Document:

Exhibit

 

SIDE LETTER TO THE COMMON TERMS AGREEMENT DATED 19 NOVEMBER 2015 IN RESPECT OF FINANCING FOR “GOLAR TUNDRA” TO GOLAR LNG NB13 CORPORATION (THE “LETTER”) 

To:    

Golar LNG NB13 Corporation

c/o Golar Management Ltd
13th Floor, 1 America Square
17 Crosswall, London EC3N 2LB
United Kingdom

(the Seller and Bareboat Charterer)
 

Golar LNG Partners LP

c/o Golar Management Ltd
13th Floor, 1 America Square
17 Crosswall, London EC3N 2LB
United Kingdom

Golar LNG Limited

c/o Golar Management Ltd
13th Floor, 1 America Square
17 Crosswall, London EC3N 2LB
United Kingdom

(the Guarantors)
 

24 March 2016

Dear Sirs

Common Terms Agreement dated 19 November 2015 made between Golar LNG NB13 Corporation as seller, Golar LNG NB13 Corporation as bareboat charterer, Golar LNG Partners LP and Golar LNG Limited as guarantor, Sea 24 Leasing Co. Limited as buyer and Sea 24 Leasing Co. Limited as owner in respect of financing of “Golar Tundra” (the “Common Terms Agreement”)

We refer to the Common Terms Agreement. Terms defined in the Common Terms Agreement have the same meaning when used in this Letter.

		
	1
	The Common Terms Agreement shall, with effect on and from the date hereof, be (and it is hereby) amended by: 

		
	1.1
	deleting the definition of “Charter-hire Payment Date” in clause 1.1 of the Common Terms Agreement and replacing with the following new definition:

Charter-hire Payment Date means each of the dates falling at one (1) calendar month intervals from the Delivery Date and the first Charter-hire Payment Date falling on the Delivery Date provided that should any Charter-hire Payment Date fall on a day other than a Business Day, such Charter-hire Payment Date shall be brought forward to the immediately preceding Business Day
		
	1.2
	deleting the definition of “Interest Rate” in clause 1.1 of the Common Terms Agreement and replacing with the following new definition:

1
    

 

Interest Rate means the aggregate quarterly rate of the Margin and three (3) months LIBOR
		
	1.3
	deleting the definition of “Quotation Day” in clause 1.1 of the Common Terms Agreement and replacing with the following new definition:

Quotation Day means, in relation to any three (3) month period for which an interest rate is to be determined, five (5) Business Days before the first day of that period unless market practice differs in the Interbank Market for currency, in which case the Quotation Day for that currency shall be determined by the Lender or the Owner in accordance with market practice in the Interbank Market (and if quotations would normally be given by leading banks in the Interbank Market on more than one day, the Quotation Day will be the last of those days)
		
	2
	Notwithstanding any provision to the contrary in the Finance Documents, the parties have agreed that the Variable Charter-Hire under the Bareboat Charter in respect of the months of March 2016 and April 2016 shall be calculated by reference to the three (3) months LIBOR in February 2016.

		
	3
	Save as otherwise set out in this Letter, the other arrangements, terms and conditions under the Common Terms Agreement remain unchanged and shall continue in full force and effect.

		
	4
	References in the Common Terms Agreement to “this Agreement” shall, with effect from the date hereof and unless the context otherwise requires, be references to the Common Terms Agreement as amended by this Letter and words such as “herein”, “hereof”, “hereunder”, “hereafter”, “hereby” and “hereto”, where they appear in the Common Terms Agreement shall be construed accordingly.

		
	5
	References in any of the Finance Documents to the “Common Terms Agreement” shall, with effect from the date hereof and unless the context otherwise requires, be references to the Common Terms Agreement as amended by this Letter.

		
	6
	This Letter is a Finance Document under, and as such term is defined in, the Common Terms Agreement. 

		
	7
	This Letter may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Letter.

		
	8
	This Letter may not be amended or waived except in writing by the parties to this Letter.

		
	9
	Clause 7 (Law and Jurisdiction) of the Common Terms Agreement shall apply to this Letter, mutatis mutandis.

Kindly acknowledge your agreement to the above by counter-signing below and returning to us a copy of this Letter.

Yours faithfully

/s/ ZHOU LING        
SEA 24 LEASING CO. LIMITED
(in its capacity as Buyer and Owner)
Date: 24 March 2016

THE SELLER 

/s/ PERNILLE NORAAS
Signed by                    
for and on behalf of
GOLAR LNG NB13 CORPORATION
Date: 23 March 2016

2
    

 

THE BAREBOAT CHARTERER

We accept and agree the terms of this Letter and confirm that each of the Security Documents to which we are a party, and our respective obligations thereunder, shall remain in full force and effect notwithstanding the amendments made to the Common Terms Agreement by this Letter.

/s/ PERNILLE NORAAS
Signed by                    
for and on behalf of
GOLAR LNG NB13 CORPORATION
Date: 23 MARCH 2016

THE GUARANTORS 

We accept and agree the terms of this Letter and confirm that each of the Security Documents to which we are a party, and our respective obligations thereunder, shall remain in full force and effect notwithstanding the amendments made to the Common Terms Agreement by this Letter.

/s/ PERNILLE NORAAS
Signed by                    
for and on behalf of
GOLAR LNG PARTNERS LP
Date: 23 MARCH 2016

We accept and agree the terms of this Letter and confirm that each of the Security Documents to which we are a party, and our respective obligations thereunder, shall remain in full force and effect notwithstanding the amendments made to the Common Terms Agreement by this Letter.

/s/ PERNILLE NORAAS
Signed by                    
for and on behalf of
GOLAR LNG LIMITED
Date: 23 MARCH 2016

3Exhibit

May 17, 2016
Golar Partners Operating LLC
c/o Golar Management Limited
13th Floor
One America Square
17 Crosswall 
London EC3N 2LB
England

Golar LNG Limited
S.E. Pearman Building, 2nd Floor
9 Par-la-Ville Road
Hamilton HM 11 Bermuda

Reference is made to (i) the Purchase and Sale and Agreement, dated as of February 10, 2016 (the “Agreement”), by and between Golar LNG Limited, a Bermuda exempted company (“Golar”), and Golar Partners Operating LLC, a Marshall Islands limited liability company (“OLLC”), (ii) the FSRU Time Charter Agreement, dated as of October 28, 2015 (the “Charter”), by and between Golar LNG NB13 Corporation, a Marshall Islands corporation (“Tundra Corp”) relating to the Golar Tundra (the “Vessel”), and West Africa Gas Limited (the “Charterer”), (iii) the Memorandum of Agreement, dated November 19, 2015, by and between Tundra Corp and Sea 24 Leasing Co. Limited, a company incorporated under the laws of Hong Kong (the “Legal Owner”) and (iv) the bareboat charter party, dated November 19, 2015, by and between Tundra Corp and the Legal Owner (the “Bareboat Charter”).  Capitalized terms used in this letter agreement and not otherwise defined herein will have the meanings ascribed to them in the Agreement.
The undersigned parties hereby agree that:
1.    Commencing on the Closing Date and ending on the earlier of (a) the Hire Commencement Date under the Charter (b) the Commercial Start Date under the Charter and (c) the Put Date, as defined below (the “Golar Hire Period”), Golar shall pay to Tundra Corp a daily fee equal to $68,000 plus daily operating expenses (which shall include operating costs such as manning (crew), stores, insurance, maintenance and repairs, paint, spares, lube oil, chemicals and other miscellaneous operating charges) incurred by the Vessel or Tundra Corp on a pass through basis (the “Daily Payment”).
2.    In consideration for the Daily Payment, Golar shall have the right to use, charter and enjoy the Vessel and its benefits without restriction during the period (the “Golar Charter Period”) commencing 

    

on the Closing Date and ending on the earlier of (a) the Scheduled Delivery Date under the Charter and (b) the date that is 12 months from the Closing Date (the “Put Date”), subject to the rights of the Legal Owner under the Bareboat Charter and the rights and obligations of Tundra Corp under the Charter.
3.    If requested by Golar, OLLC shall cause Tundra Corp to charter the Vessel to a party other than under the Charter for any length of time during the Golar Charter Period, subject to the rights and obligations of Tundra Corp under the Charter.
4.    OLLC shall pay to Golar any hire or other contract-related payments actually received by OLLC or Tundra Corp with respect to the Vessel or Tundra Corp during the Golar Hire Period.
5.    If on the Put Date the Vessel has not been accepted by the Charterer and commenced service under the Charter, OLLC shall have the right to sell to Golar (the “Put Right”) all of the issued and outstanding shares of capital stock of Tundra Corp (the “Shares”) at a price equal to the Purchase Price.
6.    OLLC may exercise its Put Right at any time prior to the 30th day following the Put Date.  The closing of the purchase and sale of the Shares pursuant to such Put Right exercise (the “Put Sale Closing”) shall take place at such time, on such date and at such location as Golar and OLLC shall agree, provided that the Put Sale Closing shall occur no later than the 30th day after the date that the Put Right is exercised.
7.    This letter agreement shall be governed by, and construed in accordance with, the laws of the State of New York, United States of America.
Please acknowledge your acceptance and agreement of this letter agreement by signing in the space provided below.  Upon your execution of this letter agreement (or counterpart copies hereof), this letter agreement shall become binding on the parties hereto.

[Remainder of page intentionally left blank] 

Very truly yours, 
GOLAR LNG LIMITED

    

By: /s/ Brian Tienzo         
Name: BRIAN TIENZO
Title: Attorney-in-fact    

    
 
Acknowledged and agreed:
GOLAR PARTNERS OPERATING LLC

By: /s/ Graham Robjohns     
Name: GRAHAM ROBJOHNS        
Title: Attorney-in-fact

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