Document:

Security Deposit Agreement

 EXHIBIT 10.4 
 Execution Version 
  
  
  
 SECURITY DEPOSIT AGREEMENT 
 dated as
of August 15, 2008 
 by and among 
 CHENIERE LNG HOLDINGS, LLC, 
 as Holdings 
 THE BANK OF NEW YORK MELLON, 
 in its capacity as Collateral Agent 
 and 
 THE BANK OF NEW YORK MELLON, 

 in its capacity as Depositary Agent 
  
  
  

 Table of Contents 
  

					
	 	 	 	  	Page
	ARTICLE I DEFINITIONS	  	1
	 Section 1.1
	 	Defined Terms	  	1
	 Section 1.2
	 	Interpretation	  	3
	 Section 1.3
	 	Uniform Commercial Code Definitions	  	3
		
	ARTICLE II APPOINTMENT OF DEPOSITARY AGENT; ESTABLISHMENT OF THE ACCOUNT	  	3
	 Section 2.1
	 	Acceptance of Appointment of Depositary Agent	  	3
	 Section 2.2
	 	Establishment of the Account	  	4
	 Section 2.3
	 	Security Interests	  	4
	 Section 2.4
	 	Account Maintained as UCC “Securities Account”	  	5
	 Section 2.5
	 	Jurisdiction of Depositary Agent	  	6
	 Section 2.6
	 	Degree of Care; Liens	  	6
	 Section 2.7
	 	Subordination of Lien; Waiver of Set-Off	  	6
	 Section 2.8
	 	No Other Agreements	  	7
	 Section 2.9
	 	Notice of Adverse Claims	  	7
	 Section 2.10
	 	Rights and Powers of the Collateral Agent	  	7
	 Section 2.11
	 	Termination	  	7
		
	ARTICLE III THE ACCOUNT	  	7
	 Section 3.1
	 	The TUA Reserve Account	  	7
	 Section 3.2
	 	Investment of the Account	  	9
	 Section 3.3
	 	Disposition of the Account Upon Discharge Date	  	9
	 Section 3.4
	 	Account Balance Statements	  	9
	 Section 3.5
	 	Trigger Event Date	  	10
		
	ARTICLE IV DEPOSITARY AGENT	  	11
	 Section 4.1
	 	Appointment of Depositary Agent, Powers and Immunities	  	11
	 Section 4.2
	 	Reliance by Depositary Agent	  	12
	 Section 4.3
	 	Court Orders	  	13
	 Section 4.4
	 	Resignation or Removal	  	13
		
	ARTICLE V EXPENSES; INDEMNIFICATION; FEES	  	14
	 Section 5.1
	 	Compensation and Expenses	  	14
	 Section 5.2
	 	Indemnification	  	14
	 Section 5.3
	 	Prompt Payment	  	15
		
	ARTICLE VI MISCELLANEOUS	  	15
	 Section 6.1
	 	Amendments; Etc.	  	15
	 Section 6.2
	 	Addresses for Notices	  	15
	 Section 6.3
	 	Governing Law; Jurisdiction	  	16

  

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	 Section 6.4
	 	Headings	  	17
	 Section 6.5
	 	Limited Third Party Beneficiaries	  	17
	 Section 6.6
	 	No Waiver	  	17
	 Section 6.7
	 	Severability	  	17
	 Section 6.8
	 	Successors and Assigns	  	17
	 Section 6.9
	 	Execution in Counterparts	  	17
	 Section 6.10
	 	Regarding the Collateral Agent	  	18
	 Section 6.11
	 	Intercreditor Provisions	  	18
	 Section 6.12
	 	Force Majeure	  	18
	 Section 6.13
	 	Consequential Damages	  	18
	 Section 6.14
	 	Patriot Act	  	18
	 Section 6.15
	 	Multiple Capacities	  	18

  

					
	 APPENDICES

  

					
	 Appendix A:
	 	FORM OF OFFICER’S CERTIFICATE
	 Appendix B:
	 	FORM OF WITHDRAWAL CERTIFICATE

  

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 This SECURITY DEPOSIT AGREEMENT, dated as of August 15, 2008 (this
“Agreement”), is entered into by and among CHENIERE LNG HOLDINGS, LLC, a Delaware limited liability company (“Holdings”), THE BANK OF NEW YORK MELLON, a New York banking corporation as Collateral Agent
(in such capacity and together with its successors in such capacity, the “Collateral Agent”), and THE BANK OF NEW YORK MELLON, a New York banking corporation, in its capacity as Agent, bank and securities intermediary for the
Secured Parties (in such capacity, the “Depositary Agent”). 
 RECITALS 
 A. Cheniere Common Units Holding, LLC, a Delaware limited liability company (the “Company”), has entered into that certain Credit
Agreement, dated on or about the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), with certain other Loan Parties party thereto, The Bank of New York Mellon, in
its capacity as the Administrative Agent, the Collateral Agent and certain Lenders from time to time party thereto, pursuant to which the Lenders shall make Loans to the Company on the Closing Date and such Loans shall be convertible into Preferred
Stock in accordance with the Credit Agreement. 
 B. As security for the Loans, the Company has assigned and granted a security interest in,
pursuant to certain security documents entered into between the Company and the Collateral Agent, all of its right, title and interest in, to and under, certain present and future property of the Company to the Collateral Agent for the benefit of
the Secured Parties. 
 C. It is a requirement under the Credit Agreement and a condition precedent to the making of the Loans to the Company
that Holdings shall have executed and delivered this Agreement. 
 D. The Collateral Agent and Holdings desire to appoint the Depositary
Agent as the depositary to hold and administer money deposited in or credited to the Account established pursuant to this Agreement and funded with, among other things, distributions received by the Company and certain Affiliates of the Company.

 AGREEMENT 
 NOW,
THEREFORE, in consideration of the foregoing premises and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Holdings hereby agrees with the Collateral Agent and the Depositary Agent (each for the
benefit of the Secured Parties) as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.1 Defined Terms. The following capitalized terms shall have the
following respective meanings; provided that capitalized terms used herein but not defined in this Section 1.1 shall have the meanings ascribed to them in the Credit Agreement (a copy of which has been provided to the Depositary Agent)
or, if not defined therein, Section 1.3: 
 “Account Collateral” has the meaning set forth in
Section 2.3(a). 
  

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 “Account” has the meaning set forth in Section 2.2. 
 “Bankruptcy Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors. 
 “Collateral Agent” has the meaning set forth in the Preamble. 
 “Company” has the meaning set forth in the Recitals. 
 “Depositary Agent” has the meaning set forth in the Preamble. 
 “Discharge Date” means the date following the making of the Loans on which no Loans, Permitted Accrued Interest or other accrued
interest is outstanding. 
 “Financial Assets” has the meaning set forth in Section 2.4. 
 “Financial Officer’s Certificate” means a certificate of the Financial Officer delivered by Holdings in the form of Appendix
A attached hereto. 
 “Indemnified Person” means the Depositary Agent, and its officers, directors, agents,
Affiliates and employees. 
 “Moody’s” means Moody’s Investors Service, Inc. 
 “Permitted Investments” means: 
 (a) United States dollars; 
 (b) securities issued or directly and fully guaranteed or
insured by the United States government or any agency or instrumentality of the United States government (provided that the full faith and credit of the United States is pledged in support of those securities) having maturities of not more
than one year from the date of acquisition; 
 (c) marketable general obligations issued by any state of the United States of
America or any political subdivision of any such state or any public instrumentality thereof maturing within one year from the date of acquisition thereof and, at the time of acquisition thereof, having a credit rating of “A” or better
from either S&P or Moody’s; 
 (d) certificates of deposit, demand deposit accounts and eurodollar time deposits with
maturities of one year or less from the date of acquisition, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case, with any domestic commercial bank having capital and surplus in excess of
$500,000,000 and a Thomson Bank Watch Rating of “A” or better; 
 (e) repurchase obligations with a term of not more
than 30 days for underlying securities of the types described in clauses (b), (c) and (d) above entered into with any financial institution meeting the qualifications specified in clause (d) above; 
  

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 (f) commercial paper or tax exempt obligations having one of the two highest ratings
obtainable from Moody’s or S&P and, in each case, maturing within three months after the date of acquisition; and 
 (g) money market funds at least 95% of the assets of which constitute Permitted Investments of the kinds described in clauses (a) through (f) of this definition or a money market fund or a qualified investment fund (including any
such fund for which the Collateral Agent or any Affiliate thereof acts as an advisor or a manager) given one of the two highest long-term ratings available from S&P or Moody’s. 
 “Property” means any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether
tangible or intangible. 
 “Release Amount” has the meaning set forth in Section 3.1(b)(i). 
 “S&P” means Standard & Poor’s Ratings Group. 
 “Trigger Event Date” has the meaning set forth in Section 3.5(a). 
 “Withdrawal Certificate” means a Withdrawal Certificate delivered by Holdings substantially in the form of Appendix B attached
hereto. 
 Section 1.2 Interpretation. The rules of interpretation set forth in Section 1.02 of the Credit Agreement shall
apply to, and are hereby incorporated by reference in, this Agreement. 
 Section 1.3 Uniform Commercial Code Definitions. All
terms defined in the UCC shall have the respective meanings given to those terms in the UCC, except where the context otherwise requires. 
 ARTICLE II 
 APPOINTMENT OF DEPOSITARY AGENT; ESTABLISHMENT OF THE ACCOUNT 
 Section 2.1 Acceptance of Appointment of Depositary Agent. 
 (a) The Depositary Agent hereby agrees to act as depositary agent, as “securities intermediary” (within the meaning of Section 8-102(14) of the UCC) with respect to the Account and the Financial Assets
credited thereto, and as “bank” (within the meaning of Section 9-102(a) of the UCC) with respect to the Account and credit balances not constituting Financial Assets credited thereto and to accept all cash, payments, other amounts and
Permitted Investments to be delivered to or held by the Depositary Agent pursuant to the terms of this Agreement. The Depository Agent is a “securities intermediary” (within the meaning of Section 8-102(14) of the UCC) and also is a
“bank” (within the meaning of Section 9-102(a) of the UCC). The Depositary Agent shall hold and safeguard the Account during the term of this Agreement in accordance with the provisions of this Agreement. 
  

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 (b) Holdings shall not have any rights to withdraw or transfer funds from the Account, as third party
beneficiary or otherwise, except as permitted by this Agreement and to direct the investment of monies held in the Account as permitted by Section 3.2. 
 Section 2.2 Establishment of the Account. The Depositary Agent hereby establishes an account entitled “TUA Reserve Account” (the “Account”) in the name of Holdings and in
the form of trust accounts, which shall be maintained at all times until the termination of this Agreement. For administrative purposes, additional sub-accounts within the Account may be established and created by the Depositary Agent from time to
time in accordance with this Agreement as separate trust accounts. 
 All amounts from time to time held in the Account shall be disbursed in
accordance with the terms hereof, shall constitute the property of Holdings and shall be (a) subject to the Lien of the Collateral Agent pursuant to the LNG Entities Guarantee and Collateral Agreement (for the benefit of the Secured Parties and
Crest) and (b) held in the sole custody and “control” (within the meaning of Section 8-106(d) of the UCC) of the Collateral Agent for the purposes and on the terms set forth in this Agreement and all such amounts shall constitute
a part of the Collateral and shall not constitute payment of any Obligations or any other obligation of Holdings. 
 Section 2.3
Security Interests. 
 (a) As collateral security for the prompt and complete payment and performance when due of the Obligations,
Holdings has pledged, assigned, hypothecated and transferred to the Collateral Agent (for the benefit of the Secured Parties) and has granted to the Collateral Agent (for the benefit of the Secured Parties) a Lien on all of Holdings’ rights,
titles and interests in, to and under (i) the Account and (ii) all cash, instruments, investment property, securities, “security entitlements” (as defined in Section 8-102(a)(17) of the UCC) and other Financial Assets at any
time on deposit in any Account, including all income, earnings and distributions thereon and all proceeds, products and accessions of and to any and all of the foregoing, including whatever is received or receivable upon any collection, exchange,
sale or other disposition of any of the foregoing and any property into which any of the foregoing is converted, whether cash or non-cash proceeds, and any and all other amounts paid or payable under or in connection with any of the foregoing
(collectively, the “Account Collateral”); 
 (b) Pursuant to the LNG Entities Guarantee and Collateral Agreement,
Holdings has pledged, assigned, hypothecated and transferred to Crest and has granted to Crest a Lien on all of Holdings’ rights, titles and interests in, to and under the Account Collateral. 
 (c) The Lien on the Collateral for the benefit of the Secured Parties is expressly subordinated and junior in priority to the Lien on the Collateral for
the benefit of Crest (i) regardless of the time, order or method of grant, attachment, recording or perfection of any financing statements or other security interests, assignments, pledges, deeds, mortgages and other liens, charges or
encumbrances and (ii) notwithstanding any provision of the UCC or any applicable law. 
  

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 (d) The Depositary Agent is the agent of the Collateral Agent (for the benefit of the Secured Parties)
for the purpose of receiving payments contemplated hereunder and for the purpose of perfecting the Lien of the Collateral Agent (for the benefit of the Secured Parties) in and to the Account and the other Account Collateral; provided that the
Depositary Agent shall not be responsible to take any action to perfect or maintain the perfection of such Lien except through the performance of its express obligations hereunder or upon the written direction of the Collateral Agent (for the
benefit of the Secured Parties) complying with this Agreement. This Agreement constitutes a “security agreement” as defined in Article 9 of the UCC. 
 Section 2.4 Account Maintained as UCC “Securities Account”. The Depositary Agent hereby agrees and confirms that it has established the Account as set forth and defined in this Agreement. The
Depositary Agent agrees that (a) the Account established by the Depositary Agent is and will be maintained as a “securities account” (within the meaning of Section 8-501 of the UCC) and all property credited to the Account, and
all rights of Holdings arising out of the Account, shall be treated as “financial assets” within the meaning of Section 8-102(a)(9) of the UCC); (b) Holdings has been designated as the “entitlement holder” (within the
meaning of Section 8-102(a)(7) of the UCC) in respect of the “financial assets” (within the meaning of Section 8-102(a)(9) of the UCC, the “Financial Assets”) credited to the Account that are
“securities accounts”; (c) all Financial Assets in registered form or payable to or to the order of and credited to the Account shall be registered in the name of, payable to or to the order of, or specially endorsed to, the
Depositary Agent or in blank, or credited to another securities account maintained in the name of the Depositary Agent; and (d) in no case shall any Financial Asset credited to the Account be registered in the name of, payable to or to the
order of, or endorsed to, Holdings except to the extent the foregoing have been subsequently endorsed by Holdings to the Depositary Agent or in blank. Each item of Property (including a security, security entitlement, investment property, instrument
or obligation, share, participation, interest or other property whatsoever) credited to any Account shall to the fullest extent permitted by law be treated as a Financial Asset. Until the Discharge Date, the Collateral Agent for the benefit of the
Secured Parties, and for the benefit of Crest for the purpose of perfecting the security interest of Crest in the Account, shall have “control” (within the meaning of Section 8-106(d)(2) or Section 9-104(a) (as applicable) of the
UCC) of the Account and Holdings’ “security entitlements” (within the meaning of Section 8-102(a)(17) of the UCC) with respect to the Financial Assets credited to the Account. All property delivered to the Depositary Agent
pursuant to this Agreement will be promptly credited to the Account. Holdings hereby irrevocably directs, and the Depositary Agent (in its capacity as securities intermediary) hereby agrees, that the Depositary Agent shall comply with all
instructions and orders (including entitlement orders within the meaning of Section 8-102(a)(8) of the UCC) regarding the Account and any Financial Asset therein originated by the Collateral Agent without the further consent of Holdings or any
other Person. In the case of a conflict between any instruction or order originated by the Collateral Agent and any instruction or order originated by Holdings or any other Person other than a court of competent jurisdiction, the instruction or
order originated by the Collateral Agent shall prevail. The Depositary Agent shall not change the name or account number of any Account without the prior written consent of the Collateral Agent and at least five Business Days’ prior notice to
Holdings, and shall not change the entitlement holder. 
 To the extent that the Account is not considered a “securities account”
(within the meaning of Section 8-501(a) of the UCC), the Account shall be deemed to be and maintained as 

  

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a “deposit account” (as defined in Section 9-102(a)(29) of the UCC) to the extent a security interest can be granted and perfected under the
UCC in the Account as a deposit account, which Holdings shall maintain with the Depositary Agent acting not as a securities intermediary but as a “bank” (within the meaning of Section 9-102(a)(8) of the UCC). The Depositary Agent
shall not have title to the funds on deposit in the Account, and shall credit the Account with all receipts of interest, dividends and other income received on the Property held in the Account. The Depositary Agent shall administer and manage the
Account in compliance with all the terms applicable to the Account pursuant to this Agreement, and shall be subject to and comply with all the obligations that the Depositary Agent owes to the Collateral Agent with respect to the Account, including
all subordination obligations, pursuant to the terms of this Agreement. The Depositary Agent hereby agrees to comply with any and all instructions (within the meaning of Section 9-104(a)(2) of the UCC) originated by the Collateral Agent for the
benefit of the Secured Parties directing disposition of funds and all other Property in the Account without any further consent of Holdings or any other Person. 
 Section 2.5 Jurisdiction of Depositary Agent. Holdings, the Collateral Agent and the Depositary Agent agree that, for purposes of the UCC, notwithstanding anything to the contrary contained in any other
agreement relating to the establishment and operation of the Account, the jurisdiction of the Depositary Agent (in its capacity as the securities intermediary and bank) is the State of New York and the laws of the State of New York govern the
establishment and operation of the Account. 
 Section 2.6 Degree of Care; Liens. The Depositary Agent shall exercise the same
degree of care in administering the funds held in the Account and the investments purchased with such funds in accordance with the terms of this Agreement as the Depositary Agent exercises in the ordinary course of its day-to-day business in
administering other funds and investments for its own account and as required by any Requirement of Law. The Depositary Agent is not party to and shall not execute and deliver, or otherwise become bound by, any agreement under which the Depositary
Agent agrees with any Person other than the Collateral Agent to comply with entitlement orders or instructions originated by such Person relating to the Account or the security entitlements that are the subject of this Agreement. The Depositary
Agent shall not grant any Lien on any Financial Asset, other than any Lien granted to the Collateral Agent hereunder. 
 Section 2.7
Subordination of Lien; Waiver of Set-Off. In the event that the Depositary Agent has or subsequently obtains by agreement, operation of law or otherwise a Lien in any Account or in any Account Collateral, the Depositary Agent agrees that such
Lien shall be subordinate to the Lien of the Collateral Agent. The financial assets standing to the credit of the Account and any other Account Collateral will not be subject to deduction, set-off, banker’s lien, or any other right in favor of
any Person other than the Collateral Agent (except to the extent of fees, charges and expenses incurred in connection with the purchase or sale of Permitted Investments, fees, expenses and indemnities payable to the Depositary hereunder, and
returned items and chargebacks either for uncollected checks or other items of payment and transfers previously credited to the Account, and Holdings and the Collateral Agent hereby authorize the Depositary Agent to debit the Account for such
amounts). 
  

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 Section 2.8 No Other Agreements. None of the Depositary Agent, the Collateral Agent and
Holdings have entered or will enter into any agreement with respect to any Account or any Account Collateral, other than this Agreement and the other Loan Documents. 
 Section 2.9 Notice of Adverse Claims. If any Person asserts any Lien (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against the Account or in any other
Account Collateral, the officer of the Depositary Agent responsible for overseeing the Account Collateral, upon obtaining actual knowledge thereof, will promptly notify the Collateral Agent and Holdings thereof. 
 Section 2.10 Rights and Powers of the Collateral Agent. The rights and powers granted to the Collateral Agent by the Secured Parties have
been granted in order to, among other things, perfect their Lien in the Account and the other Account Collateral and to otherwise act as their agent with respect to the matters contemplated hereby. 
 Section 2.11 Termination. This Agreement shall remain in full force and effect until the Discharge Date. 
 ARTICLE III 
 THE ACCOUNT 

Section 3.1 The TUA Reserve Account. 
 (a) Deposits into the TUA Reserve Account. Holdings shall deposit, or cause to be deposited, into the Account each of the following upon receipt thereof, and the Depositary Agent shall deposit any such amounts received directly by it
into the Account upon receipt thereof: 
 (i) proceeds from the borrowing of the Loans in an aggregate amount equal to
$135,000,000, which amount shall be deposited directly from the proceeds disbursed to the Company; 
 (ii) all distributions
received by the Company with respect to the common limited partnership units of CQP held by the Company; 
 (iii) all
distributions received by CSH and CQP GP with respect to their respective ownership interests in CQP; and 
 (iv) all amounts
remaining in the Distribution Reserve Account (as defined in the CQP Partnership Agreement) released to Holdings as permitted under the CQP Partnership Agreement. 
 (b) Disbursements from the TUA Reserve Account. 
 (i) To the extent that no Event of Default has
occurred and is continuing, Holdings may request disbursements from the Account to pay the Reservation Fee and Operating Fee (each as defined under the CMI TUA) obligations of CMI arising under the CMI TUA by submitting a duly completed and executed
Withdrawal Certificate to the 

  

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Depositary Agent and the Collateral Agent on a quarterly basis on the date that is no less than five (5) days or more than ten (10) days prior to
the end of each calendar quarter commencing with the calendar quarter ending September 30, 2008. Each such Withdrawal Certificate shall include the amount of the proposed withdrawal (the “Release Amount”) and a Financial
Officer’s Certificate certifying that (A) no Event of Default under the Credit Agreement has occurred and is continuing, (B) the requested funds are to be used to fund the Reservation Fee and Operating Fee obligations that are
reasonably estimated to become due and payable within the next three (3) months in accordance with the CMI TUA, (C) Section 4.08 of the Sabine Indenture does not prohibit the making of distributions by Sabine, (D) such Financial
Officer has no knowledge of any circumstance or event that could reasonably be expected to cause Sabine not to be able to make distributions to CQP in an amount that CQP requires to meet the following clause (E), pay distributions to public common
unitholders and pay its other operating expenses, (E) such Financial Officer has no knowledge of any circumstance or event that could reasonably be expected to cause (1) CQP not to make distributions on common units held by the Company,
the subordinated units and general partnership units within 45 days of the applicable calendar quarter-end in an amount at least equal to the Release Amount and (2) such distributions not to be remitted to the TUA Reserve Account pursuant to
Section 3.1(a), (F) such Financial Officer has no knowledge of any circumstance or event that could reasonably be expected to prevent the release of the amounts in the CQP Distribution Reserve Account to Holdings on or before the date on
which common unit distributions are made in respect of the calendar quarter ending June 30, 2009 in accordance with the CQP Partnership Agreement and (G) if the Required Lenders have delivered a notice of mandatory prepayment pursuant to
Section 2.09 of the Credit Agreement, CEI has the financial resources available to pay the principal amount of and accrued interest (including Permitted Accrued Interest) on the Loans on or prior to the date required pursuant to such notice
(provided that, with respect to the calendar quarter period ending September 30, 2008, such Financial Officer’s Certificate shall certify as to the statements in clauses (D) and (E) for distributions in respect of the
calendar quarter ending December 31, 2008). Upon receipt before 12:00 Noon (New York City time) on any Business Day by the Depositary Agent, the Depositary Agent shall make the withdrawals, transfers and payments as specified in the applicable
Withdrawal Certificate as soon as reasonably practicable, and in any event within five (5) Business Days following receipt of such Withdrawal Certificate. Disbursements from the Account under this clause (i) shall be used solely to pay the
Reservation Fee and Operating Fee obligations of CMI arising under the CMI TUA. 
 (ii) At any time following the first date that full
payments under each of the TUAs have been received for a full calendar quarter and provided that no Event of Default has occurred and is continuing, upon delivery of a duly completed and executed Withdrawal Certificate and Financial Officer’s
Certificate certifying that (A) no Event of Default has occurred and is continuing, (B) Section 4.08 of the Sabine Indenture does not prohibit the making of distributions by Sabine, (C) such Financial Officer has no knowledge of any
circumstance or event that could reasonably be expected to cause Sabine not to be able to make a distribution during the calendar quarter immediately following the delivery of such certificate and (D) such Financial Officer has no knowledge of
any circumstance or event that could reasonably be expected to cause CQP not to make a distribution during such following calendar quarter at least equal to the 42.5 cents per share on all common, subordinated and general partner units outstanding,
funds in the Account in excess of the amount required to make the next three monthly payments under the CMI TUA may be disbursed from the Account to pay distributions to Holdings or another Loan Party. 
  

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 Section 3.2 Investment of the Account. 
 (a) Amounts deposited in the Account under this Agreement shall, upon the delivery of investment authorizations and directions satisfactory to the
Depository Agent, at Holdings’ written request and direction, be invested by the Depositary Agent in Permitted Investments, in each case as specifically directed by Holdings that will mature in such amounts and not later than such times as may
be necessary to provide monies when needed to make payments from such monies as provided in this Agreement. Except as otherwise provided herein, net interest or gain received, if any, from such investments shall be deposited into the Account. Any
loss shall be charged to the Account. The Depositary Agent shall have no responsibility or liability for any loss which may result from any investment made pursuant to this Agreement, or for any loss resulting from the sale of such investment.

 (b) Absent written instructions from Holdings, the Depositary Agent shall invest the amounts held in the Account under this Agreement in
Permitted Investments described in clause (b) of such definition. In the event that at any time amounts are funded into an Account after 11:00 am New York City time on any Business Day, the Depositary Agent shall have no obligation to invest or
reinvest such amounts on the date on which such amounts are funded. Instructions with respect to the investment of amounts received into an Account after 11:00 am New York City time shall be deemed to apply for the following Business Day.

 (c) If and when cash is required for the making of any transfer, disbursement or withdrawal in accordance with this Agreement, Holdings
shall instruct the Depositary Agent to sell or liquidate into cash Permitted Investments (without regard to maturity) as and to the extent necessary in order to make such transfers, disbursements or withdrawals required pursuant to this Agreement.
The Depositary Agent shall comply with any instruction from Holdings with respect to the liquidation of such Permitted Investments. In the event any such investments are so redeemed prior to the maturity thereof, neither the Depositary Agent nor the
Collateral Agent shall be liable for any loss, penalties, fees or expenses relating thereto. 
 (d) For purposes of determining
responsibility for any income tax payable on account of any income or gain on any Permitted Investment hereunder, such income or gain shall be for the account of Holdings. Holdings shall provide the Depositary Agent with certified tax identification
numbers by furnishing appropriate forms W-9 or W-8 and such other forms and documents that the Depositary Agent may request. 
 Section 3.3 Disposition of the Account Upon Discharge Date. If the Depositary Agent shall have received a certificate from the Collateral Agent stating that the Discharge Date shall have occurred, all amounts remaining in the
Account shall be remitted to Holdings or as otherwise directed in writing by Holdings. 
 Section 3.4 Account Balance Statements.
The Depositary Agent shall, on a monthly basis within 15 days after the end of each month and at such other times as the Collateral Agent or Holdings may from time to time reasonably request, provide to the Collateral Agent and 

  

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Holdings, fund balance statements in respect of the Account and amounts held in the Account. Such balance statement shall also include deposits, withdrawals
and transfers from and to any Account and the net investment income or gain received and collected in the Account. The Depositary Agent shall maintain records of all receipts, disbursements, and investments of funds with respect to the Account until
the third anniversary of the Discharge Date. Within 90 days after the end of each year, the Depositary Agent shall furnish to the Collateral Agent, with a copy to Holdings, a report setting forth in reasonable detail the account balance, receipts,
disbursements, transfers, investment transactions and accruals for the Account during such year. The Depositary Agent shall promptly notify the Collateral Agent (with a copy to Holdings) of its receipt and the amount of any funds received from any
Person that is, or is required hereunder to be, deposited into any Account. The Depositary Agent shall upon request give notice to the Collateral Agent and Holdings of the location of the Account. 
 Section 3.5 Trigger Event Date. 
 (a) On and after any date on which the Depositary Agent receives written notice from the Collateral Agent that (i) a payment default on the Loans or under any other Loan Document has occurred and is continuing, or (ii) an Event of
Default has occurred and is continuing and the maturity of the Loans has been accelerated (the date of receipt of such notice (the “Trigger Event Date”), notwithstanding anything to the contrary contained herein (including
this Article III), the Depositary Agent shall thereafter accept all notices and instructions required or permitted to be given to the Depositary Agent pursuant to the terms of this Agreement only from the Collateral Agent and not from Holdings or
any other Person and the Depositary Agent shall not withdraw, transfer, pay or otherwise distribute any monies in the Account except pursuant to such notices and instructions from the Collateral Agent unless the Depositary Agent shall have received
notice from the Collateral Agent that such payment default has been waived, cured or no longer exists or that the acceleration of the maturity of the Loans has been rescinded, as the case may be, in which event the terms of this Section 3.5
shall thereafter be inapplicable to such payment default or acceleration, as the case may be; provided that no amounts may be transferred by Holdings from the Account if any Withdrawal Certificate does not contain a statement that no Event of
Default has occurred and is continuing. 
 (b) Notwithstanding the occurrence of the Trigger Event Date, Holdings shall continue to remit all
amounts received in accordance with Section 3.1(a) to the Account. 
 (c) Within three Business Days of a Trigger Event Date, the
Depositary Agent shall render an accounting of all monies in the Account as of such Trigger Event Date to the Collateral Agent. 
 (d) All of
the Collateral Agent’s rights and remedies with respect to the Account and the other Account Collateral shall be subject to the terms of the LNG Entities Guarantee and Collateral Agreement. Accordingly, from and after a Trigger Event Date, the
Collateral Agent shall have the right to control the Account, use the Account Collateral to repay the Obligations and the Crest Obligations and sell, dispose or realize on the Account Collateral, in each case in accordance with the Loan Documents.

  

 10 

 (e) From and after a Trigger Event Date, and notwithstanding anything herein to the contrary (but without
limiting the rights or remedies of Crest under the Crest Settlement Agreement or the Secured Parties under the Loan Documents and in each case subject to the terms of the LNG Entities Guarantee and Collateral Agreement), the Collateral Agent (or the
Depositary Agent at the Collateral Agent’s direction) shall be permitted to (i) liquidate and make Permitted Investments, (ii) direct the disposition of the funds in the Account, (iii) pay the obligations of CMI arising under the
CMI TUA then due and payable and (iv) pay interest and principal in accordance with the priorities established by Section 6.05 of the LNG Entities Guarantee and Collateral Agreement and the Credit Agreement. 
 ARTICLE IV 
 DEPOSITARY AGENT

 Section 4.1 Appointment of Depositary Agent, Powers and Immunities. Holdings and the Collateral Agent, on behalf of the
Secured Parties, hereby each appoint the Depositary Agent to act as its agent hereunder, with such powers as are expressly delegated to the Depositary Agent by the terms of this Agreement, together with such other powers as are reasonably incidental
thereto. The Depositary Agent shall not have any duties or responsibilities except those expressly set forth in this Agreement and no implied duties or covenants shall be read against the Depositary Agent. Without limiting the generality of the
foregoing, the Depositary Agent shall take all actions as the Collateral Agent shall direct it to perform in accordance with the express provisions of this Agreement. The Depositary Agent’s duties hereunder are administrative only and it may,
but shall not be required under any circumstances to, exercise discretion in the performance of its duties hereunder. Notwithstanding anything to the contrary contained herein, the Depositary Agent shall not be required to take any action which is
contrary to this Agreement or any law or rule of any Governmental Authority. Neither the Depositary Agent nor any of its Affiliates shall be responsible to the Secured Parties for any recitals, statements, representations or warranties made by
Holdings contained in this Agreement or any other Loan Document or in any certificate or other document referred to or provided for in, or received by any Secured Party under this Agreement or any other Loan Document for the value, validity,
effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other document referred to or provided for herein or therein or for any failure by Holdings to perform its obligations hereunder or thereunder. The Depositary Agent
shall not be required to ascertain or inquire as to the performance by Holdings or any other Person of any of its obligations under this Agreement or any other document or agreement contemplated hereby or thereby. The Depositary Agent shall not be
(a) required to initiate or conduct any litigation or collection proceeding hereunder or under any other Loan Document or (b) responsible for any action taken or omitted to be taken by it hereunder (except for its own gross negligence or
willful misconduct, as determined by the final judgment of a court of competent jurisdiction, no longer subject to appeal or review) or in connection with any other Loan Document. Except as otherwise provided under this Agreement, the Depositary
Agent shall take action under this Agreement only as it shall be directed in writing. Whenever in the administration of this Agreement the Depositary Agent shall deem it necessary or desirable that a factual matter be proved or established in
connection with the Depositary Agent taking, suffering or omitting to take any action hereunder, such matter (unless other evidence in respect thereof is herein specifically prescribed) may be deemed to be conclusively proved or established by a
Financial Officer’s 

  

 11 

 
Certificate of Holdings or a certificate of an officer of the Collateral Agent, if appropriate. The Depositary Agent shall have the right at any time to seek
instructions concerning the administration of this Agreement from the Collateral Agent, Holdings or any court of competent jurisdiction. The Depositary Agent shall have no obligation to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder. The Depositary Agent shall not be liable for any error of judgment, unless it shall be conclusively determined by a court of competent jurisdiction that the Depositary Agent was grossly
negligent or acting with willful misconduct in ascertaining the pertinent facts. The Depositary Agent may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents, attorneys, custodians or
nominees appointed with due care, and shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any agent, attorney, custodian or nominee so appointed. Neither the Depositary Agent nor any of its officers,
directors, employees or agents shall be liable for any action taken or omitted under this Agreement or in connection therewith except to the extent caused by the Depositary Agent’s gross negligence or willful misconduct, as determined by the
final judgment of a court of competent jurisdiction, no longer subject to appeal or review. The Depositary Agent shall not be deemed to have knowledge of an Event of Default unless the Depositary Agent shall have received written notice thereof. The
rights, privileges, protections and benefits given to the Depositary Agent, including, without limitation, its rights to be indemnified, are extended to, and shall be enforceable by, the Depositary Agent in each of its capacities hereunder, and to
each agent, custodian and other Persons employed by the Collateral Agent in accordance herewith to act hereunder. 
 Section 4.2
Reliance by Depositary Agent. The Depositary Agent shall be entitled to conclusively rely upon and shall not be bound to make any investigation into the facts or matters stated in any certificate of Holdings or the Collateral Agent, or any
other notice or other document (including any electronic transmission, cable, telegram or telecopy) believed by it to be genuine and to have been signed or sent by or on behalf of the proper Person or Persons, and upon advice and statement of legal
counsel, independent accountants and other experts selected by the Depositary Agent and shall have no liability for its actions taken thereupon, unless due to the Depositary Agent’s willful misconduct or gross negligence, as determined by the
final judgment of a court of competent jurisdiction, no longer subject to appeal or review. Without limiting the foregoing, (i) the Depositary Agent shall be required to make payments to the Collateral Agent only as set forth herein and
(ii) shall in all cases be fully protected in acting Withdrawal Certificate. The Depositary Agent shall be fully justified in failing or refusing to take any action under this Agreement (a) if such action would, in the reasonable opinion
of the Depositary Agent, be contrary to any applicable law or rule of any Governmental Authority or the terms of this Agreement, (b) if such action is not specifically provided for in this Agreement and it shall not have received any such
advice or concurrence of the Collateral Agent as it deems appropriate or (c) if, in connection with the taking of any such action that would constitute an exercise of remedies under this Agreement (whether such action is or is intended to be an
action of the Depositary Agent or the Collateral Agent), it shall not first be indemnified to its satisfaction by the Secured Parties (other than the Collateral Agent (in its individual capacity) or any other agent or trustee under any of the Loan
Documents (in their respective individual capacities)) against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. The Depositary Agent shall in all cases be fully protected in
acting, or in refraining from acting, under this Agreement in accordance with a request of the Collateral Agent or one or more other Secured Parties, and such request and any action taken or failure to act pursuant thereto shall be binding upon the
Secured Parties. 
  

 12 

 Section 4.3 Court Orders. The Depositary Agent is hereby authorized, in its exclusive
discretion, to obey and comply with all writs, orders, judgments or decrees issued by any court or administrative agency affecting any money, documents or things held by the Depositary Agent. The Depositary Agent shall not be liable to any of the
parties hereto or any of the Secured Parties or their successors, heirs or personal representatives by reason of the Depositary Agent’s compliance with such writs, orders, judgments or decrees, notwithstanding such writ, order, judgment or
decree is later reversed, modified, set aside or vacated. 
 Section 4.4 Resignation or Removal. Subject to the appointment and
acceptance of a successor Depositary Agent as provided below, the Depositary Agent may resign at any time by giving 30 days’ written notice thereof to the Collateral Agent and Holdings; provided that in the event the Depositary Agent is
also the Collateral Agent, it must also at the same time resign as the Collateral Agent. The Depositary Agent may be removed at any time with or without cause by the Collateral Agent. So long as no Event of Default shall have then occurred and be
continuing, Holdings shall have the right to remove the Depositary Agent for cause upon 60 days’ notice to the Depositary Agent and the Collateral Agent. In the event that the Depositary Agent shall decline to take any action without first
receiving adequate indemnity from Holdings or the Secured Parties and, having received an indemnity, shall continue to decline to take such action, Holdings and the Collateral Agent shall be deemed to have sufficient cause to remove the Depositary
Agent. Notwithstanding anything to the contrary, the resignation or removal of the Depositary Agent shall be effective upon the earlier of: (a) 60 days after the notice or resignation or removal or (b) the date that (i) a successor
Depositary Agent is appointed in accordance with this Section 4.4, (ii) the resigning or removed Depositary Agent has transferred to its successor all of its rights and obligations in its capacity as the Depositary Agent under this
Agreement and the other Loan Documents, and (iii) the successor Depositary Agent has executed and delivered an agreement to be bound by the terms hereof and perform all duties required of the Depositary Agent hereunder. Within 30 days of
receipt of a written notice of any resignation or removal of the Depositary Agent, so long as no Event of Default shall have then occurred and be continuing, Holdings shall appoint a successor Depositary Agent reasonably acceptable to the Collateral
Agent; provided that, if the Collateral Agent does not confirm such acceptance or reject such appointee in writing within 30 days following selection of such successor by Holdings, then it shall be deemed to have given acceptance thereof and
such successor shall be deemed appointed as the Depositary Agent hereunder. If no successor Depositary Agent shall have been appointed by Holdings and shall have accepted such appointment within 30 days after the retiring Depositary Agent’s
giving of notice of resignation or the removal of the retiring Depositary Agent or if an Event of Default shall have then occurred and be continuing, then the Collateral Agent or the Secured Parties shall appoint a successor Depositary Agent, which
shall be a bank or trust company which has an office in New York, New York and that has a combined capital surplus of at least $500,000,000 or at least $100,000,000 and is a wholly owned subsidiary of a bank or trust company that has a combined
capital surplus of at least $500,000,000. Upon the acceptance of any appointment as Depositary Agent hereunder by the successor Depositary Agent, (a) such successor Depositary Agent shall thereupon succeed to and become vested with all the
rights, powers, privileges and duties of the retiring Depositary Agent, and the retiring Depositary Agent shall be discharged from its duties and obligations hereunder 

  

 13 

 
and (b) the retiring Depositary Agent shall promptly transfer all monies and Permitted Investments within its possession or control to the possession or
control of the successor Depositary Agent and shall execute and deliver such notices, instructions and assignments as may be necessary or desirable to transfer the rights of the Depositary Agent with respect to the monies and Permitted Investments
to the successor Depositary Agent. After the retiring Depositary Agent’s resignation or removal hereunder as Depositary Agent, the provisions of this Article IV and of Article V shall continue in effect for its benefit in respect of
any actions taken or omitted to be taken by it while it was acting as Depositary Agent. Any corporation into which the Depositary Agent may be merged or converted or with which it may be consolidated or any corporation resulting from any merger,
conversion or consolidation to which the Depositary Agent shall be a party, or any corporation succeeding to the business of the Depositary Agent shall be the successor of the Depositary Agent hereunder without the execution or filing of any paper
with any party hereto or any further act on the part of any of the parties hereto except where an instrument of transfer or assignment is required by law to effect such succession, anything herein to the contrary notwithstanding. 
 ARTICLE V 
 EXPENSES; INDEMNIFICATION; FEES

 Section 5.1 Compensation and Expenses. Holdings agrees to pay to the Depositary Agent (a) the Depositary Agent’s
fees in accordance with a fee schedule provided by the Depositary Agent to Holdings prior to the date hereof and (b) the amount of any and all of the Depositary Agent’s reasonable and documented out-of-pocket expenses, including the
reasonable and documented fees and expenses of its counsel (and any local counsel) and of any accountants, experts or agents, which the Depositary Agent may incur in connection with (i) the administration of this Agreement, (ii) the
custody or preservation of, or the sale of, collection from, or other realization upon, any of the Account Collateral or (iii) the exercise or enforcement (whether through negotiations, legal proceedings or otherwise) of any of the rights of
the Depositary Agent under this Agreement. 
 Section 5.2 Indemnification. 
 (a) Holdings, whether or not any of the transactions contemplated hereby shall be consummated, hereby assumes liability for and agrees to defend,
indemnify and hold harmless each Indemnified Person from and against any and all losses, claims, damages, liabilities and related costs and expenses, including reasonable counsel fees, disbursements and other charges (any of the foregoing, a
“Claim”), which may be imposed on, incurred by or asserted against an Indemnified Person in any way relating to or arising or alleged to arise out of: (i) the execution, delivery, enforcement or administration of this
Agreement (including the performance by the Depositary Agent of its duties, rights and obligations hereunder) or any other Loan Document or any agreement or instrument contemplated thereby, the performance by the parties thereto of their respective
obligations thereunder or the consummation of the Transactions; and (ii) any breach by Holdings of any of its representations or warranties under the Loan Documents or failure by Holdings to perform or observe any covenant or agreement to be
performed by it under any of the Loan Documents; provided that the foregoing indemnities in clauses (i) and (ii) shall not, as to any Indemnified Person, apply to Claims to the extent they arise out of or result from 

  

 14 

 
(x) the gross negligence or willful misconduct of such Indemnified Person as determined in a final, non-appealable judgment by a court of competent
jurisdiction, (y) any breach of any obligation or representation or warranty of such Indemnified Person under any Loan Document, or (z) any taxes (other than taxes incurred by such Indemnified Person as a result of its receipt of an amount
payable under this Section 5.2(a)) owed by the Indemnified Person in its individual capacity. 
 (b) To the extent that the undertakings
to defend, indemnify, pay and hold harmless set forth in clause (a) may be unenforceable in whole or in part because they are violative of any law or public policy, Holdings shall contribute the maximum portion that it is permitted to pay and
satisfy under applicable law to the payment and satisfaction of all indemnified liabilities incurred pursuant to clause (a) by any Indemnified Person. To the extent that Holdings fails to pay any amount required to be paid by it to the any
Indemnified Person, each Secured Party (other than the Collateral Agent (in its individual capacity) or any other agent or trustee under any of the Loan Documents (in their respective individual capacities)) agrees to pay to such Indemnified Person,
such Secured Party’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that such amount, was incurred by or asserted against the Indemnified
Person. For purposes hereof, a Secured Party’s pro rata share shall be determined based upon its share of the outstanding Loans at such time. 
 (c) The agreements in this Section 5.2 shall survive termination of this Agreement. 
 Section 5.3 Prompt Payment.
All amounts due under this Article V shall be payable by Holdings within ten days after receipt of written demand therefor. 
 ARTICLE VI

 MISCELLANEOUS 
 Section 6.1 Amendments; Etc. No amendment or waiver of any provision of this Agreement nor consent to any departure by Holdings herefrom shall in any event be effective unless the same shall be in writing and signed by each of
the parties hereto and is otherwise in accordance with the terms of the Credit Agreement. Any such amendment, waiver or consent shall be effective only in the specific instance and for the specified purpose for which given. 
 Section 6.2 Addresses for Notices. All notices, requests and other communications provided for hereunder shall be in writing and, except as
otherwise required by the provisions of this Agreement, shall be sufficiently given and shall be deemed given when personally delivered or, if mailed by registered or certified mail, postage prepaid, or sent by overnight delivery or telecopy, upon
receipt by the addressee, in each case addressed to the parties as follows (or such other address as shall be designated by such party in a written notice to each other party): 
  

			
	Company:	    	Cheniere LNG Holdings, LLC
		    	700 Milam, Suite 800
		    	Houston, TX 77002
		    	Attention: Graham McArthur
		    	Fax: (713) 375-6000
		    	email: graham.mcarthur@cheniere.com

  

 15 

			
	Collateral Agent:	    	 The Bank of New York Mellon
 as Collateral
Agent
 600 East Las Colinas Blvd. Suite 1300

		    	 Irving, TX 75039
 Attention Bob Hingston/Risk
Management
 Fax: (972) 401-8555

		
	Depositary Agent:	    	 The Bank of New York Mellon
 as Depositary
Agent
 101 Barclay Street 8W

		    	 New York, NY 10286
 Attention: Corporate Trust
Administration
 Fax: (212) 815-5707

 Section 6.3 Governing Law; Jurisdiction. 
 (a) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK EXCLUDING CHOICE OF LAW PRINCIPLES OF SUCH LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 
 (b) ANY
LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT AND ANY ACTION FOR ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW
YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH OF THE PARTIES HERETO HEREBY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS AND APPELLATE COURTS
FROM ANY THEREOF. HOLDINGS HEREBY IRREVOCABLY DESIGNATES, APPOINTS AND EMPOWERS CORPORATION SERVICE COMPANY AS ITS DESIGNEE, APPOINTEE AND AGENT TO RECEIVE, ACCEPT AND ACKNOWLEDGE FOR AND ON ITS BEHALF, AND IN RESPECT OF ITS PROPERTY, SERVICE OF ANY
AND ALL LEGAL PROCESS, SUMMONS, NOTICES AND DOCUMENTS WHICH MAY BE SERVED IN ANY ACTION OR PROCEEDING IN THE STATE OF NEW YORK. IF FOR ANY REASON SUCH DESIGNEE, APPOINTEE AND AGENT SHALL CEASE TO BE AVAILABLE TO ACT AS SUCH, HOLDINGS AGREES TO
DESIGNATE A NEW DESIGNEE, APPOINTEE AND AGENT IN NEW YORK CITY ON THE TERMS AND FOR THE PURPOSES OF THIS PROVISION SATISFACTORY TO THE COLLATERAL AGENT. HOLDINGS IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS
IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO HOLDINGS AT ITS ADDRESS REFERRED TO IN SECTION 6.2. EACH OF 

  

 16 

 
THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY DO SO UNDER APPLICABLE LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO
THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT BROUGHT IN THE COURTS REFERRED TO ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT
THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS
OR OTHERWISE PROCEED IN ANY OTHER JURISDICTION. 
 (c) TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY MATTER ARISING HEREUNDER. 
 Section 6.4 Headings. Section and Article headings in this Agreement are included herein for convenience of reference only and shall not
constitute a part of this Agreement for any other purpose or be given any substantive effect. 
 Section 6.5 Limited Third Party
Beneficiaries. This Agreement and the rights and benefits hereof shall inure to the benefit of each of the parties hereto and its respective successors and assigns and shall inure to the benefit of Crest and the Secured Parties. 
 Section 6.6 No Waiver. No failure on the part of the Depositary Agent, the Collateral Agent or any of the Secured Parties or any of their
nominees or representatives to exercise, and no course of dealing with respect to, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise by the Depositary Agent,
the Collateral Agent or any of the Secured Parties or any of their nominees or representatives of any right, power or remedy hereunder preclude any other or future exercise thereof or the exercise of any other right, power or remedy, nor shall any
waiver of any single Event of Default or other breach or default be deemed a waiver of any other Event of Default or other breach or default theretofore or thereafter occurring. 
 Section 6.7 Severability. If any provision of this Agreement or the application thereof shall be invalid or unenforceable to any extent,
(a) the remainder of this Agreement and the application of such remaining provisions shall not be affected thereby and (b) each such remaining provision shall be enforced to the greatest extent permitted by law. 
 Section 6.8 Successors and Assigns. All covenants, agreements, representations and warranties in this Agreement by each party hereto shall
bind and, to the extent permitted hereby, shall inure to the benefit of and be enforceable by their respective successors and assigns and the Secured Parties, whether so expressed or not. 
 Section 6.9 Execution in Counterparts. This Agreement may be executed in counterparts (and by different parties hereto in different
counterparts), each of which shall 

  

 17 

 
constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of
this Agreement or any document or instrument delivered in connection herewith by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement or such other document or instrument, as applicable. 
 Section 6.10 Regarding the Collateral Agent. The Collateral Agent shall be afforded all of the rights, powers, protections, immunities and
indemnities set forth in the Credit Agreement and the LNG Entities Guarantee and Collateral Agreement as if the same were specifically set forth herein. 
 Section 6.11 Intercreditor Provisions. In the event of any conflict between the provisions set forth in this Agreement and those set forth in the Credit Agreement, the provisions of the Credit Agreement
shall supersede and control the terms and provisions of this Agreement. 
 Section 6.12 Force Majeure. In no event shall the
Collateral Agent or the Depositary Agent be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including strikes, work
stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of god, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it
being understood that the Collateral Agent or the Depositary Agent shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
 Section 6.13 Consequential Damages. Anything in this Agreement to the contrary notwithstanding, in no event shall any of the parties hereto
be liable under or in connection with this Agreement for indirect, special, incidental, punitive or consequential losses or damages of any kind whatsoever, including but not limited to lost profits, whether or not foreseeable, even if such party has
been advised of the possibility thereof and regardless of the form of action in which such damages are sought. 
 Section 6.14
Patriot Act. Holdings hereby acknowledges that the Depositary Agent is subject to federal laws, including the Customer Identification Program (CIP) requirements under the USA PATRIOT Act and its implementing regulations, pursuant to which
Holdings must obtain, verify and record information that allows the Depositary Agent to identify Holdings. Accordingly, prior to opening an Account hereunder, the Depositary Agent will ask Holdings to provide certain information including, but not
limited to, Holdings’ name, physical address, tax identification number and other information that will help the Depositary Agent to identify and verify Holdings’ identity such as organizational documents, certificate of good standing,
license to do business, or other pertinent identifying information. Holdings agrees that the Depositary Agent cannot open an Account hereunder unless and until Holdings verifies Holdings’ identity in accordance with its CIP. 
 Section 6.15 Multiple Capacities. Each of the parties hereto hereby (i) acknowledges that The Bank of New York Mellon is acting under
this Agreement in multiple capacities as the Collateral Agent and the Depository Agent and (ii) waives any conflict of interest, now 

  

 18 

 
contemplated or arising hereafter, in connection therewith and agrees not to assert against The Bank of New York Mellon any claims, causes of action, damages
or liabilities of whatever kind or nature relating thereto. 
 [Signature page follows.] 
  

 19 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by
their respective officers thereunto duly authorized as of the date first above written. 
  

			
	CHENIERE LNG HOLDINGS, LLC
		
	By:	 	 /s/ Graham A. McArthur

	Name:	 	Graham A. McArthur
	Title:	 	Treasurer

			
	THE BANK OF NEW YORK MELLON, not individually but solely in its capacity as Collateral Agent
		
	By:	 	 /s/ Robert D. Hingston

	Name:	 	Robert D. Hingston
	Title:	 	Vice President

			
	THE BANK OF NEW YORK MELLON, not individually but solely in its capacity as Depositary Agent
		
	By:	 	 /s/ Robert D. Hingston

	Name:	 	Robert D. Hingston
	Title:	 	Vice PresidentInvestors' Agreement

 EXHIBIT 10.5 
 Execution Copy 
 INVESTORS’ AGREEMENT 
 among 
 CHENIERE ENERGY, INC., 

 CHENIERE COMMON UNITS HOLDING, LLC, 
 GSO SPECIAL SITUATIONS FUND LP, 
 GSO ORIGINATION FUNDING PARTNERS LP, 
 BLACKSTONE DISTRESSED SECURITIES FUND L.P., 
 GSO COF FACILITY LLC, 
 and 
 SCORPION CAPITAL PARTNERS LP 
 Dated as of August 15, 2008 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 1
	  	Definitions	  	1
			
	 2
	  	Corporate Governance	  	6
			
	 3
	  	Legends; Securities Law Compliance	  	7
			
	 4
	  	Registration Rights	  	8
			
	 5
	  	Exchange Rights	  	19
			
	 6
	  	Miscellaneous	  	28

  

 i 

 INVESTORS’ AGREEMENT 
 Investors’ Agreement, dated as of August 15, 2008 (this “Agreement”), by and among Cheniere Energy, Inc., a Delaware corporation (including successors, the
“Company”), Cheniere Common Units Holding, LLC, a Delaware limited liability company (the “Borrower”) and GSO Special Situations Fund LP, GSO Origination Funding Partners LP, Blackstone Distressed Securities Fund
L.P., GSO COF Facility LLC, and Scorpion Capital Partners LP (each, an “Investor”). 
 W I T N E S S E T H:

 Whereas, the Company and the Investor entered into that certain Credit Agreement, dated as of August 15, 2008 among Cheniere Common Units
Holding, LLC, as Borrower, the Loan Parties signatory thereto, including the Company, the Lenders party thereto and The Bank of New York Mellon, as Administrative Agent and Collateral Agent (as amended from time to time, the “Credit
Agreement”); 
 Whereas, the Exchangeable Portion of Loans under the Credit Agreement is exchangeable into shares of Series B Preferred Stock
as provided in this Agreement; 
 Whereas, the Exchangeable Portion of Loans under the Credit Agreement may be exchanged for shares of Series B
Preferred Stock at any time; and 
 Whereas, the parties believe that it is in the best interests of the Company and its stockholders to set forth
their agreements on certain matters regarding exchange of the Exchangeable Portion of Loans and certain rights of the Series B Preferred Stock. 
 Now, Therefore, in consideration of the mutual covenants and obligations set forth in this Agreement, and intending to be legally bound, the parties agree as follows: 
  

	1	Definitions 

  

	 	1.1	Definitions of Certain Terms 

 For purposes of this
Agreement, the following terms have the indicated meanings: 
 “Affiliate” has the meaning set forth in the Credit Agreement.

 “Agreement” is defined in the preamble to this Agreement. 
 “AMEX” has the meaning set forth in the Credit Agreement. 
 “Applicable Exchange Rate” shall mean the Exchange Rate in effect at any given time. 
 “As-Converted Basis” shall mean, with respect to (i) any Loan, the number of shares of Common Stock into which such Loan would be then exchangeable into assuming that the exchange into Series B Preferred Stock had
occurred and that shares of Series B Preferred Stock received in exchange for Loans are contemporaneously converted into shares of 

 
Common Stock, and (ii) any share of Series B Preferred Stock, the number of shares of Common Stock into which such share of Series B Preferred Stock
would be then exchangeable. 
 “Board” means the board of directors of the Company. 
 “Borrower” is defined in the preamble to this Agreement. 
 “Borrowings” has the meaning set forth in the Credit Agreement. 
 “Business
Day” has the meaning set forth in the Credit Agreement. 
 “Bylaws” means the Amended and Restated Bylaws of the
Company, as amended from time-to-time, or similar governing document (or any similar governing document of any successor). 
 “Capital
Stock” means any and all shares, interests, rights to purchase, warrants, options, participation or other equivalents of or interests in (however designated) equity of the Company, any Common Stock or any preferred stock of the Company, but
excluding any debt securities convertible into such equity. 
 “Certificate of Incorporation” means the Restated Certificate
of Incorporation, as amended, of the Company, as amended from time-to-time (or any similar governing document of any successor). 
 “Class I Director” has the meaning set forth in the Certificate of Incorporation. 
 “Class II
Director” has the meaning set forth in the Certificate of Incorporation. 
 “Class III Director” has the meaning set
forth in the Certificate of Incorporation. 
 “Closing Date” has the meaning set forth in the Credit Agreement. 

“Common Stock” has the meaning set forth in the Credit Agreement. 
 “Company” is defined in the preamble to this Agreement. 
 “Control” has the meaning set forth in the Credit Agreement. 
 “Credit
Agreement” is defined in the preamble to this Agreement. 
 “Current Market Price” shall mean, on any date, the
average of the Daily VWAP per share of the Common Stock on each of the five (5) consecutive Trading Days preceding the earlier of the day before the date in question and the day before the Ex-Date with respect to the issuance or distribution
giving rise to an adjustment to the Exchange Rate pursuant to Section 5.6.1.3. 
 “Daily VWAP” of the Common
Stock means, for any VWAP Trading Day, the per share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on 

  

 2 

 
Bloomberg page HOLX.Q <equity> AQR (or any equivalent successor page) in respect of the period from 9:30 a.m. to 4:00 p.m., New York City time, on such
VWAP Trading Day, or if such volume-weighted average price is unavailable, the market value of one share of Common Stock on such VWAP Trading Day using a volume-weighted method as determined by a nationally recognized independent investment banking
firm retained for this purpose by the Company. 
 “Demand Registration” is defined in Section 4.2. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor federal statute, and the rules and regulations
promulgated thereunder, in each case as in effect from time to time. 
 “Exchange Date” is defined in
Section 5.2.1. 
 “Exchange Notice” is defined in Section 5.2.1. 
 “Exchange Rate” shall mean initially, one share of Preferred Stock per $5,000 principal amount of the Exchangeable Portion of Loans,
subject to adjustment as set forth herein. For the avoidance doubt, any increase or decrease to the Exchange Rate provided for in this Agreement shall be made to the number of shares provided in the immediately preceding sentence. 
 “Exchangeable Portion” shall mean the outstanding principal amount of the Loans less any portion thereof that is attributable to
Permitted Accrued Interest. 
 “Ex-Date” shall mean, when used with respect to any issuance or distribution, the earlier of
(i) the first date on which the Common Stock or other securities trade without the right to receive the issuance or distribution giving rise to an adjustment to the Exchange Rate pursuant to Section 5.6.1.1 or (ii) the
effective date of the issuance or distribution giving rise to an adjustment to the Exchange Rate pursuant to Section 5.6.1.1. 
 “Governmental Authority” has the meaning set forth in the Credit Agreement. 
 “Holder” means any
Person holding Registrable Securities related to the Credit Agreement. 
 “Holders’ Counsel” is defined in
Section 4.9.2. 
 “HSR Act” is defined in Section 5.1.1 
 “Independent Directors” mean those members of the Board who are not Investor Nominees. 
 “Initiating Holders” is defined in Section 4.2. 
 “Investor” is defined in the preamble to this Agreement. 
  

 3 

 “Investor Nominees” is defined in Section 2.1.1. 
 “Joinder” means a joinder agreement in the form attached as Exhibit A. 
 “Lender” has the meaning set forth in the Credit Agreement. 
 “Liquidation Transaction” shall mean a transaction, event, or occurrence in which the Company voluntarily or involuntarily liquidates, dissolves or winds up. 
 “Loans” has the meaning set forth in the Credit Agreement. 
 “Maturity Date” has the meaning set forth in the Credit Agreement. 
 “Non-Management
Independent Directors” mean those Independent Directors who are not officers or employees of the Company or any of its Subsidiaries or any of their Affiliates. 
 “Notice” is defined in Section 6.1.1. 
 “Officer’s
Certificate” has the meaning set forth in the Credit Agreement. 
 “Other Taxes” has the meaning set forth in the
Credit Agreement. 
 “Permitted Accrued Interest” has the meaning set forth in the Credit Agreement. 
 “Person” has the meaning set forth in the Credit Agreement. 
 “Piggyback Registration” is defined in Section 4.7.1. 
 “Register” has the meaning set forth in the Credit Agreement. 
 “Registration Request” is defined
in Section 4.2. 
 “Registrable Securities” means (i) any and all Series B Preferred Stock, including
Series B Preferred Stock issued or issuable pursuant to the conversion, exercise or exchange of loans or other securities, or by successive exercises or exchanges, rights, options or warrants, beneficially owned by the Holders, whether owned on
the date hereof or acquired hereafter, and (ii) any and all shares of Common Stock issued or issuable pursuant to the conversion, exercise or exchange of Series B Preferred Stock; provided that, the Common Stock shall cease to be
Registrable Securities when a registration statement covering such Common Stock has been declared effective under the Securities Act by the SEC and such Common Stock has been disposed of pursuant to such effective registration statement;
provided, further, that the Series B Preferred Stock shall continue to be Registrable Securities until they are sold in a transaction that permits their subsequent conversion into Common Stock without further need of registration.

 “Registration Expenses” is defined in Section 4.9.1. 
  

 4 

 “Registration Statement” means the prospectus and other documents filed with the SEC to
effect a registration under the Securities Act. 
 “Required Conversion Price” has the meaning set forth in the Credit
Agreement. 
 “Scheduled Trading Day” means a day that is scheduled to be a Trading Day on the principal United States
national or regional securities exchange or market on which the Common Stock is listed or admitted for trading or, if the Common Stock is not listed or admitted for trading on any exchange or market, a Business Day. 
 “SEC” means the United States Securities and Exchange Commission or any other federal agency at the time administering the Securities
Act. 
 “Securities Act” means the Securities Act of 1933, as amended, or any successor federal statute, and the rules and
regulations promulgated thereunder, in each case as in effect from time to time. 
 “Series B Preferred Stock” means shares
of Series B Convertible Preferred Stock, par value $.0001 per share, of the Company. 
 “Settlement Notice Period” is defined
in Section 5.13. 
 “Short-Form Registration Statement” is defined in Section 4.1. 
 “Subsidiary” or “Subsidiaries” has the meaning set forth in the Credit Agreement. 
 “Tax” has the meaning set forth in the Credit Agreement. 
 “Trading Day” means a day during which (i) trading in the Common Stock generally occurs and (ii) there is no VWAP Market Disruption Event. 
 “Transfer” means any transfer, sale, assignment, donation, option, pledge, lien, hypothecation or other disposition or encumbrance,
whether directly or indirectly, by operation of law or otherwise, or any agreement to do any of the foregoing. 
 “Voting
Stock” has the meaning set forth in the Credit Agreement. 
 “VWAP Market Disruption Event” means (i) a failure
by the principal U.S. national or regional securities exchange or market on which the Common Stock is listed or admitted to trading to open for trading during its regular trading session or (ii) the occurrence or existence prior to 1:00 p.m. on
any Scheduled Trading Day for the Common Stock for an aggregate one half-hour period of any suspension or limitation imposed on trading, by reason of movements in price exceeding limits imposed by the stock exchange or otherwise, in the Common Stock
or in any options contracts or futures contracts relating to the Common Stock. 
 “VWAP Trading Day” means a day during which
(i) trading in the Common Stock generally occurs during the regular trading session on the principal U.S. national or 

  

 5 

 
regional securities exchange or market on which the Common Stock is listed or admitted for trading and (ii) there is no VWAP Market Disruption Event. If
the Common Stock is not so listed or traded, then VWAP Trading Day means a Business Day. 
  

	 	1.2	Headings; Table of Contents 

 Headings and table of
contents should be ignored in construing this Agreement. 
  

	 	1.3	Singular, Plural, Gender 

 In this Agreement, unless
the context otherwise requires, references to one gender include all genders and references to the singular include the plural and vice versa. 
  

	 	1.4	Interpretation 

 In this Agreement, unless the
context otherwise requires, any reference to “including” or “in particular” shall be illustrative only and without limitation. For purposes of this Agreement, any action to be taken by the holders of a majority of the Registrable
Securities, shall, if no Registrable Securities are outstanding shall be taken by the Lenders holding a majority in principal amount of the Exchangeable Portion of the Loans, and if both the Exchangeable Portion and Registrable Securities are
outstanding, by a majority of in principal amount of Lenders and in liquidation preference of Registrable Securities, acting together. 
  

	2	Corporate Governance 

  

	 	2.1	Investor Representatives 

  

	 	2.1.1	At Closing, the members of the Board shall elect (i) two individuals to the Board, one of which shall be Class I Director and one of which shall be a Class III Director
chosen by the holders of a majority of the Registrable Securities and (ii) within 30 days of Closing, the holders of a majority of the Registrable Securities together with the Board shall have the ability to jointly nominate a third director,
who shall be a Class II Director, and who shall be a Non-Management Independent Director (collectively, the “Investor Nominees”). 

  

	 	2.1.2	 The Company shall cause the nomination of each Investor Nominee (to the extent that such Investor Nominee would be up for election at such time) in
connection with any subsequent proxy statement or information statement pursuant to which the Company intends to solicit stockholders with respect to the election of directors and to have the Board recommend in connection with such subsequent proxy
statement or information statement that the stockholders of the Company vote for the election of each Investor Nominee up for election at such time. If any such Investor Nominee is not elected to the Board at any stockholder meeting with respect to
the election of such Investor Nominee, then subject to applicable law, the Board shall fill such newly created vacancy on the 

  

 6 

	 	 
Board in the class subject to election with a nominee of the holders of a majority of the Registrable Securities and shall cause the nomination of such
nominee (at such time that such nominee would be up for election) in connection with any proxy statement or information statement pursuant to which the Company intends to solicit stockholders with respect to the election of directors and to have the
Board recommend in connection with such subsequent proxy statement or information statement that the stockholders of the Company vote for the election of such nominee. 

  

	 	2.1.3	The election and appointment of each Investor Nominee shall be subject to all legal requirements regarding service as a director of the Company and to the approval of the
nominating and corporate governance committee of the Board which approval will not be unreasonably withheld or delayed except for the individuals initially appointed pursuant to Section 2.1.1(i). 

  

	 	2.1.4	If prior to the end of the term of any member of the Board that is an Investor Nominee, a vacancy in the office of such director shall occur by reason of death, resignation,
removal or disability, or for any other cause, such vacancy shall be filled by a majority of the Holders with another Investor Nominee, and a majority of the Holders shall have the right to replace any Investor Nominee, at any time, with or without
cause. 

  

	 	2.2	Cheniere Energy Partners GP, LLC 

 For so long as
any Registrable Securities remain outstanding, the holders of a majority of the outstanding Registrable Securities shall have the right to cause the Company to elect one nominee to the Board of Managers of Cheniere Energy Partners GP, LLC.

  

	 	2.3	Amendments 

 Neither the Certificate of
Incorporation nor the Bylaws shall be amended in a manner inconsistent with the terms of this Agreement without the consent of Holders that beneficially own a majority of the voting power of the Series B Preferred Stock beneficially owned by all
Holders at such time. 
  

	3	Legends; Securities Law Compliance 

  

	 	3.1	Each certificate representing Capital Stock that is restricted stock as defined in Rule 144 under the Securities Act shall bear the following legend:

 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF UNLESS (i) SUCH DISPOSITION IS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR AN EXEMPTION
THEREFROM AND (ii) SUCH DISPOSITION IS PURSUANT TO REGISTRATION UNDER ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION THEREFROM.” 
  

 7 

	 	3.2	Each certificate representing Capital Stock that is subject to this Agreement shall bear the following legend: 

 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO VOTING AND OTHER RESTRICTIONS SET FORTH IN AN INVESTORS’ AGREEMENT, DATED AS OF
AUGUST 15, 2008, COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE ISSUER.” 
  

	 	3.3	Certificates representing Capital Stock shall bear any other legends required by applicable state law. When any Capital Stock has been registered under the Securities Act,
and such Capital Stock has been sold pursuant to such registration or pursuant to Rule 144 under the Securities Act or is eligible to be sold pursuant to such Rule without volume limitations or other restrictions, the holder of such Capital Stock
shall be entitled to exchange the certificate representing such Capital Stock for a certificate not bearing the legend required by Section 3.1. If any Capital Stock ceases to be subject to this Agreement, the holder of such Capital Stock
shall be entitled to exchange the certificate representing such Capital Stock for a certificate not bearing the legend required by Section 3.2. 

  

	 	3.4	Each Person who acquires Loans or any shares of Series B Preferred Stock shall (a) if acquired in a private transaction be required to execute the Joinder or (b) if
acquired in a public transaction be deemed to have executed the Joinder. 

  

	4	Registration Rights 

  

	 	4.1	Shelf Registration 

 The Company will use its
commercially reasonable efforts to qualify for registration on and to, file, a registration statement on Form S-3 or any comparable or successor form or forms or any similar short-form registration (“Short-Form Registration
Statement”), and such Short-Form Registration Statement will be a “shelf” registration statement providing for the registration, and the sale on a continuous or delayed basis, of the Registrable Securities pursuant to Rule 415
under the Securities Act from and after the Closing. Upon filing a Short-Form Registration Statement, the Company will, if applicable, use its commercially reasonable efforts to (i) cause such Short-Form Registration Statement to be declared
effective, and (ii) keep such Short-Form Registration Statement effective with the SEC at all times. Any Short-Form Registration Statement shall be re-filed upon its expiration, and the Company shall cooperate in any shelf take-down by amending
or supplementing the prospectus statement related to such Short-Form Registration Statement as may be reasonably requested by a Holder or as otherwise required; provided that, no Holder may be permitted to sell under such “shelf”
registration statement during such times as the trading window is not open for Company’s Board in accordance with the Company’s policies. 
  

 8 

	 	4.2	Demand Registration 

 If the Company has not filed,
and caused to be effective and maintained the effectiveness of a “shelf” registration statement pursuant to Section 4.1, Holders of Registrable Securities (the “Initiating Holders”) may request in writing that
the Company effect the registration of all or any part of the Registrable Securities held by the Initiating Holders (a “Registration Request”). Promptly after its receipt of any Registration Request but no later than ten
(10) days after receipt of such Registration Request, the Company will give written notice of such request to the other Holders, and will use its commercially reasonable efforts to register, in accordance with the provisions of this Agreement,
all Registrable Securities that have been requested to be registered in the Registration Request or by the other Holders by written notice to the Company given within fifteen (15) Business Days after the date the Company has given such notice
of the Registration Request. Any registration requested by the Initiating Holders pursuant to this Section 4.2 is referred to in this Agreement as a “Demand Registration.” 
  

	 	4.3	Receipts 

 If, in connection with the initial
registration pursuant to Section 4.1 or 4.2, the Investors desire to have the Series B Preferred Stock registered as depositary receipts, the Company shall, at its expense, establish such a program, and the receipts shall be
registered together with the Registrable Securities. If the Investors elect this option, all Series B Preferred Stock will be so registered. 
  

	 	4.4	Restrictions on Registrations and Take-downs 

 If
the filing, initial effectiveness or continued use of a Registration Statement would require the Company to make a public disclosure of material non-public information, which disclosure in the good faith judgment of the Board (i) would be
required to be made in any Registration Statement so that such Registration Statement would not be materially misleading, (ii) would not be required to be made at such time but for the filing, effectiveness or continued use of such Registration
Statement, and (iii) could (A) reasonably be expected to adversely affect the Company or its business if made at such time, or (B) reasonably be excepted to interfere with the Company’s ability to effect a planned or proposed
acquisition, disposition, financing, reorganization, recapitalization or similar transaction or (C) otherwise require premature disclosure of material information that the Company has a bona fide business purpose for preserving as
confidential, then the Company may, upon giving prompt written notice of such determination of the Board to the participants in such registration (each of whom hereby agrees to maintain the confidentiality of all information disclosed to such
participants, provided that, the Company shall not be required to disclose the nature of the delay or other confidential information), delay the filing or initial effectiveness of, or suspend use of, such Registration Statement;
provided that, the Company shall not be permitted to do so (x) for more than sixty (60) days for a given occurrence of such a circumstance, (y) more than two (2) times during any twelve-month period or (z) in
connection with any registration effected pursuant to Section 2.08 of the Credit Agreement. In the event the Company exercises its rights under the preceding sentence, the Holders agree to suspend, 

  

 9 

 
promptly upon their receipt of the notice referred to above, their use of any prospectus or prospectus supplement relating to such registration in connection
with any sale or offer to sell Registrable Securities. The Company will pay all Registration Expenses incurred in connection with any such aborted registration or prospectus or prospectus supplement. 
  

	 	4.5	Selection of Underwriters 

 If any Holders intend
that any Registrable Securities covered by any registration pursuant to Section 4.1 or 4.2 shall be distributed by means of an underwritten offering, such Holders will so advise the Company, and the Company will include such
information in the notice sent by the Company to all of the Holders. In such event, the lead underwriter to administer the offering will be promptly chosen by the Company, subject to the prior written consent of the Holders selling a majority of the
securities to be sold in such offering, such consent not to be unreasonably withheld or delayed. If the Company is unable to select an underwriter, the Holders may select an underwriter, subject to the prior written consent of the Company, not to be
unreasonably withheld or delayed. If neither the Company nor the Holders are able to select an underwriter, the proposed underwriting shall not proceed and the Company will not be in breach of this Agreement. No Affiliate of GSO Capital Partners, LP
shall be selected as an underwriter by either the Company or the Holders. If the offering is underwritten, the right of any Holder to registration pursuant to this Section 4 will be conditioned upon such Holder’s participation in
such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting, and the Company and each such Holder will promptly enter into an underwriting agreement in customary form with the underwriter or underwriters
selected for such underwriting. If any Holder disapproves of the terms of the underwriting, such Holder may promptly elect to withdraw therefrom by written notice to the Company, the managing underwriter and the Holders. 
  

	 	4.6	Priority on Demand Registrations 

  

	 	4.6.1	 The Company will not include in any Demand Registration by means of an underwritten offering pursuant to this Section 4 any securities that are
not Registrable Securities without the prior written consent of the Initiating Holders. If the managing underwriters advise the Company that in their reasonable opinion the number of Registrable Securities (and, if permitted hereunder, other
securities requested to be included in such offering) exceeds the number of securities that can be sold in such offering without adversely affecting the marketability of the offering (including an adverse effect on the per share offering price), the
Company will include in such offering only such number of securities that in the reasonable opinion of such managing underwriters can be sold without adversely affecting the marketability of the offering (including an adverse effect on the per share
offering price), which securities will be so included in the following order of priority: (i) first, Registrable Securities of the Initiating Holders, pro rata (if applicable), based on the number of Registrable Securities owned by each
such Person, (ii) second, Registrable Securities of any other Holder who has delivered written requests for registration 

  

 10 

	 	 
pursuant to Section 4.2, pro rata on the basis of the aggregate number of Registrable Securities owned by each such Person, and
(iii) third, any other securities of the Company that have been requested to be so included, subject to the terms of this Agreement. 

  

	 	4.7	Piggyback Registrations 

  

	 	4.7.1	Whenever the Company proposes to register any of its Common Stock in connection with a public offering of such securities solely for cash, other than a registration pursuant
to Section 4.2 or on Form S-4 or Form S-8 (or any successor form), and the registration form to be filed may be used for the registration or qualification for distribution of Registrable Securities by the Company, the Company will give
prompt written notice to the Holders of its intention to effect such a registration (but in no event less than ten (10) days prior to the anticipated filing date) and, subject to Section 4.7.3, will include in such registration all
Registrable Securities with respect to which the Company has received written requests for inclusion therein within ten (10) days after the date of the Company’s notice (a “Piggyback Registration”). Any such Holder that
has made such a written request may withdraw its Registrable Securities from such Piggyback Registration by giving prompt written notice to the Company and the managing underwriter, if any, on or before the fifth (5th) Business Day prior to the
planned effective date of such Piggyback Registration. The Company may terminate or withdraw any registration under this Section 4.7.1 prior to the effectiveness of such registration, whether or not the Holders have elected to include
Registrable Securities in such registration. 

  

	 	4.7.2	If the registration referred to in Section 4.7.1 is proposed to be underwritten, the Company will so advise the Holders as a part of the written notice given
pursuant to Section 4.7.1. In such event, the right of the Holders to registration pursuant to this Section 4.7 will be conditioned upon such Holder’s participation in such underwriting and the inclusion of such
Holder’s Registrable Securities in the underwriting, and each such Person will (together with the Company and the other Persons distributing their securities through such underwriting) enter into an underwriting agreement in customary form with
the underwriter or underwriters selected for such underwriting by the Company. If any participating Holder disapproves of the terms of the underwriting, such Person may promptly elect to withdraw therefrom by written notice to the Company and the
managing underwriter. 

  

	 	4.7.3	 If a Piggyback Registration relates to an underwritten offering, and the managing underwriters advise the Company that in their reasonable opinion the number
of securities requested to be included in such registration exceeds the number which can be sold without adversely affecting the marketability of such offering (including an adverse effect on 

  

 11 

	 	 
the per share offering price), the Company will include in such registration or prospectus only such number of securities that in the reasonable opinion of
such underwriters can be sold without adversely affecting the marketability of the offering (including an adverse effect on the per share offering price), which securities will be so included in the following order of priority: (i) first, the
securities the Company proposes to sell, (ii) second, the Registrable Securities of the Holders who have requested registration of Registrable Securities pursuant to Section 4.7.1, pro rata on the basis of the aggregate
number of such securities or shares owned by each such Holder, and (iii) third, any other securities of the Company that have been requested to be so included. 

  

	 	4.8	Registration Procedures 

 Subject to
Section 4.4, whenever any Registrable Securities are to be registered pursuant to Section 4.1 or Section 4.2 of this Agreement, the Company will use its commercially reasonable efforts to effect the registration
and sale of such Registrable Securities as soon as reasonably practicable in accordance with the intended method of disposition thereof and pursuant thereto. The Company shall: 
  

	 	4.8.1	Prepare and file, within ninety (90) days of Closing, with respect to a registration pursuant to Section 4.1, and within (90) days of the receipt of the
request, with respect to a registration pursuant to Section 4.2, with the SEC a Registration Statement with respect to such Registrable Securities, make all required filings with the Financial Industry Regulatory Authority and thereafter
use its commercially reasonable efforts to cause such Registration Statement to become effective as soon as reasonably practicable and to remain effective as provided herein; provided that, before filing a Registration Statement or any
amendments or supplements thereto, the Company will, at the Company’s expense, furnish or otherwise make available to the Holders’ Counsel copies of all such documents proposed to be filed and such other documents reasonably requested by
such counsel, which documents will be subject to the review and reasonable comment of such counsel at the Company’s expense, including any comment letter from the SEC with respect to such filing or the documents incorporated by reference
therein, and if requested by such counsel, provide such counsel reasonable opportunity to participate in the preparation of such Registration Statement and such other opportunities to conduct a reasonable investigation within the meaning of the
Securities Act, including reasonable access to the Company’s financial books and records, officers, accountants and other advisors; 

  

	 	4.8.2	 Prepare and file with the SEC such amendments and supplements to such Registration Statement as may be necessary to keep such Registration Statement
effective for a period of either (i) not less than if such Registration Statement relates to an underwritten offering, such period as, based upon the opinion of counsel for the underwriters, a prospectus is 

  

 12 

	 	 
required by law to be delivered in connection with sales of Registrable Securities by an underwriter or dealer or such shorter period as will terminate when
all of the securities covered by such Registration Statement have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof set forth in such Registration Statement (but in any event not before the
expiration of any longer period required under the Securities Act) or (ii) continuously in the case of shelf registration statements and any shelf registration statement shall be re-filed upon its expiration (or in each case, such shorter
period ending on the date that the securities covered by such shelf registration statement cease to constitute Registrable Securities), and cause the related prospectus to be supplemented by any prospectus supplement as may be necessary to comply
with the provisions of the Securities Act with respect to the disposition of the securities covered by such Registration Statement, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) under the
Securities Act; 

  

	 	4.8.3	Furnish to each participating Holder, and each managing underwriter, if any, such number of copies, without charge, of such Registration Statement, each amendment and
supplement thereto, including each preliminary prospectus, final prospectus, any other prospectus (including any prospectus filed under Rule 424, Rule 430A or Rule 430B of the Securities Act and any “issuer free writing prospectus” as such
term is defined under Rule 433 promulgated under the Securities Act), all exhibits and other documents filed therewith and such other documents as such Holder or such managing underwriter may reasonably request including in order to facilitate the
disposition of the Registrable Securities owned by such Holder, and upon request a copy of any and all transmittal letters or other correspondence to or received from, the SEC or any other Governmental Authority relating to such offer;

  

	 	4.8.4	Use commercially reasonable efforts to register or qualify (or exempt from registration or qualification) such Registrable Securities, and keep such registration or
qualification (or exemption therefrom) effective, under such other securities or blue sky laws of such United States jurisdictions as any participating Holder reasonably requests and do any and all other acts and things that may be reasonably
necessary or reasonably advisable to enable such Holder to consummate the disposition in such jurisdictions of the Registrable Securities owned by such Holder (provided that, the Company will not be required to (i) qualify generally to
do business in any jurisdiction where it would not otherwise be required to qualify but for this subsection, (ii) subject itself to taxation in any such jurisdiction, or (iii) consent to general service of process in any such
jurisdiction); 

  

	 	4.8.5	 Notify each participating Holder, the Holders’ Counsel and the managing underwriter(s), if any, at any time when a prospectus relating thereto is
required to be delivered under the Securities Act, upon discovery that, or 

  

 13 

	 	 
upon the discovery of the happening of any event that makes any statement made in the Registration Statement or related prospectus or any document
incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in such Registration Statement, prospectus or documents and, as soon as reasonably practicable (but subject to
the delay provisions of Section 4.4), prepare and furnish to such Holder a reasonable number of copies of a supplement or amendment to such prospectus so that, in the case of the Registration Statement, it will not contain any untrue
statement of material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, not misleading, and that in the case of any prospectus, it will not contain any untrue statement of a material
fact or omit to state any material fact necessary in order to make the statement therein, in light of the circumstances in which they were made, not misleading; 

  

	 	4.8.6	Notify each participating Holder, the Holders’ Counsel and the managing underwriter(s), if any, (i) when such Registration Statement or the prospectus or any
prospectus supplement or post-effective amendment has been filed and, with respect to such Registration Statement or any post-effective amendment, when the same has become effective, (ii) of any request by the SEC for amendments or supplements
to such Registration Statement or to amend or to supplement such prospectus or for additional information, (iii) of the issuance by the SEC of any stop order suspending the effectiveness of such Registration Statement or the initiation of any
proceedings for such purpose, to the extent that it is aware of such proceedings, (iv) if at any time the representations and warranties of the Company contained in any underwriting agreement contemplated by Section 4.8.11 below
cease to be true and correct in any material respect, and (v) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in
any jurisdiction, or the initiation or threatening of any proceeding for such purpose; 

  

	 	4.8.7	Upon the occurrence of an event contemplated in Section 4.8.5 or in Section 4.8.6(ii), 4.8.6(iii), 4.8.6(iv) or 4.8.6(v) (but
subject to the delay provisions of Section 4.4), prepare a supplement or amendment to the Registration Statement or supplement to the related prospectus or any document incorporated or deemed to be incorporated therein by reference, or
file any other required document so that such prospectus as thereafter delivered to the participating Holders will not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading
in the light of the circumstances under which they were made; 

  

	 	4.8.8	 Use commercially reasonable efforts to cause all such Registrable Securities to be listed on each securities exchange on which Common 

  

 14 

	 	 
Stock issued by the Company is then listed or, if no similar securities issued by the Company are then listed on any securities exchange, use its
commercially reasonable efforts to cause all such Registrable Securities to be listed on the AMEX or the NASDAQ stock market, as determined by the Company; 

  

	 	4.8.9	Provide a transfer agent and registrar for all such Registrable Securities not later than the effective date of such Registration Statement; 

  

	 	4.8.10	Enter into such customary agreements (including underwriting agreements and, lock-up agreements in customary form (excluding any lock-up of Registrable Securities), and
including provisions with respect to indemnification and contribution in customary form) and take all such other customary actions as the participating Holders or the underwriters, if any, reasonably request in order to expedite or facilitate the
disposition of such Registrable Securities (including, making members of management and executives of the Company available to participate in “road show,” similar sales events and other marketing activities; 

  

	 	4.8.11	In connection with any underwritten offering, make such representations and warranties to the participating Holders and the managing underwriter(s), if any, with respect to
the business of the Company and the Company’s Subsidiaries, and the Registration Statement, prospectus, and documents incorporated or deemed to be incorporated by reference therein, in each case, in form, substance and scope as are customarily
made by the issuer in underwritten offerings, and, if true, make customary confirmations of the same if and when requested; 

  

	 	4.8.12	If requested by any participating Holder, or the managing underwriter(s), if any, promptly include in a prospectus supplement or amendment such information as the Holder or
managing underwriter(s), if any, may reasonably request in order to permit the intended method of distribution of such securities and make all required filings of such prospectus supplement or such amendment as soon as reasonably practicable after
the Company has received such request; 

  

	 	4.8.13	In the case of certificated Registrable Securities, cooperate with the participating Holders and the managing underwriter(s), if any, to facilitate the timely preparation and
delivery of certificates (not bearing any legends) representing Registrable Securities to be sold after receiving written representations from each Holder that that the Registrable Securities represented by the certificates so delivered by such
Holder will be transferred in accordance with the Registration Statement, and enable such Registrable Securities to be in such denominations and registered in such names as the Holders or managing underwriters, if any, may request at least two
business days prior to any sale of such Registrable Securities; 

  

 15 

	 	4.8.14	Make available for inspection by any participating Holders and the Holders’ Counsel, any underwriter participating in any disposition pursuant to such Registration
Statement and any attorney, accountant or other agent retained by any such Holder or underwriter, to the extent reasonably requested and solely for conducting customary due diligence, all financial and other records, pertinent corporate documents
and documents relating to the business of the Company, and cause the Company’s officers, directors, employees and independent accountants to supply all information reasonably requested by any such Holder, underwriter, attorney, accountant or
agent in connection with such Registration Statement, provided that, it shall be a condition to such inspection and receipt of such information that the inspecting person (i) enter into a confidentiality agreement in form and substance
reasonably satisfactory to the Company and (ii) agree to minimize the disruption to the Company’s business in connection with the foregoing; 

  

	 	4.8.15	Otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the SEC and any applicable national securities exchange;

  

	 	4.8.16	Timely provide to its security holders earning statements satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder;

  

	 	4.8.17	In the event of the issuance of any stop order suspending the effectiveness of a Registration Statement, or of any order suspending or preventing the use of any related
prospectus or ceasing trading of any securities included in such Registration Statement for sale in any jurisdiction, use every commercially reasonable effort to promptly obtain the withdrawal of such order; 

  

	 	4.8.18	In connection with any underwritten offering, obtain one or more comfort letters, addressed to the underwriters, if any, dated the effective date of such Registration
Statement and the date of the closing under the underwriting agreement for such offering, signed by the Company’s independent registered public accountants (and if necessary, any other independent registered public accountants of any business
acquired by the Company for which financial statements and financial data are, or are required to be, included in the Registration Statement) in customary form and covering such matters of the type customarily covered by comfort letters as such
underwriters shall reasonably request; 

  

	 	4.8.19	In connection with any underwritten offering, provide legal opinions of the Company’s counsel, addressed to the underwriters, if any, dated the date of the closing under
the underwriting agreement, with respect to the Registration Statement, each amendment and supplement thereto (including the preliminary prospectus) and such other documents relating thereto as the underwriter shall reasonably request in customary
form and covering such matters of the type customarily covered by legal opinions of such nature; and 

  

 16 

	 	4.8.20	Obtain any required regulatory approval necessary for the Holders to sell their Registrable Securities in an offering, other than regulatory approvals required solely as a
result of the nature of the Holder. 

 As a condition to registering Registrable Securities, the Company may require each Holder
as to which any registration is being effected to furnish the Company with such information regarding such Person and pertinent to the disclosure requirements relating to the registration and the distribution of such securities as the Company may
from time to time reasonably request in writing. 
  

	 	4.9	Registration Expenses 

  

	 	4.9.1	Except as otherwise provided in this Agreement, all expenses incidental to the Company’s performance of or compliance with this Agreement, including all registration and
filing fees, fees and expenses of compliance with securities or blue sky laws, word processing, duplicating and printing expenses, messenger, telephone and delivery expenses, expenses incurred in connection with any road show, and fees and
disbursements of counsel for the Company and all independent certified public accountants and other persons retained by the Company (all such expenses, “Registration Expenses”), will be borne by the Company. The Company will, in any
event, pay its internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting duties), the expenses of any annual audit or quarterly review, the expenses of any liability insurance and the
expenses and fees for listing the securities to be registered on each securities exchange on which they are required to be listed hereunder. The Holders of the securities so registered shall pay all underwriting discounts, selling commissions and
transfer taxes applicable to the sale of Registrable Securities hereunder and any other Registration Expenses required by law to be paid by a selling holder pro rata on the basis of the amount of proceeds from the sale of their shares so
registered and sold. 

  

	 	4.9.2	In connection with any registration, the Company will reimburse the Holders participating in such registration for their reasonable and customary expenses (other than
underwriters’ discounts and commissions), including the reasonable fees and disbursements of one counsel (“Holders’ Counsel”). 

  

	 	4.10	Participation in Underwritten Registrations 

  

	 	4.10.1	 No Holder may participate in any registration hereunder that is underwritten unless such Holder (i) agrees to sell its Registrable Securities on the
basis provided in the underwriting arrangements in customary form 

  

 17 

	 	 
entered into pursuant to this Agreement (including pursuant to the terms of any over-allotment or “green shoe” option requested by the managing
underwriter(s), provided that, no such Holder will be required to sell more than the number of Registrable Securities that such Holder has requested the Company to include in any registration), (ii) completes and executes all
questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements, provided that, such Holder shall not be required to make any representations
or warranties other than those related to title and ownership of shares and as to the accuracy and completeness of statements made in a Registration Statement, prospectus, offering circular, or other document in reliance upon and in conformity with
written information furnished to the Company or the managing underwriter(s) by such Holder, and (iii) cooperates with the Company’s reasonable requests in connection with such registration or qualification (it being understood that the
Company’s failure to perform its obligations hereunder, which failure is caused by such Holder’s failure to cooperate with such reasonable requests, will not constitute a breach by the Company of this Agreement). Notwithstanding the
foregoing, the liability of any Holder participating in such an underwritten registration shall be limited to an amount equal to the amount of gross proceeds attributable to the sale of such Holder’s Registrable Securities.

  

	 	4.10.2	Each Holder that is participating in any registration hereunder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described
in Section 4.4, 4.8.5 and 4.8.6, such Holder will forthwith discontinue the disposition of its Registrable Securities pursuant to the Registration Statement until such Holder receives copies of a supplemented or amended
prospectus as contemplated by such Section 4.8.5, 4.8.6 and 4.8.7. 

  

	 	4.11	Rule 144 

 The Company will use its reasonable best
efforts to timely file all reports and other documents required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder (or, if the Company is not required to file such reports, it
will, upon the request of a Holder, make publicly available such information as necessary to permit sales pursuant to Rule 144 or Regulation S under the Securities Act), and it will take such further action as any Holder may reasonably request, to
the extent required from time to time to enable such Holder to sell shares of Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by (i) Rule 144 or Regulation S under the
Securities Act, as such rules may be amended from time to time, or (ii) any similar rule or regulation hereafter adopted by the SEC. Upon the reasonable request of any Holder, the Company will deliver to such Holder a written statement as to
whether it has complied with such information requirements, and, if not, the specifics thereof. 
  

 18 

	 	4.12	[Reserved] 

  

	 	4.13	Additional Interest 

 Subject to the delay
provisions of Section 4.4, in the event the Company fails to file a Registration Statement within ninety (90) days of Closing, in the case of a registration pursuant to Section 4.1 or within ninety (90) days of the
receipt of the request pursuant to Section 4.2 or the Registration Statement is not declared or deemed effective within 180 days of the filing with the SEC, the Company will pay to the Holders on the next applicable interest payment date
an amount equivalent to 2% per annum on the outstanding Borrowings and Permitted Accrued Interest owed under the Credit Agreement plus the amounts that would have been outstanding under the Credit Agreement if such Exchangeable Portion of the
Loan had not been exchanged for Registrable Securities for each day that filing or effectiveness is late. 
  

	5	Exchange Rights 

  

	 	5.1	Exchange Privilege 

  

	 	5.1.1	A Lender may exchange the Exchangeable Portion of its Loan as provided in Section 2.13(a) of the Credit Agreement; provided that with respect to any exchange of
the Exchangeable Portion of Loans into Series B Preferred Stock that would be subject to the expiration or termination of the waiting period under the Hart-Scott-Rodino Act of 1974, as amended (the “HSR Act”), no such exchange shall
be considered effective until the expiration or termination of such waiting period and/or the approval of the United States Department of Justice or the Federal Trade Commission under the HSR Act; provided, that the Company agrees to promptly
prepare and file any notification that may be required under the HSR Act and to cooperate in all respects in the pursuit of any actions that might be required in connection with such notification and any inquiry or request for information related to
it. 

  

	 	5.1.2	Subject to the proviso of Section 5.1.1, the Exchangeable Portion of Loans delivered for exchange will be deemed to have been exchanged immediately prior to 5:00
p.m. on the Exchange Date. A Lender is not entitled to any rights with regard to Series B Preferred Stock until such Lender has exchanged in accordance with Section 5.2.1 (or is deemed to have exchanged) and shall be entitled to rights
with regard to Series B Preferred Stock only to the extent such Exchangeable Portion of Loans have been exchanged (or deemed to have exchanged) into Series B Preferred Stock pursuant to this Article 5. 

  

	 	5.2	Exchange Procedure 

  

	 	5.2.1	 The right of exchange attaching to the Exchangeable Portion of any Loan may be exercised as provided in the Credit Agreement. Notwithstanding any other
provision of the Credit Agreement or this Agreement, the 

  

 19 

	 	 
Borrower shall not redeem or prepay any Loan (or any portion thereof) with respect to which a Exchange Notice has been delivered to the Administrative Agent.
The Company shall deliver to the Lender a certificate for the number of whole shares of Preferred Stock issuable upon exchange (and cash in lieu of any fractional shares pursuant to Section 5.3) on the applicable date specified in
Section 5.13 for such delivery. 

  

	 	5.2.2	The person in whose name the Exchangeable Portion of the Loan is registered with the Administrative Agent in the Register shall be deemed to be a stockholder of record on the
Exchange Date; provided, however, that if the stock transfer books of the Company are closed when the Exchangeable Portion of any Loan is surrendered for exchange, such surrender and exchange shall be deemed to have occurred at the close of business
on the next succeeding day on which such stock transfer books are open; provided further, however, that such exchange shall be at the Exchange Rate in effect on the date on which such Exchangeable Portion of the Loan was delivered as if the stock
transfer books of the Company had not been closed. Upon exchange of a Loan, such person shall no longer be a Lender to the extent of such exchanged Loan. No adjustment to the Exchange Rate will be made for accrued and unpaid interest on an exchanged
Loan except as provided in the Credit Agreement or this Agreement. 

  

	 	5.3	Fractional Shares 

 The Company will not issue
fractional shares of Series B Preferred Stock upon exchange of the Loans and instead will deliver cash in an amount equal to the value of such fraction computed on the basis of the Daily VWAP on the Trading Day immediately before the Exchange Date.

  

	 	5.4	Taxes on Exchange 

 If a Lender exchanges a Loan (or
any portion thereof), the Borrower shall pay any Other Taxes relating to the issuance, delivery or registration of shares of Series B Preferred Stock upon such exchange; provided that the Borrower shall not pay any such Other Taxes due that
were only payable because of the issuance, delivery or registration of the shares in a name other than such Lender’s name. 
  

	 	5.5	Reservation of Stock 

  

	 	5.5.1	The Company shall, prior to the Closing Date, and from time to time as may be necessary, reserve at all times and keep available, free from preemptive rights, out of its
authorized but unissued Series B Preferred Stock, a sufficient number of shares of Series B Preferred Stock that would be deliverable upon exchange of all of the Exchangeable Portions of the Loans. 

  

 20 

	 	5.5.2	All shares of Series B Preferred Stock that may be issued upon exchange of the Loans shall be newly issued shares or shares held in the treasury of the Company, shall be duly
authorized, validly issued, fully paid and nonassessable and shall be free of any preemptive rights and free of any lien or adverse claim. 

  

	 	5.5.3	The Company shall comply with all applicable securities laws regulating the offer and delivery of any Series B Preferred Stock upon exchange of the Loans and shall, to the
extent already listed, list or cause to have quoted such shares of Series B Preferred Stock on each national and regional securities exchange or such other market on which the Series B Preferred Stock is then listed or quoted; provided that,
if the rules of such automated quotation system or exchange permit the Company to defer the listing of such Series B Preferred Stock until the first exchange of the Exchangeable Portion of Loans into Series B Preferred Stock in accordance with the
provisions of this Agreement, the Company covenants to list such Series B Preferred Stock issuable upon exchange of the Exchangeable Portion of the Loans in accordance with the requirements of such automated quotation system or exchange at such
time. 

  

	 	5.6	Adjustment of Exchange Rate 

  

	 	5.6.1	The Exchange Rate shall be adjusted from time to time by the Company as follows: 

  

	 	5.6.1.1	Stock Dividends and Distributions. If the Company pays dividends or other distributions on the Common Stock in shares of Common Stock, then the Exchange Rate in effect
immediately prior to the Ex-Date for such dividend or distribution will be multiplied by the following fraction: 

  

									
		  	        OS1        	  		  		  	
		  	OS0	  		  		  	

 OS0 = the number of shares of Common Stock outstanding immediately prior to the Ex-Date for such dividend or distribution. 
 OS1 = the sum of the number of shares of Common Stock outstanding immediately prior to the Ex-Date for such dividend or distribution plus the total number of shares of Common Stock constituting such dividend or distribution. 
  

	 	5.6.1.2	Subdivisions, Splits and Combination of Common Stock. If the Company subdivides, splits or combines the shares of Common Stock, then the Exchange Rate in effect
immediately prior to the Ex-Date of such share subdivision, split or combination will be multiplied by the following fraction: 

  

									
		  	         OS1        
	  		  		  	
		  	 OS0
	  		  		  	

  

 21 

 OS1 = the number of shares of Common Stock outstanding immediately prior to the Ex-Date of such share subdivision, split or combination. 
 OS0 = the number of shares of Common Stock outstanding immediately after the close of business on the effective date of such share subdivision, split or combination. 
  

	 	5.6.1.3	Issuance of Stock Purchase Rights. If the Company issues rights or warrants (other than rights or warrants issued pursuant to a dividend reinvestment plan or share
purchase plan or other similar plans) entitling holders of such rights or warrants to subscribe for or purchase shares of Common Stock at less than the Current Market Price (on an As-Converted Basis) on the date fixed for the determination of
stockholders entitled to receive such rights or warrants, then the Exchange Rate in effect immediately prior to the Ex-Date for such distribution will be multiplied by the following fraction: 

  

									
		  	     OS0 + X    
	  		  		  	
		  	 OS0 + Y

	  		  		  	

 OS0 = the number of shares of Common Stock outstanding immediately prior to the Ex-Date for such distribution. 
 X = the total number of shares of Common Stock issuable pursuant to such rights or warrants. 
 Y = the number of shares of Common Stock equal to the aggregate price payable to exercise such rights or warrants divided by the average of the Daily VWAP
of Common Stock over the 10 consecutive VWAP Trading Day period ending on the VWAP Trading Day immediately preceding the Ex-Date for such distribution. 
 The Company shall not issue any such rights or warrants in respect of shares of the Common Stock acquired by the Company. To the extent that such rights or warrants are not exercised prior to their expiration or
shares of Common Stock are otherwise not delivered pursuant to such rights or warrants upon the exercise of such rights or warrants, the Exchange Rate shall be readjusted to such Exchange Rate that would then be in effect had the adjustment made
upon the issuance of such rights or warrants been made on the basis of the delivery of only the number of shares of Common Stock actually delivered. In determining the aggregate offering price payable for such shares of Common Stock, there shall be
taken into account any consideration received for such rights or warrants and the value of such consideration (if other than cash, to be determined by the Board. 
  

 22 

	 	5.6.1.4	Debt or Asset Distributions. If the Company distributes to all holders of shares of Common Stock evidences of indebtedness, shares of capital stock, securities, cash
or other assets (excluding (a) any dividend or distribution referred to in Section 5.6.1.1, (b) any rights or warrants referred to in Section 5.6.1.3, (c) any dividend or distribution paid exclusively in cash,
and (d) any dividend of shares of capital stock of any class or series, or similar equity interests, of or relating to a Subsidiary of the Company or other business unit in the case of certain spin-off transactions as described below), then the
Exchange Rate in effect immediately prior to the Ex-Date for such distribution will be multiplied by the following fraction: 

  

									
		  		  	    SP0                	  		  	
		  		  	    SP0 - FMV	  		  	

 SP0 = the average of the Daily VWAP of Common Stock over the ten (10) consecutive VWAP Trading Day period ending on the VWAP Trading Day immediately preceding the Ex-Date for such
distribution. 
 FMV = the fair market value as determined by the Board of the portion of the distribution applicable to a share of Common
Stock on such date. 
 In a “spin-off,” where the Company makes a distribution to all holders of shares of Common Stock consisting of capital stock
of any class or series, or similar equity interests of, or relating to, a Subsidiary of the Company or other business unit, the Exchange Rate will be adjusted on the fifteenth Trading Day after the effective date of the distribution by multiplying
such Exchange Rate in effect immediately prior to such fifteenth Trading Day by the following fraction: 
  

									
		  		  	     MP0 + MPS    
	  		  	
		  		  	     MP0
	  		  	

 MP0 = the average of the Daily VWAP of Common Stock over the first 10 consecutive VWAP Trading Day period immediately following the Ex-Date of such distribution. 
 MPs = the average of the Daily VWAP of the capital stock or equity interests representing the portion of the distribution applicable to one share of Common Stock over the first ten VWAP Trading Days following the Ex-Date of such distribution,
or, if not traded on a national or regional securities exchange or over-the-counter market, the fair market value of the capital stock or equity interests representing the portion of the distribution applicable to one share of Common Stock on the
Ex-Date as determined by the Board. 
  

	 	5.6.1.5	 Cash Distributions. If the Company makes a distribution consisting exclusively of cash to all holders of the Common Stock, excluding (a) any cash
that is distributed pursuant to 

  

 23 

	 	 
Section 5.10 or as part of a “spin-off” referred to in Section 5.6.1.4, and (b) any dividend or distribution in
connection with a Liquidation Transaction, then in each event, the Exchange Rate in effect immediately prior to the Ex-Date for such distribution will be multiplied by the following fraction: 

  

									
		  		  	     SP0                
	  		  	
		  		  	     SP0 -
DIV
	  		  	

 SP0 = the average of the Daily VWAP of Common Stock for the 10 consecutive VWAP Trading Day period immediately preceding the Ex-Date for such distribution. 
 DIV = the amount per share of Common Stock of the dividend or distribution. 
  

	 	5.6.1.6	Self Tender Offers and Exchange Offers. If the Company or any of its Subsidiaries successfully completes a tender or exchange offer for the Common Stock where the cash
and the value of any other consideration included in the payment per share of the Common Stock exceeds the Daily VWAP for the Common Stock on the Trading Day immediately succeeding the expiration of the tender or exchange offer, then the Exchange
Rate in effect at the close of business on such immediately succeeding Trading Day will be multiplied by the following fraction: 

  

									
		  		  	     AC + (SP0 x
OS1)    
	  		  	
		  		  	     OS0 x
SP0
	  		  	

 SP0 = the Daily VWAP for the Common Stock on the Trading Day immediately succeeding the expiration of the tender or exchange offer. 
 OS0 = the number of shares of Common Stock outstanding immediately prior to the expiration of the tender or exchange offer, including any shares validly tendered and not withdrawn. 
 OS1= the number of shares of Common Stock outstanding immediately after the expiration of the tender or exchange offer and after taking into account the shares purchased pursuant thereto. 
 AC = the aggregate cash and fair market value of the other consideration payable in the tender or exchange offer, as determined by the Board. 

 

	 	5.6.1.7	 Rights Plans. To the extent that the Company has a rights plan in effect with respect to the Common Stock, upon exchange of any Loans, Lenders will
receive, in addition to the shares of Series B Preferred Stock, the rights under the rights plan, unless, prior thereto, the rights have separated from the shares of Common Stock, in which case the Exchange Rate will be adjusted at the 

  

 24 

	 	 
time of separation as if the Company had made a distribution of rights as described in Section 5.6.1.4 above, subject to readjustment in the
event of the expiration, termination or redemption of such rights. 

  

	 	5.6.2	The Company may, with the consent of all Lenders, make such decreases in the Exchange Rate, in addition to any other decreases required by this Article 5, if the Board deems
it advisable to avoid or diminish any income tax to Lenders resulting from any dividend or distribution of shares of Series B Preferred Stock (or issuance of rights or warrants to acquire shares of Series B Preferred Stock) or from any event treated
as such for income tax purposes or for any other reason. 

  

	 	5.6.3	All adjustments to the Exchange Rate shall be calculated to the nearest 1/1000. No adjustment in the Exchange Rate shall be required if such adjustment would be less than
1.00%; provided that any adjustments which by reason of this Section 5.6.3 are not required to be made shall be carried forward and taken into account in any subsequent adjustment; provided, further, that any
adjustment carried forward shall be taken into account at the time of exchange. 

  

	 	5.6.4	Notwithstanding anything contained herein, the Applicable Exchange Rate shall not be adjusted: 

  

	 	5.6.4.1	Upon the issuance of any shares of Series B Preferred Stock or Common Stock pursuant to any option, warrant, right or exercisable, exchangeable or convertible security
outstanding as of the Closing Date and not amended thereafter; 

  

	 	5.6.4.2	For a change in the par value or no par value of Series B Preferred Stock; or 

  

	 	5.6.4.3	For accrued and unpaid dividends on the Series B Preferred Stock as long as there are no accrued and unpaid dividends on Common Stock. 

  

	 	5.6.5	 If any Lender disagrees with any determination of value or fair market value made by the Board pursuant to this Section 5.6, such determination
shall instead be made by a firm of independent certified public accountants, an investment banking firm or appraisal firm (which firm shall own no securities of, and shall not be an Affiliate of any Lender or the Company) of recognized national
standing retained by the Borrower, that has not been retained by the Company or any of its Affiliates in the last twelve months, and reasonably acceptable to such Lender. Any such determination of value or fair market value by such firm of
independent certified public accountants, investment banking firm or appraisal firm shall be binding. In the event the firm recommends a change greater than 

  

 25 

	 	 
ten (10) percent from that made by the Board, the Borrower shall pay the fees and out-of-pocket disbursements of such firm in connection with such
valuation. The Borrower shall instruct such firm to complete the valuation as promptly as practicable. 

  

	 	5.7	[Reserved] 

  

	 	5.8	Other Adjustments 

 Subject to applicable stock
exchange rules and listing standards, the Company shall be entitled to increase the Exchange Rate, in addition to the events requiring an increase in the Exchange Rate pursuant to Section 5.6.1, as it in its discretion shall determine to
be advisable in order to avoid or diminish any Tax to stockholders in connection with any stock dividends, subdivisions of shares, distributions of rights to purchase stock or securities or distributions of securities convertible into or
exchangeable for stock hereafter made by the Company to its stockholders. 
  

	 	5.9	Notice of Adjustment 

 Whenever the Exchange Rate is
adjusted, the Company shall promptly mail to Lenders a notice of the adjustment in accordance with Section 6.1, and an Officer’s Certificate briefly stating the facts requiring the adjustment and the manner of computing it.

  

	 	5.10	Notice of Certain Transactions 

 In the event that:

  

	 	(a)	The Company takes any action which would require an adjustment in the Exchange Rate; 

  

	 	(b)	The Company consolidates or merges with, or transfers all or substantially all of its property and assets to, another corporation and stockholders of the Company must approve the
transaction; or 

  

	 	(c)	there is a dissolution or liquidation of the Company, 

 The
Company shall mail to Lenders in accordance with Section 6.1 a notice stating the proposed record or effective date, as the case may be. The Company shall mail the notice at least ten days before such date. Failure to mail such notice or
any defect therein shall not affect the validity of any transaction referred to in this Section 5.10. 
  

	 	5.11	Effect of Reclassification, Consolidation, Merger or Sale on Conversion Privilege 

 If (1) there shall occur (a) any reclassification of the Series B Preferred Stock (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a
subdivision or combination); (b) a statutory share exchange, consolidation, merger or combination involving the Company other than a merger in 

  

 26 

 
which the Company is the continuing corporation and which does not result in any reclassification of, or change (other than in par value, or from par value
to no par value, or from no par value to par value, or as a result of a subdivision or combination) in, outstanding shares of the Series B Preferred Stock; or (c) a sale or conveyance as an entirety or substantially as an entirety of the
property and assets of the Company, directly or indirectly, to another person; and (2) pursuant to such reclassification, statutory share exchange, consolidation, merger, combination, sale or conveyance, holders of outstanding shares of Series
B Preferred Stock would be entitled to receive stock, other securities, other property, assets or cash for such shares of Series B Preferred Stock, then the Company, or such successor or surviving, purchasing or transferee person, as the case may
be, shall, as a condition precedent to such reclassification, statutory share exchange, consolidation, merger, combination, sale or conveyance, execute and deliver to the Lenders an amendment to this Agreement providing that, at and after the
effective time of such reclassification, statutory share exchange, consolidation, merger, combination, sale or conveyance, each Loan then outstanding shall have the right to exchange the Exchangeable Portion of such Loan into the kind and amount of
shares of stock and other securities and property (including cash) receivable upon such reclassification, statutory share exchange, consolidation, merger, combination, sale or conveyance by a holder of the number of shares of Series B Preferred
Stock deliverable upon exchange of the Exchangeable Portion of such Loan immediately prior to such reclassification, statutory share exchange, consolidation, merger, combination, sale or conveyance, assuming that such Lender would not have exercised
any rights of election that such Lender would have had as a holder of Series B Preferred Stock to select a particular type of consideration. Such amendment shall provide for adjustments of the Exchange Rate which shall be as nearly equivalent as may
be practicable to the adjustments of the Exchange Rate provided for in this Section 5.11. If, in the case of any such reclassification, statutory share exchange, consolidation, merger, combination, sale or conveyance, the stock or other
securities and property (including cash) receivable thereupon by a holder of Series B Preferred Stock include shares of stock or other securities and property of a Person other than the successor or surviving, purchasing or transferee person, as the
case may be, in such reclassification, statutory share exchange, consolidation, merger, combination, sale or conveyance, then such amendment shall also be executed by such other person and shall contain such additional provisions to protect the
interests of the Lenders as the Board shall reasonably consider necessary by reason of the foregoing. The provisions of this Section 5.11 shall similarly apply to successive reclassifications, statutory share exchanges, consolidations,
mergers, combinations, sales and conveyances. The foregoing, however, shall not in any way affect the right a Lender may otherwise have pursuant to Section 5.5.1 receive rights and warrants in accordance therewith. 
 In the event the Company shall execute an amendment pursuant to this Section 5.11, the Company shall promptly deliver to the Lenders an
Officer’s Certificate briefly stating the reasons therefor, the kind or amount of shares of stock or other securities or property (including cash) receivable by Lenders upon the conversion of the Exchangeable Portion of their Loans after any
such reclassification, statutory share exchange, consolidation, merger, combination, sale or conveyance, any adjustment to be made with respect thereto and that all conditions precedent have been satisfied. 
  

 27 

	 	5.12	[Reserved] 

  

	 	5.13	Notice 

 The Company shall notify the Lenders of the
method the Company chooses to satisfy its exchange obligation as follows: (i) if the Company has called the Loans for prepayment in accordance with the terms of the Credit Agreement in the Company’s notice of prepayment; (ii) no later
than 11 Trading Days immediately preceding the Maturity Date, in respect of Loans to be exchanged during the period beginning 10 Trading Days immediately preceding the Maturity Date and ending one Trading Day immediately preceding the Maturity Date;
and (iii) no later than two Trading Days immediately following the Exchange Date in all other cases (such period, the “Settlement Notice Period”). The Company shall treat all Lenders exchanging on the same Trading Day in the
same manner. The Company shall not have any exchange obligation to satisfy its conversion obligations arising on different Trading Days in the same manner. No retraction can be made and a Lender’s Exchange Notice shall be irrevocable other than
as set forth in this Section 5.13, other than due to the inability of the underwriter described in Section 2.08 of the Credit Agreement to sell the Common Stock at or above the Required Conversion Price. 
  

	6	Miscellaneous 

  

	 	6.1	Notices 

  

	 	6.1.1	Any notice or other communication in connection with this Agreement (each, a “Notice”) shall be: 

  

	 	(a)	in writing in English; 

  

	 	(b)	delivered by hand, fax, registered post or by courier using an internationally recognized courier company. 

  

	 	6.1.2	Notices to the Company shall be sent to at the following address, or such other person or address as the Company may notify to the Investor from time to time:

 Cheniere Energy, Inc. 
 700 Milam Street, Suite 800 
 Houston, Texas 77002 
 Tel: 713.375.5290 
 Fax: 713.375.6290 
 Attention: Graham McArthur, Treasurer 
  

 28 

 with a copy to: 
 Andrews Kurth LLP 
 600 Travis, Suite 4200 
 Houston, Texas 77002 
 Tel: 713.220.4200

 Fax: 713.220.4285 
 Attention: Geoffrey K. Walker 
  

	 	6.1.3	Notices to an Investor shall be sent to the following address, or such other person or address as such Investor may notify to the Company from time to time:

 GSO Special Situations Fund LP 
 280 Park Avenue, 11th Floor 
 New York, NY 10017 
 Tel: 212.503.2117 
 Fax: 212.503.6961

 Attention: Chris Sullivan 
 with a copy to: 
 Jonathan R. Rod 
 Latham & Watkins LLP 
 885 Third Avenue 
 New York, NY 10022-4834 
 Tel: 212.906.1363

 Fax: 212.751.4864 
 Attention: Jonathan R. Rod 
 GSO Origination Funding Partners LP 
 280 Park Avenue, 11th Floor 
 New York, NY
10017 
 Tel: 212.503.2117 
 Fax: 212.503.6961 
 Attention: Chris Sullivan 
 with a copy to: 
 Jonathan R. Rod 
 Latham & Watkins LLP 
 885 Third
Avenue 
 New York, NY 10022-4834 
 Tel: 212.906.1363 
 Fax: 212.751.4864 
 Attention: Jonathan R. Rod 
  

 29 

 Blackstone Distressed Securities Fund L.P. 
 280 Park Avenue, 11th Floor 
 New York, NY
10017 
 Tel: 212.503.2065 
 Attention: Jennifer Box 
 with a copy to: 
 Jonathan R. Rod 
 Latham & Watkins LLP 
 885 Third Avenue 
 New York, NY 10022-4834

 Tel: 212.906.1363 
 Fax:
212.751.4864 
 Attention: Jonathan R. Rod 
 GSO COF Facility LLC 
 c/o GSO Capital Partners LP 
 280 Park Avenue, 11th Floor 
 New York, NY
10017 
 Tel: 212.503.2184 
 Fax: 212.503.6930 
 Attention: George Fan, Chief Legal Officer/Chief Compliance Officer 
 with a copy to: 
 Jonathan R. Rod

 Latham & Watkins LLP 
 885 Third Avenue 
 New York, NY 10022-4834 
 Tel: 212.906.1363 
 Fax: 212.751.4864 
 Attention: Jonathan R. Rod 
 Scorpion
Capital Partners LP 
 245 Fifth Avenue, 25th Floor 
 New York, NY 10016 
 Tel: 212.213.8916 
 Fax: 212.213.9607 
 Attention: Kevin
McCarthy 
  

 30 

 with a copy to: 
 Jonathan R. Rod 
 Latham & Watkins LLP 
 885 Third Avenue 
 New York, NY 10022-4834

 Tel: 212.906.1363 
 Fax:
212.751.4864 
 Attention: Jonathan R. Rod 
 Notices to a Holder shall be sent to the address indicated on the Joinder Agreement. 
  

	 	6.1.4	Notices shall be effective upon receipt and shall be deemed to have been received: 

  

	 	6.1.4.1	at the time of delivery, if delivered by hand, registered post or courier; and 

  

	 	6.1.4.2	at the expiration of two hours after completion of the transmission, if sent by facsimile, provided that, if a Notice would become effective under the above provisions
after 5.30 p.m. on any Business Day, then it shall be deemed instead to become effective at 9:30 a.m. on the next Business Day. References in this Agreement to time are to local time at the location of the addressee as set out in the Notice.

 Subject to the foregoing provisions of this Section 6.1, in proving service of a Notice, it shall be sufficient
to prove that the envelope containing such Notice was properly addressed and delivered by hand, registered post or courier to the relevant address pursuant to the above provisions or that the facsimile transmission report (call back verification)
states that the communication was properly sent. 
  

	 	6.2	Termination 

 This Agreement shall be effective as
of the date hereof and shall terminate with respect to any Holder with respect to all provisions (other than Section 4 or Section 6), unless otherwise provided herein, on the date on which no Exchangeable Portion of Loans
remain outstanding under the Credit Agreement and no Series B Preferred Stock remains outstanding. The provisions of Section 4 shall terminate earlier, if on or before such date, there ceases to be any Registrable Securities outstanding.

  

	 	6.3	Governing Law 

 This Agreement and the rights and
obligations of the parties hereunder and the Persons subject hereto shall be governed by and construed and interpreted in accordance with the laws of the State of Delaware, without giving effect to conflicts of laws rules that would require or
permit the application of the laws of another jurisdiction. 
  

 31 

	 	6.4	Submission to Jurisdiction 

 EACH PARTY TO THIS
AGREEMENT HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF DELAWARE AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE STATE OF DELAWARE SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT
OF THE PROVISIONS OF THIS AGREEMENT AND IN RESPECT OF THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS AGREEMENT AND IN RESPECT OF THE
TRANSACTIONS CONTEMPLATED HEREBY, OR WITH RESPECT TO ANY SUCH ACTION OR PROCEEDING, SHALL BE HEARD AND DETERMINED IN SUCH A DELAWARE STATE OR FEDERAL COURT, AND THAT SUCH JURISDICTION OF SUCH COURTS WITH RESPECT THERETO SHALL BE EXCLUSIVE, EXCEPT
SOLELY TO THE EXTENT THAT ALL SUCH COURTS SHALL LAWFULLY DECLINE TO EXERCISE SUCH JURISDICTION. EACH PARTY HEREBY WAIVES, AND AGREES NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR THE INTERPRETATION OR ENFORCEMENT HEREOF OR IN
RESPECT OF ANY SUCH TRANSACTION, THAT IT IS NOT SUBJECT TO SUCH JURISDICTION. EACH PARTY HEREBY WAIVES, AND AGREES NOT TO ASSERT, TO THE MAXIMUM EXTENT PERMITTED BY LAW, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR THE INTERPRETATION OR
ENFORCEMENT HEREOF OR IN RESPECT OF ANY SUCH TRANSACTION, THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SUCH COURTS OR THAT THE VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT THIS AGREEMENT MAY NOT BE ENFORCED IN OR
BY SUCH COURTS. EACH PARTY CONSENTS TO AND GRANTS ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES IN CONNECTION WITH, AND OVER THE SUBJECT MATTER OF, ANY SUCH DISPUTE AND AGREES, TO THE MAXIMUM EXTENT PERMITTED BY LAW, THAT MAILING OF
PROCESS OR OTHER PAPERS IN CONNECTION WITH ANY SUCH ACTION OR PROCEEDING IN THE MANNER PROVIDED IN SECTION 6.1 OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW, SHALL BE VALID AND SUFFICIENT SERVICE THEREOF. 
  

	 	6.5	Waiver of Jury Trial 

 EACH PARTY TO THIS AGREEMENT
ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A

  

 32 

 
TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR THE BREACH, TERMINATION OR VALIDITY OF
THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH SUCH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY AND (D) EACH SUCH PARTY HAS
BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 6.5. 
  

	 	6.6	Severability 

 If any provision of this Agreement is
held by a court of competent jurisdiction to be invalid or unenforceable in any jurisdiction, such holding shall not affect the validity or enforceability of the remainder of this Agreement in such jurisdiction or the validity or enforceability of
this Agreement, including such provision, in any other jurisdiction, and such provision shall be revised or modified to the minimum degree necessary to render it valid and enforceable. 
  

	 	6.7	Entire Agreement 

 This Agreement, together with the
Credit Agreement and related documents, constitute the entire agreement and understanding of the parties hereto with respect to the matters referred to herein and supersede all prior agreements, understandings or representations, written or oral,
and all contemporaneous oral agreements, understandings or representations, in each case among the parties with respect to such matters. 
  

	 	6.8	Amendment and Waiver 

 No amendment, alteration or
modification of this Agreement or waiver of any provision of this Agreement shall be effective against the Company or any Holder unless such amendment, alteration, modification or waiver is approved in writing by the Company and the Holders that
beneficially own a majority of the voting Registrable Securities beneficially owned by all Holders at such time. The failure of any party to enforce any provision of this Agreement shall not be construed as a waiver of such provision and shall not
affect the right of such party thereafter to enforce each provision of this Agreement in accordance with its terms. The Company shall give notice of any amendment or termination hereof to the Holders (other than the Investor) of which it is aware,
provided that, such amendment or termination shall be binding on such Holders whether or not such notice is provided or received. 
  

 33 

	 	6.9	Successors and Assigns 

 This Agreement shall be
binding upon and inure to the benefit of the successors and permitted assigns of the parties hereto. No party shall assign any or all of its rights or obligations under this Agreement without the consent of the other parties. 
  

	 	6.10	No Third-Party Beneficiaries 

 Nothing in this
Agreement is intended to or shall confer any rights or benefits upon any Person other than the parties hereto. 
  

	 	6.11	Counterparts 

 This Agreement may be executed in any
number of counterparts (including by facsimile or other electronic transmission), each of which shall be an original and all of which taken together shall constitute one and the same agreement. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 34 

 In Witness Whereof, the parties have executed this Agreement as of the date first above written.

  

			
	CHENIERE ENERGY, INC.
		
	By:	 	 /s/ Graham A. McArthur

	Name:	 	Graham A. McArthur
	Title:	 	Treasurer
	
	CHENIERE COMMON UNITS HOLDING, LLC
		
	By:	 	 /s/ Graham A. McArthur

	Name:	 	Graham A. McArthur
	Title:	 	Treasurer
	
	GSO SPECIAL SITUATIONS FUND LP
	By:	 	GSO Capital Partners, LP, its investment advisor
		
	By:	 	 /s/ George Fan

	Name:	 	
	Title:	 	
	
	GSO ORIGINATION FUNDING PARTNERS LP
	By:	 	GSO Capital Partners, LP, its investment advisor
		
	By:	 	 /s/ George Fan

	Name:	 	
	Title:	 	
	
	BLACKSTONE DISTRESSED SECURITIES FUND L.P.
	By:	 	Blackstone Distressed Securities Advisors L.P., its Investment Manager
		
	By:	 	 /s/ George Fan

	Name:	 	
	Title:	 	

  

 35 

			
	GSO COF FACILITY LLC
	By:	 	GSO Capital Partners LP, as Portfolio Manager
		
	By:	 	 /s/ George Fan

	Name:	 	
	Title:	 	
	
	SCORPION CAPITAL PARTNERS LP
	By:	 	Scorpion GP, LLC
		
	By:	 	 /s/ Nuno Brandolini

	Name:	 	Nuno Brandolini
	Title:	 	Manager

  

 36

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