SEC Contract Filing

Filing Date: 2023-08-03

Document Content:
<DOCUMENT>
<TYPE>EX-10.12
<SEQUENCE>10
<FILENAME>exhibit1012cei2023q2form10q.htm
<DESCRIPTION>EX-10.12
<TEXT>
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<title>Document</title></head><body><div id="idc451165dbbc47faad13af2290203d50_1"></div><div style="min-height:72pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Exhibit 10.12</font></div><div style="text-align:center"><font style="color:#034d8e;font-family:'Arial',sans-serif;font-size:15.5pt;font-style:italic;font-weight:700;line-height:100%">Sabine Pass Liquefaction, LLC</font></div><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">June 30, 2023</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Attention&#58; LNG Procurement Department, LNG Trading &#38; Operation Team</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Korea Gas Corporation</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">120, Cheomdan-ro, Dong-gu, Daegu, 41062</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Republic of Korea</font></div><div><font><br></font></div><div style="padding-left:72pt;text-indent:-36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Re&#58;&#160;&#160;&#160;&#160;LNG Sale and Purchase Agreement, dated January 30, 2012 between Sabine Pass Liquefaction, LLC and Korea Gas Corporation, as amended (the &#8220;SPA&#8221;)</font></div><div style="padding-left:72pt;text-indent:-36pt"><font><br></font></div><div style="padding-left:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Letter agreement regarding change from LIBOR to SOFR (&#8220;Letter Agreement&#8221;)</font></div><div style="margin-bottom:10pt"><font><br></font></div><div style="margin-bottom:10pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:133%">Dear Sir or Madam&#58;</font></div><div style="padding-right:4.5pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Reference is made to the SPA. Capitalized terms used in this Letter Agreement and not defined herein shall have the meanings given them in the SPA. </font></div><div style="padding-right:4.5pt;text-align:justify;text-indent:36pt"><font><br></font></div><div style="padding-right:4.5pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">The Parties hereby agree, as contemplated by the definition of &#8220;LIBOR&#8221; in Section 1.1 of the SPA and Section 1.3 of the SPA, that Three-Month Term SOFR (as defined below) shall replace LIBOR in the SPA effective as of July 1, 2023. Effective as of such date, the SPA shall hereby be amended by&#58; (i) replacing the definition of LIBOR with the below definition of Three-Month Term SOFR&#59; and (ii) replacing each instance of &#8220;LIBOR&#8221; in the SPA with &#8220;Three-Month Term SOFR&#8221;. In addition, any other terms relating to LIBOR or the replacement of LIBOR in the SPA shall be disregarded.</font></div><div style="padding-right:4.5pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;padding-left:180pt;text-align:justify;text-indent:-162pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:100%">&#8220;Three-Month Term SOFR</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;the forward-looking term rate based on a rate equal to the secured overnight financing rate administered by the Federal Reserve bank of New York (or a successor administrator of the secured overnight financing rate) for a tenor of three (3) months, as administered by CME Group Benchmark Administration Limited (or any other person which takes over the administration of that rate) and published by CME Group Benchmark Administration Limited (or any other person which takes over the publication of that rate)&#59;&#8221; </font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:104%">Except as expressly agreed herein, all terms and conditions of the SPA remain in full force and effect and are acknowledged and ratified.</font></div><div style="margin-bottom:6pt;text-align:justify;text-indent:-0.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:104%">Please indicate Buyer's agreement with the terms of this Letter Agreement by executing a copy where indicated below and returning it to Seller.</font></div><div style="margin-bottom:6pt;padding-left:180pt;text-align:justify;text-indent:36pt"><font><br></font></div><div style="margin-bottom:6pt;padding-left:180pt;text-align:justify;text-indent:36pt"><font><br></font></div><div style="margin-bottom:6pt;padding-left:180pt;text-align:justify;text-indent:36pt"><font><br></font></div><div style="margin-bottom:0.1pt;text-align:justify"><font><br></font></div><div style="margin-bottom:0.1pt;text-align:justify"><font><br></font></div><div styl