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Credit Agreement

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Title:

Credit Agreement

Entities:

Allied Irish Banks plc; Bank of Ireland; Bank of Nova Scotia; Cheniere Energy Inc; Cheniere Energy, Inc.; Commerzbank AG; HSBC Securities (USA), Inc.; Royal Bank of Canada; Sanpaolo IMI S.p.A.; Sumitomo Mitsui Banking Corp.; TOTAL SA; Union Bank of California, NA; Banco Santander Central Hispano SA; Bank of New York; Gray Cary Ware & Freidenrich; Milbank, Tweed, Hadley & McCloy; Piper Rudnick; Thelen Reid & Priest LLP

Date:

2005

Size:

Preview shows 89KB of 764KB total

Price:

$99

ID:

#1449953

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*****************************************************************

CREDIT AGREEMENT

Dated as of February 25, 2005

among

SABINE PASS LNG, L.P.,

as the Borrower

SOCIT GNRALE,

as the Agent

HSBC BANK USA, NATIONAL ASSOCIATION,

as the Collateral Agent

and

LENDERS PARTY TO THIS AGREEMENT

FROM TIME TO TIME

*****************************************************************

TABLE OF CONTENTS

This Table of Contents is not part of the Agreement to which it is attached but is inserted for convenience only.


			Page
ARTICLE I DEFINITIONS AND INTERPRETIVE MATTERS			1
	1.01	Certain Defined Terms	1
	1.02	Accounting Terms and Determinations	27
	1.03	Certain Principles of Interpretation	27
	1.04	Consent Not to be Unreasonably Delayed	28

ARTICLE II COMMITMENTS			28
	2.01	Loans	28
	2.02	Borrowings	28
	2.03	Changes of Commitments	28
	2.04	Fees	29
	2.05	Lending Offices	29
	2.06	Several Obligations; Remedies Independent	29
	2.07	Maintenance of Records	30

ARTICLE III PAYMENTS OF PRINCIPAL AND INTEREST			30
	3.01	Repayment of Loans	30
	3.02	Interest	30
	3.03	Optional Prepayments of Loans	31
	3.04	Mandatory Prepayments	31

ARTICLE IV PAYMENTS; PRO RATA TREATMENT; COMPUTATIONS; ETC.			32
	4.01	Payments	32
	4.02	Pro Rata Treatment	32
	4.03	Computations	33
	4.04	Minimum Amounts	33
	4.05	Certain Notices	33
	4.06	Non-Receipt of Funds by the Agent	33
	4.07	Sharing of Payments; Etc.	34

ARTICLE V YIELD PROTECTION; ETC.			35
	5.01	Alternate Rate of Interest	35
	5.02	Increased Costs	36
	5.03	Break Funding Payments	37
	5.04	Taxes	38
	5.05	Mitigation of Obligations; Replacement of Lenders	39
	5.06	Illegality	40

ARTICLE VI CONDITIONS PRECEDENT			41
	6.01	Closing Date	41
	6.02	Funding Date	45


		- i -		CREDIT AGREEMENT


	6.03	Conditions Precedent to all Loans	48
	6.04	Final Funding Date	50

ARTICLE VII REPRESENTATIONS AND WARRANTIES			53
	7.01	Existence	53
	7.02	Financial Condition	53
	7.03	Action	53
	7.04	No Breach	54
	7.05	Government Approvals; Government Rules	54
	7.06	Proceedings	55
	7.07	Environmental Matters	56
	7.08	Taxes	56
	7.09	Tax Status	57
	7.10	ERISA; ERISA Event	57
	7.11	Nature of Business	57
	7.12	Security Documents	57
	7.13	Subsidiaries	57
	7.14	Status	57
	7.15	Material Project Documents; Licenses	58
	7.16	Margin Stock	59
	7.17	Disclosure	59
	7.18	Insurance	59
	7.19	Indebtedness; Investments	60
	7.20	No Material Adverse Effect	60
	7.21	Absence of Default	60
	7.22	Ownership	60
	7.23	Property	60
	7.24	No Force Majeure	60
	7.25	Ranking	60
	7.26	Labor Matters	60
	7.27	Operating Arrangements	60

ARTICLE VIII COVENANTS			61
	8.01	Reporting Requirements	61
	8.02	Maintenance of Existence, Etc.	62
	8.03	Compliance with Government Rules, Etc.	63
	8.04	Environmental Compliance	63
	8.05	Insurance; Events of Loss	64
	8.06	Proceedings	65
	8.07	Taxes	66
	8.08	Books and Records; Inspection Rights	66
	8.09	Use of Proceeds	66
	8.10	Maintenance of Lien	66
	8.11	Prohibition of Fundamental Changes	67
	8.12	Restricted Payments	67
	8.13	Liens	68
	8.14	Investments	69


		- ii -		CREDIT AGREEMENT


	8.15	Hedging Arrangements	69
	8.16	Indebtedness	69
	8.17	Nature of Business	70
	8.18	Project Construction; Maintenance of Properties	71
	8.19	Construction Reports	71
	8.20	EPC Contract	72
	8.21	Project Documents, Etc.	74
	8.22	Operating Budgets	75
	8.23	Operating Statements and Reports	76
	8.24	Transactions with Affiliates	76
	8.25	Other Documents and Information	77
	8.26	Debt Service Coverage Ratio	77
	8.27	Cooperation	77
	8.28	Auditors	77
	8.29	Accounts	77
	8.30	Guarantees	78
	8.31	Events of Abandonment	78
	8.32	GAAP	78
	8.33	Terminal Use Agreements	78
	8.34	Updated Surveys and Title Policies Following Facility Final Completion	78
	8.35	EPC Contract Letters of Credit	79
	8.36	Certificate of Occupancy	79
	8.37	Noble Purchase Option	79
	8.38	Lien Waivers	79
	8.39	Lease Amendments	79

ARTICLE IX EVENTS OF DEFAULT			80
	9.01	Events of Default; Remedies	80

ARTICLE X THE AGENT			83
	10.01	Appointment, Powers and Immunities	83
	10.02	Reliance by Agent	83
	10.03	Defaults	84
	10.04	Rights as a Lender	84
	10.05	Indemnification	84
	10.06	Non-Reliance on Agent, Collateral Agent and Other Lenders	85
	10.07	Failure to Act	85
	10.08	Resignation or Removal of Agent	85
	10.09	Consents under Transaction Documents	86
	10.10	Appointment of Collateral Agent	86

ARTICLE XI MISCELLANEOUS			86
	11.01	Waiver	86
	11.02	Notices	87
	11.03	Expenses; Etc.	87