Document:

atax-ex105_30.htm

 

Exhibit 10.5

LIMITED SUPPORT AGREEMENT

This Limited Support Agreement (this “Agreement”) is entered into as of August 1, 2018, between AMERICA FIRST MULTIFAMILY INVESTORS, L.P. (the “Agreement Provider”) and FEDERAL HOME LOAN MORTGAGE CORPORATION and/or any subsequent obligee under the Reimbursement Agreement hereinafter defined (“Freddie Mac” or the “Lender”).

RECITALS

	
A.
	
ATAX TEBS IV, LLC (the “Sponsor”), an Affiliate of the Agreement Provider, was the owner of certain tax-exempt multifamily housing revenue bonds or related custody receipts evidencing a beneficial ownership interest therein (the “Bonds” as specified in further detail in the Reimbursement Agreement referenced below), that it absolutely assigned and transferred to Lender, as Administrator pursuant to a Series Certificate Agreement with respect to the Bonds, dated as of the date hereof (together with the Standard Terms attached thereto, collectively, the “Series Certificate Agreement”).  Pursuant to the Series Certificate Agreement, Lender has agreed to provide credit enhancement with respect to the Bonds and related Class A Certificates issued thereunder.

	
B.
	
The Lender has conditioned its credit enhancement upon the execution and delivery by the Sponsor of a Bond Exchange, Reimbursement, Pledge and Security Agreement dated as of the date hereof with the Lender (the “Reimbursement Agreement”), and the execution and delivery by the Agreement Provider of this Agreement.

NOW, THEREFORE, in order to induce Lender to provide such credit enhancement, and in consideration of the Recitals, and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Agreement Provider and Lender hereby agree as follows:

	
 
	
1.
	
“Obligations” and other capitalized terms used but not defined in this Agreement shall have the meanings assigned to them in the Reimbursement Agreement.

	
 
	
2.
	
Agreement Provider hereby absolutely, unconditionally and irrevocably guarantees to Lender the full and prompt payment when due, whether at maturity or earlier, by reason of acceleration or otherwise, and at all times thereafter, and the full and prompt performance when due, of all of the following:

	
 
	
(a)
	
A portion of the Obligations equal to zero percent (0%) of the original principal balance of the Obligations (the “Base Support”).

	
 
	
(b)
	
In addition to the Base Support, all other amounts for which Sponsor is personally liable under Section 9.11(b) of the Reimbursement Agreement.

	
 
	
(c)
	
The payment and performance of all of Sponsor’s obligations under Section 2.4 and 3.12 of the Reimbursement Agreement.

 

PAGE 1

 

	
 
	
(d)
	
[Reserved.]

	
 
	
(e)
	
All costs and expenses, including reasonable fees and out of pocket expenses of attorneys and expert witnesses, incurred by Lender in enforcing its rights under this Agreement.

For purposes of determining Agreement Provider’s liability under this Agreement, all payments made by the Sponsor with respect to the Obligations and all amounts received by Lender from the enforcement of its rights under the Reimbursement Agreement shall be applied first to the portion of the Obligations for which neither the Sponsor nor the Agreement Provider has personal liability. 

	
 
	
3.
	
The obligations of Agreement Provider under this Agreement shall survive any foreclosure proceeding, any foreclosure sale and any release of record of the collateral securing the Reimbursement Agreement.

	
 
	
4.
	
Agreement Provider’s obligations under this Agreement constitute an unconditional guaranty of payment and performance and not merely a guaranty of collection.

	
 
	
5.
	
The obligations of Agreement Provider under this Agreement shall be performed without demand by Lender and shall be unconditional irrespective of the genuineness, validity, regularity or enforceability of the Reimbursement Agreement or any Sponsor Document, and without regard to any other circumstance which might otherwise constitute a legal or equitable discharge of a surety, a guarantor, a borrower or a mortgagor.  Agreement Provider hereby waives the benefit of all principles or provisions of law, statutory or otherwise, which are or might be in conflict with the terms of this Agreement and agrees that Agreement Provider’s obligations shall not be affected by any circumstances, whether or not referred to in this Agreement, which might otherwise constitute a legal or equitable discharge of a surety, a guarantor, a borrower or a mortgagor.  Agreement Provider hereby waives the benefits of any right of discharge under any and all statutes or other laws relating to a guarantor, a surety, a borrower or a mortgagor and any other rights of a surety, a guarantor, a borrower or a mortgagor thereunder.  Without limiting the generality of the foregoing, Agreement Provider hereby waives, to the fullest extent permitted by law, diligence in collecting the Obligations, presentment, demand for payment, protest, all notices with respect to the Reimbursement Agreement and this Agreement which may be required by statute, rule of law or otherwise to preserve Lender’s rights against Agreement Provider under this Agreement, including, but not limited to, notice of acceptance, notice of any amendment of the Sponsor Documents, notice of the occurrence of any default or Event of Default, notice of intent to accelerate, notice of acceleration, notice of dishonor, notice of foreclosure, notice of protest, and notice of the incurring by Sponsor of any obligation or indebtedness.  Agreement Provider also waives, to the fullest extent permitted by law, all rights to require Lender to (a) proceed against Sponsor or any other guarantor of Sponsor’s payment or performance with respect to the Obligations (an “Other Guarantor”) 

 

PAGE 2

 

	
 
		
(b) if Sponsor or any Other Guarantor is a partnership, proceed against any general partner of Sponsor or the Other Guarantor, or (c) proceed against or exhaust any collateral held by Lender to secure the repayment of the Obligations.  Agreement Provider further waives, to the fullest extent permitted by applicable law, any right to revoke this Agreement as to any future advances by Lender under the Reimbursement Agreement to protect Lender’s interest in the UCC Collateral securing the Reimbursement Agreement.

	
 
	
6.
	
At any time or from time to time and any number of times, without notice to Agreement Provider and without affecting the liability of Agreement Provider, (a) the time for payment of the Obligations may be extended or the Obligations may be renewed in whole or in part; (b) the time for Sponsor’s performance of or compliance with any covenant or agreement contained in the Reimbursement Agreement or any other Sponsor Document, whether presently existing or hereinafter entered into, may be extended or such performance or compliance may be waived; (c) the maturity of the Obligations may be accelerated as provided in the Reimbursement Agreement or any other Sponsor Document; (d) the Reimbursement Agreement, and the security instrument or any other loan document evidencing or securing the obligations of Owners (as defined in the Reimbursement Agreement) may be modified or amended by Lender and Sponsor in any respect, including, but not limited to, an increase in the principal amount; and (e) any security for the Obligations may be modified, exchanged, surrendered or otherwise dealt with or additional security may be pledged or mortgaged for the Obligations.

	
 
	
7.
	
Lender, in its sole and absolute discretion, may (a) bring suit against Agreement Provider, or any one or more of the persons constituting Agreement Provider, and any Other Guarantor, jointly and severally, or against any one or more of them; (b) compromise or settle with any one or more of the persons constituting Agreement Provider for such consideration as Lender may deem proper; (c) release one or more of the persons constituting Agreement Provider, or any Other Guarantor, from liability; and (d) otherwise deal with Agreement Provider and any Other Guarantor, or any one or more of them, in any manner, and no such action shall impair the rights of Lender to collect from Agreement Provider any amount guaranteed by Agreement Provider under this Agreement.  Nothing contained in this paragraph shall in any way affect or impair the rights or obligations of Agreement Provider with respect to any Other Guarantor.

	
 
	
8.
	
Any indebtedness of Sponsor held by Agreement Provider now or in the future is and shall be subordinated to the Obligations and any such indebtedness of Sponsor shall be collected, enforced and received by Agreement Provider, as trustee for Lender, but without reducing or affecting in any manner the liability of Agreement Provider under the other provisions of this Agreement.

	
 
	
9.
	
Agreement Provider shall have no right of, and hereby waives any claim for, subrogation or reimbursement against Sponsor or any general member of Sponsor by reason of any payment by Agreement Provider under this Agreement, whether 

 

PAGE 3

 

	
 
		
such right or claim arises at law or in equity or under any contract or statute, until the Obligations has been paid in full and there has expired the maximum possible period thereafter during which any payment made by Sponsor to Lender with respect to the Obligations could be deemed a preference under the United States Bankruptcy Code. 

	
 
	
10.
	
If any payment by Sponsor is held to constitute a preference under any applicable bankruptcy, insolvency, or similar laws, or if for any other reason Lender is required to refund any sums to Sponsor, such refund shall not constitute a release of any liability of Agreement Provider under this Agreement.  It is the intention of Lender and Agreement Provider that Agreement Provider’s obligations under this Agreement shall not be discharged except by Agreement Provider’s performance of such obligations and then only to the extent of such performance.

	
 
	
11.
	
Agreement Provider shall from time to time, upon request by Lender, deliver to Lender such financial statements as Lender may reasonably require but not more frequently than once each year.  As a condition to Agreement Provider’s delivery of its financial information, Lender agrees that such information is confidential information, shall not be used for any purpose other than evaluating compliance by the Agreement Provider with this Agreement, and shall be disclosed only to those employees, directors, officers and agents of Lender who need to know such information for purposes of performing or enforcing Lender’s obligations and rights under this Agreement and who are advised of the need to maintain the confidentiality of such information.  Lender shall not otherwise use or disclose Agreement Provider’s financial information without Agreement Provider’s prior written consent.  The restrictions on use and disclosure set forth above shall not apply when and to the extent that the information received by Lender (a) is or becomes generally available to the public through no fault of Lender (or anyone acting on its behalf); (b) was previously known by Freddie Mac free of any obligation to keep it confidential; (c) is subsequently disclosed to Freddie Mac by a third party who may rightfully transfer and disclose such information without restriction and free of any obligation to keep it confidential; or (d) is required to be disclosed by Freddie Mac by applicable law.

	
 
	
12.
	
Lender agrees that it may assign its rights under this Agreement in whole or in part solely in the event an “Event of Default” exists under the Reimbursement Agreement.  Upon any such assignment pursuant to this Section 12, all the terms and provisions of this Agreement shall inure to the benefit of such assignee to the extent so assigned.  Lender agrees to notify Agreement Provider of any such assignment.  The terms used to designate any of the parties herein shall be deemed to include the heirs, legal representatives, successors and assigns of such parties; and the term “Lender” shall include, in addition to Lender, any lawful owner, holder or pledgee of the Reimbursement Agreement.  Reference herein to “person” or “persons” shall be deemed to include individuals and entities.

	
 
	
13.
	
This Agreement and the other Sponsor Documents represent the final agreement between the parties and may not be contradicted by evidence of prior, 

 

PAGE 4

 

	
 
		
contemporaneous or subsequent oral agreements. There are no unwritten oral agreements between the parties.  All prior or contemporaneous agreements, understandings, representations, and statements, oral or written, are merged into this Agreement and the other Sponsor Documents.  Agreement Provider acknowledges that Agreement Provider has received copies of the Reimbursement Agreement and all other Sponsor Documents.  Neither this Agreement nor any of its provisions may be waived, modified, amended, discharged, or terminated except by an agreement in writing signed by the party against which the enforcement of the waiver, modification, amendment, discharge, or termination is sought, and then only to the extent set forth in that agreement.

	
 
	
14.
	
This Agreement shall be construed, and the rights and obligations of Agreement Provider hereunder determined, in accordance with federal statutory or common law (“federal law”).  Insofar as there may be no applicable rule or precedent under federal law and insofar as to do so would not frustrate the purposes of any provision of this Agreement, the local law of the State of New York shall be deemed reflective of federal law.  The parties agree that any legal actions among the Agreement Provider and the Lender regarding each party hereunder shall be originated in the United States District Court in and for the Eastern District of Virginia, and the parties hereby consent to the exclusive jurisdiction and venue of said Court in connection with any action or proceeding initiated concerning this Agreement.  Agreement Provider irrevocably consents to service, jurisdiction, and venue of such court for any such litigation and waives any other venue to which it might be entitled by virtue of domicile, habitual residence or otherwise.

	
 
	
15.
	
AGREEMENT PROVIDER AND LENDER EACH (A) AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUE ARISING OUT OF THIS AGREEMENT OR THE RELATIONSHIP BETWEEN THE PARTIES AS AGREEMENT PROVIDER AND LENDER THAT IS TRIABLE OF RIGHT BY A JURY AND (B) WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH ISSUE TO THE EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE.  THIS WAIVER OF RIGHT TO TRIAL BY JURY IS SEPARATELY GIVEN BY EACH PARTY, KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL.

	
 
	
16.
	
As of the date of this Agreement, the Agreement Provider represents and warrants to the Lender that the Agreement Provider has (i) a Net Worth equal to at least $5,000,000 and (ii) Liquidity equal to at least $500,000.  During the term of this Agreement, the Agreement Provider shall at all times maintain a Net Worth and Liquidity of no less than the foregoing.  The following terms shall have the respective meanings set forth below for purposes of this Section 16:

	
 
	
(a)
	
“Liquidity” means, at any date, the Agreement Provider’s unrestricted cash and cash equivalents.

 

PAGE 5

 

	
 
	
(b)
	
“Net Worth” means, at any date, the Tangible Assets of a Person which (after deducting depreciation, obsolescence, amortization, and any valuation or other reserves on account of upward revaluation of assets and without reduction for any unamortized debt discount or expense) would be shown, in accordance with generally accepted accounting principles, on its balance sheet, minus liabilities (other than capital stock and surplus but including all reserves for contingencies and other potential liabilities) which would be shown, in accordance with generally accepted accounting principles, on such balance sheet.

	
 
	
(c)
	
“Person” means any individual, partnership, corporation, association, joint venture, trust (including any beneficiary thereof) or unincorporated organization, and a government or agency or political subdivision thereof.

	
 
	
(d)
	
“Tangible Assets” means total assets except: (i) that portion of deferred assets and prepaid expenses (other than prepaid insurance, prepaid rent and prepaid taxes) which do not mature or, in accordance with generally accepted accounting principles, are not amortizable within one year from the date of calculation, and (ii) trademarks, trade names, good will, and other similar intangibles.

	
 
	
17.
	
During the term of the Reimbursement Agreement, the Agreement Provider agrees (a) to maintain its existence as a limited partnership under the laws of the State of Delaware, (b) that it will not dissolve or otherwise dispose of all or substantially all of its assets, and will not consolidate with or merge into any Person or permit any Person to consolidate with or merge into it and (c) that it will make subordinate loans to Owners solely in accordance with Section 3.24 of the Reimbursement Agreement.

	
 
	
18.
	
This Agreement may be simultaneously executed in multiple counterparts, all of which shall constitute one and the same instrument and each of which shall be, and shall be deemed to be, an original.

 

[Signatures follow]

 

 

PAGE 6

 

IN WITNESS WHEREOF, Agreement Provider and Lender have signed and delivered this Agreement or have caused this Agreement to be signed by their duly authorized representatives.

 

	
America First Multifamily Investors, L.P. a Delaware limited partnership (f/k/a America First Tax Exempt Investors, L.P.)

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
AMERICA FIRST CAPITAL ASSOCIATES LIMITED PARTNERSHIP TWO, a Delaware limited partnership, its general partner

	
 
	
 
	
 

	
 
	
By:
	
 
	
BURLINGTON CAPITAL LLC, a Delaware limited liability company, its general partner

	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
 
	
/s/ Craig S. Allen

	
 
	
 
	
 
	
 
	
Name:
	
Craig S. Allen

	
 
	
 
	
 
	
 
	
Title:
	
Chief Financial Officer

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 

 

 

 

 

 

 

 

[Signature Page to ATAX TEBS IV limited support agreement]

 

 

 

	
LENDER:

	
 

	
FEDERAL HOME LOAN MORTGAGE CORPORATION

	
 
	
 
	
 

	
By:
	
 
	
/s/ Curtis Melvin

	
 
	
 
	
Name:
	
Curtis Melvin

	
 
	
 
	
Title:
	
Multifamily, Production Directoe

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to ATAX TEBS IV limited support agreement]Exhibit

Exhibit 10.7
*** indicates material has been omitted pursuant to a Confidential Treatment Request filed with the Securities and Exchange Commission.  A complete copy of this agreement has been filed separately with the Securities and Exchange Commission.
CHANGE ORDER 
Owner Modification of Warehouse 1 and Laboratory
	
		
	PROJECT NAME:  Corpus Christi Stage 1 Liquefaction Facility

OWNER:  Corpus Christi Liquefaction, LLC

CONTRACTOR:  Bechtel Oil, Gas and Chemicals, Inc.

DATE OF AGREEMENT: December 6, 2013
	CHANGE ORDER NUMBER: CO-00042

DATE OF CHANGE ORDER: April 30, 2018

The Agreement between the Parties listed above is changed as follows: (attach additional documentation if necessary)
Prior to Substantial Completion of Subproject 1, Owner desires to modify, occupy, and use the following two (2) components of the Stage 1 Liquefaction Facility: 
		
	•
	Component 00A-4000 Warehouse 1 - a portion of System 040-22 - “MISC STORAGE BUILDINGS” (“Warehouse 1”)

		
	•
	Component 00A-4052 Laboratory - a portion of System 040-01, “O&M AND CONTROL ROOM BUILDING 00A-4024 AND LABORATORY 00A-4052” (the “Lab”, together with Warehouse 1, the “Buildings”)

Owner desires to self-execute certain modifications to, as well as occupy and use, the Buildings.  Contractor agrees that Owner and its subcontractors shall modify the Buildings during Phase 1, and shall occupy and use the Buildings during Phase 2, subject to the following conditions:  
		
	1)
	“Phase 1” means the time period beginning upon execution of this Change Order and ending: (i) with respect to the Lab, when Contractor obtains a certificate of occupancy or other applicable authorization for the Lab from the appropriate Governmental Instrumentality for the occupancy of the Lab (a “Certificate of Occupancy”); and (ii) with respect to Warehouse 1, when Contractor obtains a Certificate of Occupancy for Warehouse 1.   

		
	2)
	“Phase 2” means the time period following the end of Phase 1 and ending on the date of Substantial Completion of Subproject 1.

3)During Phase 1:
		
	a)
	Contractor shall complete fit out of the Buildings in accordance with the Agreement (including the Specifications) so that the Buildings are ready for full occupancy and shall obtain a Certificate of Occupancy for each of the Buildings according to the Project Schedule. Prior to Phase 2, Contractor shall have full and unrestricted access in and to the Buildings as is necessary to perform the Work inside, outside and adjacent to the Buildings as described in Exhibit B to this Change Order.  

		
	b) 
	Owner may perform only construction and fit-out activities within the Buildings.  To assist Owner with the modifications to the Buildings, Contractor hereby delivers to Owner the Buildings packages attached hereto as Exhibit A.

		
	c) 
	Contractor shall deliver to Owner the keys to the Buildings and Owner shall maintain access control and security inside the Buildings.  Contractor will install a barricade around the Buildings with access points for Owner and its subcontractors to enter the Buildings.  Subject to Clause 3.a above, Contractor shall not occupy or operate the Buildings. 

		
	d) 
	Owner shall follow Contractor’s work authorization and lockout/tagout processes and comply with the applicable operations and maintenance manuals for the mechanical systems in the Buildings.

		
	e) 
	Owner shall obtain Contractor’s approval for modifications that require tie-ins to the utilities.

		
	f) 
	For purposes of this Change Order, Owner shall cause its subcontractors performing the Owner activities described herein to stay within the designated area around the Buildings and use La Quinta Road for access to the Site and Buildings.

		
	g) 
	Contractor shall continue to perform preventive maintenance on the Buildings and their systems according to the operating and maintenance manuals.  Immediately prior to Phase 2, Owner and Contractor shall jointly inspect the 

Remaining Work (as set forth in Exhibit B) to determine and record the condition of the Remaining Work.  The Parties shall agree on a punchlist of items identified as needing to be completed or corrected as a result of such inspection.  Owner shall provide Contractor with reasonable access to complete all punchlist items so long as such access does not unreasonably interfere with Owner’s operation of the Buildings.    
4)During Phase 2:
		
	(a) 
	Owner shall have the right to occupy and use the Buildings, locate operators in the Buildings and use and store parts in Warehouse 1.

		
	(b) 
	Owner shall designate one (1) individual as Contractor’s point of contact for Warehouse 1 for purposes of administering a commissioning parts usage and replacement program for those parts owned by Owner and stored in Warehouse 1.  Such program shall be in writing and approved by Owner.  The designated individual shall be onsite and readily available.  

		
	(c) 
	Owner shall perform work in the Buildings under Owner’s work processes and not Contractor’s work authorization or lockout/tagout processes.

		
	(d) 
	Contractor shall continue to provide utilities (temporary and permanent) to the Buildings.

		
	(e) 
	Owner will transport its personnel to the Buildings.

		
	(f) 
	Owner will perform preventive maintenance on the Buildings. 

		
	(g) 
	Owner shall have risk of loss of any of Owner’s parts stored in Warehouse 1.

		
	5)
	Other than for the Work described in Exhibit B, the Defect Correction Period for each Building shall commence upon the commencement of Phase 1.  The Defect Correction Period for all Work set forth in Exhibit B to this Change Order shall commence upon the commencement of Phase 2.    

		
	6)
	Contractor’s builder’s risk insurance shall continue to cover the Buildings until the end of Phase 1; provided, however, that Owner shall be responsible for the per occurrence deductible under Contractor’s builder’s risk policy to the extent damage to the Buildings is caused by Owner Group’s fault during Phase 1.       

		
	7)
	Owner shall manage Environmental, Safety & Health incidents involving Owner’s work within the Buildings, with Contractor’s reasonable assistance as needed on a cost reimbursable basis.

Adjustment to Contract Price
	
				
	The original Contract Price was.........................................................................................................................
	$
	7,080,830,000
	

	Net change by previously authorized Change Orders (0001-00041).................................................................
	$
	695,002,402
	

	The Contract Price prior to this Change Order was...........................................................................................
	$
	7,775,832,402
	

	The Aggregate Equipment Price will be changed by this Change Order in the amount of...............................
	$
	***
	

	The Aggregate Labor and Skills Price will be changed by this Change Order in the amount of......................
	$
	***
	

	The new Contract Price including this Change Order will be...........................................................................
	$
	7,775,832,402
	

Adjustment to Aggregate Equipment Price
	
			
	The original Aggregate Equipment Price was...................................................................................................
	$
	***

	Net change by previously authorized Change Orders (0001-00041).................................................................
	$
	***

	The Aggregate Equipment Price prior to this Change Order was......................................................................
	$
	***

	The Aggregate Equipment Price will be changed by this Change Order in the amount of...............................
	$
	***

	The new Aggregate Equipment Price including this Change Order will be .....................................................
	$
	***

Adjustment to Aggregate Labor and Skills Price
	
			
	The original Aggregate Labor and Skills Price  was..........................................................................................
	$
	***

	Net change by previously authorized Change Orders (0001-00041).................................................................
	$
	***

	The Aggregate Labor and Skills Price prior to this Change Order was.............................................................
	$
	***

	The Aggregate Labor and Skills Price will be changed by this Change Order in the amount of......................
	$
	***

	The new Contract Price including this Change Order will be...........................................................................
	$
	***

Adjustment to Provisional Sum
	
				
	The original Aggregate Provisional Sum was....................................................................................................
	$
	950,561,351
	

	Net change by previously authorized Change Orders (0001-00041).................................................................
	$
	(812,283,979
	)

	The Aggregate Provisional Sum prior to this Change Order was......................................................................
	$
	138,277,372
	

	The Aggregate Provisional Sum will be unchanged by this Change Order in the amount of...........................
	$
	—
	

	The new Aggregate Provisional Sum including this Change Order will be......................................................
	$
	138,277,372
	

Adjustment to dates in Project Schedule
The following dates are modified (list all dates modified; insert N/A if no dates modified): N/A
Adjustment to other Changed Criteria (insert N/A if no changes or impact; attach additional documentation if necessary) N/A
Adjustment to Payment Schedule: N/A
Adjustment to Minimum Acceptance Criteria: N/A 
Adjustment to Performance Guarantees: N/A 
Adjustment to Design Basis: N/A
Other adjustments to liability or obligation of Contractor or Owner under the Agreement: N/A
Select either A or B:
[A] This Change Order shall constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall be deemed to compensate Contractor fully for such change. 
Initials:   /s/ SB Contractor   /s/ EL Owner
[B] This Change Order shall not constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall not be deemed to compensate Contractor fully for such change.
Initials:          Contractor          Owner
Upon execution of this Change Order by Owner and Contractor, the above-referenced change shall become a valid and binding part of the original Agreement without exception or qualification, unless noted in this Change Order. Except as modified by this and any previously issued Change Orders, all other terms and conditions of the Agreement shall remain in full force and effect. This Change Order is executed by each of the Parties’ duly authorized representatives.

	
			
	/s/ Ed Lehotsky
	 
	/s/ Sergio Buoncristiano

	Owner
	 
	Contractor

	Ed Lehotsky
	 
	Sergio Buoncristiano

	Name
	 
	Name

	SVP E&C
	 
	SVP

	Title
	 
	Title

	May 3, 2018
	 
	April 30, 2018

	Date of Signing
	 
	Date of Signing

CHANGE ORDER 
Hurricane Harvey Relief and Special Schedule Rewards
	
		
	PROJECT NAME:  Corpus Christi Stage 1 Liquefaction Facility

OWNER:  Corpus Christi Liquefaction, LLC

CONTRACTOR:  Bechtel Oil, Gas and Chemicals, Inc.

DATE OF AGREEMENT: December 6, 2013
	CHANGE ORDER NUMBER: CO-00043

DATE OF CHANGE ORDER: May 18, 2018

The Agreement between the Parties listed above is changed as follows: 
		
	1.
	Per Section 6.8 of the Agreement, the Parties agree that Contractor is entitled to an adjustment to the Contract Price for the Force Majeure impacts of Hurricane Harvey for the Stage 1 Liquefaction Facility.  Section 6.8.A.2 provides that Contractor is entitled to an adjustment of the Contract Price for any delay or prevention that meets the requirements of Section 6.8A of the Agreement, if such delay or prevention, alone or in conjunction with other Force Majeure Events, continues for a period of at least thirty (30) Days, in the aggregate.   The Parties agree that the Force Majeure impacts of Hurricane Harvey prevented or delayed the Work for a period of thirty-eight (38) Days and that Contractor is entitled to compensation for the reasonable costs necessarily incurred by Contractor during the eight (8) Days after the expiration of the thirty (30) Day period.  The Parties agree that Owner will compensate Contractor in the amount of Nine Million Two Hundred Thousand U.S. Dollars (U.S. $9,200,000) for such costs (the “Hurricane Harvey Force Majeure Compensation”).  The Hurricane Harvey Force Majeure Compensation shall reduce the Owner’s total liability set forth in Section 6.8.A.2.c of the Agreement from Fifty Million U.S. Dollars (U.S. $50,000,000) to Forty Million Eight Hundred Thousand U.S. Dollars (U.S. $40,800,000).   

		
	2.
	Owner shall pay Contractor the Hurricane Harvey Force Majeure Compensation according to the payment terms of the Agreement upon receipt of Contractor’s invoice for the month of July 2018.  Contractor shall include a line item in such invoice identifying the Hurricane Harvey Force Majeure Compensation.

		
	3.
	The Parties hereby amend the Agreement by adding as a new Article 13.3 as follows:

“13.3     Special Schedule Rewards.
A.Special Schedule Reward 1.  If Fuel Gas is introduced to Subproject 1 no later than July 31, 2018, Owner shall pay Contractor a bonus in the amount of Two Million Five Hundred Thousand U.S. Dollars (U.S. $2,500,000).
B.Special Schedule Reward 2.  If the Train 1 Ethylene and Propane Compressor Mechanical Runs are completed on Subproject 1 no later than September 8, 2018, Owner shall pay Contractor a bonus in the amount of Two Million Five Hundred Thousand U.S. Dollars (U.S. $2,500,000).
C.Special Schedule Reward 3.  If Subproject 1 produces and delivers at least 160,000 cubic meters of net LNG into the storage Tank(s), as measured by the LNG Tank radar gauge, on or before December 15, 2018, Owner shall pay Contractor a bonus in the amount of Five Million U.S. Dollars (U.S. $5,000,000) plus the full value of Special Schedule Reward 1 and Special Schedule Reward 2 if those Special Schedule Rewards were not previously earned.
D.Special Schedule Reward 4.  If Subproject 1 produces and delivers at least 160,000 cubic meters of net LNG into the storage Tank(s), as measured by the LNG Tank radar gauge, on or before January 15, 2019, Owner shall pay Contractor a bonus in the amount of Fifty Cents (U.S. $0.50) per MMBtu of all LNG that is produced by Subproject 1 and delivered into the Tanks before the end of March 1, 2019.  This reward is in addition to the Schedule Bonus for SP1 as defined in Section 13.2 of the EPC Agreement and any other Special Schedule Rewards earned.
		
	E.
	The total of all above Special Schedule Rewards shall not exceed Thirty Million U.S. Dollars (U.S. $30,000,000).

F.All dates listed above are fixed dates, and not subject to adjustment for any reason unless the Chief Executive Officer of Cheniere Energy, Inc. agrees in its sole discretion to allow for an adjustment.”
		
	4.
	Contractor waives any entitlement to or claims for an adjustment to Target Substantial Completion Dates and Guaranteed Substantial Completion Dates for the impacts of Hurricane Harvey.

		
	5.
	Both Parties agree that the intent of the phrase in Sections 13.2.A(ii) and 13.2.B(ii) of the Agreement “sold by Owner to one of its customers” means with respect to the sale of LNG “loaded onto an LNG Tanker for export to one of Owner’s customers.”  With respect to the Schedule Bonus for SP2, the Parties further agree that the LNG produced by Subproject 2 after the Schedule Bonus Date for SP1 (as defined in Section 13.2A) is not eligible for any Schedule Bonus. 

Adjustment to Contract Price
	
				
	The original Contract Price was.........................................................................................................................
	$
	7,080,830,000
	

	Net change by previously authorized Change Orders (0001-00042).................................................................
	$
	695,002,402
	

	The Contract Price prior to this Change Order was...........................................................................................
	$
	7,775,832,402
	

	The Aggregate Equipment Price will be changed by this Change Order in the amount of...............................
	$
	***
	

	The Aggregate Labor and Skills Price will be changed by this Change Order in the amount of......................
	$
	***
	

	The new Contract Price including this Change Order will be...........................................................................
	$
	7,785,032,402
	

Adjustment to Aggregate Equipment Price
	
			
	The original Aggregate Equipment Price was...................................................................................................
	$
	***

	Net change by previously authorized Change Orders (0001-00042).................................................................
	$
	***

	The Aggregate Equipment Price prior to this Change Order was......................................................................
	$
	***

	The Aggregate Equipment Price will be changed by this Change Order in the amount of...............................
	$
	***

	The new Aggregate Equipment Price including this Change Order will be .....................................................
	$
	***

Adjustment to Aggregate Labor and Skills Price
	
			
	The original Aggregate Labor and Skills Price  was..........................................................................................
	$
	***

	Net change by previously authorized Change Orders (0001-00042).................................................................
	$
	***

	The Aggregate Labor and Skills Price prior to this Change Order was.............................................................
	$
	***

	The Aggregate Labor and Skills Price will be changed by this Change Order in the amount of......................
	$
	***

	The new Contract Price including this Change Order will be...........................................................................
	$
	***

Adjustment to Provisional Sum
	
				
	The original Aggregate Provisional Sum was....................................................................................................
	$
	950,561,351
	

	Net change by previously authorized Change Orders (0001-00042).................................................................
	$
	(812,283,979
	)

	The Aggregate Provisional Sum prior to this Change Order was......................................................................
	$
	138,277,372
	

	The Aggregate Provisional Sum will be unchanged by this Change Order in the amount of...........................
	$
	—
	

	The new Aggregate Provisional Sum including this Change Order will be......................................................
	$
	138,277,372
	

Adjustment to dates in Project Schedule
The following dates are modified (list all dates modified; insert N/A if no dates modified): N/A
Adjustment to other Changed Criteria (insert N/A if no changes or impact; attach additional documentation if necessary) N/A
Adjustment to Payment Schedule:  N/A.

Adjustment to Minimum Acceptance Criteria: N/A 
Adjustment to Performance Guarantees: N/A 
Adjustment to Design Basis: N/A
Other adjustments to liability or obligation of Contractor or Owner under the Agreement: N/A
Select either A or B:
[A] This Change Order shall constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall be deemed to compensate Contractor fully for such change. 
Initials:  /s/ SB Contractor   /s/ EL Owner
[B] This Change Order shall not constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall not be deemed to compensate Contractor fully for such change.
Initials:          Contractor          Owner
Upon execution of this Change Order by Owner and Contractor, the above-referenced change shall become a valid and binding part of the original Agreement without exception or qualification, unless noted in this Change Order. Except as modified by this and any previously issued Change Orders, all other terms and conditions of the Agreement shall remain in full force and effect. This Change Order is executed by each of the Parties’ duly authorized representatives.
	
			
	/s/ Ed Lehotsky
	 
	/s/ Sergio Buoncristiano

	Owner
	 
	Contractor

	Ed Lehotsky
	 
	Sergio Buoncristiano

	Name
	 
	Name

	SVP E&C
	 
	SVP

	Title
	 
	Title

	June 5, 2018
	 
	May 18, 2018

	Date of Signing
	 
	Date of Signing

CHANGE ORDER 

Condense sate Takeaway Modifications and Tell-Tale Signs for Leak Detection and Repair
	
		
	PROJECT NAME:  Corpus Christi Stage 1 Liquefaction Facility

OWNER:  Corpus Christi Liquefaction, LLC

CONTRACTOR:  Bechtel Oil, Gas and Chemicals, Inc.

DATE OF AGREEMENT: December 6, 2013
	CHANGE ORDER NUMBER: CO-00044

DATE OF CHANGE ORDER: June 6, 2018

The Agreement between the Parties listed above is changed as follows: (attach additional documentation if necessary)

		
	1)
	Per Articles 6.1 and 6.2 of the Agreement, Parties agree Contractor will implement changes to incorporate condensate takeaway modifications and revisions for tell-tale signs for leak detection and repair for Subprojects 1 and 2. 

		
	2)
	Parties agree Contractor will reduce the contract price to return to Owner the agreed settlement value for Contractor’s Craft Incentive Due to Hurricane Harvey that was negotiated in CO-00038, Exhibit A, Scope of Work, Item 16. Contractor has negotiated a reimbursement from our insurer for this amount. 

		
	3)
	The scope of this Change Order is further detailed in Exhibit A.

		
	4)
	The cost breakdowns for the scope of work noted above in this Change Order are detailed in Exhibit B. These costs are as detailed in Trend S1-2061 and Trend S1-2064. 

		
	5)
	Schedule C-1 (Milestone Payment Schedule) of Attachment C of the Agreement will be amended by including the Milestone(s) listed in Exhibit C-1 of this Change Order. In addition to the adjustments associated with the above changes, four (4) milestone payment descriptions (milestone numbers ALS 43.3, ALS 43.4c12, ALS 52.2, and ALS 52.3c12) are adjusted as shown in Exhibit C-2 of this Change Order. These milestones payment description adjustments do not modify the overall total amounts of Attachment C of the Agreement.

Milestone No. ALS 43.3, is hereby amended by
Delete the description “Deliver 90 Day Notice to RFSU of Subproject 1” and replace with “Deliver 120 Day Notice to RFSU of Subproject 1”.
   
Milestone No. ALS 43.4c12, is hereby amended by
Delete the description “Deliver 90 Day Notice to RFSU of Subproject 1” and replace with “Deliver 120 Day Notice to RFSU of Subproject 1”.

Milestone No. ALS 53.2, is hereby amended by
Delete the description “Deliver 90 Day Notice to RFSU of Subproject 2” and replace with “Deliver 120 Day Notice to RFSU of Subproject 2”.
   
Milestone No. ALS 52.3c12, is hereby amended by
Delete the description “Deliver 90 Day Notice to RFSU of Subproject 2” and replace with “Deliver 120 Day Notice to RFSU of Subproject 2”.

Adjustment to Contract Price
	
				
	The original Contract Price was.........................................................................................................................
	$
	7,080,830,000
	

	Net change by previously authorized Change Orders (0001-00043).................................................................
	$
	704,202,402
	

	The Contract Price prior to this Change Order was...........................................................................................
	$
	7,785,032,402
	

	The Aggregate Equipment Price will be changed by this Change Order in the amount of...............................
	$
	***
	

	The Aggregate Labor and Skills Price will be changed by this Change Order in the amount of......................
	$
	***
	

	The new Contract Price including this Change Order will be...........................................................................
	$
	7,784,388,100
	

Adjustment to Aggregate Equipment Price
	
			
	The original Aggregate Equipment Price was...................................................................................................
	$
	***

	Net change by previously authorized Change Orders (0001-00043).................................................................
	$
	***

	The Aggregate Equipment Price prior to this Change Order was......................................................................
	$
	***

	The Aggregate Equipment Price will be changed by this Change Order in the amount of...............................
	$
	***

	The new Aggregate Equipment Price including this Change Order will be .....................................................
	$
	***

Adjustment to Aggregate Labor and Skills Price
	
			
	The original Aggregate Labor and Skills Price  was..........................................................................................
	$
	***

	Net change by previously authorized Change Orders (0001-00043).................................................................
	$
	***

	The Aggregate Labor and Skills Price prior to this Change Order was.............................................................
	$
	***

	The Aggregate Labor and Skills Price will be changed by this Change Order in the amount of......................
	$
	***

	The new Contract Price including this Change Order will be...........................................................................
	$
	***

Adjustment to Provisional Sum
	
				
	The original Aggregate Provisional Sum was....................................................................................................
	$
	950,561,351
	

	Net change by previously authorized Change Orders (0001-00043).................................................................
	$
	(812,283,979
	)

	The Aggregate Provisional Sum prior to this Change Order was......................................................................
	$
	138,277,372
	

	The Aggregate Provisional Sum will be unchanged by this Change Order in the amount of...........................
	$
	—
	

	The new Aggregate Provisional Sum including this Change Order will be......................................................
	$
	138,277,372
	

Adjustment to dates in Project Schedule
The following dates are modified (list all dates modified; insert N/A if no dates modified): N/A
Adjustment to other Changed Criteria (insert N/A if no changes or impact; attach additional documentation if necessary) N/A
Adjustment to Payment Schedule:  Yes. See Exhibit C of this Change Order.
Adjustment to Minimum Acceptance Criteria: N/A 
Adjustment to Performance Guarantees: N/A 
Adjustment to Design Basis: N/A
Other adjustments to liability or obligation of Contractor or Owner under the Agreement: N/A
Select either A or B:
[A] This Change Order shall constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall be deemed to compensate Contractor fully for such change. 
Initials:  /s/ BT Contractor   /s/ EL Owner

[B] This Change Order shall not constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall not be deemed to compensate Contractor fully for such change.
Initials:          Contractor          Owner
Upon execution of this Change Order by Owner and Contractor, the above-referenced change shall become a valid and binding part of the original Agreement without exception or qualification, unless noted in this Change Order. Except as modified by this and any previously issued Change Orders, all other terms and conditions of the Agreement shall remain in full force and effect. This Change Order is executed by each of the Parties’ duly authorized representatives.
	
			
	/s/ Ed Lehotsky
	 
	/s/ Bhupesh Thakkar

	For Owner
	 
	For Contractor

	Ed Lehotsky
	 
	Bhupesh Thakkar

	Name
	 
	Name

	SVP E&C
	 
	Senior Project Manager

	Title
	 
	Title

	July 2, 2018
	 
	June 29, 2018

	Date of Signing
	 
	Date of Signing

CHANGE ORDER 

Early Turnover of Security Operations Building
	
		
	PROJECT NAME:  Corpus Christi Stage 1 Liquefaction Facility

OWNER:  Corpus Christi Liquefaction, LLC

CONTRACTOR:  Bechtel Oil, Gas and Chemicals, Inc.

DATE OF AGREEMENT: December 6, 2013
	CHANGE ORDER NUMBER: CO-00045

DATE OF CHANGE ORDER: June 6, 2018

The Agreement between the Parties listed above is changed as follows: (attach additional documentation if necessary)
Prior to Substantial Completion of Subproject 1, Owner desires to occupy and use the following component of the Stage 1 Liquefaction Facility: 
		
	•
	Component 00A-4053 Security Operations Building- a portion of System 040-27 “Miscellaneous Security Buildings” 

Owner requested early turnover of the Building no later than July 6, 2018. Contractor agrees that Owner shall occupy and use the Building during Phase 2, subject to the following conditions:  
		
	1)
	“Phase 1” means the time period beginning upon the date this Change Order is executed and prior to the date the Building is turned over to Owner.

		
	2)
	“Phase 2” means the time period beginning the date the Building is turned over to Owner and ending on the date of Substantial Completion of Subproject 1.

		
	3)
	During Phase 1:

		
	a)
	Contractor shall complete the Building in accordance with the Agreement (including the Specifications) so that the Building is ready for full occupancy and shall obtain a Certificate of Occupancy for each of the Building according to the Project Schedule. 

		
	b)
	Contractor shall continue to perform preventive maintenance on the Building and their systems according to the operating and maintenance manuals.

		
	c)
	On or before July 6, 2018, Owner and Contractor shall jointly inspect the Remaining Work (as set forth in Exhibit B) to determine and record the condition of the Remaining Work.  The Parties shall agree on a punchlist of items identified as needing to be completed or corrected as a result of such inspection. 

		
	d)
	On or before July 6, 2018, Contractor shall deliver to Owner the keys to the Building and Owner shall maintain access control and security inside the Building.  Contractor will install a barricade around the Building with access points for Owner and its subcontractors to enter the Building.

		
	4)
	During Phase 2:

		
	e)
	Owner shall have the right to occupy and use the Building, locate personnel in the Building and use and store materials as required.

		
	f)
	Owner shall provide Contractor with reasonable access to complete all punchlist items so long as such access does not unreasonably interfere with Owner’s use of the Building.    

		
	g)
	Contractor shall continue to provide utilities (temporary and permanent) to the Building.

		
	h)
	Owner will transport its personnel to the Building.

		
	i)
	Owner will perform preventive maintenance on the Building. 

		
	j)
	Owner shall have risk of loss of any of material stored in the Building.

		
	5)
	The Defect Correction Period for the Building shall commence upon the commencement of Phase 2. 

		
	6)
	Owner’s operational insurance shall cover the Building upon commencement of Phase 2.

		
	7)
	Owner shall manage Environmental, Safety & Health incidents involving Owner’s work within the Building, with Contractor’s reasonable assistance as needed on a cost reimbursable basis. 

		
	8)
	If Owner Group’s use of the Building adversely impacts Contractor’s Work, Contractor will be entitled to a Change Order adjusting the Project Schedule in accordance with Sections 6.2A or 8.2C of the Agreement.  

Adjustment to Contract Price
	
				
	The original Contract Price was.........................................................................................................................
	$
	7,080,830,000
	

	Net change by previously authorized Change Orders (0001-00044).................................................................
	$
	703,558,100
	

	The Contract Price prior to this Change Order was...........................................................................................
	$
	7,784,388,100
	

	The Aggregate Equipment Price will be changed by this Change Order in the amount of...............................
	$
	***
	

	The Aggregate Labor and Skills Price will be changed by this Change Order in the amount of......................
	$
	***
	

	The new Contract Price including this Change Order will be...........................................................................
	$
	7,784,388,100
	

Adjustment to Aggregate Equipment Price
	
			
	The original Aggregate Equipment Price was...................................................................................................
	$
	***

	Net change by previously authorized Change Orders (0001-00044).................................................................
	$
	***

	The Aggregate Equipment Price prior to this Change Order was......................................................................
	$
	***

	The Aggregate Equipment Price will be changed by this Change Order in the amount of...............................
	$
	***

	The new Aggregate Equipment Price including this Change Order will be .....................................................
	$
	***

Adjustment to Aggregate Labor and Skills Price
	
			
	The original Aggregate Labor and Skills Price  was..........................................................................................
	$
	***

	Net change by previously authorized Change Orders (0001-00044).................................................................
	$
	***

	The Aggregate Labor and Skills Price prior to this Change Order was.............................................................
	$
	***

	The Aggregate Labor and Skills Price will be changed by this Change Order in the amount of......................
	$
	***

	The new Contract Price including this Change Order will be...........................................................................
	$
	***

Adjustment to Provisional Sum
	
				
	The original Aggregate Provisional Sum was....................................................................................................
	$
	950,561,351
	

	Net change by previously authorized Change Orders (0001-00044).................................................................
	$
	(812,283,979
	)

	The Aggregate Provisional Sum prior to this Change Order was......................................................................
	$
	138,277,372
	

	The Aggregate Provisional Sum will be unchanged by this Change Order in the amount of...........................
	$
	—
	

	The new Aggregate Provisional Sum including this Change Order will be......................................................
	$
	138,277,372
	

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

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

Adjustment to Payment Schedule: N/A
Adjustment to Minimum Acceptance Criteria: N/A
Adjustment to Performance Guarantees: N/A
Adjustment to Design Basis: N/A
Other adjustments to liability or obligation of Contractor or Owner under the Agreement: N/A

Select either A or B:

[A] This Change Order shall constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall be deemed to compensate Contractor fully for such change. 

Initials:  /s/ BT Contractor   /s/ EL Owner

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

Initials:          Contractor          Owner

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

	
			
	/s/ Ed Lehotsky
	 
	/s/ Bhupesh Thakkar

	For Owner
	 
	For Contractor

	Ed Lehotsky
	 
	Bhupesh Thakkar

	Name
	 
	Name

	SVP E&C
	 
	Senior Project Manager

	Title
	 
	Title

	July 2, 2018
	 
	June 29, 2018

	Date of Signing
	 
	Date of Signing

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