Common use of Credit Assurances Clause in Contracts

Credit Assurances. If Shipper does not meet the Minimum Credit Rating Standards then, for the purpose of this Section 3.1(c), beginning on the first day of the Negotiated Rate Term and continuing through the eighth (8th) anniversary thereof, Shipper shall provide to Natural credit assurance in an amount equal to twelve (12) months of reservation charges in the form of: (i) a guaranty, in a form reasonably acceptable to Natural, from a guarantor that meets the Minimum Credit Rating Standards set forth in Section 3.1(a); (ii) an irrevocable standby letter of credit, in a form substantially similar to Exhibit D, from a U.S. banking institution or foreign banking institution with a branch office located in the United States, in each case having assets of at least US$10 billion and a senior unsecured debt rating or issuer rating of A- or better from S&P and A3 or better from Moody’s; or (iii) a cash security deposit. The credit assurance to be provided to Natural pursuant to this 3.1(c) shall continue in effect until (i) Shipper satisfies the Minimum Credit Rating Standards, (ii) the execution of a credit agreement to replace this provision, or (iii) the eighth (8th) anniversary of the first day of the Negotiated Rate Term, and full payment of all outstanding balances and charges and resolution of any asserted claims with respect thereto has been made by Shipper. After expiration of such period of time, the credit provisions of Natural’s Tariff shall apply to Shipper. Natural shall return to Shipper any credit assurance provided to Natural pursuant to Section 3.1(c) in the event that the amount of credit assurance provided exceeds the amount required. This DIRECT AGREEMENT (this “Direct Agreement”), dated as of [●], is made between NATURAL GAS PIPELINE COMPANY OF AMERICA LLC, a limited liability company duly organized and validly existing under the laws of Delaware (the “Obligor”), and SOCIÉTÉ GÉNÉRALE, in its capacity as security trustee (together with its permitted successors and assigns in such capacity, the “Security Trustee”) under the Security Document and is acknowledged and agreed to by CORPUS CHRISTI LIQUEFACTION, LLC, a limited liability company duly organized and validly existing under the laws of the State of Delaware (the “Assignor”).

Credit Assurances. If Shipper does not meet the Minimum Credit Rating Standards then, for the purpose of this Section 3.1(c), beginning on the first day of the Negotiated Rate Term and continuing through the eighth (8th) anniversary thereof, Shipper shall provide to Natural credit assurance in an amount equal to twelve (12) months of reservation charges in the form of: (i) a guaranty, in a form reasonably acceptable to Natural, from a guarantor that meets the Minimum Credit Rating Standards set forth in Section 3.1(a); (ii) an irrevocable standby letter of credit, in a form substantially similar to Exhibit D, from a U.S. banking institution or foreign banking institution with a branch office located in the United States, in each case having assets of at least US$10 billion and a senior unsecured debt rating or issuer rating of A- or better from S&P and A3 or better from Moody’s; or (iii) a cash security deposit. The credit assurance to be provided to Natural pursuant to this 3.1(c) shall continue in effect until (i) Shipper satisfies the Minimum Credit Rating Standards, (ii) the execution of a credit agreement to replace this provision, or (iii) the eighth (8th) anniversary of the first day of the Negotiated Rate Term, and full payment of all outstanding balances and charges and resolution of any asserted claims with respect thereto has been made by Shipper. After expiration of such period of time, the credit provisions of Natural’s Tariff shall apply to Shipper. Natural shall return to Shipper any credit assurance provided to Natural pursuant to Section 3.1(c) in the event that the amount of credit assurance provided exceeds the amount required. 14 ATTACHMENT B FORM OF CONSENT (Material Project Agreements) This DIRECT AGREEMENT (this “Direct Agreement”), dated as of [●], is made between NATURAL GAS PIPELINE COMPANY OF AMERICA LLC, a limited liability company duly organized and validly existing under the laws of Delaware (the “Obligor”), and SOCIÉTÉ GÉNÉRALE, in its capacity as security trustee (together with its permitted successors and assigns in such capacity, the “Security Trustee”) under the Security Document and is acknowledged and agreed to by CORPUS CHRISTI LIQUEFACTION, LLC, a limited liability company duly organized and validly existing under the laws of the State of Delaware (the “Assignor”).