Exhibit 10.7


 


THIS AMENDED AND RESTATED PROMISSORY NOTE HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"). THIS AMENDED AND RESTATED PROMISSORY NOTE HAS BEEN
ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF
UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH
REGISTRATION IS NOT REQUIRED.


 


AMENDED AND RESTATED PROMISSORY NOTE


 


	Principal Amount: $125,000	Dated as of July 6, 2016


 


WHEREAS, on November 10, 2015, the undersigned
GEF Acquisition Corporation, a Cayman Islands exempted company and blank check company (“Maker” or the “Company”),
issued that certain Promissory Note (the “Original Promissory Note”) to GECC Holdings II, LLC, a Delaware limited liability
company or its registered assigns or successors in interest (“Payee”); and


 


WHEREAS, the Maker and Payee desire to amend
and restate in its entirety the Original Promissory Note on the terms and conditions provided in this note (the “Amended
and Restated Promissory Note”).


 


NOW THEREFORE, in consideration of the mutual
covenants contained herein and other good and valuable consideration, the existence and sufficiency of which is expressly recognized
by each of the parties hereto, the parties agree as follows:


 


1.      Principal. 
The principal balance of this Amended and Restated Promissory Note shall be payable on the earlier of: (i) November 1, 2016 or
(ii) the date on which Maker consummates an initial public offering of its securities. The principal balance may be prepaid
at any time.


 


2.      Interest.
 No interest shall accrue on the unpaid principal balance of this Amended and Restated Promissory Note.


 


3.      Application
of Payments.  All payments shall be applied first to payment in full of any costs incurred in the collection of any sum
due under this Amended and Restated Promissory Note, including (without limitation) reasonable attorney’s fees, then to the
payment in full of any late charges and finally to the reduction of the unpaid principal balance of this Amended and Restated Promissory
Note.


 


4.      Events
of Default.  The following shall constitute an event of default (“ Event of Default ”):


 


(a)          
Failure to Make Required Payments . Failure by Maker to pay the principal amount due pursuant to this Amended and Restated
Promissory Note within five (5) business days of the date specified above.


 




    	 	 	 



     


    

 


(b)          
Voluntary Bankruptcy, Etc . The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization,
rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or
the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts
become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.


 


(c)          
Involuntary Bankruptcy, Etc . The entry of a decree or order for relief by a court having jurisdiction in the premises in
respect of Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver,
liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property,
or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect
for a period of 60 consecutive days.


  


5.     
Remedies.


 


(a)          Upon
the occurrence of an Event of Default specified in Section 4(a) hereof, Payee may, by written notice to Maker, declare this Amended
and Restated Promissory Note to be due immediately and payable, whereupon the unpaid principal amount of this Amended and Restated
Promissory Note, and all other amounts payable thereunder, shall become immediately due and payable without presentment, demand,
protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing
the same to the contrary notwithstanding.


  


(b)          Upon
the occurrence of an Event of Default specified in Sections 4(b) and 4(c), the unpaid principal balance of this Amended and Restated
Promissory Note, and all other sums payable with regard to this Amended and Restated Promissory Note, shall automatically and immediately
become due and payable, in all cases without any action on the part of Payee.


  


6.      Waivers.
 Maker and all endorsers and guarantors of, and sureties for, this Amended and Restated Promissory Note waive presentment
for payment, demand, notice of dishonor, protest, and notice of protest with regard to the Amended and Restated Promissory Note,
all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Amended and Restated Promissory
Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or personal,
or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing
for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate
that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon
any such writ in whole or in part in any order desired by Payee.


 


7.      Unconditional
Liability.  Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement
of the payment of this Amended and Restated Promissory Note, and agrees that its liability shall be unconditional, without regard
to the liability of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver
or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications
that may be granted by Payee with respect to the payment or other provisions of this Amended and Restated Promissory Note, and
agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to Maker or affecting
Maker’s liability hereunder.


 




    	 	 	 



     


    

 


8.      Notices.
 All notices, statements or other documents which are required or contemplated by this Agreement shall be: (i) in writing
and delivered personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic
transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such
other address or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic mail
address most recently provided to such party or such other electronic mail address as may be designated in writing by such party.  Any
notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally,
on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business
day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.


 


9.      Construction.
 THIS AMENDED AND RESTATED PROMISSORY NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT
REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.


 


10.      Severability.
 Any provision contained in this Amended and Restated Promissory Note which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.


 


11.      Trust
Waiver .  Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest
or claim of any kind (“ Claim ”) in or to any distribution of or from the trust account to be established in
which the proceeds of the initial public offering (the “ IPO ”) conducted by the Maker (including the deferred
underwriters discounts and commissions) and the proceeds of the sale of the warrants issued in a private placement to occur prior
to the effectiveness of the IPO are to be deposited, as described in greater detail in the registration statement and prospectus
to be filed with the Securities and Exchange Commission in connection with the IPO, and hereby agrees not to seek recourse, reimbursement,
payment or satisfaction for any Claim against the trust account for any reason whatsoever.


 


12.      Amendment;
Waiver .  Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent
of the Maker and the Payee.


 


13.      Assignment
..  No assignment or transfer of this Amended and Restated Promissory Note or any rights or obligations hereunder may
be made by any party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and
any attempted assignment without the required consent shall be void.


 




    	 	 	 



     


    

 


IN WITNESS WHEREOF , Maker, intending
to be legally bound hereby, has caused this Amended and Restated Promissory Note to be duly executed by the undersigned as of the
day and year first above written.


 


	 	
        GEF ACQUISITION CORPORATION

        a Cayman Islands exempted company

	 	 	 
	 	By: 	/s/ H. Jeffrey Leonard
	 	 	Name: H. Jeffrey Leonard
	 	 	Title: Director