s request, Borrower will
obtain executed landlord’s and mortgagee’s waivers, each on Bank’s form, covering all of Borrower’s property located on leased or encumbered real property. 
  
 SECTION 2. CONDITIONS PRECEDENT 
  
 Bank shall not be obligated to disburse all or any portion of the Loans unless at or prior to the time of each such disbursement, the
following conditions have been fulfilled to Bank’s satisfaction: 
  
 2.1
Compliance. Borrower shall have performed and complied with all terms and conditions required by this Agreement to be performed or complied with, and shall have executed and delivered to Bank the Note and all other Loan Documents. 
  
 2.4 Authorization to Obtain Credit. Borrower shall have provided Bank with an executed
copy of Bank’s form Authorization to Obtain Credit with certified copies of resolutions duly adopted by Borrower’s board of directors and in form satisfactory to Bank, authorizing the 

  

 Page 3 

 
execution, delivery and performance of this Agreement and the other Loan Documents. Such resolutions shall also designate the persons who are authorized to
act on Borrower’s behalf in connection with this Agreement to do the things required of Borrower pursuant to this Agreement. 
  
 2.5 Termination Statements. Borrower shall have provided Bank with termination statements authorized by such secured creditors as may be required by Bank, suitable
for filing with the Secretary of State in each state designated by Bank. 
  
 2.6 Continuing Compliance. At the time any disbursement is to be made and immediately thereafter, there shall not exist any Event of Default (as hereinafter defined) or any event, condition, or act which with notice or lapse of time,
or both, would constitute an Event of Default. 
  
 2.7 Required
Delivery-Advances under the Revolving Loan. The obligation of Bank to make advances under the Revolving Loan is subject to the condition that, on or before the date of an advance: 
  
 (a) Borrower warrants that each advance will be used solely for the
financing of homes under an existing Relocation Services Agreement; 
  
 (b) Bank, in its sole discretion, has given its prior approval to allow advances to be used by Borrower in connection with its arrangement with the specific Corporate Client, except for loans to a Corporate Client with a Standard
& Poor’s rating of at least BBB- and not exceeding Two Hundred Fifty Thousand Dollars ($250,000) in the aggregate; and 
  
 (c) There shall have been delivered to Bank, in form and substance satisfactory to Bank, a copy of the Relocation Services Agreement duly executed
by the specific Corporate Client. 
  
 SECTION 3. REPRESENTATIONS
AND WARRANTIES 
  
 Borrower represents and warrants that: 
  
 3.1 Business Activity. Borrower’s principal business is relocation management
services. 
  
 3.2 Affiliates and Subsidiaries. Borrower’s
affiliates and subsidiaries (those entities in which Borrower has either a controlling interest or a twenty-five percent (25%) or more ownership interest) and their addresses, and the names of the persons or entities owning five percent (5%) or more
of the equity interests in Borrower, are as provided on a schedule delivered to Bank on or before the date of this Agreement. 
  
 3.3 Organization and Qualification. Borrower is duly organized and existing under the laws of the state of its organization, is duly qualified and in good standing
in any jurisdiction where such qualification is required, and has the power and authority to carry on the business in which it is engaged and/or proposes to engage. 
  
 3.4 Power and Authorization. Borrower has the power and authority to enter into this Agreement and to execute and deliver the Note
and all other Loan Documents. This Agreement and all things required by this Agreement and the other Loan Documents have been duly authorized by all requisite action of Borrower. 
  

 Page 4 

 3.5 Authority to Borrow. The execution, delivery and performance of this Agreement, the Note and all other Loan
Documents are not in contravention of any of the terms of any indenture, agreement or undertaking to which Borrower is a party or by which it or any of its property is bound or affected. 
  
 3.6 Compliance with Laws. Borrower is in compliance with all applicable laws, rules, ordinances or regulations which materially
affect the operations or financial condition of Borrower. 
  
 3.7 Title.
Except for assets which may have been disposed of in the ordinary course of business, Borrower has good and marketable title to all property reflected in its financial statements delivered to Bank and to all property acquired by Borrower since
the date of said financial statements, free and clear of all Liens, except Liens specifically referred to in said financial statements. 
  
 3.8 Financial Statements. Borrower’s financial statements, including both a balance sheet at September 30, 2003, together with supporting schedules, and an
income statement for the six (6) months ended September 30, 2003, have heretofore been furnished to Bank, are true and complete, and fairly represent Borrower’s financial condition for the period covered thereby. Since September 30, 2003, there
has been no material adverse change in Borrower’s financial condition or operations. 
  
 3.9 Litigation. There is no litigation or proceeding pending or threatened against Borrower or any of its property which is reasonably likely to affect the financial condition, property or business of Borrower
in a materially adverse manner or result in liability in excess of Borrower’s insurance coverage. 
  
 3.10 ERISA. Borrower’s defined benefit pension plans (as defined in the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)), meet, as of the date hereof, the minimum funding
standards of Section 302 of ERISA, and no Reportable Event or Prohibited Transaction as defined in ERISA has occurred with respect to any such plan. 
  
 3.11 Regulation U. No action has been taken or is currently planned by Borrower, or any agent acting on its behalf, which would cause this Agreement or the Note to
violate Regulation U or any other regulation of the Board of Governors of the Federal Reserve System, or to violate the Securities and Exchange Act of 1934, in each case as in effect now or as the same may hereafter be in effect. Borrower is not
engaged in the business of extending credit for the purpose of purchasing or carrying margin stock as one of its important activities and, except as may be expressly agreed to and documented between Borrower and Bank, none of the proceeds of the
Loan will be used directly or indirectly for such purpose. 
  
 3.12 No
Event of Default. Borrower is not now in default in the payment of any of its material obligations, and there exists no Event of Default, and no condition, event or act which with notice or lapse of time, or both, would constitute an Event of
Default. 
  
 3.13 Continuing Representations and Warranties. The
foregoing representations and warranties shall be considered to have been made again at and as of the date of each and every Loan disbursement and shall be true and correct as of each such date. 
  

 Page 5 

 SECTION 4. AFFIRMATIVE COVENANTS 
  
 Until all sums payable pursuant to this Agreement, the Note and the other Loan Documents have been paid in full, unless Bank otherwise
consents in writing, Borrower agrees that: 
  
 4.1 Use of Proceeds.
Borrower will use the proceeds of the Loan only as provided in Section 1 above. 
  
 4.2 Payment of Obligations. Borrower will pay and discharge promptly all taxes, assessments and other governmental charges and claims levied or imposed upon it or its property, or any part thereof; provided, however, that
Borrower shall have the right in good faith to contest any such taxes, assessments, charges or claims and, pending the outcome of such contest, to delay or refuse payment thereof provided that adequately funded reserves are established by it to pay
and discharge any such taxes, assessments, charges and claims. 
  
 4.3
Maintenance of Existence. Borrower will maintain and preserve its existence, its assets, and all rights, franchises, licenses and other authority necessary for the conduct of its business, and will maintain and preserve its property, equipment
and facilities in good order, condition and repair. Bank may, at reasonable times, visit and inspect any of Borrower’s properties. 
  
 4.4 Records. Borrower will keep and maintain full and accurate accounts and records of its operations in accordance with GAAP and will permit Bank, at
Borrower’s expense, to have access thereto, to make examination and photocopies thereof, and to make audits of Borrower’s accounts and records and Bank’s collateral during regular business hours. 
  
 4.5 Information Furnished. Borrower will furnish to Bank: 
  
 (a) Within forty five (45) days after the close of each fiscal
quarter, except for the final quarter of each fiscal year, its unaudited balance sheet as of the close of such fiscal quarter, its unaudited income and expense statement with year-to-date totals and supportive schedules, and its statement of
retained earnings for that fiscal quarter, all prepared in accordance with GAAP. 
  
 (b) Within one hundred twenty (120) days after the close of each fiscal year, a copy of its statement of financial condition including at least its balance sheet as of the close of such fiscal year and its
income and expense statement, and its retained earnings statement for such fiscal year, examined and prepared on an audited basis by independent certified public accountants selected by Borrower and reasonably satisfactory to Bank, in accordance
with GAAP along with any management letter provided by such accountants. 
  
 (c) In connection with each financial statement provided hereunder, a statement executed by the president or chief financial officer of Borrower, certifying that no default has occurred and no event exists
which with the notice or the lapse of time, or both, would result in a default hereunder. 
  
 (d) Within forty five (45) days after each fiscal quarter, a certification of compliance with all covenants under this Agreement, executed by Borrower’s duly authorized officer, in form acceptable to
Bank. 
  

 Page 6 

 (e) Within thirty (30) days after each calendar month end, a copy of Borrower’s monthly
report, in form and substance satisfactory to Bank, listing amounts owed to Bank by Borrower under the Revolving Loan categorized by Corporate Client (the “Revolving Loan Advance Status Report”). 
  
 (f) Prompt written notice to Bank of any Event of Default or breach
under any of the terms or provisions of this Agreement or any other Loan Document, any litigation which would have a material adverse effect on Borrower’s financial condition, and any other matter which has resulted in, or is likely to result
in, a material adverse change in Borrower’s financial condition or operations. 
  
 (g) Prior written notice to Bank of any change in Borrower’s officers and other senior management, Borrower’s name or state of organization, and the location of Borrower’s assets.

  
 (h) Within fifteen (15) days after Borrower knows or
has reason to know that any Reportable Event or Prohibited Transaction (as defined in ERISA) has occurred with respect to any defined benefit pension plan of Borrower, a statement of an authorized officer of Borrower describing such event or
condition and the action, if any, which Borrower proposes to take with respect thereto. 
  
 (i) Such other financial statements and information as Bank may reasonably request from time to time. 
  
 4.6 Working Capital. Borrower will at all times maintain Working Capital of not less than Five Hundred Thousand Dollars ($500,000). “Working Capital”
means the excess of current assets over current liabilities of Borrower. 
  
 4.7 Tangible Net Worth. Borrower will at all times maintain Tangible Net Worth of not less than One Million Nine Hundred Thousand Dollars ($1,900,000) from July 1, 2003 through December 31, 2003, and not less than Two Million Dollars
($2,000,000) from January 1, 2004 and thereafter. “Tangible Net Worth” means Borrower’s net worth increased by indebtedness subordinated to Bank and decreased by patents, licenses, trademarks, trade names, goodwill and other similar
intangible assets, organizational expenses, and expenses and monies due from affiliates (including officers, shareholders and directors). 
  
 4.8 Profitability. Borrower will maintain, on a rolling four quarter basis, a net profit excluding stock option expense and after provision for income
taxes, (i) of at least Two Hundred Thousand Dollars ($200,000) from October 1, 2003 through December 31, 2003, and (ii) of at least Three Hundred Thousand Dollars ($300,000) from January 1, 2004 and thereafter. 
  
 4.9 Pre-tax Profit Margin. Borrower will maintain a pre-tax profit margin of a
percentage of Borrower’s gross revenue excluding stock option expense on a rolling four quarter basis of 2.50%. 
  
 4.10 Cash Flow Ratio. Borrower will maintain a ratio of Cash Flow to Debt Service of not less than 1.4:1.0 as of the close of each fiscal quarter. “Cash
Flow” means net profit after taxes to which depreciation, amortization and other noncash expenses are added for the twelve (12) month period immediately preceding the date of calculation. “Debt Service” means that portion of long-term
liabilities and capital leases coming due within twelve (12) months following the date of calculation. 
  

 Page 7 

 4.11 Insurance. Borrower will keep all of its insurable property, whether real, personal or mixed, insured by
companies approved by Bank, against fire and such other risks, and in such amounts as is customarily obtained by companies conducting similar business with respect to like properties. Borrower will furnish to Bank statements of its insurance
coverage, will promptly upon Bank’s request furnish other or additional insurance deemed necessary by Bank to the extent that such insurance may be available, and hereby assigns to Bank, as security for Borrower’s obligations to Bank, the
proceeds of any such insurance. Prior to any Loan disbursement, Bank will be named loss payee under all policies insuring the collateral. Borrower will maintain adequate worker’s compensation insurance and adequate insurance against liability
for damage to persons or property. All policies shall require at least ten (10) days’ written notice to Bank before alteration or cancellation. 
  
 4.12 Additional Requirements. Upon Bank’s demand, Borrower will promptly take such further action and execute all such additional documents and instruments in
connection with this Agreement and the other Loan Documents as Bank in its reasonable discretion deems necessary, and promptly supply Bank with such other information concerning its affairs as Bank may request from time to time. 

 
 4.13 Litigation and Attorneys’ Fees. Upon Bank’s demand, Borrower will
promptly pay to Bank reasonable attorneys’ fees, including the reasonable estimate of the allocated costs and expenses of in-house legal counsel and staff, and all costs and other expenses paid or incurred by Bank in collecting, modifying or
compromising the Loan or in enforcing or exercising its rights or remedies created by, connected with or provided for in this Agreement and the other Loan Documents. If any judicial action, arbitration or other proceeding is commenced, only the
prevailing party shall be entitled to attorneys’ fees and court costs. 
  
 4.14 Bank Expenses. Upon Bank’s request, Borrower will pay or reimburse Bank for all costs, expenses and fees incurred by Bank in preparing and documenting this Agreement and the Loan, and all amendments and modifications to any
Loan Documents, including but not limited to all filing and recording fees, costs of appraisals, insurance and attorneys’ fees, including the reasonable estimate of the allocated costs and expenses of in-house legal counsel and staff.

  
 4.15 Repayment. Upon Borrower’s receipt of any repayment of
advances from any Corporate Client, Borrower shall pay such funds received to Bank (for application to the Revolving Loan) in a timely manner after performance of Borrower’s normal audit and review process, but in no event more than seven (7)
business days after receipt. 
  
 SECTION 5. NEGATIVE
COVENANTS 
  
 Until all sums payable pursuant to this Agreement, the Note and
the other Loan Documents have been paid in full, unless Bank otherwise consents in writing, Borrower agrees that: 
  
 5.1 Liens. Borrower will not create, assume or suffer to exist any Lien on any of its property, whether real, personal or mixed, now owned or hereafter acquired,
or upon the income or profits thereof, except (a) Liens in favor of Bank, (b) Liens for taxes not delinquent and taxes and other items being contested in good faith, (c) minor encumbrances and easements on real property which do not affect its
market value, (d) existing Liens on Borrower’s personal property, and (e) future purchase money security interests encumbering only the personal property purchased. All such permitted Liens shall secure obligations not exceeding at any time
outstanding an aggregate of Ten Thousand Dollars ($10,000). 
  

 Page 8 

 5.2 Borrowings. Borrower will not sell, discount or otherwise transfer any account receivable or any note, draft
or other evidence of indebtedness, except to Bank or except to a financial institution at face value for deposit or collection purposes only, and without any fees other than the financial institution’s normal fees for such services. Borrower
will not borrow any money, become contingently liable to borrow money, or enter any agreement to directly or indirectly obtain borrowed money, except pursuant to agreements with Bank. 
  
 5.3 Safe of Assets, Liquidation or Merger. Borrower will not liquidate, dissolve or
enter into any consolidation, merger, partnership or other combination, or convey, sell or lease all or the greater part of its assets or business, or purchase or lease all or the greater part of the assets or business of another. 

 
 5.4 Loans, Advances and Guaranties. Borrower will not, except in the ordinary
course of business as currently conducted, make any loans or advances, become a guarantor or surety, or pledge its credit or properties. 
  
 5.5 Investments. Borrower will not purchase the debt or equity of another except for savings accounts and certificates of deposit of Bank, direct U.S. Government
obligations, and commercial paper issued by corporations with the top ratings of Moody’s or Standard & Poor’s, provided that all such permitted investments shall mature within one year of purchase. 
  
 5.6 Payment of Dividends. Borrower will not declare or pay any dividends, other than
dividends payable solely in its own common stock, or authorize or make any other distribution with respect to any of its stock now or hereafter outstanding which exceeds in the aggregate for any fiscal year Fifty Thousand Dollars ($50,000).

  
 5.7 Redemption of Stock. Borrower will not redeem or retire any share
of its capital stock for value in excess of ten percent (10%) of Borrower’s net income earned during the immediately preceding annual financial reporting period and one hundred percent (100%) of all new stock issued. 
  
 5.8 Affiliate Transactions. Borrower will not transfer any property to any affiliate,
except for value received in the normal course of business and for an amount, including any management or service fee(s), as would be conducted and charged with an unrelated or unaffiliated entity. Borrower will not pay any management fee or fee for
services to any affiliate without Bank’s prior written consent. 
  
 5.9 Capital Expenditures. Purchase fixed assets in the form of property, plant, equipment or fixtures in excess of Two Million Dollars ($2,000,000) in any single fiscal year of Borrower. For purposes of calculating such expenditures
to determine compliance with the above limitation, the amount shall be that represented as purchase of such items on the Consolidated Statement of Cash Flows of the Borrower’s fiscal year-end financial statement. 
  
 5.10 Transactions with Related Persons. Borrower will not directly or indirectly enter
into any transaction with or for the benefit of a Related Person on terms more favorable to the Related Person than would have been obtainable in an arms length dealing. 
  

 Page 9 

 SECTION 6. EVENTS OF DEFAULT 
  
 The occurrence of any of the following events (“Events of Default”) shall terminate any obligation of Bank to make or continue the
Loan and shall automatically, unless otherwise provided under the Note, make all sums of interest and principal and any other amounts owing under the Loan immediately due and payable, without notice of default, presentment or demand for payment,
protest or notice of nonpayment or dishonor, or any other notices or demands: 
  
 6.1 Borrower shall default in the due and punctual payment of the principal of or the interest on the Note or on any amounts owing under any of the Loan Documents. 
  
 6.2 Any default shall occur under the Note. 
  
 6.3 Borrower shall default in the due performance or observance of any covenant or condition of the Loan Documents.

  
 6.4 Any guaranty or subordination agreement required hereunder shall be
breached or becomes ineffective, or any Guarantor or subordinating creditor shall die, disavow or attempt to revoke or terminate such guaranty or subordination agreement. 
  
 6.5 There shall be a change in ownership or control of ten percent (10%) or more of the equity interests in Borrower. 
  
 SECTION 7. GENERAL PROVISIONS 
  
 7.1 Additional Remedies. The rights, powers and remedies given to Bank hereunder shall
be cumulative and not alternative and shall be in addition to all rights, powers and remedies given to Bank by law against Borrower or any other person or entity including but not limited to Bank’s rights of setoff and banker’s
lien. 
  
 7.2 Nonwaiver. Any forbearance or failure or delay by Bank
in exercising any right, power or remedy hereunder shall not be deemed a waiver thereof and any single or partial exercise of any right, power or remedy shall not preclude the further exercise thereof. No waiver shall be effective unless it is in
writing and signed by an officer of Bank. 
  
 7.3 Inurement. The
benefits of this Agreement and the other Loan Documents shall inure to the successors and assigns of Bank and the permitted successors and assigns of Borrower, but any attempted assignment by Borrower without Bank’s prior written consent shall
be null and void. 
  
 7.4 Applicable Law. This Agreement and the
other Loan Documents shall be governed by and construed according to the laws of the State of California. 
  
 7.5 Severability. Should any one or more provisions of this Agreement or any other Loan Document be determined to be illegal or unenforceable, all other provisions
of such document shall nevertheless be effective. 
  
 7.6 Controlling
Document. In the event of any inconsistency between the terms of this Agreement and any other Loan Document, the terms of the other Loan Document shall prevail. 
  

 Page 10 

 7.7 Construction. The section and subsection headings herein are for convenient reference only and shall not limit
or otherwise affect the interpretation of this Agreement. 
  
 7.8
Amendments. This Agreement may be amended only in writing signed by all parties hereto. 
  
 7.9 Counterparts. Borrower and Bank may execute one or more counterparts to this Agreement, each of which shall be deemed an original, but all such counterparts when taken together, shall constitute one and the
same agreement. 
  
 7.10 Notices. Any notices or other
communications provided for or allowed hereunder shall be effective only when given by one of the following methods and addressed to the parties at their respective addresses and shall be considered to have been validly given (a) upon delivery, if
delivered personally, (b) upon receipt, if mailed, first class postage prepaid, with the United States Postal Service, (c) on the next business day, if sent by overnight courier service of recognized standing, or (d) upon telephoned confirmation of
receipt, if telecopied or e-mailed. The addresses to which notices or demands are to be given may be changed from time to time by notice delivered as provided above. 
  
 7.11 Integration Clause. Except for the other Loan Documents, this Agreement constitutes the entire agreement between Bank and
Borrower regarding the Loan, and all prior oral or written communications between Borrower and Bank shall be of no further effect or evidentiary value. 
  

THIS AGREEMENT is executed on behalf of the parties by their duly authorized representative(s) as of the date first above written. 
  

							
	RELOACTION	 	UNION BANK OF CALIFORNIA, N.A.
				
	By:	 	 /s/ Jonathan Shaffer

	 	By:	 	 /s/ Matthew J. Pielert

	 	 	Jonathan Shaffer	 	 	 	Matthew J. Pielert
	 	 	Chief Financial Officer	 	 	 	Vice President
		
	Address for Notices:	 	Address for Notices:
		
	7901 Stoneridge Drive, Suite 390	 	East Bay Corporate
	Pleasanton, California 94588	 	200 Pringle Avenue
	Telephone No. (925) 734-3872	 	Walnut Creek, California 94596
	FAX No. (925) 734-5690	 	Telephone No. (925) 947-2441
	 	 	 	 	FAX No. (925) 947-2424

  

 Page 11 

 NOTICE OF WAIVER 
  
 

 
  
 October 21, 2004 
  
 Hewitt Relocation Services, Inc. 
 7901 Stoneridge Drive, Suite 390 
 Pleasanton, CA 94588-3600 
 Attn: Jonathan Shaffer 
  
 Re: Loan Agreement dated October 28, 2003 
  
 Dear
Jon: 
  
 You have requested the following waivers in reference to the Loan
(“Agreement”) referred to above. 
  
 Waivers: 
  
 Bank hereby waives Borrower’s breach of Section 5.3 Sale of Assets,
Liquidation or Merger and Section 6.5 Change of Control as it relates to the pending merger between Exult, Inc. and Hewitt Associates Inc., and the subsequent transfer of all or substantially all of Exult, Inc.’s assets and liabilities to
Hewitt Associates LLC, a wholly owned subsidiary of Hewitt Associates, Inc. Any further breach of these sections are not waived. 
  
 Except as waived hereby, the Agreement shall remain in full force and effect and is hereby ratified and confirmed. This Waiver shall not be a waiver of any existing or
future default or breach of a condition to covenant unless specified herein. 
  
 If you agree with the foregoing, please sign the enclosed document and return it on or before October 29, 2004. 
  

			
	Very truly yours,
	
	UNION BANK OF CALIFORNIA, N.A,
		
	By:	 	 /s/ Matthew Pielert

	 	 	Matthew Pielert
	Title:	 	Vice President

  
 Hewitt Relocation Services,
Inc. hereby agrees to and acknowledges this waiver this          day of
                     2004. 
  

			
	By:	 	Hewitt Relocation Services, Inc.
		
	By:	 	 
	 	 	Joe Chi
	Title:	 	Assistant Secretary

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00077-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00077-of-00352.parquet"}]]