Global Clean Energy subsidiary amends EPC agreement with CTCI Americas

In a regulatory filing, Global Clean Energy Holdings disclosed that on January 10, Bakersfield Renewable Fuels, LLC, or "BKRF," an indirect wholly-owned subsidiary of the company, entered into Amendment No. 2 to the certain Turnkey Agreement with a Guaranteed Maximum Price for the Engineering, Procurement and Construction, dated May 18, 2021, as amended, the "EPC Agreement,") by and between BKRF and CTCI Americas. The filing stated: "Pursuant to the Amendment, BKRF and CTCI agreed to, among other things: (i) a new Guaranteed Maximum Price of $275 million, subject to adjustment pending final settlement of certain change orders pursuant to the procedures set forth in the Amendment; (ii) a change to the payment dates for costs and fees that are payable to CTCI under the Agreement, which will now be payable after substantial completion of our Bakersfield Renewable Fuels refinery in 18 monthly installments plus interest, except for amounts pertaining to owner approved change orders in amounts above $275 million which would be due within 7 days of any such change orders unless agreed by BKRF and CTCI to be included in the deferred payment; and (iii) provide for liquidated damages commencing on a new substantial completion date of March 31, 2023, which may only be adjusted in accordance with the Agreement. In connection with the Amendment, the company agreed to provide a payment guarantee in favor of CTCI for amounts that may be owed by BKRF under the EPC Agreement, pursuant to an Owner Parent Guarantee, dated as of January 10, 2023, by and between the company and CTCI."