Sabine Pass Liquefaction, LLC
June 30, 2023
Attention: LNG Procurement Department, LNG Trading & Operation Team
Korea Gas Corporation
000, Xxxxxxxx-xx, Xxxx-xx, Xxxxx, 00000
Republic of Korea
Re: LNG Sale and Purchase Agreement, dated January 30, 2012 between Sabine Pass Liquefaction, LLC and Korea Gas Corporation, as amended (the “SPA”)
Letter agreement regarding change from LIBOR to SOFR (“Letter Agreement”)
Dear Sir or Madam:
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.
The Parties hereby agree, as contemplated by the definition of “LIBOR” 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: (i) replacing the definition of LIBOR with the below definition of Three-Month Term SOFR; and (ii) replacing each instance of “LIBOR” in the SPA with “Three-Month Term SOFR”. In addition, any other terms relating to LIBOR or the replacement of LIBOR in the SPA shall be disregarded.
“Three-Month Term SOFR 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);”
Except as expressly agreed herein, all terms and conditions of the SPA remain in full force and effect and are acknowledged and ratified.
Please indicate Xxxxx's agreement with the terms of this Letter Agreement by executing a copy where indicated below and returning it to Seller.
000 Xxxxx Xxxxxx, Xxxxx 0000, Xxxxxxx, Xxxxx 00000
x0 000-000-0000
Sincerely,
| SABINE PASS LIQUEFACTION, LLC | ||||||||
| By: | /s/ Xxxxxxx Xxxxxxx | |||||||
| Xxxxxxx Xxxxxxx | ||||||||
| Vice President, Commercial Operations | ||||||||
| Accepted and Agreed: | ||||||||
| Korea Gas Corporation | ||||||||
| By: | /s/ Xxx, In Xxxx | |||||||
| Xxx, In Xxxx | ||||||||
| Head of LNG Procurement Department | ||||||||
000 Xxxxx Xxxxxx, Xxxxx 0000, Xxxxxxx, Xxxxx 00000
x0 000-000-0000
