Global Clean Energy Holdings Inc.
11/08/2024 | Press release | Distributed by Public on 11/08/2024 16:05
Material Agreement Form 8 K
Item 1.01. Entry Into a Material Definitive Agreement.
As previously disclosed, on June 25, 2024, Bakersfield Renewable Fuels, LLC ("BKRF"), an indirect wholly-owned subsidiary of Global Clean Energy Holdings, Inc. ("we," "us," "our" and the "Company") entered into Supply and Offtake Agreement (the "SOA") with Vitol Americas Corp. ("Vitol"), pursuant to which, among other things, Vitol will serve as the exclusive supplier of renewable feedstocks to our Bakersfield renewable fuels facility (the "Facility"), and as the exclusive offtaker of all renewable diesel, naphtha, and certain associated renewable attributes, and other products (as agreed to by the parties) that are produced at the Facility.
On November 4, 2024, BKRF and Vitol entered into an amendment to the SOA to extend the Start Date Deadline (as defined in the SOA) from October 31, 2024 until December 15, 2024. The renewal term was also modified from up to two 12 month extensions to up to three 12 month extensions. In consideration for these amendments, BKRF will pay to Vitol an Excess Commitment Fee equal to 7.58% of the amount in excess of $330 million of Tranche D Obligations under its senior credit agreement.
The foregoing description of the material terms of the amendment to the SOA is qualified in its entirety by reference to the complete text of such amendment, a copy of which is filed herewith as Exhibit 10.1 and incorporated herein by reference.