Global Clean Energy upsizes Tranche D by $165M, pledges subsidiary equity as collateral

In connection therewith, BKRF OCB and SusOils entered into an amended and restated secured intercompany note (the “A&R Intercompany Note”) to expressly provide for such funding.

SusOils and BKRF entered into a license agreement, dated April 9, 2024 (the “License Agreement”), pursuant to which SusOils licensed to BKRF, on an intercompany, non-exclusive, sublicensable and royalty free basis, certain of its patented Camelina varieties, which may be used by BKRF for, among other things, growing Camelina for use at the Company’s Bakersfield renewable fuels facility and any other facility that produces, or desires to produce, biofuels using SusOils Camelina.

On April 9, 2024, BKRF OCB, BKRF OCP and BKRF entered into Amendment No. 14 to the Senior Credit Agreement (“Amendment No. 14”) providing for, among other things, an increase in the Tranche D loan facility of up to $165 million.

SusOils and BKRF OCB entered into an amended and restated revenue sharing agreement, dated April 9, 2024 (the “Revenue Sharing Agreement”), pursuant to which SusOils has agreed pay to BKRF OCB 5% of any gross revenues generated by SusOils from the license of its patented Camelina varieties for a period of five years, beginning on January 1, 2025

In consideration for the extension of the loans to BKRF OCB and the consents provided by the Administrative Agent, the Company entered into a pledge and security agreement, dated April 9, 2024 (the “Security Agreement”), pursuant to which the Company pledged the equity interests in certain of its subsidiaries, including Camelina Co. España, S.L.U., to the senior lenders as collateral for amounts owed under the Senior Credit Agreement.