Document:

Thirteenth Amendment to Amended and Restated Loan and Security Agreement

  
 Exhibit 10.14

 AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT AND FORBEARANCE AGREEMENT 

This Amendment to Amended and Restated Loan and Security Agreement and Forbearance Agreement (this “Agreement”) is
entered into as of September 30, 2009, by and among GLOBAL ETHANOL, LLC, a Delaware limited liability company formerly known as Midwest Grain Processors, LLC (the “Borrower”), the financial institutions listed on the signature
pages hereof and each other financial institution that may hereafter become a party to the Loan Agreement in accordance with the provisions of the Loan Agreement referred to below (collectively, the “Lenders,” and
individually, a “Lender”), and COBANK, ACB, a federally chartered banking organization (“CoBank”), in its capacity as agent for the Lenders and for the Issuer, as defined in the Loan Agreement (in such capacity, the
“Agent”). 
 RECITALS 
 The Borrower, the Lenders and the Agent are parties to an Amended and Restated Loan and Security Agreement dated as of December 14, 2005, as amended by a First Amendment dated as of February 28,
2006, a Second Amendment dated as of March 31, 2006, a Third Amendment dated as of September 22, 2006, a Fourth Amendment dated as of October 31, 2006, a Fifth Amendment dated as of February 22, 2007, a Sixth Amendment dated as
of May 25, 2007, a Seventh Amendment dated as of August 31, 2007, an Eighth Amendment dated as of November 30, 2007, a Ninth Amendment dated as of October 31, 2008, a Tenth Amendment dated as of December 22, 2008, an
Eleventh Amendment dated as of March 4, 2009, and the Forbearance Agreement referred to below (as amended by this Agreement, and as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Loan
Agreement”). 
 The Borrower, the Lenders and the Agent are also parties to that certain Forbearance Agreement and
Twelfth Amendment to Amended and Restated Loan and Security Agreement dated as of July 31, 2009 (as amended by this Agreement, and as the same may be amended, restated, supplemented or otherwise modified from time to time, the
“Forbearance Agreement”). 
 The Borrower has requested that the Lenders and the Agent make certain amendments
to the Loan Agreement and the Forbearance Agreement, and the Lenders and the Agent are willing to grant the Borrower’s requests subject to the terms and conditions of this Agreement. 

NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements herein contained, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

  

Section 1.        Definitions. Capitalized terms used and not otherwise defined
herein shall have the meanings given them in the Loan Agreement or the Forbearance Agreement, as applicable. 

Section 2.        Amendment to the Loan Agreement. The Loan Agreement is hereby
amended as follows: 
 (a)         Amendment to Section 1.1 of
the Loan Agreement (Definitions). Section 1.1 of the Loan Agreement is amended by amending and restating the following definitions: 
 “Corn Conversion System Financing” means arrangements for the lease or loan financing of a corn conversion system for the benefit of the Borrower. 

“Working Capital” shall mean, as of any particular date from and after June 30, 2009, the amount of
Borrower’s consolidated current assets, less Borrower’s consolidated current liabilities (both as determined in accordance with GAAP consistently applied); provided, however, that with respect to amounts due under the
Revolving Term Loan Commitment and Term Loan Commitment during the Forbearance Period, only those amounts scheduled for payment under Section 2.2 of this Agreement and Section 7 of the Forbearance Agreement shall be included in determining
current liabilities. 
 (b)        Amendment to Section 7.16 of
the Loan Agreement (New Equity). Section 7.16 of the Loan Agreement is amended by deleting from the second sentence thereof the amount “$2,000,000” and substituting “$1,800,000” therefor. 

(c)        Amendment to Section 8.11 of the Loan Agreement (Lease
Limitations). Section 8.11 of the Loan Agreement is amended by deleting from the second sentence thereof the term “Corn Conversion System Lease” and substituting “Corn Conversion System Financing” therefor. 

Section 3.        Amendment to the Forbearance Agreement. The Forbearance Agreement
is hereby amended as follows: 
 (a)        Amendment to
Section 10(c) of the Forbearance Agreement (Consultants, Experts and Appraisers). Section 10(c) of the Forbearance Agreement is amended by deleting the date “August 31, 2009” and substituting “September 30, 2009”
therefor. 
 (b)        Amendment to Section 10(d) of the
Forbearance Agreement (Consultants, Experts and Appraisers). Section 10 of the Forbearance Agreement is amended adding a new subsection (g) to read as follows: 

“(g) The Agent or its counsel, in the discretion of the Agent and for the benefit of the Agent and the Lenders, may
engage a third-party consultant to (i) review the Borrower’s activities, operations, facilities, contracts, policies and procedures, (ii) analyze the industry in which the Borrower operates, and

  
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(iii) assist the Agent in any other review or analysis relating to the Borrower or its operations that the Agent deems necessary in its sole discretion. All fees, costs and expenses of such
consultant shall be paid by the Borrower. Notwithstanding the foregoing, the Borrower shall not be entitled to receive or rely upon any report or other information issued by such consultant.” 

(c)        Amendment to Section 12 of the Forbearance Agreement (Consent
to Sale of Real Property; Consent to Sale and Leaseback of Equipment). Section 12 of the Forbearance Agreement is amended and restated in its entirety to read as follows: 

“Section 12. Consent to Sale of Real Property; Consent to Financing of Corn Conversion Equipment. The Agent
and the Lenders hereby consent to the sale by the Borrower to Rodney and Joanne Smith of certain real property related to the Iowa Project on terms and conditions acceptable to the Agent in its sole discretion; provided, however, that the net
proceeds obtained therefrom shall equal or exceed $515,000. The Agent and the Lenders further consent to the Corn Conversion System Financing, so long as all documentation with respect thereto is submitted to the Agent and approved by the Agent in
its sole discretion. The transactions set forth in this Section shall close not later than December 31, 2009, and the net proceeds therefrom shall be promptly paid to the Agent and calculated in closing statements in form and substance
acceptable to the Agent. The consents set forth herein are limited to their express terms and do not constitute or imply the Agent’s or any Lender’s consent to any future transaction by the Borrower, whether or not similar to the
transactions described above.” 
 (d)        Amendment to
Section 18 of the Forbearance Agreement (Bailee Letters). Section 18 of the Forbearance Agreement is amended by deleting the date “September 15, 2009” and substituting “October 15, 2009” therefor. 

Section 4.        Delivery of Audit. Notwithstanding Section 7.1(a) of the Loan
Agreement, the audited statements of income, retained earnings and cash flow of the Borrower for its fiscal year ending June 30, 2009, as certified by an independent public account satisfactory to the Agent, shall be delivered to the Agent not
later than November 30, 2009. 
 Section 5.        Representations and
Warranties. The Borrower hereby represents and warrants to the Agent and the Lenders as follows: 

(a)        The Borrower has all requisite power and authority, corporate or
otherwise, to execute and deliver this Agreement and to perform its obligations under this Agreement and the Loan Documents to which the Borrower is a party. This Agreement and the Loan Documents to which the Borrower is a party have been duly and
validly executed and delivered to the Agent by the Borrower, and this Agreement and the Loan Documents to which the Borrower is a party constitute the Borrower’s legal, valid and binding obligations, enforceable in accordance with their terms.

  
 -3-

  

(b)        The execution, delivery and performance by the Borrower of this
Agreement and the Loan Documents to which the Borrower is a party have been duly authorized by all necessary limited liability company action or other action and do not and will not (i) require any authorization, consent or approval by any
governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, (ii) violate the Borrower’s organizational documents or any provision of any law, rule, regulation or order presently in effect having
applicability to the Borrower, or (iii) result in a breach of, or constitute a default under, any indenture or agreement to which the Borrower is a party or by which the Borrower or its properties may be bound or affected. 

(c)        All of the representations and warranties contained in Article VI
of the Loan Agreement are correct on and as of the date hereof as though made on and as of such date, except to the extent that such representations and warranties relate solely to an earlier date. 

Section 6.        Effectiveness. This Agreement shall be effective only if the Agent
has received, on or before the date of this Agreement (or such later date as the Agent may agree in writing), each of the following, each in form and substance acceptable to the Agent in its sole discretion: 

(a)        this Agreement, duly executed by the Borrower, the Agent and the
Lenders; and 
 (b)        payment of a working fee of $20,000 in
immediately available funds, to be allocated by the Agent equally among the Lenders. 

Section 7.        References. All references in the Loan Agreement to “this
Agreement” shall be deemed to refer to the Loan Agreement as amended hereby, and any and all references in any other Loan Document to the Loan Agreement shall be deemed to refer to the Loan Agreement as amended hereby. Additionally, all
references in the Forbearance Agreement to “this Agreement” shall be deemed to refer to the Forbearance Agreement as amended hereby, and any and all references in any other Loan Document to the Forbearance Agreement shall be deemed to
refer to the Forbearance Agreement as amended hereby. 
 Section 8.        No
Waiver. The execution of this Agreement and any documents related hereto shall not be deemed to be a waiver of any Default or any Matured Default under the Loan Agreement or any breach, default or event of default under the Forbearance
Agreement, any other Loan Document or other document held by the Agent or any Lender, whether or not known to the Agent or any Lender and whether or not existing on the date of this Agreement. 

Section 9.        Release of Agent and Lenders. The Borrower hereby absolutely and
unconditionally releases and forever discharges the Agent and the Lenders, and any and all participants, parent corporations, subsidiary corporations, affiliated corporations, insurers, indemnitors, successors and assigns thereof, together with all
of the present and former directors, officers, agents and employees of any of the foregoing, from any and all known claims, demands or causes of action of any kind, nature or description, whether arising in law or equity or upon

  
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contract or tort or under any state or federal law or otherwise, which the Borrower has had, now has or may claim to have against any such Person for or by reason of any act, omission, matter,
cause or thing whatsoever arising from the beginning of time to and including the date of this Agreement, whether such claims, demands and causes of action are matured or unmatured. 

Section 10.        Costs and Expenses. The Borrower hereby reaffirms its agreement
under Section 10.4 of the Loan Agreement and Section 20 of the Forbearance Agreement to pay or reimburse the Agent and the Lenders on demand for all costs and expenses incurred by the Agent and the Lenders in their employment of counsel.
Without limiting the generality of the foregoing, the Borrower specifically agrees to pay all fees and disbursements of counsel to the Agent for the services performed by such counsel in connection with the preparation of this Agreement and the
documents and instruments incidental hereto. 

Section 11.        Miscellaneous. Except as expressly set forth herein, all terms of
the Forbearance Agreement, the Loan Agreement and each of the other Loan Documents remain in full force and effect. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed to be an
original and all of which counterparts, taken together, shall constitute but one and the same instrument. This Agreement shall be governed by the internal laws of the State of Colorado. 

Signature page follows 

  
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 IN WITNESS WHEREOF,
the undersigned have executed this Agreement as of the day and year first above written. 
  

			
	GLOBAL ETHANOL, LLC, as Borrower
		
	By:	 	/s/ Trevor Bourne
	 	 	Name: Trevor Bourne                         
          
	 	 	Title: Chief Executive Officer                      

	
	COBANK, ACB, as Agent and as a Lender
		
	By:	 	/s/ S. Richard Dill
	 	 	Name: S. Richard Dill                       
            
	 	 	Title: Vice President                        
              
	
	FARM CREDIT SERVICES OF AMERICA,     FLCA, as a Lender
		
	By:	 	/s/ Ron Brandt
	 	 	Name: Ron Brandt                         
                 
	 	 	Title: Vice President                        
               
	
	MLIC ASSET HOLDINGS LLC, as a Lender
		
	By:	 	Transmountain Land & Livestock Company, a Montana Corporation
	Its:	 	Manager
		
	By:	 	/s/ Michael A. Wilson
	 	 	Name: Michael A. Wilson                       
       
	 	 	Title: Vice-President                          
            

 Signature Page to
Amendment to 
 Amended and Restated Loan and Security Agreement and Forbearance AgreementFourteenth Amendment to Amended and Restated Loan and Security Agreement

  
 Exhibit 10.15

 FOURTEENTH AMENDMENT TO AMENDED AND RESTATED 
 LOAN AND SECURITY AGREEMENT AND SECOND AMENDMENT TO 
 FORBEARANCE
AGREEMENT 
 This Fourteenth Amendment to Amended and Restated Loan and Security Agreement and Second Amendment to
Forbearance Agreement (this “Agreement”) is entered into as of November 30, 2009 by and among GLOBAL ETHANOL, LLC, a Delaware limited liability company formerly known as Midwest Grain Processors, LLC (the
“Borrower”), the financial institutions listed on the signature pages hereof and each other financial institution that may hereafter become a party to the Loan Agreement in accordance with the provisions of the Loan Agreement
referred to below (collectively, the “Lenders,” and, individually, a “Lender”), and COBANK, ACB, a federally chartered banking organization (“CoBank”), in its capacity as agent for the
Lenders and for the Issuer, as defined in the Loan Agreement (in such capacity, the “Agent”). 
 RECITALS

 The Borrower, the Lenders and the Agent are parties to an Amended and Restated Loan and Security Agreement dated as of
December 14, 2005, as amended by a First Amendment dated as of February 28, 2006, a Second Amendment dated as of March 31, 2006, a Third Amendment dated as of September 22, 2006, a Fourth Amendment dated as of October 31,
2006, a Fifth Amendment dated as of February 22, 2007, a Sixth Amendment dated as of May 25, 2007, a Seventh Amendment dated as of August 31, 2007, an Eighth Amendment dated as of November 30, 2007, a Ninth Amendment dated as of
October 31, 2008, a Tenth Amendment dated as of December 22, 2008, an Eleventh Amendment dated as of March 4, 2009, the Forbearance Agreement referred to below, and an Amendment to Amended and Restated Loan and Security Agreement and
Forbearance Agreement dated as of September 30, 2009, which acted as a thirteenth amendment to such Amended and Restated Loan and Security Agreement (as further amended by this Agreement, and as the same may be amended, restated, supplemented
or otherwise modified from time to time, the “Loan Agreement”). 
 The Borrower, the Lenders and the Agent are
also parties to that certain Forbearance Agreement and Twelfth Amendment to Amended and Restated Loan and Security Agreement dated as of July 31, 2009, as amended by an Amendment to Amended and Restated Loan and Security Agreement and
Forbearance Agreement dated as of September 30, 2009 (as further amended by this Agreement, and as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Forbearance Agreement”).

 The Borrower has requested that the Lenders and the Agent make certain amendments to the Loan Agreement and the Forbearance
Agreement, and the Lenders and the Agent are willing to grant the Borrower’s requests subject to the terms and conditions of this Agreement. 

  
 NOW, THEREFORE, in
consideration of the premises and of the mutual covenants and agreements herein contained, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

Section 1.        Definitions. Capitalized terms used and not otherwise defined
herein shall have the meanings given them in the Loan Agreement or the Forbearance Agreement, as applicable. 

Section 2.        Amendment to the Loan Agreement. The Loan Agreement is hereby
amended as follows: 
 (a)        Amendment to Definition of Borrowing
Base in Section 1.1 of the Loan Agreement (Definition of Borrowing Base). The definition of Borrowing Base in Section 1.1 of the Loan Agreement is hereby amended by substituting the period at the end of subsection (f) thereof with
a semicolon and adding the word “less” at the end thereof, and adding a new subsection (g) immediately following subsection (f) to read as follows: 

“(g)        $100,000 until termination by the Agent of that certain Bailee
Letter with Kinder Morgan Energy Partners, L.P dated as of October 15, 2009 (as amended, restated, supplemented or otherwise modified from time to time).” 

(b)        Amendment to Section 1.1 of the Loan Agreement (Corn Conversion
System Financing). The definition of Corn Conversion System Financing in Section 1.1 of the Loan Agreement is hereby deleted and replaced in its entirety with the following definition: 

“ ‘Corn Conversion Licensing Arrangement’ means an arrangement for the license and installation of
a corn oil separation system and related equipment for the benefit of the Borrower upon the terms and conditions set forth in a Corn Oil Separation System (COSS) Agreement to be entered into by and between the Borrower and Solution Recovery
Services, LLC, a Michigan limited liability company, as may be amended, restated, supplemented or otherwise modified from time to time upon the prior written consent of the Agent.” 

(c)        Amendment to Definition of Matured Default in Section 1.1 of
the Loan Agreement (Definition of Matured Default). Subsection (e) of the definition of Matured Default in Section 1.1 of the Loan Agreement is amended and restated in its entirety to read as follows: 

“(e) (i) the Available Amount, as calculated in accordance with the definition thereof, results in a negative
amount; (ii) the Borrowing Base Limit, as calculated on or prior to June 29, 2010, results in an amount less than <$3,000,000>; or (iii) the Borrowing Base Limit, as calculated on or after June 30, 2010, results in a
negative amount.” 
 (d)        Amendment to Definition of
Termination Date in Section 1.1 of the Loan Agreement (Definition of Matured Default). Section 1.1 of the Loan Agreement is 

  
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amended by deleting the date “December 1, 2009” from the definition of Termination Date and substituting “July 31, 2010” therefor. 

(e)        Amendment to Section 7.6 of the Loan Agreement (Financial
Covenants and Ratios). Section 7.6 of the Loan Agreement is amended and restated in its entirety to read as follows: 
 “Section 7.6. Financial Covenants and Ratios. The Borrower shall maintain: (a) as of October 31, 2009, Working Capital of not less than <$8,000,000>; (b) as of
November 30, 2009 and the last day of each month thereafter through and including May 31, 2010, Working Capital of not less than <$6,500,000>; (c) as of June 30, 2010 through and including the last day of each month
thereafter, Working Capital of not less than $1,000,000; (d) as of October 31, 2009 and the last day of each month thereafter through and including May 31, 2010, Net Worth of not less than $70,0000,000; and (e) as of
June 30, 2010 through and including the last day of each month thereafter, Net Worth of not less than $75,000,000.” 
 (f)        Amendment to Section 8.11 of the Loan Agreement (Lease Limitations). Section 8.11 of the Loan Agreement is amended by deleting from the
second sentence thereof the term “Corn Conversion System Financing” and substituting “Corn Conversion Licensing Arrangement” therefor. 
 (g)        Exhibit 1B the Loan Agreement (Borrowing Base Certificate). The Loan Agreement is hereby amended by deleting Exhibit 1B to the Loan Agreement and
replacing it in its entirety with Exhibit 1B to this Agreement. 

Section 3.        Amendment to the Forbearance Agreement. The
Forbearance Agreement is hereby amended as follows: 

(a)        Amendment to Section 1 of the Forbearance Agreement
(Definitions). Section 1 of the Forbearance Agreement is amended by deleting the date “December 1, 2009” from the definition of Stated Forbearance Termination Date and substituting “July 31, 2010” therefor. 

(b)        Amendment to Section 9 of the Forbearance Agreement (Financial
Covenants). Section 9 of the Forbearance Agreement is hereby deleted as Section 2(e) hereof supersedes it in its entirety. 
 (c)        Amendment to Section 11 of the Forbearance Agreement (Reporting Requirements). Section 11(b) of the Forbearance Agreement is amended and
restated in its entirety to read as follows: 
 “(b) on the first and third Monday of each month or more
frequently upon request of the Agent, deliver to the Agent a thirteen-week cash flow forecast of the Borrower (each, a “Cash Flow Forecast”), which shall (i) include an analysis of variance and a comparison to actual results,
(ii) be tied to the Borrowing Base 

  
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and the Line of Credit, and (iii) otherwise be in form and content acceptable to the Agent in its sole discretion;” 

(d)        Amendment to Section 12 of the Forbearance Agreement (Consent
to Sale of Real Property; Consent to Sale and Leaseback of Equipment). Section 12 of the Forbearance Agreement is amended and restated in its entirety to read as follows: 

“Section 12. Consent to Sale of Property; Consent to Licensing of Corn Conversion Equipment. The Agent and
the Lenders hereby consent to (a) the sale by the Borrower to Rodney and Joanne Smith of certain real property related to the Iowa Project on terms and conditions acceptable to the Agent in its sole discretion, provided, however,
that the net proceeds obtained therefrom shall equal or exceed $515,000; (b) the sale by the Borrower of two centrifuges on terms and conditions acceptable to the Agent in its sole discretion, provided, however, that the purchase
price thereof shall equal or exceed $700,000 and the net proceeds therefrom shall be applied to the Revolving Term Loan and utilized for working capital purposes of the Borrower; and (c) the Corn Conversion Licensing Arrangement, so long as the
terms and conditions thereof are substantially identical to that certain draft Corn Oil Separation System (COSS) Agreement dated November 30, 2009, a copy of which is attached as Exhibit 2 hereto. The consents set forth herein are limited to
their express terms and do not constitute or imply the Agent’s or any Lender’s consent to any future transaction by the Borrower, whether or not similar to the transactions described above.” 

Section 4.        Consent to Amendment to Ethanol Purchase and Sale Agreement. The
Agent and the Lenders hereby consent to the execution and delivery of Amendment No. 1 to Ethanol Purchase and Sale Agreement by and between the Borrower and Murex N.A., Ltd., a Texas limited partnership; provided, however, that
all documentation with respect thereto is submitted to the Agent and approved by the Agent in its sole discretion. The consent set forth herein is limited to its express terms and does not constitute or imply the Agent’s or any Lender’s
consent to any future transaction by the Borrower, whether or not similar to the transaction described above. 

Section 5.        Environmental Compliance. Except as disclosed in: (1) that
certain Phase I Environmental Site Assessment, Global Ethanol Services, 11440 Cemetery Road, Riga & Blissfield Townships, Michigan, Project No. G090532A, prepared by Fishbeck, Thompson, Carr & Huber and dated October 19, 2009
(the “Michigan Report”); and (2) that certain Phase I Environmental Site Assessment, Global Ethanol Services, 1660 428th Street, Lakota, Iowa, Project No. G090532A, prepared by Fishbeck, Thompson, Carr & Huber and
dated October 2009 (the “Iowa Report”, and together with the Michigan Report, collectively, the “Environmental Reports”), the Borrower and its Property, which is the subject of the Environmental Reports, are in
compliance with all Environmental Laws in effect in any jurisdiction where the Borrower is currently doing business or owns property. With respect to hazardous substances, the Borrower hereby covenants and agrees as follows: 

(a)        the Borrower shall, during the term of this Agreement, perform or cause
to be performed such remediation as is recommended in the Environmental Reports; 

  
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(b)        specifically, the Borrower shall provide the Agent and the Lenders with
sufficient documentation evidencing the excavation and removal of the soil in the vicinity of the release of ethanol which occurred during rail car unloading, as described in the Iowa Report, and any analytical results that would indicate whether
there is any remaining contamination from the release that would require remediation; 

(c)        the Borrower shall also: (i) excavate the area of soil staining
observed outside the maintenance garage, as described in the Iowa Report; (ii) properly dispose of such soil offsite; and (iii) provide the Agent and the Lenders with sufficient documentation evidencing the excavation and removal of such
soil. 
 Section 6.        Representations and Warranties. The Borrower
hereby represents and warrants to the Agent and the Lenders as follows: 

(a)        The Borrower has all requisite power and authority, corporate or
otherwise, to execute and deliver this Agreement and to perform its obligations under this Agreement and the Loan Documents to which the Borrower is a party. This Agreement and the Loan Documents to which the Borrower is a party have been duly and
validly executed and delivered to the Agent by the Borrower, and this Agreement and the Loan Documents to which the Borrower is a party constitute the Borrower’s legal, valid and binding obligations, enforceable in accordance with their terms.

 (b)        The execution, delivery and performance by the Borrower of
this Agreement and the Loan Documents to which the Borrower is a party have been duly authorized by all necessary limited liability company action or other action and do not and will not (i) require any authorization, consent or approval by any
governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, (ii) violate the Borrower’s organizational documents or any provision of any law, rule, regulation or order presently in effect having
applicability to the Borrower, or (iii) result in a breach of, or constitute a default under, any indenture or agreement to which the Borrower is a party or by which the Borrower or its properties may be bound or affected. 

(c)        All of the representations and warranties contained in Article VI of
the Loan Agreement are correct on and as of the date hereof as though made on and as of such date, except to the extent that such representations and warranties relate solely to an earlier date. 

Section 7.        Effectiveness. This Agreement shall be effective only if the Agent
has received, on or before the date of this Agreement (or such later date as the Agent may agree in writing), each of the following, each in form and substance acceptable to the Agent in its sole discretion: 

(a)        this Agreement, duly executed by the Borrower, the Agent and the
Lenders; and 
 (b)        payment of an extension fee of $169,890 in
immediately available funds, to be allocated by the Agent pro rata among the Lenders. 

  
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Section 8.        References. All references in the Loan Agreement to “this
Agreement” shall be deemed to refer to the Loan Agreement as amended hereby, and any and all references in any other Loan Document to the Loan Agreement shall be deemed to refer to the Loan Agreement as amended hereby. Additionally, all
references in the Forbearance Agreement to “this Agreement” shall be deemed to refer to the Forbearance Agreement as amended hereby, and any and all references in any other Loan Document to the Forbearance Agreement shall be deemed to
refer to the Forbearance Agreement as amended hereby. 
 Section 9.        No
Waiver. The execution of this Agreement and any documents related hereto shall not be deemed to be a waiver of any Default or any Matured Default under the Loan Agreement or any breach, default or event of default under the Forbearance
Agreement, any other Loan Document or other document held by the Agent or any Lender, whether or not known to the Agent or any Lender and whether or not existing on the date of this Agreement. 

Section 10.        Release of Agent and Lenders. The Borrower hereby absolutely and
unconditionally releases and forever discharges the Agent and the Lenders, and any and all participants, parent corporations, subsidiary corporations, affiliated corporations, insurers, indemnitors, successors and assigns thereof, together with all
of the present and former directors, officers, agents and employees of any of the foregoing, from any and all known claims, demands or causes of action of any kind, nature or description, whether arising in law or equity or upon contract or tort or
under any state or federal law or otherwise, which the Borrower has had, now has or may claim to have against any such Person for or by reason of any act, omission, matter, cause or thing whatsoever arising from the beginning of time to and
including the date of this Agreement, whether such claims, demands and causes of action are matured or unmatured. 

Section 11.        Costs and Expenses. The Borrower hereby reaffirms its agreement
under Section 10.4 of the Loan Agreement and Section 20 of the Forbearance Agreement to pay or reimburse the Agent and the Lenders on demand for all costs and expenses incurred by the Agent and the Lenders in their employment of counsel.
Without limiting the generality of the foregoing, the Borrower specifically agrees to pay all fees and disbursements of counsel to the Agent for the services performed by such counsel in connection with the preparation of this Agreement and the
documents and instruments incidental hereto. 

Section 12.        Miscellaneous. Except as expressly set forth herein, all terms of
the Forbearance Agreement, the Loan Agreement and each of the other Loan Documents remain in full force and effect. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed to be an
original and all of which counterparts, taken together, shall constitute but one and the same instrument. This Agreement shall be governed by the internal laws of the State of Colorado. 

Signature page follows 

  
 -6-

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the day and year
first above written. 

			
	
	GLOBAL ETHANOL, LLC, as Borrower
		
	By:	 	/s/ Trevor Bourne        
		 	Name: Trevor
Bourne                                        
                 
		 	Title: Chief Executive Officer                      
                      
	
	COBANK, ACB, as Agent and as a Lender
		
	By:	 	/s/ S. Richard Dill        
		 	Name: S. Richard
Dill                                         
               
		 	Title: Vice
President                                        
                   
	
	 FARM CREDIT SERVICES OF AMERICA,
     FLCA, as a Lender

		
	By:	 	/s/ Shane Frahm        
		 	Name: Shane Frahm                         
                                    
		 	Title: Vice President                        
                                    
	
	MLIC ASSET HOLDINGS LLC, as a Lender
		
	By:	 	Transmountain Land & Livestock Company, a Montana
Corporation                                 
	ITS:	 	Manager
		
	By:	 	/s/ Michael A. Wilson        
		 	Name: Michael A.
Wilson                                        
          
		 	Title:
Vice-President                                      
                     

 Signature Page to Fourteenth Amendment to Amended and Restated Loan and Security 
 Agreement and Second Amendment to Forbearance Agreement

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